Core Viewpoint - Dongfang Cable's stock price has shown fluctuations with a slight increase of 0.54% year-to-date, while experiencing a 26.57% decrease in net profit year-on-year for the first half of 2025 [1][2]. Group 1: Stock Performance - On August 28, Dongfang Cable's stock rose by 2.01%, reaching 52.38 CNY per share, with a trading volume of 149 million CNY and a turnover rate of 0.42%, resulting in a total market capitalization of 36.023 billion CNY [1]. - The stock has seen a 0.54% increase in price since the beginning of the year, a 0.32% decrease over the last five trading days, a 10.48% increase over the last 20 days, and a 9.86% increase over the last 60 days [1]. Group 2: Financial Performance - For the first half of 2025, Dongfang Cable reported a revenue of 4.432 billion CNY, reflecting a year-on-year growth of 8.95%, while the net profit attributable to shareholders decreased by 26.57% to 473 million CNY [2]. - Since its A-share listing, Dongfang Cable has distributed a total of 1.377 billion CNY in dividends, with 790 million CNY distributed over the last three years [3]. Group 3: Shareholder Information - As of June 30, 2025, the number of shareholders for Dongfang Cable was 36,100, a decrease of 31.73% from the previous period, with an average of 19,055 circulating shares per shareholder, an increase of 46.48% [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 8.3221 million shares to 41.8889 million shares, and GF Advanced Manufacturing Stock A, which increased its holdings by 1.6693 million shares to 7.8852 million shares [3].

Investment Rating - The report assigns a "Buy-A" rating to the company with a 12-month target price of 64.31 CNY, indicating a positive outlook for the stock [7]. Core Views - The company has a solid order backlog of approximately 19.6 billion CNY, which provides a stable foundation for future growth [3]. - Despite short-term performance pressures, primarily due to delivery schedule issues, the company is expected to benefit from the accelerating development of deep-sea projects and its leading position in the submarine cable sector [4][5]. - The projected net profits for 2025, 2026, and 2027 are 1.69 billion CNY, 2.21 billion CNY, and 2.73 billion CNY, respectively, with growth rates of 68%, 31%, and 24% [5]. Financial Performance Summary - In H1 2025, the company reported revenues of 4.432 billion CNY, a year-on-year increase of 9.0%, while net profit decreased by 26.6% to 473 million CNY [1]. - The revenue from the submarine and high-voltage cable segment was 1.957 billion CNY in H1 2025, reflecting an 8.32% increase, but a significant decline of 46.84% in Q2 2025 due to project delivery issues [2]. - The company’s financial forecasts indicate a steady increase in revenue from 7.31 billion CNY in 2023 to 18.223 billion CNY in 2027, with corresponding net profit growth [6][11].

Core Viewpoint - Dongfang Cable's net profit attributable to shareholders for the first half of the year was 470 million yuan, a year-on-year decrease of 26.6%, with Q2 net profit at 190 million yuan, down 49.6% quarter-on-quarter and 31.6% year-on-year [1] Group 1: Financial Performance - The company's Q2 revenue from submarine cables was lower than expected, but there is potential for a turnaround in the second half of the year [1] - As of August 12, 2025, the company had an order backlog of approximately 19.6 billion yuan, with power engineering and equipment cables accounting for 5 billion yuan, an increase of 600 million yuan quarter-on-quarter [1] - The backlog for submarine cables and high-voltage cables was 11 billion yuan, a decrease of 500 million yuan quarter-on-quarter, while marine equipment and engineering operation and maintenance orders stood at 3.6 billion yuan, an increase of 600 million yuan quarter-on-quarter [1] Group 2: Inventory and Profit Forecast - The company experienced a significant increase in inventory and contract liabilities, with expectations for gradual shipments in Q3 and Q4, indicating a potential turning point in revenue recognition [1] - Due to the slower-than-expected delivery pace of offshore wind projects, the profit forecast has been revised downwards, with expected net profits for 2025-2027 at 1.54 billion, 2.00 billion, and 2.46 billion yuan respectively, reflecting year-on-year growth of 53%, 29%, and 23% [1] - The corresponding price-to-earnings ratios are projected at 24x, 19x, and 15x for the respective years, with a maintained "buy" rating [1]

