Ningbo Orient Wires & Cables 603606.SS 603606 CH EQUITY: ALTERNATIVE ENERGY Beneficiary of offshore wind acceleration Initiate coverage at Buy with TP of CNY83 Action: initiate coverage at Buy with TP of CNY83, implying 19% upside We initiate coverage of Ningbo Orient Wires & Cables (NBO) at Buy with a target price of CNY83. We believe NBO is a key beneficiary of China's resumed offshore wind installation in 2025, after a two-year halt in 2023-24. We believe the approval and installation of offshore wind pr ...