Core Viewpoint - Dongfang Cable's stock performance shows a slight decline, with significant trading activity and a notable financing balance, indicating investor interest and potential volatility in the near term [1][2]. Financing and Trading Activity - On November 20, Dongfang Cable's stock fell by 0.91%, with a trading volume of 151 million yuan. The financing buy-in amounted to 17.41 million yuan, while financing repayment was 12.10 million yuan, resulting in a net financing buy of 5.31 million yuan. The total financing and margin balance reached 393 million yuan [1]. - The current financing balance of 390 million yuan represents 0.96% of the circulating market value, which is above the 60th percentile level over the past year, indicating a relatively high financing level [1]. - In terms of securities lending, on November 20, 2,700 shares were repaid while 3,800 shares were sold short, with a total short sale value of 223,900 yuan. The remaining short position is 47,400 shares, with a balance of 2.79 million yuan, which is below the 10th percentile level over the past year, suggesting a low level of short selling activity [1]. Company Financial Performance - As of September 30, the number of shareholders for Dongfang Cable was 28,800, a decrease of 20.22% from the previous period. The average circulating shares per person increased by 25.34% to 23,884 shares [2]. - For the period from January to September 2025, Dongfang Cable reported a revenue of 7.498 billion yuan, reflecting a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 1.95% to 914 million yuan [2]. Dividend and Shareholder Information - Since its A-share listing, Dongfang Cable has distributed a total of 1.377 billion yuan in dividends, with 790 million yuan distributed over the past three years [3]. - As of September 30, 2025, the top ten circulating shareholders include Hong Kong Central Clearing Limited as the third-largest shareholder with 22.42 million shares, a decrease of 19.47 million shares from the previous period. Other notable shareholders include GF Advanced Manufacturing Stock A and Southern CSI 500 ETF, both of which also saw reductions in their holdings [3].

Investment Rating - The report maintains a "Buy" rating for the company, with expectations of significant future returns [8]. Core Insights - In the first three quarters of 2025, the company achieved a net profit attributable to shareholders of 914 million yuan, a year-on-year decrease of 1.95%, while revenue reached 7.498 billion yuan, an increase of 11.93% [5]. - The third quarter of 2025 saw a revenue of 3.066 billion yuan, up 16.55% year-on-year and 34.16% quarter-on-quarter, with a net profit of 441 million yuan, reflecting a year-on-year increase of 53.12% and a quarter-on-quarter increase of 129.63% [5][6]. - The company has a robust order backlog of approximately 19.551 billion yuan as of October 23, 2025, with notable increases in orders for submarine cables and high-voltage cables [7]. Financial Performance - The company’s revenue is projected to grow to 12.01 billion yuan in 2025, 13.71 billion yuan in 2026, and 14.31 billion yuan in 2027, representing year-on-year growth rates of 32.0%, 14.2%, and 4.4% respectively [8]. - The net profit attributable to shareholders is expected to reach 1.55 billion yuan in 2025, 2.00 billion yuan in 2026, and 2.25 billion yuan in 2027, with year-on-year growth rates of 54.2%, 28.7%, and 12.6% respectively [8]. - The gross margin for the company is projected to improve from 22.6% in 2025 to 25.7% by 2027 [10]. Market Position - The company’s main business segments include power engineering and equipment cables, which accounted for 47.54% of revenue, and submarine cables and high-voltage cables, which contributed 47.71% [6]. - The company has seen a significant increase in the gross margin, which reached 22.60% in the third quarter of 2025, up 6.35 percentage points from the previous quarter [6].

截至9月30日，东方电缆股东户数2.88万，较上期减少20.22%；人均流通股23884股，较上期增加 25.34%。2025年1月-9月，东方电缆实现营业收入74.98亿元，同比增长11.93%；归母净利润9.14亿元， 同比减少1.95%。 分红方面，东方电缆A股上市后累计派现13.77亿元。近三年，累计派现7.90亿元。 机构持仓方面，截止2025年9月30日，东方电缆十大流通股东中，香港中央结算有限公司位居第三大流 通股东，持股2242.02万股，相比上期减少1946.87万股。广发高端制造股票A（004997）位居第六大流 通股东，持股769.95万股，相比上期减少18.57万股。南方中证500ETF（510500）位居第七大流通股 东，持股604.45万股，相比上期减少11.18万股。 东方电缆今年以来股价涨16.31%，近5个交易日跌2.42%，近20日跌8.39%，近60日涨18.71%。 资料显示，宁波东方电缆股份有限公司位于浙江省宁波中山东路1800号国华金融中心49-50F，成立日期 1998年10月22日，上市日期2014年10月15日，公司主营业务涉及各种电线电缆的研发、生产、销售及 ...

