Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected price increase of over 15% relative to the industry index within the next six months [124]. Core Insights - The company is a leading manufacturer of clean and efficient energy equipment, with significant growth expected in coal, gas, and nuclear power sectors, as well as in renewable energy equipment like pumped storage and wind power [4][115]. - The company is positioned to benefit from the acceleration of coal power projects, with an anticipated average of 70GW of new installations over the next two years, significantly boosting sales of coal power main equipment [2][33]. - The nuclear power sector is experiencing expedited approvals, with the company being a key supplier for major projects, which is expected to stabilize revenue from this segment [2][69]. - The company has achieved a significant market share in gas turbines, with over 70% of the market for gas turbine orders in 2023, and is expected to benefit from the projected growth in gas power installations [2][56]. - The offshore wind power sector is seeing rapid growth, with the company achieving a doubling of market share and significant new project wins, positioning it as a leader in this area [2][94]. Summary by Sections Financial Metrics - Revenue is projected to grow from 60.37 billion yuan in 2023 to 75.23 billion yuan in 2025, with a year-on-year growth rate of 11.4% in 2023, 14.8% in 2024, and 8.5% in 2025 [4][118]. - Net profit is expected to increase from 3.29 billion yuan in 2023 to 4.65 billion yuan in 2025, with growth rates of 15.3% in 2023, 23.0% in 2024, and 15.0% in 2025 [4][118]. - The company's earnings per share (EPS) are forecasted to rise from 1.06 yuan in 2023 to 1.49 yuan in 2025 [4][118]. Business Segments - The company operates across six major energy sectors: hydro, thermal, nuclear, wind, gas, and solar, with a comprehensive capability in development, design, manufacturing, and project contracting [13][15]. - The pumped storage segment is expected to see significant growth, with the company supplying 40% of the national water power units and leading in the development of large-scale pumped storage projects [2][74]. - In the hydrogen energy sector, the company is advancing its capabilities across the entire value chain, from production to storage and application, with significant growth in contracts and revenue expected [2][99]. Market Position - The company is recognized as one of the largest energy equipment manufacturers globally, with a presence in nearly 109 countries and a total installed capacity exceeding 89 million kilowatts [10][17]. - The company has a strong competitive edge in the domestic market for gas turbines, with a market share exceeding 45% and a robust order book [2][56]. - The offshore wind power market is a key growth area, with the company achieving significant project wins and a substantial increase in market share [2][94].

Financial Performance - Total operating revenue for Q3 2023 reached ¥14,850,833,975.45, an increase of 17.51% year-on-year[6]. - Net profit attributable to shareholders was ¥909,666,642.30, reflecting a growth of 25.32% compared to the same period last year[6]. - Basic earnings per share for the quarter stood at ¥0.29, up by 26.09% year-on-year[7]. - Total operating revenue for the first three quarters of 2023 reached ¥44.77 billion, an increase from ¥40.55 billion in the same period of 2022, representing a growth of approximately 5.5%[24]. - Operating income for the first three quarters of 2023 was ¥43.92 billion, up from ¥39.66 billion year-over-year, indicating a growth of about 10.4%[24]. - The net profit for Q3 2023 reached CNY 3,041,465,619.14, an increase of 16.6% compared to CNY 2,609,014,689.83 in Q3 2022[25]. - The company reported an operating profit of CNY 3,255,792,627.97 for Q3 2023, compared to CNY 2,924,994,067.23 in Q3 2022, reflecting a year-over-year increase of 11.3%[25]. - The total profit for Q3 2023 was CNY 3,266,284,293.84, compared to CNY 2,922,910,752.06 in Q3 2022, representing a growth of 11.8%[25]. Assets and Liabilities - The company's total assets increased by 10.53% to ¥127,406,215,442.50 compared to the end of the previous year[7]. - The company's total assets as of September 30, 2023, were RMB 175.52 billion, compared to RMB 150.39 billion as of December 31, 2022[19]. - The company's total liabilities as of September 30, 2023, were RMB 112.63 billion, reflecting an increase from RMB 98.76 billion at the end of 2022[19]. - The company's total liabilities increased to ¥86.70 billion in Q3 2023 from ¥76.64 billion in the same period last year, indicating a rise of about 13.4%[21]. - The company's long-term borrowings increased by RMB 446.3 million, primarily due to the implementation of capital increase by subsidiaries[12]. Cash Flow - Cash flow from operating activities showed a negative net amount of ¥845,218,825.62, a decline of 164.67% year-on-year[7]. - In Q3 2023, the company reported a net cash inflow from operating activities of RMB 1.004 billion, an increase of RMB 563 million year-on-year[12]. - The net cash flow from operating activities for