要点 可再生能源的快速发展暴露了电网瓶颈。通过核能提升基荷电力、利用煤炭增强灵活性，对中国的能源转型至关重要。 我们预计在可预见的未来，由于人工智能的普及和电气化进程，中国的电力需求增长将超过 GDP 增长。 我们首次覆盖中国核能行业的四只股票：中国核能电力股份有限公司(买入评级)、东方电气（600875）股份有限公司(买入评级)、中广核 矿业有限公司(买入评级)、中国广核（003816）电力股份有限公司(中性评级)。 快速发展的可再生能源暴露电网基础设施瓶颈 在过去十年间，中国可再生能源迅速扩张，太阳能和风能发电量增长了五倍，单位 GDP 能耗下降了 26%。然而，这种快速增长也暴露 了中国电网基础设施和运营灵活性方面的关键瓶颈。可再生能源发电能力与电网吸纳能力之间的不匹配，导致电力限发问题持续存在， 并威胁到电网的稳定性。 人工智能和电气化推动中国电力需求增长 自 2018 年以来，中国的电力需求增长一直超过 GDP 增长。展望未来，我们认为尽管经济转型和全球贸易动荡可能会减缓电力需求，但 电气化程度的提高(电动汽车的持续普及)和人工智能的进步(如悟道大模型的出现)将从结构上推动中国电力需求的增长。 首次 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：600875 股票简称：东方电气 编号：2025-013 东方电气股份有限公司 关于公司2024年度现金分红提议 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担个别及连带责任。 东方电气股份有限公司（以下简称公司）于2025年4月8日收到控股股东中国东方电气集团有限公司（以 下简称东方电气集团） 出具的《关于提议东方电气股份有限公司2024年度分红的函》。现将相关情况 公告如下： 一、提议情况 为提升公司投资价值，与全体股东共享公司经营发展成果，增强投资者获得感，基于对公司主业发展的 坚定信心，东方电气集团提议：公司2024年度派发现金股利为公司合并报表归母净利润的46.73%（以 公司当前总股本计算，每10股派发现金股利约为4.38元，共计派发现金股利约为13.65亿元，最终金额以 经审计的财务数据核算为准），分红比例相较于2023年度提升5.02个百分点。如实施权益分派股权登记 日公司总股本发生变动，公司拟维持分配总额不变，相应调整每股分配金额。 的公告 东方电气集团承诺将 ...

Financial Projections - The company expects Q1 2025 total revenue to be between 15.8 billion and 16.6 billion CNY, representing a growth of 5%-10% year-over-year[2] - The projected total profit for Q1 2025 is estimated to be between 1.37 billion and 1.48 billion CNY, indicating a growth of 20%-30% compared to the same period last year[2] - The anticipated net profit for Q1 2025 is expected to be between 1.13 billion and 1.23 billion CNY, reflecting a growth of 15%-25% year-over-year[2] - In the same period last year, the total revenue was 15.05 billion CNY, total profit was 1.14 billion CNY, and net profit was 0.98 billion CNY[4] Operational Improvements - The increase in profit is attributed to sufficient orders on hand and steady growth in new orders[5] - The company is advancing its smart transformation and digitalization, leading to improved production efficiency and increased sales scale[5] - Enhanced cost control measures have been implemented, focusing on reducing expenses and improving overall efficiency[6] Reporting and Audit - The reported figures are preliminary and have not been audited by certified public accountants, with final numbers to be confirmed in the official Q1 2025 report[7] - There are no significant uncertainties affecting the accuracy of the performance report[7] - The announcement was made by the company's board on March 31, 2025[9]

Financial Performance - The company achieved total operating revenue of RMB 69.695 billion in 2024, an increase of 14.86% compared to RMB 60.677 billion in 2023[3]. - The net profit attributable to shareholders was RMB 2.922 billion in 2024, a decrease of 17.70% from RMB 3.550 billion in 2023[3]. - The basic earnings per share for 2024 was RMB 0.94, down from RMB 1.14 in 2023[3]. - New orders amounted to approximately RMB 101.142 billion in 2024, reflecting a growth of 16.88% from RMB 86.532 billion in 2023[3]. - The total profit for the year was RMB 3.88 billion, a decrease of 3.04% compared to the previous year[32]. - The company reported a total comprehensive income of CNY 3.29 billion for 2024, compared to CNY 3.64 billion in 2023[13]. - The total comprehensive income for 2024 is approximately CNY 3.30 billion, a decrease from CNY 3.50 billion in 2023, representing a decline of about 5.8%[15]. - The net income attributable to the parent company for 2024 is approximately CNY 2.93 billion, down from CNY 3.42 billion in 2023, indicating a decrease of around 14.3%[15]. Assets and Liabilities - Total current assets as of December 31, 2024, reached RMB 93.780 billion, up from RMB 75.689 billion in 2023[6]. - Total assets increased to RMB 142.009 billion as of December 31, 2024, compared to RMB 121.108 billion in 2023[7]. - Current liabilities totaled RMB 88.913 billion as of December 31, 2024, compared to RMB 71.249 billion in 2023[8]. - Total liabilities increased to CNY 98.87 billion in 2024, up 23.7% from CNY 79.89 billion in 2023[10]. - Non-current liabilities totaled CNY 9.95 billion, an increase of 15.3% from CNY 8.64 billion in 2023[10]. - The company's asset-liability ratio for 2024 is 69.62%, calculated as total liabilities divided by total assets multiplied by 100%[68]. Cash Flow and Investments - The company reported cash and cash equivalents of RMB 26.856 billion as of December 31, 2024, up from RMB 17.129 billion in 2023[6]. - The net cash flow from operating activities was CNY 10.06 billion, a substantial improvement