ORIENT CABLE (NBO)(SH:603606)2025-03-04 02:05Summary of Conference Call Notes Company and Industry Involved - The conference call discusses Oriental Cable, a leading company in the submarine cable industry, particularly focusing on offshore wind projects. Core Points and Arguments - Order Growth: In Q4 2024, the company expects to add 53 million in new orders, with total new orders for the year exceeding 80 million. The order situation for 2024 is better than expected, solidifying the foundation for future performance [1] - Future Outlook for 2025: Key projects to watch include MonaMorgan with a capacity of 30-40 million, Fan Stone II nearing 20 million, and Three Mountain Island expected to exceed 40 million. New signed orders this year are anticipated to maintain an upward trend compared to last year's high base [1] - Delivery Expectations: As the final year of the 14th Five-Year Plan, offshore wind installations are expected to reach 10-15 GW this year. Several orders, including those from Qingzhou 5, 7, Fan Stone I, and InchCape, are likely to be delivered this year [1] - Project Commencement: The Fan Stone I project has already commenced, with a focus on Q2 commencement status, which will determine the annual expectations [1] - Policy Environment: This year has seen a surge in favorable policies, including the Single 30 Policy and clear management from provincial and national levels, which are long-term benefits for offshore wind and submarine cables [1] Additional Important Content - Impact of New Energy: The entry of new energy sources into the market has not affected the already competitive offshore wind projects [2] - Long-term Investment Value: With the advancement of deep-sea projects, submarine cables are expected to see increased demand and profitability, indicating long-term investment value in the industry [3] - International Recognition: The company has secured contracts for HKWB (5.3 million), SSE (1.5 million), and InchCape (18 million), enhancing its industry recognition. The MonaMorgan project is expected to materialize this year, with offshore wind development in Europe accelerating. The company's overseas revenue is projected to increase to 15-20% during the 15th Five-Year Plan [4] - Valuation: The company's PE ratio for 2025 is below 20 times, which is at a historical low. The recent market correction is not closely related to the company's fundamentals, as the offshore wind industry is accelerating, and the company has a robust order backlog, warranting close attention [4]