Summary of Panda Dairy's Conference Call Company Overview - **Company**: Panda Dairy - **Industry**: Dairy Products Key Points and Arguments - **2024 Operational Performance**: Panda Dairy's overall performance in 2024 continued the trend from the first half of the year, with no significant changes. The cream product segment showed good growth despite its smaller base. The gross margin remained high due to effective control of raw material costs, and channel margins improved compared to the previous year. However, sales to major clients declined due to the overall consumption environment, although new clients were added, their volume has not reached significant levels [3][4]. - **Channel Performance**: The baking channel showed a good recovery, and the cheese business performed well, ensuring revenue and profit. The restaurant channel's performance was neutral, influenced by the macroeconomic environment. The tea beverage channel focused on major clients like "Hushang Auntie" and "Tea Hundred Ways," with an emphasis on developing new products in tea beverages and cream to attract more clients [4][5]. - **R&D Team Upgrade**: The R&D team was upgraded with a new leader from a foreign enterprise and an increase in team size, enhancing capabilities in tea beverage and cream applications to develop more new clients [6]. - **2025 Market Demand Outlook**: The restaurant market is a core channel for Panda Dairy, closely tied to the macroeconomic environment. The company expects positive impacts from national consumption promotion policies, including potential restaurant subsidies. The core distributors have not been lost, and new clients are being added to offset volume declines [7]. - **Channel Expansion Strategy**: Panda Dairy plans to deepen its channel penetration, focusing on small and new restaurant chains and markets in lower-tier cities. The company aims to expand its traditional restaurant channels by developing new distributors [8]. - **Competitive Landscape**: Competitors are currently performing weakly, particularly smaller condensed milk brands. Despite a challenging market environment, Panda Dairy is optimistic about increasing market share. The company faces pricing competition in its private label products but sees growth potential in the high-end restaurant market [9]. - **Raw Material Price Trends**: Raw material prices are at historical lows, with domestic milk powder cheaper than imported options. It is expected that large package powder prices will gradually rise by the second half of 2026. However, prices for coconut milk and coconut water are increasing due to import factors from Southeast Asia, which may pressure operations [10][11]. - **2025 Revenue and SKU Expectations**: The company anticipates a revenue target of several hundred million for its "Youke Factory," aiming for double-digit growth. The focus will be on launching new products and building regional brand presence [12]. - **Product Differentiation**: Panda Dairy's product overlap with competitors like "Miaokelando" is mainly in B2B cheese ingredients. Panda Dairy focuses on thick milk, condensed milk, and plant-based products, which do not directly compete with "Miaokelando" [13]. - **B2B and B2C Business Proportions**: The B2C business, primarily managed by "Youli," has a gross margin of over 40%. The B2B business volume is around 1 million [14]. - **Trade Business Outlook**: The trade business turned profitable in 2024 after previous losses. Continued price increases in commodities are expected to benefit this segment, although the company plans to limit trade volume to around 200 million [15]. - **New Product Development**: New incubated enterprises are exploring terminal customers and developing innovative products in both tea beverage and food industrial channels, although these initiatives are still in early stages [16]. - **Overall Revenue and Profit Outlook for 2025**: The company expects a recovery in consumer enthusiasm in 2025, leading to potential raw material price increases. New products are anticipated to drive revenue growth, with a forecast of double-digit growth in condensed milk sales, particularly in tea-related cream products. Overall performance is expected to return to 2023 levels, although gross margins may face pressure [17].