from a negative CNY 3.50 billion in the previous year[39]. - The company's cash flow from investment activities decreased due to increased outflows from the financial company's investment business[42]. - The company’s cash paid for investments increased by 41.36% to RMB 35.65 billion compared to RMB 25.22 billion last year[61]. Research and Development - Research and development expenses rose to CNY 3.01 billion, a 9.4% increase from CNY 2.75 billion in 2023[12]. - The company’s R&D expenditure intensity remained above 5%[32]. - Total R&D investment for the period amounts to RMB 3.816 billion, representing 5.48% of operating revenue[58]. Market and Orders - The order backlog reached a historical high of RMB 152.61 billion[32]. - The market share for pumped storage reached 41.6%, while conventional hydropower market share was 45%[33]. - The company’s wind power segment secured a market share exceeding 10% and ranked 6th in new installed capacity among manufacturers[33]. Dividends and Shareholder Proposals - The board proposed a cash dividend of RMB 4.38 per 10 shares for the 2024 fiscal year, subject to shareholder approval[3]. - The company plans to distribute a cash dividend of RMB 4.38 per 10 shares for the 2024 fiscal year[31]. Operational Efficiency and Management - The company is implementing a comprehensive risk management strategy, focusing on accounts receivable, contracts, and quality control[80]. - The company is enhancing its management level through lean operation management and improving marketing planning capabilities[79]. - The company is deepening reforms and optimizing its operational mechanisms to ensure continuous improvement in governance[79]. Future Outlook and Strategic Goals - By 2025, the total electricity consumption in China is expected to grow by approximately 6% compared to 2024, with new power generation capacity projected to exceed 450 million kW, including over 300 million kW from renewable sources[74]. - The company anticipates significant growth in renewable energy installations, which are becoming the main component of new power generation capacity in China[75]. - The company aims to achieve a power generation equipment output of 73 million kilowatts by 2025[78]. - The company is committed to building a green, low-carbon industrial ecosystem and promoting sustainable development[78]. Corporate Governance - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[95]. - The company confirmed that all directors and supervisors adhered to the standards for securities trading as stipulated by the Hong Kong Stock Exchange as of December 31, 2024[96].

Investment Rating - The report assigns a "Buy" rating to the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [16]. Core Views - The company has seen a significant increase in new effective orders, with a total of 812.51 billion yuan in the first three quarters, representing a year-on-year growth of 26.5% [2]. - The company's gross margin has shown a notable recovery, reaching 16.6% in the third quarter, up by 4 percentage points from the previous quarter, indicating improved profitability [2]. - The company is positioned as a key player in China's energy equipment sector, playing an important role in the construction of the "new power system" [3]. Financial Performance Summary - Revenue for 2022 was 54,190 million yuan, with a projected increase to 65,939 million yuan in 2024, reflecting a year-on-year growth rate of 10.7% [1][3]. - Net profit attributable to shareholders was 2,858 million yuan in 2022, expected to rise to 3,832 million yuan in 2024, with a growth rate of 7.9% [1][3]. - The company's return on equity (ROE) is projected to improve from 8.8% in 2023 to 9.1% in 2024 [1][10]. Order and Inventory Insights - The company’s inventory increased significantly to 222.55 billion yuan by the end of the third quarter, up 33.1% from the previous quarter, indicating strong future delivery expectations [2]. - The third quarter saw a decrease in revenue to 140.97 billion yuan, down 3.28% year-on-year, but net profit increased by 2.6% to 9.33 billion yuan [1][2]. Earnings Per Share and Valuation Metrics - The earnings per share (EPS) is projected to grow from 1.14 yuan in 2023 to 1.23 yuan in 2024, with corresponding price-to-earnings (P/E) ratios decreasing from 13.5 to 12.5 [1][3]. - The company’s price-to-book (P/B) ratio is expected to decline from 1.3 in 2023 to 1.2 in 2024, indicating a potentially undervalued stock [1][10].

