行业
电力电缆
「电力电缆」行业的全部研报，共 2 篇。
47/100
宁波东方电缆：海缆护城河货真价实，但股价已为近乎完美的订单转化埋单
Ningbo Orient Wires & Cables is China's specialist in submarine and high-voltage transmission cable systems, having grown 2025 revenue to CNY 10.84 billion behind a CNY 18.41 billion project backlog running 1.7 times that base. Submarine and high-voltage cable revenue jumped 65.6% in 2025 to near half of sales, yet receivables and inventory are swelling just as fast and the current CNY 38.93 price already sits above the conservative buy zone. Rating Watch: a genuine niche moat already priced for flawless backlog conversion, leaving little room for timing mistakes.
48/100
Prysmian Group(PRY.MI) 横纵研报
Prysmian Group(普睿司曼集团)是全球电力电缆与系统龙头,意大利米兰 Euronext 主上市,经营海底/地下高压输电、电网、电气化(含工业与建筑)、特种电缆与数字方案(数据中心+光纤)五大板块。FY2025 收入 €19.65B(+15.4% nominal/有机 +5.4%)、归母净利 €1.27B(+74%,含 YOFC 售股一次性收益约 €346M)、Adj EBITDA €2.40B(利润率 14.2%,标准金属价口径);Transmission 全年利润率 18.3% 超额提前达成 2028 目标、backlog €17B+;2024 年以 USD 4.2B 收购美国 Encore Wire 强化北美。