Summary of Key Points from the Conference Call Industry and Companies Involved - The conference call focuses on the integration of AI technology in consumer products, specifically highlighting **Ninebot (九号公司)** and **Roborock (石头科技)** as leading companies in this sector [2][28]. Core Insights and Arguments - **AI and Consumer Products Trend**: Since 2025, the trend of integrating AI with consumer products has gained significant attention, with a recommendation for companies that have mature products and substantial technical accumulation [2][28]. - **Ninebot's Innovations**: - Deep integration of the **DeepSeek engine** to enhance the intelligence of electric two-wheelers, with an expected growth rate of **30%-40%** in this segment by 2025 [3][16]. - Development of the **third generation of robotic lawn mowers**, featuring advanced navigation and obstacle avoidance systems, leading in sales on Amazon in the US, Germany, and France [3][15]. - Introduction of the **True Smart 3.0 system**, focusing on safety and personalization, including the **ESP stability system** and AI visual assistance [3][7]. - **Roborock's G30 Space Robot**: This new product introduces a robotic arm for tasks like automatic garbage disposal and obstacle removal, utilizing the **RR model 12.0 AI algorithm** for enhanced intelligence [20][21]. - **Financial Projections**: - Roborock anticipates a revenue growth of over **50%** in Q4 2024, with a **60%-70%** growth rate in the US market and a **40%** overall revenue increase for the year [26][27]. - Ninebot expects profits to approach **1.6 billion RMB** in 2025, with a potential valuation exceeding **30 times** [17][19]. Additional Important Insights - **Ninebot's Production Strategy**: To mitigate the impact of tariffs on exports to the US, Ninebot is seeking manufacturing partners in Vietnam [17][19]. - **Technological Advantages**: Ninebot's foundational technologies include laser vision, GPS, and IoT, which enhance the practicality and advancement of their products [6][14]. - **Market Positioning**: Both companies are positioned as leaders in their respective markets, with Ninebot being the top brand for scooters and Roborock leading in the robotic vacuum segment [28]. - **Future Developments**: Ninebot is exploring new areas such as all-terrain vehicles and collaboration with Nvidia for robotic chassis development, indicating a strategy for continuous growth [18][19]. This summary encapsulates the key points discussed in the conference call, highlighting the advancements and market strategies of Ninebot and Roborock in the AI and consumer product sectors.

Summary of Key Points from the Conference Call Company Overview - The company discussed is **Jiechang Drive**, which is entering the robotics sector and has established a dedicated robotics division in 2024 to focus on actuator research and development [3][4]. Industry and Market Position - Jiechang Drive has begun its foray into the robotics field by undertaking a project in Zhejiang Province, focusing on linear actuators, benchmarking against Tesla's products [3]. - The company aims to expand its market share and product competitiveness, with a projected revenue of **4 billion RMB** in 2025, representing a **15% year-on-year growth** [3][14]. Key Developments and Strategies - The company has conducted over **100,000 experiments** on its self-manufactured actuators, addressing challenges in the processing of ball screws [3][4]. - A joint venture with **Lingqiao Intelligent** has been established, where Jiechang holds a **40% stake** and has veto power, focusing on the commercialization of intelligent marketing products [7]. - The company plans to enhance its production capabilities for key components like motors and reducers, with significant investments in facilities for precision machining and injection molding [8][9]. Product and Technology Innovations - Jiechang Drive is developing **hollow cup motors**, with production lines expected to be operational by the end of 2025 [11]. - The first generation of **dexterous hands** has been launched, featuring **19 degrees of freedom** and targeting humanoid and collaborative robots [10]. Financial Performance and Projections - The company reported a record high revenue in Q4 2024, with growth driven by sectors such as home automation, industrial applications, and automotive [14]. - The automotive sector is expected to see significant growth, with multiple projects set to commence production in 2025, including contracts with **Seres** and **BMW** [20]. Market Expansion and Customer Acquisition - Jiechang Drive has successfully engaged with major clients like **Kingsoft Office** and **IKEA**, with expectations of substantial revenue increases from these partnerships [15]. - The company is also focusing on the healthcare sector, particularly in rehabilitation products, with a consistent annual growth rate of around **10%** [16]. Global Operations and Supply Chain - The company has established production bases in the **U.S., Malaysia, and Hungary**, ensuring a robust supply chain to meet a projected demand of **5 billion RMB** [21][24]. - The impact of U.S. tariffs has been mitigated through strategic overseas production, with a significant portion of revenue generated from local manufacturing [24]. Competitive Landscape - Jiechang Drive is positioned to surpass competitors like **Dileba** in the long term, particularly in the automotive sector where Dileba lacks a strong presence [23]. - The company is confident in its competitive edge due to its comprehensive product range and ongoing innovations [23]. Future Outlook - The company aims to achieve a revenue target of **5 billion RMB** by 2027, leveraging both traditional and new business opportunities [27]. - The overall growth expectations for 2025 include the addition of **10-11 new stores**, with a stable profit outlook due to high gross margins and decreasing tariff impacts [29].