Financial Performance - Operating revenue for the third quarter was CNY 14,096,935,685.58, a decrease of 3.28% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 933,278,428.22, an increase of 2.60% year-on-year[4] - Net profit after deducting non-recurring gains and losses was CNY 834,545,141.09, a decrease of 4.07% compared to the previous year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 47.85 billion, a 4.6% increase from CNY 44.77 billion in the same period of 2023[24] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 2.62 billion, down 9.9% from CNY 2.91 billion in the same period of 2023[26] - Basic and diluted earnings per share for the first three quarters of 2024 were both RMB 0.84, down from RMB 0.93 in the same period of 2023, indicating a decrease of about 9.7%[27] Cash Flow - Cash flow from operating activities was CNY 1,978,748,185.58, not applicable for year-on-year comparison[4] - The net cash flow from operating activities improved significantly, attributed to better collection during the period[12] - Cash flow from operating activities generated RMB 6,043,443,426.83 in the first three quarters of 2024, a significant improvement compared to a negative cash flow of RMB 3,057,215,771.23 in the same period of 2023[31] - Cash inflow from sales of goods and services amounted to RMB 48,872,580,166.62, an increase of approximately 22.5% from RMB 39,755,665,347.85 in the first three quarters of 2023[29] - Cash outflow for purchasing goods and services was RMB 38,228,218,875.65, up from RMB 33,516,189,303.92 in the same period of 2023, reflecting an increase of about 14.5%[31] - Cash flow from financing activities generated a net inflow of RMB 168,169,976.22 in the first three quarters of 2024, a recovery from a net outflow of RMB -775,647,631.52 in the same period of 2023[33] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 138,723,736,913.90, an increase of 14.55% from the end of the previous year[4] - The company's total assets reached CNY 138.72 billion as of September 30, 2024, up from CNY 121.11 billion at the end of 2023, indicating a growth of 14.5%[23] - The company's current liabilities totaled RMB 86.18 billion as of September 30, 2024, compared to RMB 71.25 billion at the end of 2023, indicating a significant increase[22] - Total liabilities as of September 30, 2024, amounted to CNY 96.19 billion, up 20.4% from CNY 79.89 billion at the end of 2023[23] - The company's total equity increased to CNY 42.54 billion as of September 30, 2024, compared to CNY 41.22 billion at the end of 2023, representing a growth of 3.2%[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 99,561[14] - The largest shareholder, China Eastern Electric Group, holds 55.77% of the shares, totaling 1,738,670,126 shares[14] Investments and Expenses - Research and development expenses increased to CNY 1.99 billion in the first three quarters of 2024, compared to CNY 1.71 billion in the same period of 2023, reflecting a 17% increase[24] - Financial expenses surged by 234.09%, primarily due to a decrease in net foreign exchange gains compared to the previous period[12] - Other income rose by 286.92%, mainly from increased value-added tax deductions[12] - The company's investment activities generated a net cash outflow of -257.29%, mainly due to increased investments in interbank certificates of deposit by subsidiaries[12] Production and Orders - In the first three quarters of 2024, the company produced 40.44 million kilowatts of power generation equipment, including 2.50 million kilowatts of hydropower units and 32.43 million kilowatts of steam turbines[18] - The company reported a new order intake of RMB 81.25 billion in the first three quarters of 2024, with clean and efficient energy equipment accounting for 40.33% and renewable energy equipment accounting for 27.05%[18]

Financial Performance - Operating revenue for Q3 2024 was CNY 14,096,935,685.58, a decrease of 3.28% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 933,278,428.22, an increase of 2.6% year-on-year[2]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 834,545,141.09, a decrease of 4.07% compared to the same period last year[2]. - The net profit for the third quarter of 2024 was approximately CNY 2.77 billion, a decrease from CNY 3.04 billion in the same period last year, representing a decline of about 9%[17]. - The company reported a total comprehensive income of CNY 2.84 billion for the third quarter, slightly down from CNY 2.93 billion year-over-year[18]. - Basic earnings per share for the third quarter were CNY 0.84, compared to CNY 0.93 in the same quarter of the previous year, reflecting a decrease of about 9.7%[18]. - The total operating profit for Q3 2024 was approximately CNY 1.15 billion, a decrease from CNY 1.18 billion in Q3 2023, reflecting a decline of about 3.1%[26]. - The