Group 1 - The core point of the news is the performance and financial details of Dongfang Cable, which saw a stock price increase of 5.06% to 65.24 CNY per share, with a trading volume of 632 million CNY and a market capitalization of 44.867 billion CNY [1] - Dongfang Cable, established on October 22, 1998, and listed on October 15, 2014, specializes in the research, production, and sales of various wires and cables [1] - The company's main business revenue composition includes: 49.56% from power engineering and equipment cables, 44.14% from submarine cables and high-voltage cables, 6.22% from marine equipment and engineering operations, and 0.09% from other sources [1] Group 2 - From the perspective of fund holdings, the Nongyin Huili Fund has a significant position in Dongfang Cable, with its fund "Nongyin Green Energy Mixed" (015696) holding 75,600 shares, accounting for 2.85% of the fund's net value [2] - The fund has reduced its holdings by 7,200 shares in the third quarter, and the estimated floating profit from this investment is approximately 237,400 CNY [2] - The Nongyin Green Energy Mixed fund was established on August 2, 2022, with a current scale of 187 million CNY and has achieved a year-to-date return of 40.52% [2]

Core Viewpoint - Dongfang Cable's stock price has experienced fluctuations, with a year-to-date increase of 19.17% but a recent decline in the last 20 days of 14.35% [1] Financial Performance - For the period of January to September 2025, Dongfang Cable achieved a revenue of 7.498 billion yuan, representing a year-on-year growth of 11.93%. However, the net profit attributable to shareholders decreased by 1.95% to 914 million yuan [2] - Cumulative cash dividends since the A-share listing amount to 1.377 billion yuan, with 790 million yuan distributed over the past three years [3] Shareholder Information - As of September 30, 2025, the number of shareholders for Dongfang Cable is 28,800, a decrease of 20.22% from the previous period. The average circulating shares per person increased by 25.34% to 23,884 shares [2] - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 22.4202 million shares, a decrease of 19.4687 million shares from the previous period [3] Market Activity - On November 6, Dongfang Cable's stock fell by 2.00%, trading at 62.09 yuan per share with a total market capitalization of 42.7 billion yuan. The net outflow of main funds was 3.0187 million yuan [1] - The stock has seen a trading volume of 88.13 million yuan with a turnover rate of 0.20% [1] Business Overview - Dongfang Cable, established on October 22, 1998, and listed on October 15, 2014, specializes in the research, production, sales, and services of various types of wires and cables. The main business revenue composition includes 49.56% from power engineering and equipment cables, 44.14% from submarine and high-voltage cables, and 6.22% from marine equipment and engineering operations [1] - The company is categorized under the power equipment industry, specifically in cable components and other related sectors [1]

Core Viewpoint - Dongfang Cable's stock price has shown a significant increase of 22.78% year-to-date, despite a recent decline in the last five and twenty trading days [1][2]. Group 1: Stock Performance - As of November 3, Dongfang Cable's stock price rose by 2.01% to 63.97 CNY per share, with a trading volume of 2.42 billion CNY and a turnover rate of 0.56%, resulting in a total market capitalization of 439.93 billion CNY [1]. - The stock has experienced a decline of 3.35% over the last five trading days and 3.11% over the last twenty trading days, while it has increased by 32.91% over the last sixty days [1]. Group 2: Financial Performance - For the period from January to September 2025, Dongfang Cable reported a revenue of 7.498 billion CNY, reflecting a year-on-year growth of 11.93%, while the net profit attributable to shareholders decreased by 1.95% to 914 million CNY [2]. - Since its A-share listing, the company has distributed a total of 1.377 billion CNY in dividends, with 790 million CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Dongfang Cable was 28,800, a decrease of 20.22% from the previous period, while the average circulating shares per person increased by 25.34% to 23,884 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which holds 22.4202 million shares, a decrease of 19.4687 million shares from the previous period [3].