Summary of the Conference Call for Oppein Home Company Overview - **Company**: Oppein Home - **Industry**: Home Furnishing and Custom Furniture Key Points and Arguments 2024 Performance Forecast - Oppein Home anticipates a revenue decline of 10% to 20% in 2024, marking the first revenue drop since its establishment in 1994 [3][4] - Revenue growth has slowed from approximately 30% in 2021 to around 10% in recent years, with 2024 showing a significant decline due to macroeconomic factors, the real estate market, and consumer expectations [3][4] Strategic Responses - The company is implementing cost control, organizational restructuring, and strategic adjustments to address challenges, while enhancing its overall home furnishing layout [5][3] - Despite revenue decline, gross margins are stable, and cost management is effective, indicating a focus on maintaining profitability [5] Policy Impact on the Industry - From July 2024, regions like East and South China, particularly Guangzhou, have introduced trade-in and consumption subsidy policies, positively impacting market demand [6][3] - Although new housing starts and completions are declining, the demand from the existing market is gradually emerging, providing some confidence to the company [6] Future Policy Expectations - More subsidy policies are expected post-Chinese New Year in 2025, with large enterprises likely to benefit from these policies due to their established management and sales networks [7][8] - The company is actively engaging with government policies to maximize benefits from regional subsidies [9] 2025 Management Goals - The management goal for 2025 is to stabilize revenue and achieve profit growth that outpaces revenue growth, with plans for annual dividends of at least 1.5 billion yuan from 2025 to 2027 [10][11] - The retail home furnishing business is projected to grow rapidly, with over 850 stores and a nearly 200% increase in total orders year-on-year [12] Market Dynamics and Opportunities - The decline in new housing completions directly affects overall demand, but the existing market presents significant opportunities [13] - The company plans to adapt quickly to regional policies to maximize sales growth, despite lower subsidy amounts compared to previous years [14][15] Operational Efficiency - The company’s headquarters in Guangzhou allows for rapid response to policy changes, with regional management delegated to marketing departments for better market alignment [16] - The company has established bases in several cities to ensure timely access to policy information and market dynamics [16] Challenges in Strategic Implementation - The home furnishing strategy has faced challenges due to the economic environment, requiring adjustments in sales approaches and training for marketing personnel [17][18] - The integration of multi-category sales and the adaptation of support systems to meet market demands are ongoing challenges, but improvements are expected by 2025 [19] Additional Important Insights - The company is optimistic about the long-term demand in the home furnishing sector, despite short-term fluctuations due to subsidy policies and market conditions [13] - The focus on enhancing partnerships and expanding product categories through platform resources is a key part of the growth strategy moving forward [12]

Summary of New Cap's Conference Call Company Overview - New Cap primarily serves the information technology needs of higher education institutions, focusing on solutions such as campus card systems, smart campus platforms, and various management systems including academic, student, financial, payment, and employment management systems. The company generates approximately 1 billion yuan in annual revenue, with 60% to 70% from universities and 10% to 20% from government and enterprise sectors [3][5][31]. Market Position - New Cap is a leading player in China's smart campus sector, servicing 1,430 out of over 3,000 universities, capturing more than 10% market share in smart campus solutions [3][5]. The company has a strong presence in payment, financial, and academic management systems [5]. AI Integration and Development - New Cap is actively integrating AI technology into its products and services, having hired a chief scientist and formed a dedicated AI team. The company is adapting DeepSeek for enhanced academic support and data analysis capabilities [3][6]. - Plans for 2025 include restructuring ten educational scenarios and optimizing nearly one hundred business processes, focusing on AI and AR for growth [3][8]. - The company has launched the "New Factory" AI self-media application platform, providing intelligent services for B-end users in universities [3][11]. Collaborations and Partnerships - New Cap collaborates with major tech companies like ByteDance, Alibaba, and Tencent for cloud services and technical support, ensuring flexible solutions for clients [3][30]. AI in Education - The willingness of universities to invest in AI technology has significantly increased, with New Cap utilizing various data sources for model training to ensure compliance and support scientific decision-making [3][17]. - AI applications in universities are still in the early stages, primarily aiding teaching and research, with potential for significant growth in the coming years [15][20][21]. Future Outlook - New Cap anticipates substantial revenue growth from AI initiatives, projecting millions in income by 2025, although these efforts are still in exploratory phases [22]. - The company is focused on enhancing its AI capabilities across various educational management systems, ensuring data security and compliance [18][19]. Challenges and Competition - The rise of AI technology in education presents new competitive risks, as universities' own IT departments may become competitors. New Cap emphasizes the importance of data management and compliance to mitigate these risks [19][31]. Conclusion - New Cap is positioned as a pioneer in integrating AI into the education sector, with a stable performance foundation and a commitment to embracing technological advancements. The company aims to lead the industry in the future [31].