net profit for Q3 2024 was CNY 1.14 billion, compared to CNY 1.18 billion in the same period last year, indicating a decrease of approximately 3.7%[26]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 1,978,748,185.58, with no applicable comparison[2]. - The cash flow from operating activities generated a net inflow of CNY 6.04 billion, a significant recovery compared to a net outflow of CNY 3.06 billion in the same period last year[20]. - The net cash flow from operating activities for Q3 2024 was negative at CNY -1.21 billion, an improvement from CNY -2.78 billion in Q3 2023[28]. - The company's cash and cash equivalents amounted to RMB 14.99 billion, a decrease from RMB 17.13 billion at the end of 2023[11]. - The company's cash and cash equivalents at the end of the third quarter were CNY 10.82 billion, down from CNY 14.35 billion at the end of 2023, indicating a decrease of about 24.5%[21]. - The company's cash and cash equivalents decreased to CNY 3.43 billion from CNY 3.21 billion, a decline of 6.8%[13]. - Cash inflows from operating activities totaled CNY 5.33 billion in the first nine months of 2024, up from CNY 4.93 billion in the same period of 2023, representing an increase of about 8.1%[28]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 138,723,736,913.90, an increase of 14.55% from the end of the previous year[3]. - Total assets amounted to CNY 138.72 billion, an increase of 14.5% from CNY 121.11 billion year-over-year[15]. - Total liabilities reached CNY 96.19 billion, up from CNY 79.89 billion, indicating a growth of 20.3%[14]. - The total liabilities of the company as of September 30, 2024, were CNY 17.19 billion, up from CNY 15.54 billion at the end of 2023, reflecting an increase of about 10.6%[23]. - The company's long-term equity investments rose to CNY 23.16 billion as of September 30, 2024, compared to CNY 23.00 billion at the end of 2023, reflecting a growth of about 0.7%[21]. - The total assets impairment loss was CNY 311.84 million, compared to CNY 274.79 million in the previous year, indicating an increase of about 13%[17]. Revenue and Costs - Total operating revenue for the first three quarters of 2024 reached CNY 47.85 billion, an increase of 6.1% compared to CNY 44.77 billion in the same period of 2023[16]. - Operating costs for the same period were CNY 45.00 billion, up from CNY 41.39 billion, reflecting a growth of 8.0%[16]. - The company reported a net profit margin of approximately 5.8% for the first three quarters of 2024[16]. - Research and development expenses increased to CNY 1.99 billion, compared to CNY 1.71 billion in the previous year, marking a rise of 17.0%[16]. - Research and development expenses for the first three quarters of 2024 were CNY 131.04 million, compared to CNY 119.50 million in the same period of 2023, showing an increase of approximately 9.6%[25]. Shareholder Information - The largest shareholder, China Dongfang Electric Group Co., Ltd., holds 1,738,670,126 shares, representing 55.77% of the total shares[9]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 337,820,369 shares, representing 10.84% of the total shares[9]. - The company has not identified any related party relationships or concerted actions among the top ten shareholders[9]. - The company reported a total of 1.10 billion shares with unrestricted circulation held by the largest shareholder[9]. Orders and Production - The company produced a total of 40.44 million kilowatts of power generation equipment in the first three quarters of 2024, including 2.50 million kilowatts of hydropower units, 32.43 million kilowatts of steam turbines, and 5.52 million kilowatts of wind turbines[10]. - The company received new effective orders totaling RMB 81.25 billion in the first three quarters of 2024, with clean and efficient energy equipment accounting for 40.33%, renewable energy equipment for 27.05%, engineering and trade for 10.99%, modern manufacturing services for 8.54%, and emerging growth industries for 13.10%[10]. Investment Activities - The net cash flow from investment activities decreased by 257.29% due to increased outflows from financial company investments[7]. - The cash inflow from investment activities was CNY 15.86 billion, down from CNY 23.90 billion in the previous year, showing a decline of approximately 34%[20]. - The cash outflow for investment activities increased to CNY 25.39 billion from CNY 17.84 billion, representing a rise of about 42%[20]. - The cash outflow from investing activities was CNY 816.26 million in Q3 2024, compared to CNY 401.90 million in the same period last year, indicating an increase of approximately 103.5%[28]. - The company received CNY 1.48 billion in investment income during the first nine months of 2024, compared to CNY 1.01 billion in the same period of 2023, marking an increase of approximately 46.6%[28].

