证券代码：603606 证券简称：东方电缆 公告编号：2025-013 第六届董事会第20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 20 次会议于 2025 年 3 月 25 日在公司会议室以现场会议的方式召开，本次会 议通知于 2024 年 3 月 14 日以通讯方式送达各位董事，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《公司章程》的规定。公司全体 监事与高级管理人员列席了会议。本次会议审议通过二十项议案： 宁波东方电缆股份有限公司 二、董事会会议审议情况 （一）审议通过了《2024 年度总经理工作报告》； 表决结果：9 票同意、0 票反对、0 票弃权。 （二）审议通过了《2024 年度董事会工作报告》； 表决结果：9 票同意、0 票反对、0 票弃权。 详见上海证券交易所网站 www.sse.com.cn《2024 年度董事会工作报 ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-012 宁波东方电缆股份有限公司 关于中标海陆缆相关项目的提示性公告 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。 近日，宁波东方电缆股份有限公司（以下简称"公司"）陆续收 到中标通知书及相关网站中标公告，确认公司为海陆缆项目中标 人，现将具体中标情况公告如下： 一、中标概况 （一）陆缆系统项目 南方电网公司2024年主、配网线路材料第二批框架招标项目， 中标金额约3.82亿元。 （二）海缆系统项目 1、中广核阳江帆石二三芯500kV海底电缆Ⅱ标段EPC项目（联 合体），中标金额约9亿元； 以上项目合计中标金额约21.46亿元人民币，其合同的履行将 对公司未来经营业绩产生积极的影响，但不影响公司经营的独立 性。公司将按照合同要求组织生产、交付工作。 三、风险提示 目前公司收到相关通知书，陆续与交易对方签订正式合同中， 合同签订及合同条款尚存在不确定性，具体内容以最终签署的合 同为准。 项目实施过程中如果遇到市场、经济、政治、自然灾害等不可 预计的或不可抗力等因 ...

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]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4][5]. Core Views - The demand for submarine cables is expected to grow significantly due to accelerated offshore wind construction both domestically and internationally, with global offshore wind installations projected to add over 410 GW from 2024 to 2033, achieving a CAGR of 20% [2][34]. - The company is well-positioned with its leading technology, production capacity, and historical performance, which are expected to drive revenue growth as domestic offshore wind projects accelerate and international orders expand [4][3]. Summary by Sections 1. Company Overview - The company is a core supplier of submarine and land cables in China, with leading technology and capabilities in system R&D and production [18][22]. - Its business covers three main areas: land cable systems, submarine cable systems, and marine engineering [22]. 2. Market Demand - The acceleration of offshore wind construction is driving the demand for submarine cables, with significant growth expected in both domestic and international markets [34][38]. - The report highlights a trend towards higher voltage levels and flexible direct current (DC) systems in submarine cables, which will enhance their value [2][42]. 3. Competitive Advantages - The company possesses advanced technology and a first-mover advantage in high-value segments, with a strong order backlog and strategic production expansions [2][3]. - The company has its own cable-laying vessels, providing an integrated advantage in submarine cable and marine engineering operations [2][3]. 4. Global Expansion - The company is accelerating its international presence, with significant orders from European projects and plans for further overseas investments [3][4]. - The report notes that the tight capacity among leading international submarine cable manufacturers presents opportunities for domestic companies [3]. 5. Financial Projections - The company is expected to see substantial profit growth, with projected net profits of 1.26 billion, 1.90 billion, and 2.29 billion yuan for 2024, 2025, and 2026, respectively, reflecting year-on-year growth rates of 26.4%, 50.0%, and 20.9% [4][11]. - The earnings per share (EPS) are forecasted to be 1.84, 2.76, and 3.33 yuan for the same years, with corresponding price-to-earnings (PE) ratios indicating attractive valuation levels [4][11].

证券代码：603606 证券简称：东方电缆 公告编号：2025-011 宁波东方电缆股份有限公司 2025 年第一次临时股东大会决议公告 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。 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 (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 (一) 股东大会召开的时间：2025 年 2 月 14 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： 董事长夏崇耀先生主持了本次会议。本次会议的召集、召开及表决方式均符合《中 华人民共和国公司法》及《公司章程》的有关定。本次会议所做的决议合法、有 效。 | 1、出席会议的股东和代理人人数 | 1,107 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | ...

上海市锦天城律师事务所 关于宁波东方电缆股份有限公司 2025 年第一次临时股东大会的 上海市锦天城律师事务所 关于宁波东方电缆股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：宁波东方电缆股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受宁波东方电缆股份有限 公司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东大会（以 下简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下 简称"《公司法》"）、《上市公司股东大会规则》等法律、法规、规章和其他 规范性文件以及《宁波东方电缆股份有限公司章程》（以下简称"《公司章程》"） 的有关规定，出具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进行了必要的核查和验证，核查了本所认为出具本法律意见书所需的相关文件、 资料，并参加了公司本次股东大会的全过程。本所保证本法律意见书所认定的事 实真实、准确、完整，所发表的结论性意见合法、准确， ...

证券代码：603606 证券简称：东方电缆 公告编号：2025-010 宁波东方电缆股份有限公司 关于股份回购实施结果暨股份变动公告 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 | 年 1 月 日~2025 | 31 | 月 | 30 | 日 | | | 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 224.9766 | | | | | | | 累计已回购股数占总股本比 | 0.3271% | | | | | | | 例 | | | | | | | | 累计已回购金额 | 10,717.62376 ...

