东方电缆（603606.SS）：3Q26营业利润符合预期，关注中国海上风电加速

Citi's 3Q26 results review on Ningbo Orient Wires & Cables (603606.SS). Revenue grew strongly year on year and quarter on quarter, driven by higher subsea cable and high-voltage land cable sales as well as marine equipment and engineering. Gross margin edged down slightly year on year on product mix and impairment charges, while operating profit rose and came in broadly in line with consensus; net profit growth lagged operating profit growth because of higher credit impairment provisions, and the net margin declined year on year. Order backlog fell year on year as of late October, led by declines in subsea cable and HV land cables and in marine equipment and engineering, reflecting a slower offshore wind tendering pace that the analyst attributes partly to front-end preparation work in the first year of the 15th Five-Year Plan. Subsea cable tenders may therefore lag wind turbine tenders, although regulatory approvals, tendering and construction progress have shown more positive updates