Financial Performance - Total operating revenue for the first half of 2024 reached RMB 33.46 billion, an increase of 11.84% compared to RMB 29.92 billion in the same period of 2023[10] - Net profit attributable to shareholders decreased by 15.52% to RMB 1.69 billion from RMB 2.00 billion year-on-year[10] - Basic earnings per share fell to RMB 0.54, down 15.63% from RMB 0.64 in the previous year[14] - The net cash flow from operating activities improved significantly to RMB 4.06 billion, compared to a negative cash flow of RMB 2.21 billion in the same period last year[10] - The company's total assets increased by 8.64% to RMB 131.57 billion from RMB 121.11 billion at the end of 2023[11] - The net assets attributable to shareholders rose by 0.49% to RMB 37.43 billion from RMB 37.24 billion at the end of 2023[11] - The weighted average return on net assets decreased by 1.22 percentage points to 4.44% from 5.66% year-on-year[14] - Investment income decreased by 122.31%, mainly due to investment losses of RMB 181 million from Chuaneng Power[50] - The company reported a decrease of 27.27% in long-term equity investments, with a balance of RMB 1.89 billion, attributed to the disposal of a 20% stake in Sichuan Energy Investment Wind Power Development Co., Ltd.[86] Revenue Growth - In the first half of 2024, the company achieved new effective orders amounting to RMB 56.073 billion, representing a year-on-year growth of 14.77%[32] - The company reported a total installed power generation capacity of approximately 3.07 billion kilowatts as of June 30, 2024, reflecting a year-on-year increase of 14.1%[27] - The company’s new orders in the clean and efficient energy equipment sector accounted for 45.19% of total new effective orders[32] - The clean and efficient energy equipment segment saw revenue growth of 41.03% year-on-year, contributing significantly to overall revenue growth[48] - Revenue from renewable energy equipment increased by 18.59% year-on-year, driven by growth in wind turbine deliveries, while gross margin decreased by 3.65 percentage points due to intensified competition[54] - Revenue from modern manufacturing services increased by 46.06% year-on-year, primarily due to growth in power station services, although gross margin declined[54] - Revenue from engineering and trade decreased by 41.99% year-on-year, mainly due to a reduction in trade business, with gross margin down by 8.61 percentage points[56] Operational Efficiency - The company plans to continue expanding its market presence and invest in new technologies to enhance operational efficiency[6] - Future guidance indicates a focus on improving profitability and managing costs effectively in the upcoming quarters[6] - Research and development expenses increased by 25.88% to RMB 1.348 billion, reflecting the company's commitment to innovation[49] - The company has implemented comprehensive reforms and internal pilot programs to enhance operational efficiency and innovation[40] Cash Flow and Assets - Operating cash flow net amount increased by RMB 6.277 billion, primarily due to improved collections and an increase in advance payments[51] - Other income surged by 357.85% to RMB 403 million, largely due to VAT incentives for advanced manufacturing[49] - The net cash flow from financing activities increased by 301.67% to RMB 952 million, attributed to increased borrowings[52] - Cash and cash equivalents at the end of the period were RMB 21,704,359,466.77, representing 16.50% of total assets, an increase of 26.71% compared to the end of the previous year[58] - Accounts receivable increased by 19.27% to RMB 12,778,573,769.83, driven by sales growth[61] - Inventory decreased by 7.81% to RMB 16,720,650,821.64, reflecting project execution and cost recognition[67] - Contract assets increased by 23.28% to RMB 15.31 billion as of June 30, 2024, compared to RMB 12.42 billion at the end of 2023, driven by expanded sales scale[70] - Contract liabilities rose by 10.34% to RMB 35.50 billion, up from RMB 32.17 billion, mainly due to the growth of newly effective contracts and increased advance payments[72] Shareholder and Governance - The company declared a final dividend of RMB 4.75 per 10 shares, totaling a cash distribution of RMB 1,480,812,242.08[127] - The company did not propose any interim dividend for the six months ending June 30, 2024, consistent with the previous year[128] - A total of 1,034,340 A-shares were repurchased and canceled