Summary of the Conference Call for YuanGuang Software Company Overview - **Company**: YuanGuang Software - **Date**: February 18, 2025 Key Industry and Company Insights Industry: Software and AI Solutions for Energy Sector - YuanGuang Software has made significant advancements in various fields, particularly in providing software solutions for the energy sector, including the development of a smart financial platform for the State Grid, which covers 27 provincial companies and has over 91 million registered users [3][4] Core Developments and Innovations - **Smart Financial Platform**: The platform supports single-track operations across different organizational levels within the State Grid, enhancing operational efficiency [3] - **Digital Invoice System**: The company has launched a digital invoice system that connects directly with 560 million electricity users, marking a significant innovation in invoice management [3] - **Artificial Intelligence (AI) Initiatives**: - Development of YuanGuang Digital Human, integrating general large models for intelligent Q&A and form filling [3] - Introduction of over 170 new RPA robots, bringing the total to over 900, enhancing automation capabilities [5] - Implementation of DeepSeek large model to improve DAP's performance in financial applications [6][9] - **Smart Energy Solutions**: The company has developed systems for proxy electricity purchasing and integrated sales platforms for power generation companies, further solidifying its position in the smart energy sector [7] Business Model Innovations - YuanGuang Software is exploring new business models, shifting from traditional IT budgets to revenue and profit centers by implementing value-sharing through self-media platforms and smart hardware [11] - The company is also focusing on local deployment and online services, with plans to expand its SaaS model offerings [12][15] Future Directions - The company aims to enhance core product capabilities, expand non-collection business layouts, and continue promoting DAP smart finance and full application products [8] - There is a strong emphasis on integrating AI technologies to optimize existing solutions and improve user experience [10][27] Market Trends and Customer Insights - There is a growing demand for digital transformation and AI integration among clients, with many planning to incorporate AI elements into their operations [17] - Feedback from clients indicates a preference for local deployment due to data security concerns, although there is a gradual acceptance of online services [15] Challenges and Solutions - Common challenges include managing user expectations regarding AI capabilities and ensuring data quality and reliability in AI applications [19][26] - The company is addressing these challenges by enhancing user education and optimizing algorithm models to improve accuracy and efficiency [20] Conclusion YuanGuang Software is positioned as a leader in the software solutions market for the energy sector, with a strong focus on AI integration and innovative business models. The company is actively responding to market demands and technological advancements, ensuring its growth and relevance in the industry.

Summary of Mona Lisa's Conference Call Company Overview - **Company**: Mona Lisa - **Industry**: Ceramic Tiles Key Points and Arguments Production and Inventory Management - Since the Lantern Festival, Mona Lisa's four production bases have gradually resumed operations, but large-scale production has not been initiated due to strict inventory management to avoid resource and cost wastage [3][4] - The company has adopted a cautious approach with a kiln opening rate of approximately 30%, down from over 40% in the same period last year, to strengthen inventory management [5][6] - The goal is to reduce inventory to a reasonable level of 500 million yuan, with a current excess of 200-300 million yuan to be digested [8][9] - Lean management has been introduced, with the president personally overseeing inventory reduction projects to optimize resource allocation and improve operational efficiency [5][6] Market Outlook and Growth Strategy - The company holds a cautiously optimistic view for 2025, aiming for a rebound despite not reaching the previous growth rate of 30% [3][4] - A total of 719 million yuan in new orders was secured during last year's marketing summit, boosting dealer confidence [4][6] - The focus will be on interactive concepts to expand new products and customer bases through spatial displays and user recommendations [6][19] Digital Transformation and AI Utilization - Mona Lisa has implemented a sales information management system to achieve end-to-end digital processes, although challenges remain in connecting with dealers [12][13] - AI technology is seen as beneficial for traditional manufacturing, particularly in inventory analysis and market analysis [16][18] - The company plans to enhance its digital capabilities and supply chain efficiency through data analysis and AI tools [18][19] Economic Environment and Industry Challenges - The economic environment, particularly uncertainties in the real estate market, poses challenges for growth, with even top companies like Vanke facing management restructuring [4][36] - The company emphasizes the need