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Leading Chinese maker of submarine power cables and land cables, a top supplier to offshore wind farms.
Leading Chinese maker of submarine power cables and land cables, a top supplier to offshore wind farms.
Is paid by contract for each project, typically through tenders by offshore wind developers and grid companies, with revenue booked as cable is delivered and installed, so results follow the timing of a few large projects. Submarine cable, which requires qualified design, manufacturing and installation, is the high-value work, while land cables supply steadier income.
In one line: A Chinese Nexans/Prysmian for offshore wind cables.
Moat: narrow (process know-how, customer qualification, installed base). Few domestic makers can qualify for high-voltage submarine cable projects, a technically demanding niche.
Headquarters: Ningbo, Zhejiang, China · Founded: 1998 · Employees: 1,803
Size Ningbo Orient Wires & Cables (603606.SS) is a China Industrials company (Electrical Products) with a market value of $4.96B, the 510th largest of 4,839 China companies the cockpit tracks. Shares closed at CN¥40.06 on 6 Nov 2026.
Performance Over six months the shares fell 22.6%, against -30.3% for the median peer and -16.4% for the China market (cap-weighted) — 9th highest of 20 in its peer set.
Growth Revenue grew 36.2% over the last twelve months (peer median +8.0%); the operating margin is 12.3% (peer median 9.0%).
Valuation It trades at 21.1× forward earnings against a peer median of 21.2× (10th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 4% a year for seven years (Req g). Recent delivered growth is +17%, so the hurdle is -13 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 6.4 points above its cost of capital (5.0% WACC).
Next results Next results expected around 19 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CN¥13.4B | CN¥10.8B | CN¥9.14B | CN¥7.26B | CN¥6.99B |
| Revenue growth | — | +18% | +26% | +4% | — |
| Gross profit | CN¥3.12B | CN¥2.33B | CN¥1.72B | CN¥1.76B | CN¥1.52B |
| EBITDA | n/a | CN¥1.72B | CN¥1.24B | CN¥1.30B | CN¥1.17B |
| Net income | CN¥1.40B | CN¥1.27B | CN¥1.01B | CN¥1.00B | CN¥842M |
| Free cash flow | CN¥638M | CN¥1.18B | CN¥503M | CN¥531M | CN¥205M |
| Capital expenditure | CN¥582M | CN¥791M | CN¥613M | CN¥662M | CN¥444M |
| Total debt | CN¥5.35B | CN¥2.78B | CN¥2.58B | CN¥2.27B | CN¥2.10B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ningbo Orient Wires & Cables 603606.SS | $4.96B | -23% | +36% | 12% | 21.1× | 3.6% |
| Jiangsu Zhongtian Technology 600522.SS | $11.7B | -30% | +22% | 8% | 11.6× | 4.1% |
| Hengtong Optic-Electric 600487.SS | $14.9B | -38% | +21% | 9% | 11.8× | n/a |
| Nkt A/s NKT.CO | $6.73B | -15% | +2% | 7% | 26.4× | n/a |
| Nexans NEX.PA | $6.06B | -26% | -13% | 6% | 17.2× | 5.6% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | 603606.SS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.7% | -15.5% | 2nd highest of 21 |
| 6-month return | -22.6% | -30.3% | 9th highest of 20 |
| Distance from 52-week high | -31.5% | -50.3% | 4th highest of 21 |
| Revenue growth (TTM) | +36.2% | +8.0% | 5th highest of 20 |
| Operating margin | 12.3% | 9.0% | 10th highest of 21 |
| Forward P/E | 21.1× | 21.2× | 10th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 3.6% | 20.4% | 2nd least demanding of 13 |
| Growth delivered (Del g) | +16.5% | +12.8% | 4th highest of 13 |
| Hurdle (Req g minus delivered) | -12.9 pp | +0.1 pp | least demanding of 13 |
| ROIC minus cost of capital | +6.4 pp | -0.9 pp | 6th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ningbo Orient Wires & Cables 603606.SS | China | $4.96B | -23% | +36% | 12% | 21.1× | 3.6% | +16.5% |
| Qingdao TGOOD Electric 300001.SZ | China | $4.97B | +6% | +14% | 9% | 21.9× | 12.0% | +16.2% |
| Powell Industries POWL | United States | $4.85B | -57% | +7% | 20% | 21.2× | 11.2% | +16.3% |
| HANGZHOU FIRST APPLIED MATERIAL 603806.SS | China | $5.14B | -30% | -9% | 9% | 22.0× | 7.5% | +13.1% |
| Fortune Electric 1519.TW | Taiwan | $4.75B | -50% | +5% | 21% | 26.0× | 16.1% | +23.6% |
| Far East Smarter Energy 600869.SS | China | $4.73B | -16% | -1% | 1% | 37.4× | 38.2% | +7.3% |
| CNGR Advanced Material 300919.SZ | China | $4.72B | -48% | +46% | 7% | 12.6× | n/a | n/a |
| EnerSys ENS | United States | $5.30B | -36% | +4% | 15% | 11.3× | 0.5% | +4.7% |
| Sunwoda Electronic 300207.SZ | China | $5.37B | -33% | +36% | -1% | 16.0× | n/a | n/a |
| Wolong Electric 600580.SS | China | $5.39B | -39% | -11% | 4% | 39.6× | 25.2% | +4.2% |
| Henan Pinggao Electric 600312.SS | China | $4.43B | -1% | -6% | 13% | 21.1× | n/a | n/a |
| Hebei Sinopack Electronic Technology 003031.SZ | China | $5.62B | -33% | +43% | 19% | 36.1× | 34.9% | +28.6% |
| Suzlon Energy SUZLON.NS | India | $5.65B | -30% | +34% | 15% | 21.2× | 34.0% | +37.9% |
| Shandong Sinocera Functional Material 300285.SZ | China | $5.67B | +8% | +23% | 14% | 48.6× | 40.1% | +12.6% |
| Yaskawa Electric 6506.T | Japan | $5.71B | -38% | +6% | 8% | 19.7× | 24.8% | +6.8% |
| DPC DPC | United States | $4.30B | n/a | +12% | -1% | 31.9× | n/a | n/a |
| Teco Electric & Machinery 1504.TW | Taiwan | $4.23B | -13% | +8% | 9% | 19.5× | 9.3% | +5.2% |
| Walsin Lihwa 1605.TW | Taiwan | $4.21B | -3% | -4% | 0% | 7.5× | n/a | n/a |
| Rosebank Industries ROSE.L | United Kingdom | $4.15B | -12% | n/a | 13% | 18.8× | n/a | n/a |
| Forgent Power Solutions FPS | United States | $5.93B | -52% | +89% | 14% | 14.4× | n/a | n/a |
| Ugreen 301606.SZ | China | $4.13B | -23% | +50% | 9% | 25.4× | n/a | n/a |