Investment Rating - The investment rating for the company is "Buy" (maintained) [2][5] Core Views - The company plans to invest approximately 2 billion yuan in a deep-sea transmission equipment project in Beihai, Guangxi, which will be developed in three phases [4] - The project aims to leverage Guangxi's potential in offshore wind power, with a planned capacity of 13.4 GW in the Beibu Gulf area, and is expected to enhance the company's capabilities in high-end submarine cables and related technologies [4] - The new policies for offshore wind management indicate a clear trend towards deep-sea projects, which are anticipated to become the main focus of offshore wind development in China during the 14th Five-Year Plan period [4] Financial Data and Valuation - The company's projected revenues for 2024, 2025, and 2026 are 9.61 billion yuan, 11.81 billion yuan, and 14.08 billion yuan respectively, reflecting year-on-year growth rates of 31.5%, 22.9%, and 19.2% [6][8] - The expected net profits for the same years are 1.31 billion yuan, 1.91 billion yuan, and 2.44 billion yuan, with corresponding year-on-year growth rates of 30.9%, 45.7%, and 28.1% [6][8] - The projected EPS for 2024, 2025, and 2026 are 1.90 yuan, 2.77 yuan, and 3.55 yuan, with P/E ratios of 29, 20, and 15 respectively [5][6]

Core Viewpoint - Dongfang Cable plans to invest approximately 2 billion yuan in a deep-sea transmission equipment project in Beihai City, Guangxi, to enhance technological innovation in the offshore wind power sector [1][2]. Investment Details - The total investment for the project is estimated at around 2 billion yuan, with fixed asset investment of about 700 million yuan [1]. - The project will be constructed in three phases: Phase 1 will invest 300 million yuan, Phase 2 will invest 700 million yuan, and Phase 3 will invest 1 billion yuan [1]. Strategic Importance - The deep-sea transmission system is crucial for the development of deep-sea energy resources, aligning with the company's long-term strategic goals [2]. - The investment aims to enhance the company's core competitiveness and profitability by advancing key technologies in the offshore wind power sector [2]. Regulatory and Financial Considerations - The project implementation requires compliance with national laws and regulations, and land use rights must be secured [3]. - The investment proposal will be subject to approval by the shareholders' meeting, which may significantly impact the company's financial status [3]. Production and Capacity Expansion - Dongfang Cable specializes in the design, production, installation, and maintenance of submarine and land cables, with core products including land cable systems, submarine cable systems, and marine engineering [3]. - The company is expanding its production capacity with a focus on high-voltage submarine cable manufacturing bases in eastern China, particularly in Guangdong and Jiangsu provinces [3][4]. Recent Projects - The company has recently secured two major projects: a 220kV and 66kV submarine cable project in the South China Sea, with a total value of approximately 985 million yuan and 290 million yuan respectively [4]. - These projects are expected to positively impact the company's future revenue generation while maintaining operational independence [4].

证券代码：603606 证券简称：东方电缆 公告编号：2025-004 宁波东方电缆股份有限公司 第六届董事会第19次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 一、董事会会议召开情况 宁波东方电缆股份有限公司（以下简称"公司"）第六届董事会 第19次会议于2025年1月10日在公司会议室以现场结合通讯的方式召 开，会议由董事长夏崇耀先生主持。本次董事会应参加表决的董事9 人，实际参与表决董事9人。本次董事会会议的召开符合《公司法》与 表决结果：赞成9票，反对0票，弃权0票。 具体详见上海证券交易所网站 www.sse.com.cn《关于 2025 年度 对外捐赠额度预计的公告》，公告编号：2025-007。 《公司章程》的规定。公司监事和部分高级管理人员列席了会议，本 次会议审议通过三项议案： 二、 董事会会议审议情况 1、审议通过了公司《关于拟签订对外投资协议的议案》； 表决结果：赞成9票，反对0票，弃权0票。 具体详见上海证券交易所网站 www.sse.com.cn《关于拟签订对外 投资协议的提示性公 ...