from 76 incentive recipients during the reporting period[134] - The board of directors has adhered to the corporate governance code as per the Hong Kong Stock Exchange regulations[136] - The audit and risk committee reviewed and approved the interim results for the six months ending June 30, 2024[138] Risks and Challenges - The company faces international operational risks due to geopolitical tensions and energy market transformations, necessitating enhanced market research and international marketing strategies[99] - The company has identified business transformation risks related to emerging industries and aims to strengthen its research and development capabilities to avoid missing market opportunities[101] - Price risks from rising raw material costs and competitive pressures are being managed through strict bidding and cost control measures[103] - The company is implementing foreign exchange risk management strategies, including forward exchange contracts, to mitigate the impact of currency fluctuations on financial results[105] Employee and Incentive Plans - As of June 30, 2024, the total number of employees was 18,104, with total employee compensation amounting to RMB 1,363.91 million[130] - The company has focused on enhancing training programs for various talent categories, including technology and international management[132] - The 2019 A-share restricted stock incentive plan allowed for the release of 7,877,563 A-shares for 673 eligible recipients on January 16, 2024[140] - The total number of restricted shares granted under the 2019 A-share incentive plan is 27,988,699 shares, with a purchase price of RMB 5.93 per share[160] Corporate Developments - The company has signed multiple framework agreements with the Eastern Electric Group for procurement and production services, effective from January 1, 2022, to December 31, 2024[173] - The company is currently undergoing bankruptcy liquidation processes for two subsidiaries, with the latest court ruling concluding the bankruptcy process on June 4, 2024[171] - The company has established a long-term service agreement with Mitsubishi Heavy Industries for a guarantee amount of CNY 24.5 million[182]

研究报告 Research Report 6 Sep 2024 东方电气 Dongfang Electric (1072 HK) 毛利率阶段性承压，订单保持高增 GPM under Pressure Temporarily, Orders Maintain High Growth [Table_yemei1] 观点聚焦 Investment Focus | --- | --- | |---------------------------------------------------------------|------------------------| | | | | | | | [Table_Info] 维持优于大市 Maintain OUTPERFORM | | | 评级 | 优于大市 OUTPERFORM | | 现价 | HK$8.26 | | 目标价 | HK$11.24 | | HTI ESG | 3.3-2.0-3.5 | | E-S-G: 0-5, (Please refer to the Appendix for ESG comments) | | | 市值 | HK$42.93bn ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Views - The company's revenue for the first half of 2024 reached 33.457 billion yuan, a year-on-year increase of 11.84%, while the net profit attributable to shareholders decreased by 15.52% due to various short-term impacts [1]. - The company is experiencing a significant increase in new orders, particularly in the coal power sector, which is expected to support future revenue growth despite current margin pressures [2][6]. - The company is focusing on innovation through increased R&D investment, with a commitment to maintain R&D expenditure at no less than 5% of revenue, emphasizing green and digital transformation [2][6]. Financial Summary - Revenue growth is projected at 12.7% for 2024, 12.3% for 2025, and 9.6% for 2026, with net profit growth expected at 13.0%, 21.6%, and 14.4% respectively [6]. - The company's earnings per share (EPS) are forecasted to be 1.29 yuan in 2024, 1.56 yuan in 2025, and 1.79 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 [6][9]. - The coal power segment's revenue for the first half of 2024 was 8.522 billion yuan, with a gross margin of 16.4%, reflecting a decrease of 2.6 percentage points year-on-year [2]. Order Growth and Market Outlook - The company reported a 28% year-on-year increase in new effective orders in the coal power sector for the first half of 2024, with a further increase of over 37% in July [2]. - The clean and efficient energy segment saw a revenue increase of 41% in the first half of 2024, with nuclear power growing by 60.5% and gas turbine growth reaching 154.2% [2]. - The company achieved a record high in new orders for its power station service segment, amounting to 4.69 billion yuan, a year-on-year increase of over 54% [2].