Core Viewpoint - Dongfang Cable is a leading domestic company in the submarine cable industry, focusing on the research, production, and sales of various cables, with a comprehensive advantage in the entire industry chain [1] Group 1: Business Performance - In Q3 2025, Dongfang Cable achieved a revenue of 7.498 billion yuan, ranking 10th in the industry, while the net profit was 914 million yuan, ranking 1st [2] - The main business composition includes power engineering and equipment cables at 2.196 billion yuan (49.56%), submarine and high-voltage cables at 1.957 billion yuan (44.14%), and marine equipment and engineering operation at 275 million yuan (6.22%) [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 45.13%, lower than the industry average of 54.36% [3] - The gross profit margin for Q3 2025 was 20.03%, higher than the industry average of 13.49% [3] Group 3: Management and Shareholder Information - The chairman, Xia Chongyao, has a rich background and numerous honors, while the president, Xia Feng, has a master's degree and holds several patents [4] - As of September 30, 2025, the number of A-share shareholders decreased by 20.22% to 28,800, while the average number of circulating A-shares held per shareholder increased by 25.34% [5] Group 4: Market Outlook and Projections - The company is expected to see significant growth in the coming years, with projected net profits of 1.56 billion yuan, 2.02 billion yuan, and 2.37 billion yuan for 2025, 2026, and 2027, respectively, reflecting growth rates of 55%, 29%, and 17% [5] - As of October 23, 2025, the company had an order backlog of approximately 19.551 billion yuan, indicating a solid foundation for future performance [6]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][26][30] Core Views - The company's performance remains robust in the first three quarters, with a revenue of 7.498 billion yuan, a year-on-year increase of 11.93%, and a net profit of 914 million yuan, a slight decrease of 1.95% year-on-year. The gross margin is 20.03%, down 2.13 percentage points year-on-year [8][20] - Significant growth was observed in the third quarter, driven by the delivery of high-value projects in Guangdong. The company achieved a revenue of 3.066 billion yuan in Q3, up 16.55% year-on-year and 34.16% quarter-on-quarter, with a net profit of 441 million yuan, up 53.12% year-on-year and 129.63% quarter-on-quarter [20][23] - The company has a strong order backlog of approximately 19.551 billion yuan, with 11.737 billion yuan in underwater and high-voltage cable orders, indicating a continuous optimization of the order structure [23][24] Summary by Sections Financial Performance - In the first three quarters, the company reported a revenue of 74.98 billion yuan, with a net profit of 9.14 billion yuan. The gross margin was 20.03% and the net margin was 12.19% [8][20] - For Q3, the revenue was 30.66 billion yuan, with a net profit of 4.41 billion yuan, resulting in a gross margin of 22.60% and a net margin of 14.38% [20][23] Order and Project Updates - The company has secured underwater and high-voltage cable orders totaling 11.737 billion yuan, with a total order backlog of 19.551 billion yuan as of October 23, 2025 [23][24] - Recent project wins include high-specification underwater cables for offshore wind power projects, indicating a favorable trend in order acquisition [23][24] Future Outlook - The company is strategically positioning itself in the deep-sea offshore wind power sector, with plans to develop a total capacity of over 3 million kilowatts by 2030 [24] - The company is also advancing its technology with the development of ±800kV DC cables, achieving international leading standards for its 500kV AC and DC underwater cables [24][26]

Core Viewpoint - The company reported a mixed financial performance for Q3 2025, with revenue growth but a slight decline in net profit year-on-year, indicating a strong operational performance despite challenges in profitability [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of approximately 7.498 billion yuan, a year-on-year increase of 11.93%, while the net profit attributable to shareholders was about 914 million yuan, a decline of 1.95% [1]. - In Q3 2025, the company recorded revenue of 3.066 billion yuan, representing a year-on-year growth of 16.55% and a quarter-on-quarter increase of 34.16% [1]. - The gross margin for Q3 2025 was approximately 22.60%, up 6.35 percentage points quarter-on-quarter and 0.86 percentage points year-on-year, while the net margin was about 14.38%, up 5.98 percentage points quarter-on-quarter and 3.43 percentage points year-on-year [1]. Business Segmentation - In the first three quarters of 2025, the company generated revenue of 3.536 billion yuan from power engineering and equipment cables, accounting for approximately 47.54% of total revenue [1]. - Revenue from submarine cables and high-voltage cables was 3.549 billion yuan, representing about 47.71% of total revenue, while marine equipment and engineering operations generated 353 million yuan, accounting for approximately 4.75% [1]. Order Backlog and Growth - As of October 23, 2025, the company had an order backlog of approximately 19.551 billion yuan, with significant contributions from power engineering and equipment cables, submarine cables and high-voltage cables, and marine equipment and engineering operations [2]. - Recent high-voltage submarine cable orders include projects for Zhejiang Energy and China Energy Construction, indicating a strong demand for high-voltage solutions [2]. Capacity Expansion - The company is enhancing its capacity by participating in the Zhejiang Offshore Wind Port project, aimed at supporting deep-sea wind power construction, with plans to achieve a total installation capacity of over 3 million kilowatts by 2030 [3]. - Ongoing projects include the construction of a central research institute and the second phase of the future factory, which will improve production capacity and support the establishment of northern and southern industrial bases [3]. Investment Outlook - Revenue projections for 2025-2027 are estimated at 10.97 billion, 13.97 billion, and 15.16 billion yuan, with net profits expected to be 1.42 billion, 2.33 billion, and 2.54 billion yuan respectively, indicating a favorable growth trajectory [3].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Insights - The company reported a revenue of 3.066 billion yuan in Q3 2025, representing a year-on-year increase of 16.55% and a quarter-on-quarter increase of 34.16%. The net profit attributable to shareholders was 441 million yuan, up 53.12% year-on-year and 129.63% quarter-on-quarter [1]. - The company has a strong order backlog of approximately 19.551 billion yuan as of October 23, 2025, with significant contributions from high-voltage submarine cable orders [2]. - The company is actively enhancing its production capacity and has invested in projects to support offshore wind power development, aiming for a total capacity of over 3 million kilowatts by 2030 [3]. Financial Performance Summary - For the first three quarters of 2025, the company achieved a total revenue of approximately 7.498 billion yuan, a year-on-year increase of 11.93%. The net profit attributable to shareholders was about 914 million yuan, a decrease of 1.95% year-on-year [5]. - The projected revenues for 2025-2027 are 10.971 billion yuan, 13.974 billion yuan, and 15.157 billion yuan, respectively, with net profits expected to be 1.423 billion yuan, 2.331 billion yuan, and 2.544 billion yuan [4][7]. - The company's gross margin for Q3 2025 was approximately 22.60%, with a net margin of about 14.38% [1].