Orient Cables - A Global China Summit Takeaways: Offshore wind demand visibility, solid submarine cable margins, and overseas growth path

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Orient Cables - A Global China Summit Takeaways: Offshore wind demand visibility, solid submarine cable margins, and overseas growth path

J P M O R G A N Asia Pacific Equity Research

27 May 2026

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Orient Cables - A

Global China Summit Takeaways: Offshore wind Overweight

demand visibility, solid submarine cable margins, and 603606.SS, 603606 CH

overseas growth path Price (27 May 26):Rmb44.81

Price Target (Jun-27):Rmb73.00

We met with Orient Cables during our Energy Evolution Tour and Global China APAC Utilities & Renewables |

Summit. Management reiterated strong demand visibility for China’s offshore Sustainable Investing

wind, underpinned by accelerating 15-FYP grid capex and clearer policy direction Alan Hon AC

for offshore wind capacity towards 100GW grid-connected by 2030. Management (852) 2800-8573

indicated projects are broadly tracking plan, supported by a full order book and a alan.hon@jpmorgan.com

sizeable backlog as of April 2026. Furthermore, management guided to a stable Daqi Jiao

competitive environment and margin outlook for submarine cables, citing leading (852) 2800-8595

market share (particularly in high-voltage segments with higher barriers to entry) daqi.jiao@jpmorgan.com

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

and a 30–40% gross margin profile with potential upside from a higher UHV mix. Morgan Broking (Hong Kong) Limited

With respect to overseas expansion, management sounded constructive,