for strategic management to address high inventory issues and maintain long-term goals [24][36] Competitive Landscape - The upcoming IPO of Masko is expected to inject confidence into the capital market, with Mona Lisa looking to learn from Masko's cost control and marketing strategies [19][20] - The ceramic tile industry is facing challenges in increasing concentration due to past irregularities, but strategic mergers can help reduce transportation costs and enhance regional competitiveness [22] Future Goals and Performance - The budget target for 2025 is to achieve growth while maintaining a net profit margin of 8-10%, with a focus on adjusting business structures and improving operational efficiency [33][38] - The company aims to reach a dual 10 billion yuan target in the long term, leveraging its competitive advantages in large-size tiles and sustainable practices [37][38] Challenges and Responses - Current challenges include insufficient market demand and consumer confidence, rather than a lack of funds [36] - The company is actively participating in government meetings to address market challenges and improve inventory management and cash flow control [36][35] Additional Important Insights - The company has reduced warehouse space by nearly 30,000 square meters, saving significant rental costs [13] - The focus on customer satisfaction through the "smile delivery service" aims to enhance service quality and reduce complaints [26][31] - The channel structure consists of 80% traditional distribution and 20% engineering agency, with a growing emphasis on integrated business models [25]

Summary of Anhui Heli Conference Call Company Overview - **Company**: Anhui Heli - **Industry**: Forklift and Automated Guided Vehicle (AGV) manufacturing Key Points Collaboration with Huawei - Anhui Heli's partnership with Huawei focuses on digital transformation, smart logistics, and AI talent development, initiated in 2019 [3] - The collaboration includes hardware infrastructure, software applications, talent training, overseas consulting, and quality control of smart logistics equipment [3] - A framework agreement has been signed, with specific projects being categorized and advanced [3] - Short-term impact on performance is minimal, but long-term digital transformation is expected to significantly enhance capabilities, particularly in large system scheduling and profit margins [4] AGV Business Development - In 2024, AGV business revenue is projected at 608 million yuan, a 30% increase, aided by the acquisition of Yufeng Intelligent [5] - The 2025 revenue target for AGV is 1 billion yuan, with a 50% growth forecast and a signed order amount expected to rise by 50% to 500 million yuan [5] - Long-term goal is to reach 5 billion yuan in AGV revenue by 2030, indicating strong confidence in market prospects [5] Market Performance and Challenges - In January 2025, overseas orders showed a 3.9% year-on-year increase, with revenue up 4.7%, but overall orders remained flat due to market pressures, particularly in North America, Europe, and Oceania [9] - Domestic market performance in January saw a 4% decline in sales (excluding three categories of vehicles) and a 15% drop in overall orders, primarily due to reduced working days during the Spring Festival [10] - Global market share is approximately 9.7%, with plans for a 15% growth in overseas revenue and sales by 2025 [11] Pricing and Inventory Strategies - To mitigate the impact of U.S. tariffs, Anhui Heli increased inventory of large standard models in the U.S. by about 3,000 units and raised sales prices by 5% [19] - Non-standard models are shipped from China with a 10% price increase, effectively offsetting tariff impacts [19] Aftermarket Revenue and Service Contracts - The company is implementing a dual contract system in overseas markets, where sales and service contracts are signed simultaneously, aiming for aftermarket revenue to match or exceed sales revenue [27] - In domestic markets, strategies to enhance aftermarket services include expanding the coverage of genuine parts and establishing regional service centers [28] Future Outlook - The company anticipates a slow recovery in the domestic market in the first half of 2025, with a target of 10% revenue growth [12] - Internationally, a 12% growth in sales is expected, with specific challenges noted in the U.S. market [17] - Overall, the company remains optimistic about its international sales prospects, particularly in the lithium battery forklift segment [16] Currency and Risk Management - Currently, Anhui Heli has not engaged in hedging operations against currency risks, primarily due to concerns over potential U.S. dollar depreciation [31] - The majority of overseas receivables are in U.S. dollars (over 80%), with euros making up more than 90% of total receivables [32]