Investment Rating - The report maintains a "Recommended" rating for the company, considering the expected recovery in industry demand and the company's leading order scale and profitability levels [3][5]. Core Views - The company reported a revenue of 4.432 billion yuan for H1 2025, representing a year-on-year growth of 8.95%, while the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [1]. - The decline in performance is attributed to changes in product revenue structure, with lower added value in power engineering and equipment cables, as well as a decrease in revenue from marine equipment [1][2]. - The company has achieved a record high in hand orders, totaling approximately 19.6 billion yuan, with significant contributions from power engineering and equipment cables and submarine cables [2]. Financial Performance - For H1 2025, the company achieved revenue of 2.196 billion yuan from power engineering and equipment cables, a year-on-year increase of 24.85%, while submarine cables and high-voltage cables generated 1.957 billion yuan, up 8.32% [2]. - The company’s inventory increased by 69.91% year-on-year to approximately 3.116 billion yuan, primarily due to the rise in inventory of submarine cables and high-voltage cables [2]. - Contract liabilities at the end of H1 2025 reached approximately 1.674 billion yuan, reflecting a growth of 45.91% from the beginning of the period [2]. Capacity Expansion - The company is enhancing its capacity layout by participating in the Zhejiang Haifeng mother port project, aimed at supporting deep-sea wind power construction, with plans to develop over 3 million kilowatts of deep-sea wind power capacity by 2030 [3]. - The company is also advancing the construction of its central research institute and headquarters, as well as the second phase of its future factory, to effectively improve production capacity [3]. Earnings Forecast - The company is projected to achieve revenues of 11.274 billion yuan, 14.131 billion yuan, and 15.328 billion yuan for the years 2025, 2026, and 2027, respectively, with net profits expected to be 1.501 billion yuan, 2.291 billion yuan, and 2.447 billion yuan [4][8].

证券研究报告·公司点评报告·电网设备 东方电缆（603606） 2025 年中报点评：Q2 海缆确收较少，下半年 有望迎来拐点 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 7,310 | 9,093 | 11,524 | 13,079 | 15,041 | | 同比（%） | 4.30 | 24.38 | 26.74 | 13.49 | 15.00 | | 归母净利润（百万元） | 1,000 | 1,008 | 1,544 | 1,998 | 2,456 | | 同比（%） | 18.78 | 0.81 | 53.19 | 29.37 | 22.93 | | EPS-最新摊薄（元/股） | 1.45 | 1.47 | 2.25 | 2.91 | 3.57 | | P/E（现价&最新摊薄） | 37.80 | 37.50 | 24.48 | 18.92 | 15.39 | [Table_Tag] [Table ...

Investment Rating - The report maintains a "Recommend" rating for the company, indicating a positive outlook for its stock performance in the near term [1][8]. Core Views - The company has strong performance support for future earnings, with a robust order backlog of approximately 196 billion yuan as of August 12, 2025, which includes significant contributions from various segments [7]. - The company is strategically positioning itself in emerging fields such as deep-sea wind power and deep-sea technology, enhancing its competitive edge and innovation capabilities [7]. - Despite a decline in net profit by 26.57% year-on-year in the first half of 2025, the company achieved a revenue increase of 8.95%, indicating resilience in its core operations [4][7]. Financial Summary - Revenue projections for 2025-2027 are estimated at 106.62 billion yuan, 134.38 billion yuan, and 158.53 billion yuan, respectively, with year-on-year growth rates of 17.3%, 26.0%, and 18.0% [6]. - Net profit forecasts for the same period are 13.48 billion yuan, 22.21 billion yuan, and 28.35 billion yuan, reflecting significant growth potential [8]. - The company's gross margin is expected to improve from 20.9% in 2025 to 26.5% in 2027, indicating better cost management and pricing power [6][8].

