Orient Cables - A Order win is just the right catalyst to attract investors to revisit

研报英文原文证据摘录

Orient Cables - A Order win is just the right catalyst to attract investors to revisit

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

11 June 2026

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Orient Cables - A Overweight

603606.SS, 603606 CH

Order win is just the right catalyst to attract investors to Price (10 Jun 26):Rmb37.59

revisit Price Target (Jun-27):Rmb61.00

Today, Orient Cable’s share price rebounded after the company announced Head of APAC Utilities &

Rmb5.2bn of new orders overnight. We think this may encourage investors to Renewables | Sustainable Investing

revisit Orient Cable, which has suffered a 30% share price correction since mid- Alan Hon AC

May (SHCOMP -4%) which we think is unjustified. While EU trade tension has (852) 2800-8573

weakened the sentiment across the China upstream wind sector, we note Orient alan.hon@jpmorgan.com

Cable has negligible exposure to the EU. We think rotation to other themes has Daqi Jiao

played a bigger part in the stock price reaction. On industry fundamentals, (852) 2800-8595

domestic growth has never been more visible, with the Chinese government daqi.jiao@jpmorgan.com

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

announcing a 2030 nationwide offshore wind target for the first time. In our view, Morgan Broking (Hong Kong) Limited

local governments may start rolling out new projects as early as 2H26, resulting in

more order wins and a further positive share price catalyst for Orient Cable. With

the stock trading on 14x FY27E PER (consensus), against a >30% 2025-27E