Summary of Shandong Road and Bridge's Conference Call Company Overview - **Company**: Shandong Road and Bridge - **Date**: February 18, 2025 Key Points Industry and Market Performance - In 2024, the company achieved a bidding amount of 91.48 billion yuan, with profits declining by 23% year-on-year [3][4] - The company operates in 15 business areas including road and bridge construction, comprehensive housing construction, municipal maintenance, industrial parks, high-speed rail, and energy [3] - The proportion of orders from outside Shandong province increased to 40% due to the "External Market Development Year" strategy [4] Order Quality and Strategy - The company plans to focus on order quality by considering payment collection and owner levels to ensure the selection of high-quality orders [3][4][7] - The company is actively participating in concession projects, such as the Hebei Handan to Jinan expressway, with a total investment of 8.55 billion yuan, aiming to secure long-term cash flow and reduce reliance on government-funded PPP projects [4][6] Financial Outlook - Shandong Province issued over 140 billion yuan in bonds at the end of 2024, with an expected positive impact on the company's cash flow over the next three years [4][11] - The company anticipates annual contract amount growth of 15% and revenue growth of 16-17% from 2024 to 2026 [4][14][17] Overseas Expansion - The company established an overseas platform, Road and Bridge International, achieving a contract amount of approximately 6 billion yuan in 2024, with plans for further growth [4][14][19] - The overseas business currently accounts for about 5% of total operations, with a goal to increase this share through strategic development [19] Challenges and Risk Management - The company has shifted focus from government-funded PPP projects to cash flow-positive concession projects to mitigate risks associated with local government debt issues [6][12] - The company is prepared to handle potential challenges in municipal engineering, such as payment difficulties, by leveraging strong relationships with local governments [16] Capital Expenditure and Business Model Changes - The shift in business model requires companies to invest in construction, increasing the probability of winning bids for those with financing advantages [28] - The company plans to prioritize cash flow projects and seek policy support to manage capital expenditure pressures [31] Value Management and Investor Confidence - The company will continue to implement share buybacks, encourage major shareholders to increase holdings, and propose valuation enhancement plans by April [26] - Despite current cash flow challenges, the company maintains confidence in its financial safety due to multiple financing channels and low costs [27] Future Plans - The company is developing its 14th Five-Year Plan, focusing on high-quality projects and leveraging its shareholder background for support in securing contracts [13] - The company aims to enhance project management capabilities to ensure profitability and effective project execution [18] Conclusion - Shandong Road and Bridge is strategically positioning itself for growth through market expansion, improved order quality, and effective financial management while navigating industry challenges and leveraging its strengths in both domestic and international markets.

Summary of the Conference Call for Dongfang Cable Industry Overview - Dongfang Cable is a leading player in the domestic offshore wind market, with strong order acquisition capabilities. The company is expected to experience accelerated growth in 2025, coinciding with the conclusion of the 14th Five-Year Plan. [2] - The domestic offshore wind grid connection scale is projected to reach 12GW in 2025, a significant increase from 4GW in 2024, indicating high growth and certainty. [2][3] Key Points on Company Performance - Dongfang Cable has secured multiple contracts for ultra-high voltage flexible DC submarine cable projects, showcasing its expertise in this area. [3] - As of October 2024, the company has an order backlog exceeding 9.2 billion yuan, with 2.9 billion yuan attributed to submarine cable orders, which are expected to enhance overall gross margins upon delivery. [3][4] - The company is actively expanding into overseas markets, having established a product company in the Netherlands and invested in UK companies CC and First Link. [5] Future Growth Prospects - The deep-sea demonstration projects are currently undergoing bidding, with domestic deep-sea installed capacity expected to reach between 12-15GW by 2026 and exceed 50GW by 2030. [3] - Dongfang Cable is anticipated to enter a performance realization phase in 2025, with estimated net profits around 1.9 billion yuan and a current valuation of approximately 18 times earnings. [6] - The company is expected to benefit from strong future demand, leading to potential valuation elasticity in the industry, thus making it a key investment recommendation. [6] Noteworthy Achievements - Dongfang Cable has made significant strides in the European market, including winning the SDN road connection project in 2020 and the HK WB project in 2022, marking its first high-voltage submarine cable project in Europe. [5] - The company secured an 1.8 billion yuan order for a HK submarine cable project in 2024, further solidifying its presence in the European market. [5] Conclusion - Dongfang Cable is well-positioned for growth in both domestic and international markets, with a robust order backlog and a strategic focus on high-demand areas such as offshore wind and deep-sea projects. The company's historical valuation levels and future growth potential make it a compelling investment opportunity. [6]