Investment Rating - The report maintains an "Overweight" rating for the company [7] Core Views - The company reported a revenue of 4.43 billion RMB for H1 2025, a year-on-year increase of 9.0%, but a net profit attributable to shareholders of 470 million RMB, a decrease of 26.6% year-on-year. The profit pressure is attributed to the adjustment in the revenue structure of submarine cables and the sale of land use rights in the same period last year. However, with key offshore wind projects like Fanshi No. 1 and Qingzhou No. 5 starting turbine hoisting, the company is expected to see a gradual increase in submarine cable deliveries in H2 2025 [1][2][3] - The company has a robust order backlog, reaching approximately 19.6 billion RMB as of August 12, 2025, with significant contributions from submarine cables and high-voltage cables, marine equipment, and engineering operations. The company is expected to enter a peak delivery season in the second half of the year, which will drive profit recovery [3][4] - The domestic and international offshore wind markets are experiencing high demand, with many projects yet to be tendered. The company is well-positioned to benefit from this trend due to its leading technology and delivery experience [4] Summary by Sections Financial Performance - In Q2 2025, the company achieved a revenue of 2.29 billion RMB, a decrease of 17.1% year-on-year and an increase of 6.4% quarter-on-quarter. The net profit attributable to shareholders was 190 million RMB, down 49.6% year-on-year and down 31.6% quarter-on-quarter. The gross margin was 16.3%, a decrease of 6.3 percentage points year-on-year and 4.1 percentage points quarter-on-quarter [2] - The revenue from submarine cables and high-voltage cables was 760 million RMB, down 46.9% year-on-year and 36.4% quarter-on-quarter. Revenue from marine equipment and engineering operations was 210 million RMB, up 48.4% year-on-year and 223.1% quarter-on-quarter. Revenue from power engineering and cable equipment was 1.31 billion RMB, up 10.9% year-on-year and 48.1% quarter-on-quarter [2] Order Backlog and Future Outlook - The company’s order backlog reached a new high of approximately 19.6 billion RMB, with 11 billion RMB from submarine cables and high-voltage cables, 3.6 billion RMB from marine equipment and engineering operations, and 5 billion RMB from power engineering and cable equipment. The backlog reflects a decrease of 4% for submarine cables and high-voltage cables but increases of 20% and 14% for marine equipment and power engineering, respectively [3] - The company is expected to benefit from the upcoming tendering of offshore wind projects in China and supportive policies in Europe, which will likely drive high growth in submarine cable orders [4] Profit Forecast and Valuation - The report maintains the profit forecast for the company, expecting EPS of 2.81, 3.24, and 3.41 RMB for 2025-2027. The target price is set at 56.20 RMB, based on a PE ratio of 20 times for 2025, reflecting the company's strong market position and order backlog [5][7]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 4.43 billion RMB for the first half of 2025, representing a year-on-year growth of 9.0%, but the net profit attributable to shareholders decreased by 26.6% to 473 million RMB [3] - The short-term performance is slightly pressured due to the revenue recognition cycle of offshore wind projects, with the cable business showing a revenue increase of 25% year-on-year [4] - Inventory and contract liabilities have significantly increased, indicating potential for accelerated performance in the second half of the year [5] - The company has a strong order backlog of 19.6 billion RMB, with expectations for accelerated order acquisition in the second half [5] Summary by Sections Performance Review - In Q2 2025, the company achieved a revenue of 2.29 billion RMB, down 17.1% year-on-year, and a net profit of 192 million RMB, down 49.6% [3] Operational Analysis - The power engineering and cable business generated 2.2 billion RMB in revenue, up 25% year-on-year, while the submarine cable and high-voltage cable segment generated 2 billion RMB, up 8% year-on-year [4] - The marine equipment and engineering operations segment saw a significant decline of 45% year-on-year [4] Inventory and Order Backlog - As of mid-2025, contract liabilities reached 1.67 billion RMB, up 473% year-on-year, and inventory stood at 3.13 billion RMB, up 67% year-on-year [5] - The company has a robust order backlog of 19.6 billion RMB, with expectations for new project bids in the offshore wind sector [5] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders for 2025-2027 is 1.72 billion, 2.24 billion, and 2.65 billion RMB, respectively, with corresponding P/E ratios of 21, 16, and 13 [6]

截至2025年7月31日收盘，东方电缆(603606)报收于47.41元，下跌0.8%，换手率1.18%，成交量8.13万 手，成交额3.87亿元。 投资者： 请问作为国内电缆优质企业，后面有没有介入雅下水电的布局，谢谢董秘 董秘： 尊敬的投资者，感谢您对公司的关注！公司目前分为电力工程与装备线缆（绿色输电设施）、 海底电缆与高压电缆（电力新能源）、海洋装备与工程运维（深海科技）三大板块；公司主要的客户为 国家电网、南方电网、石化工程企业、轨道交通、重大基建工程企业等。 投资者： 公司一季报每股现金流下降，公司应收款大幅增加至33.17亿元，公司对此有何对应措施?公司 股价连续下跌，是否有大量应收款可能转为坏账? 董秘最新回复 投资者： 请问公司海外业务进度如何？未来海外有什么布局规划吗？谢谢解答 董秘： 尊敬的投资者，感谢您对公司的关注。公司"十四五"规划中，制定了至十四五末海外营收占总 营收比重10%以上的目标，并且确定了"3+1"产业体系，其中+1部分为海外产业布局的规划。海外项目 中陆续中标荷兰海上风电、南苏格兰电网公司岛屿连接项目等；未来，公司将持续加大海外市场开拓力 度，强化与海外客户的合作关系。 ...