10月22日，东方电缆涨1.02%，成交额5.25亿元。两融数据显示，当日东方电缆获融资买入额4836.01万 元，融资偿还2066.67万元，融资净买入2769.34万元。截至10月22日，东方电缆融资融券余额合计3.59 亿元。 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6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4188.89万股，相比上期增加832.21万股。广发高端制造股票A（004997）位居第六大流通 股东，持股788.52万股，相比上期增加166.93万股。南方中证500ETF（510500）位居第七大流通股东， 持股615.63万股，相比上期增加80.42万股。博时信用债券A/B（050011）退出十大流通股东之列。 责任编辑：小浪快报 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、销售及其 服务。主营业务收入构成为：电力工程与装备线 ...

截至6月30日，东方电缆股东户数3.61万，较上期减少31.73%；人均流通股19055股，较上期增加 46.48%。2025年1月-6月，东方电缆实现营业收入44.32亿元，同比增长8.95%；归母净利润4.73亿元，同 比减少26.57%。 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6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4188.89万股，相比上期增加832.21万股。广发高端制造股票A（004997）位居第六大流通 股东，持股788.52万股，相比上期增加166.93万股。南方中证500ETF（510500）位居第七大流通股东， 持股615.63万股，相比上期增加80.42万股。博时信用债券A/B（050011）退出十大流通股东之列。 责任编辑：小浪快报 10月20日，东方电缆涨0.41%，成交额4.99亿元。两融数据显示，当日东方电缆获融资买入额2435.68万 元，融资偿还4511.45万元，融资净买入-2075.76万元。截至10月20日，东方电缆融资融券余额合计3.51 亿元。 融资 ...

Core Viewpoint - The company, Dongfang Cable, has recently received multiple bid notifications confirming its status as the winning bidder for several projects, which will positively impact its future operating performance [1] Group 1: Project Details - The awarded projects include power engineering and equipment cables, submarine cables, high-voltage cables, and marine equipment and operational maintenance [1] - The total amount of the awarded projects is approximately 2.374 billion yuan, which accounts for 26.11% of the company's audited revenue for the fiscal year 2024 [1] Group 2: Impact on Company Performance - The successful bids are expected to have a positive effect on the company's future operating results [1] - The projects will not affect the company's operational independence [1]

东方电缆公告，近期公司及全资子公司宁波海缆研究院工程有限公司陆续收到相关中标通知书，确认为 多个项目中标人。中标项目包括电力工程与装备线缆、海底电缆与高压电缆、海洋装备与工程运维等。 中标项目金额合计约23.74亿元，占公司2024年度经审计营业收入的26.11%。项目中标后将对公司未来 经营业绩产生积极影响，但不影响公司经营的独立性。 ...

截至6月30日，东方电缆股东户数3.61万，较上期减少31.73%；人均流通股19055股，较上期增加 46.48%。2025年1月-6月，东方电缆实现营业收入44.32亿元，同比增长8.95%；归母净利润4.73亿元，同 比减少26.57%。 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6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4188.89万股，相比上期增加832.21万股。广发高端制造股票A（004997）位居第六大流通 股东，持股788.52万股，相比上期增加166.93万股。南方中证500ETF（510500）位居第七大流通股东， 持股615.63万股，相比上期增加80.42万股。博时信用债券A/B（050011）退出十大流通股东之列。 责任编辑：小浪快报 10月13日，东方电缆盘中下跌2.00%，截至10:02，报69.05元/股，成交2.72亿元，换手率0.56%，总市值 474.87亿元。 资金流向方面，主力资金净流入4092.59元，特大单买入3157.03万元，占比11.62%，卖出 ...

Core Viewpoint - Dongfang Cable's stock has shown significant growth in 2023, with a year-to-date increase of 17.24% and a recent surge in trading activity, indicating strong investor interest and potential market confidence [1][2]. Financial Performance - For the first half of 2025, Dongfang Cable reported a revenue of 4.432 billion yuan, reflecting a year-on-year growth of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2]. - Cumulatively, 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]. Shareholder and Market Activity - As of June 30, 2025, the number of shareholders for Dongfang Cable decreased by 31.73% to 36,100, while the average number of circulating shares per shareholder increased by 46.48% to 19,055 shares [2]. - The stock's trading activity on September 24 showed a net inflow of 18.377 million yuan from major funds, with significant buying and selling activity from large orders [1]. Company Overview - Dongfang Cable, established on October 22, 1998, and listed on October 15, 2014, specializes in the research, production, and sales of various types of wires and cables. Its main revenue sources include power engineering and equipment cables (49.56%) and submarine and high-voltage cables (44.14%) [1]. - The company operates within the electric equipment industry, specifically in cable components and related sectors, and is involved in concepts such as wind energy and offshore engineering [1].

Core Viewpoint - Dongfang Cable's stock price has shown a positive trend with a year-to-date increase of 12.73%, reflecting strong market interest and performance in the cable industry [1][2]. Financial Performance - For the first half of 2025, Dongfang Cable reported a revenue of 4.432 billion yuan, representing a year-on-year growth of 8.95%. However, the net profit attributable to shareholders decreased by 26.57% to 473 million yuan [2]. - Cumulative cash dividends since the company's A-share listing amount to 1.377 billion yuan, with 790 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, 2025, the number of shareholders for Dongfang Cable decreased by 31.73% to 36,100, while the average number of circulating shares per person increased by 46.48% to 19,055 shares [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 [3]. Market Activity - On September 17, Dongfang Cable's stock rose by 2.05%, reaching 58.73 yuan per share, with a trading volume of 314 million yuan and a turnover rate of 0.79% [1]. - The stock's market capitalization stands at 40.39 billion yuan, with significant trading activity noted in both large and special orders [1].

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].

丨证券研究报告丨 公司研究丨点评报告丨东方电缆（603606.SH） [Table_Title] 东方电缆：Q2 经营基本触底，排产加速有望奠 定下半年交付放量基础 报告要点 [Table_Summary] 公司发布 2025 年中报，公司实现营业收入 44.32 亿元，同比增长 8.95%；归属净利润 4.73 亿 元，同比下降 26.57%。其中，2025Q2 营业收入 22.85 亿元，同比下降 17.13%；归属净利润 1.92 亿元，同比下降 49.56%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 周圣钧 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524120003 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 事件评论 ⚫ 收入端，公司 2025 年上半年营业收入同比增长，其中：海底电缆与高压电缆营收 19.57 亿元，同比增长 8.32%，海洋装备与工程运维营收 2.75 亿元，同比下 ...

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].