2025 年第一次临时股东大会会议资料 宁波东方电缆股份有限公司 2025年第一次临时股东大会 会议资料 宁波东方电缆股份有限公司 二〇二五年二月 第 1 页 共 63 页 2025 年第一次临时股东大会会议资料 目 录 | 2025 | 年第一次临时股东大会会议议程 1 | | --- | --- | | 2025 | 年第一次临时股东大会会议须知 3 | | 议案 | 1、关于拟签订对外投资协议的议案 4 | 2025 年第一次临时股东大会会议资料 宁波东方电缆股份有限公司 2025 年第一次临时股东大会会议议程 会议时间：2025年2月14日14:30 会议地点：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） 会议召集人：公司董事会 会议主持人：董事长夏崇耀先生 —签到、宣布会议开始— 1、与会人员签到，领取会议资料；股东及股东代理人同时递交身份证明材料（授 权委托书、营业执照复印件、身份证复印件等）并领取《表决票》； 2、董事长宣布会议开始并宣读现场会议出席情况； 3、推选现场会议的计票人、监票人； 4、董事会秘书宣读大会会议须知； —会议议案— 5、宣读议案1 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside in the stock price [8][12]. Core Insights - The company is expected to benefit significantly from the acceleration of offshore wind power projects in both domestic and European markets, with a strong order backlog and ongoing capacity expansion [8]. - The company has established itself as a leading supplier of cable systems in China, with 70% of its net profit derived from submarine cable business, which is primarily used in offshore wind projects [8]. - The report forecasts net profits for 2024, 2025, and 2026 to reach RMB 12 billion, RMB 19.6 billion, and RMB 24.9 billion respectively, with year-over-year growth rates of 20.3%, 63.3%, and 26.6% [8][11]. Company Overview - The company operates in the electrical equipment industry, with a current stock price of RMB 54.12 as of January 17, 2025, and a market capitalization of RMB 37.22 billion [3]. - Major shareholder is Ningbo Dongfang Group Co., Ltd., holding 31.63% of shares [3]. - The company has a price-to-book ratio of 5.39 and a net asset value per share of RMB 10.05 [3]. Financial Projections - Revenue is projected to grow from RMB 7.01 billion in 2022 to RMB 17.89 billion in 2026, with a significant increase in operating profit and net profit over the same period [11][14]. - The earnings per share (EPS) are expected to rise from RMB 1.225 in 2022 to RMB 3.617 in 2026, reflecting strong growth potential [11][14]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 44.06 in 2022 to 14.92 in 2026, indicating an attractive valuation as earnings grow [11][14]. Market Position - The company holds a dominant position in the domestic submarine cable market, with a market share of nearly 80% among the top three competitors [8]. - The gross margin for submarine cable products is reported at 40%, highlighting the profitability of this segment [8]. - The company has successfully entered the European supply chain, securing significant contracts in the UK and the Netherlands, totaling approximately RMB 2 billion [8]. Capacity Expansion - The company is actively expanding its production capacity, with new facilities planned in Guangxi Beihai and Guangdong Yangjiang, expected to add significant annual output value [9]. - The investment in Guangxi is approximately RMB 2 billion, aimed at enhancing capabilities for deep-sea transmission equipment [9]. Order Backlog - The company has a robust order backlog, with cumulative orders for submarine cables amounting to approximately RMB 7.3 billion for 2024, representing a threefold increase compared to 2023 [8]. - The anticipated domestic offshore wind installation capacity is expected to double in 2025, further supporting the company's growth trajectory [8].

Investment Rating - The report maintains a "Buy" rating for Dongfang Cable (603606.SH) [6] Core Views - Dongfang Cable is strategically investing in a deep-sea transmission equipment project in Beihai, Guangxi, with a total investment of approximately 2 billion yuan, which is expected to significantly enhance its performance in 2025 [1][2] - The company is well-positioned to capture a larger market share in the offshore wind power cable sector due to high barriers to entry and the rich wind energy resources in Guangxi [1][2] - The company has secured new orders worth approximately 7.3 billion yuan for 2024, indicating strong growth potential for 2025 [3] Summary by Sections Investment Overview - The company plans to invest 2 billion yuan in a deep-sea transmission equipment project, with 700 million yuan allocated for fixed assets, divided into three phases [1] - The project aims to enhance the company's production capacity and market share in the offshore wind cable market [1] Market Potential - The deep-sea wind power development is accelerating, with significant implications for energy security and industrial upgrading [2] - The total planned capacity for the deep-sea wind power projects in Guangxi is 13.4 GW, indicating substantial growth potential for the company [2] Financial Performance - The company expects a substantial increase in net profit, projecting 1.26 billion yuan for 2024 and 2.18 billion yuan for 2025, reflecting a year-on-year growth of 72.9% [3] - Revenue is projected to grow from 8.73 billion yuan in 2024 to 12.86 billion yuan in 2025, representing a growth rate of 47.3% [5] Profitability Metrics - The report forecasts a net profit margin increase, with net profit expected to reach 2.7 billion yuan by 2026 [5] - The company's price-to-earnings (P/E) ratio is projected to decrease from 29.9 in 2024 to 14.0 in 2026, indicating improved valuation [5]