Ningbo Orient Wires & Cables (603606) H2 2024 earnings summary

Executive summary

• Achieved revenue of ¥9.09 billion in 2024, up 24.38% year-over-year; net profit attributable to shareholders was ¥1.01 billion, up 0.81% year-over-year.

• Land cable system revenue grew 41.52% to ¥5.42 billion, while subsea cable and marine engineering revenue rose 5.49% to ¥3.67 billion.

• Company maintained industry leadership, received multiple national and industry awards, and advanced ESG and digital transformation initiatives.

Financial highlights

• Operating income: ¥9.09 billion, up 24.38% year-over-year.

• Net profit attributable to shareholders: ¥1.01 billion, up 0.81% year-over-year.

• Operating cash flow: ¥1.11 billion, down 6.54% year-over-year.

• Gross margin for subsea cables: 39.57%; for marine engineering: 21.93%.

• Basic and diluted EPS: ¥1.47.

Outlook and guidance

• Focus on high-quality growth, digitalization, and international expansion in 2025.

• Plans to further develop R&D, optimize manufacturing, and enhance ESG performance.

• Order backlog as of March 2025: ¥17.98 billion, with subsea cables at ¥8.83 billion, land cables at ¥6.35 billion, and marine engineering at ¥2.80 billion.