the first nine months of 2023 was negative at CNY -3,057,215,771.23, compared to a positive CNY 3,706,352,019.03 in the same period last year[30]. - The net cash flow from investment activities was 6,055,042,563.47 RMB, a significant improvement compared to the negative cash flow of 8,285,928,323.21 RMB in the previous period[31]. - The company's cash inflow from financing activities totaled 1,022,263,424.51 RMB, compared to 423,156,820.49 RMB in the previous period[31]. - The cash outflow from financing activities was 1,797,911,056.03 RMB, an increase from 960,947,838.87 RMB in the previous period[31]. Investments and Expenditures - The company reported a significant increase in construction in progress by 76.67%, attributed to increased fixed asset investments[11]. - Contract assets grew by 34.05%, driven by an expansion in sales scale[11]. - The company experienced a 460.99% increase in development expenditures, indicating heightened investment in intangible asset development[11]. - The company reported an increase in investment income of RMB 306.2 million, attributed to the growth in equity method accounting for long-term equity investments[12]. - Research and development expenses for the first three quarters of 2023 were ¥1.71 billion, compared to ¥1.46 billion in the previous year, marking an increase of about 16.6%[24]. - Research and development expenses increased to CNY 119,503,946.70 in Q3 2023, compared to CNY 103,689,943.92 in Q3 2022, reflecting a growth of approximately 15.2%[36]. Comprehensive Income - The company recorded a total comprehensive income of CNY 2,926,102,577.96 for Q3 2023, compared to CNY 2,680,674,518.32 in Q3 2022, reflecting an increase of 9.2%[26]. - The company’s total comprehensive income for Q3 2023 was CNY 1,184,580,978.21, compared to CNY 1,196,868,295.49 in Q3 2022, showing a decrease of about 1.2%[37]. Other Financial Metrics - The weighted average return on equity was 2.67%, an increase of 0.54 percentage points from the previous year[7]. - The company experienced a decrease in financial expenses by RMB 48 million year-on-year, mainly due to a reduction in net exchange gains[12]. - The company's interest income for Q3 2023 was CNY 56,212,268.26, significantly higher than CNY 26,360,058.57 in Q3 2022, showing an increase of 113.8%[25]. - The company's equity attributable to shareholders reached ¥36.71 billion in Q3 2023, compared to ¥34.98 billion in Q3 2022, reflecting an increase of approximately 4.9%[22].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容 概 不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任 何 損 失 承 擔 任 何 責 任。 2023年第三季度報告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.09條和第 13.10B條及香港法例第571章證券及期貨條例第XIVA部 刊 發。 下文載列截至2023年9月30日止九個月（「報告期」）東方電氣股份有限公司（「公 司」或「東方電氣」）及 其 附 屬 公 司 的2023年 第 三 季 度 報 告。該 報 告 所 載 的 財 務 報 告 乃 根 據 中 國 企 業 會 計 準 則 編 製，且 未 經 審 計。 本 公 告 以 中 英 文 兩 種 語 言 編 製。如 中 英 文 版 本 有 任 何 歧 義，概 以 中 文 版 本 為 準。 承董事會命 東方電氣股份有限公司 馮 勇 聯席公司秘書 中 國‧四川省‧成都 2023年10月30日 – 1 – 於 本 公 告 刊 發 日 期，公 司 董 事 如 下： 董 ...

Financial Performance - Total operating revenue for the first half of 2023 reached RMB 29.92 billion, an increase of 7.19% compared to RMB 27.91 billion in the same period of 2022[8] - Net profit attributable to shareholders was RMB 2.00 billion, reflecting a year-on-year growth of 12.85% from RMB 1.77 billion[8] - The net profit after deducting non-recurring gains and losses increased by 26.50%, amounting to RMB 1.82 billion compared to RMB 1.44 billion in the previous year[8] - Basic earnings per share for the first half of 2023 were RMB 0.64, a 12.28% increase from RMB 0.57 in the same period last year[10] - The weighted average return on equity increased to 5.66%, up 0.28 percentage points from 5.38% in the previous year[10] - The company reported a net cash flow from operating activities of RMB (2.21) billion, compared to RMB 2.40 billion in the same period last year, indicating a significant change[8] - The total operating revenue for the reporting period was RMB 29.915 billion, an increase of 7.19% compared to the same period last year[35] - Net profit attributable to shareholders was RMB 2.002 billion, representing a year-on-year growth of 12.85%[35] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 1.819 billion, up 26.50% year-on-year[35] Assets and Liabilities - Total assets as of June 30, 2023, were RMB 126.47 billion, a 9.72% increase from RMB 115.27 billion at the end of 2022[9] - The company's net assets attributable to shareholders rose to RMB 35.83 billion, up 2.41% from RMB 34.98 billion at the end of 2022[9] - The asset-liability ratio at the end of the period was 68.53%, an increase of 2.04 percentage points from the beginning of the year, indicating a controllable risk in the asset structure[60] - The company’s cash and cash equivalents increased by 22.48% compared to the end of the previous year, amounting to RMB 18,419,338,817.50[53] - The accounts receivable rose by 33.18% year-on-year, reflecting growth in sales revenue[55] Revenue Breakdown - The company realized a new effective order of RMB 48.857 billion, representing a year-on-year increase of 33.29%[26] - Clean and efficient