4、本次监事会应参加表决的监事3人，实际参与表决监事3人。 5、本次监事会会议由监事会主席胡伯惠先生主持，公司部分高 级管理人员列席了会议。 证券代码：603606 证券简称：东方电缆 公告编号：2025-005 宁波东方电缆股份有限公司 第六届监事会第13次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误 导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法 律责任。 一、监事会会议召开情况 1、本次监事会会议的召开符合《公司法》与《公司章程》的规 定； 2、本次监事会会议于2025年1月3日以通讯方式向全体监事发出 第六届监事会第13次会议通知； 3、本次监事会会议于2025年1月10日以现场会议方式在宁波东方 电缆股份有限公司会议室召开。 二、监事会会议审议情况 1、审议通过了《关于2021年度OIMS奖励基金运用方案（第二期） 的议案》； 表决结果：赞成3票，反对0票，弃权0票； 具体详见上海证券交易所网站www.sse.com.cn《关于2021年度 OIMS奖励基金运用方案（第二期）的公告》，公告编号：2025-008。 特此公告。 宁波东方电缆股份有限公司 二O ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-009 宁波东方电缆股份有限公司 关于召开 2025 年第一次临时股东大会的通知 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 2 月 14 日 14 点 30 分 召开地点：宁波东方电缆股份有限公司会议室（宁波市中山东路 1800 号国 华金融中心 49-50F） 股东大会召开日期：2025年2月14日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 2 月 14 日 至 2025 年 2 月 14 日 2、 特别决议议案：无 ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-003 宁波东方电缆股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/1 | | | | | | --- | --- | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 1 月 日~2025 年 | 31 | 日 | | 30 | | 预计回购金额 | | | | 万元~20,000 万元 10,000 | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | | | □为维护公司价值及股东权益 | | | | | | 累计已回购股数 | 万股 191.34 | | | | | | 累计已回购股数占总股本比 | 0.2782% | | | | | | 例 | | | | | | | 累计已回购金额 | 8,918.8677 万元 | | | | | | 实际回购价格区间 | 42 ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-002 二、 回购股份的进展情况 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等相关规定，在回购股份期间，公司应当在每个月的前 3 个交易 日内公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 宁波东方电缆股份有限公司 关于股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/2/1 | | | | --- | --- | --- | --- | | 回购方案实施期限 | 2024 年 1 月 31 日~2025 年 1 月 | 30 | 日 | | 预计回购金额 | 万元 10,000 万元~20,000 | | | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 □用于转换公司可转债 | | | | | □为维护公司价值及股东权益 | | | | 累计已回购股数 | 万股 191.34 | | | | 累计已回购股数占总 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for the stock over the next six months [20][129]. Core Insights - The company is positioned to benefit from the rapid growth of offshore wind power, with significant market opportunities both domestically and internationally. The report highlights the company's strong order backlog and technological advantages in deep-sea and floating wind projects [20][35][106]. - The offshore wind market is expected to see accelerated growth, particularly in Europe and China, with the company already making inroads into these markets [21][75][91]. Summary by Sections Company Performance - The company reported steady growth in revenue and net profit, with a cumulative revenue of approximately 6.689 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 25.18% [31][24]. - The net profit attributable to shareholders for the same period was approximately 932 million yuan, up 13.41% year-on-year [31][24]. Market Position - The company holds a leading position in the domestic offshore cable market, with a significant share in projects across Zhejiang and Guangdong provinces. It has also successfully expanded into European markets, securing contracts worth nearly 3 billion yuan since December 2020 [25][80]. - As of October 18, 2024, the company has an order backlog of approximately 9.236 billion yuan, with substantial contributions from both the submarine cable and land cable systems [80][25]. Industry Outlook - The global offshore wind market is projected to grow significantly, with an expected compound annual growth rate of 28% over the next five years. China and Europe are anticipated to be the primary contributors to this growth [75][91]. - The report emphasizes the importance of government policies and investments in driving the offshore wind sector, particularly in the UK, which is leading the European market [77][94]. Financial Projections - The company is expected to achieve revenues of 8.858 billion yuan, 11.839 billion yuan, and 13.649 billion yuan for the years 2024, 2025, and 2026, respectively. Net profits are projected to be 1.269 billion yuan, 1.922 billion yuan, and 2.376 billion yuan for the same years [26][129]. - The earnings per share (EPS) are forecasted to be 1.85 yuan, 2.79 yuan, and 3.45 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 28.64, 18.91, and 15.30 [26][129].

Investment Rating - The report gives a "Strong Buy" rating for the company [1]. Core Views - The company is a leading player in the domestic submarine cable industry, benefiting from the growth of the global offshore wind power sector [1]. - The offshore wind power industry in China is entering a growth phase, with significant potential for expansion in the medium to long term [1]. - The company has a strong order backlog, which supports its performance for 2024 and 2025 [1]. Summary by Sections Company Overview - The company has been deeply involved in the cable industry for many years and is a core supplier of land and submarine cable systems in China [1][14]. - The company began its offshore cable business in 2005 and has since established a leading position in the domestic market [1][14]. - The offshore cable business has become the main source of profit for the company, with production capacity and R&D technology at industry-leading levels [1][14]. Offshore Wind Power Industry - The domestic offshore wind power industry is experiencing positive changes, with a rich reserve of projects expected to be grid-connected by 2025 [1][51]. - The average distance of offshore wind projects from the shore has increased, which enhances the demand for submarine cables [1][100]. - The company is well-positioned to benefit from the growth of the offshore wind power sector, particularly in Guangdong and Zhejiang provinces [1][117]. Financial Performance - The company has shown rapid growth in recent years, with a compound annual growth rate (CAGR) of 19.3% in revenue from 2018 to 2023 [1][36]. - The net profit CAGR from 2018 to 2023 reached 42.4%, indicating strong profitability [1][38]. - Revenue is projected to reach 93 billion, 126 billion, and 138 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 12 billion, 20 billion, and 22 billion yuan [1][135]. Market Position and Competitive Advantage - The company is part of a stable competitive landscape in the submarine cable industry, with a strong market share alongside competitors like Zhongtian Technology and Hengtong Optic-Electric [1][103]. - The company has a significant technological advantage, having developed various high-voltage and flexible direct current cable products [1][110]. - The company has established a solid international presence, with ongoing projects in Europe that are expected to contribute to future growth [1][120]. Investment Recommendations - The report suggests that the company will continue to benefit from the rapid development of the global offshore wind power industry, with a strong outlook for future performance [1][135].

证券代码：603606 证券简称：东方电缆 公告编号：2024-056 宁波东方电缆股份有限公司 2024 年第一次临时股东大会决议公告 (一) 股东大会召开的时间：2024 年 12 月 9 日 (二) 股东大会召开的地点：宁波东方电缆股份有限公司会议室（宁波市中山 东路 1800 号国华金融中心 49-50F） (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 636 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 388,075,287 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 56.4296 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议由公司董事会召集，采取现场和网络投票相结合的方式召开，公司 董事长夏崇耀 ...