energy equipment accounted for 42.96% of the new orders, while renewable energy equipment made up 23.65%[26] - Revenue from renewable energy equipment decreased by 14.99% year-on-year, primarily due to intense competition in the wind power sector, which saw an 18.86% decline in revenue[47] - Revenue from clean and efficient energy equipment increased by 16.86% year-on-year, driven by a recovery in the coal power market, with coal power revenue rising by 18.52%[48] - Engineering and trade revenue surged by 36.31% year-on-year, mainly due to increased trade income, with a gross margin improvement of 6.58 percentage points[48] - The modern manufacturing service sector's revenue grew by 3.51% year-on-year, attributed to increased power station service income, with a gross margin increase of 5.40 percentage points[51] Research and Development - Research and development expenses increased by 13.27% to RMB 1.071 billion, reflecting a commitment to enhancing R&D investment[38] - The company established the Yangtze River Delta Innovation Research Institute to enhance innovation capabilities[28] - The company launched the world's first offshore wind power desalination seawater direct electrolysis hydrogen production technology[28] Strategic Initiatives - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[5] - The company is focusing on enhancing its cost management and operational efficiency to improve overall value creation capabilities[35] - The establishment of a collaborative mechanism among overseas business platforms is underway, promoting resource sharing and coordinated development[35] - The company aims to accelerate the development of strategic emerging industries and continue to promote industrial structure adjustments in the second half of 2023[87] Shareholder Information - The company distributed a cash dividend of RMB 3.35 per 10 shares, totaling RMB 1,044,708,822.00 (pre-tax) for the fiscal year 2022[107] - The company proposed no interim dividend for the six months ending June 30, 2023, consistent with the previous year[108] - A total of 885.2565 million A-shares were released from restrictions on January 9, 2023, following the completion of the second lock-up period of the 2019 A-share restricted stock incentive plan[119] - The company repurchased and canceled 274,000 A-shares from 13 incentive recipients who no longer met the incentive criteria[114] - The total number of shares at the end of the reporting period was 3,118,533,797, with a decrease of 274,000 shares during the period[168] Risk Management - The company faces risks related to international operations due to geopolitical factors and aims to enhance its overseas marketing capabilities[78] - The company is addressing price risks in the wind power sector by improving cost control and adapting to low-price competition[80] - The company is focusing on strengthening accounts receivable management to mitigate risks associated with project financing difficulties[83] Corporate Governance - The board of directors has adopted a standard code of conduct for securities trading by directors and supervisors, confirming compliance during the reporting period[116] - The audit and risk committee has reviewed and approved the interim results for the six months ending June 30, 2023, and agreed on the accounting treatment methods adopted by the company[117] - The company has not engaged in any significant acquisitions or disposals of subsidiaries or joint ventures during the reporting period[114]

Financial Performance - Total operating revenue for the first half of 2023 reached RMB 29.92 billion, an increase of 7.19% compared to RMB 27.91 billion in the same period last year[17]. - Net profit attributable to shareholders was RMB 2.00 billion, reflecting a growth of 12.85% from RMB 1.77 billion year-on-year[17]. - Basic earnings per share for the first half of 2023 were RMB 0.64, up 12.28% from RMB 0.57 in the same period last year[18]. - The company reported a significant increase of 26.50% in net profit after deducting non-recurring gains, reaching RMB 1.82 billion compared to RMB 1.44 billion in the previous year[17]. - The company's operating revenue for the current period is CNY 29.35 billion, representing a year-on-year increase of 7.40% compared to CNY 27.32 billion in the same period last year[30]. - The company reported a total of 36.14 tons of COD emissions, which is well below the standard limit of 500 mg/L, indicating compliance with environmental regulations[60]. Cash Flow and Assets - The net cash flow from operating activities was negative at RMB -2.21 billion, compared to a positive RMB 2.40 billion in the previous year, indicating a significant change in cash flow dynamics[17]. - The total assets of the company increased by 9.72% to RMB 126.47 billion from RMB 115.27 billion at the end of the previous year[17]. - The company's cash and cash equivalents at the end of the period amounted to CNY 18.42 billion, an increase of 22.48% from CNY 15.04 billion at the end of the previous year[34]. - The total cash inflow from operating activities for the first half of 2023 was approximately RMB 24.94 billion, compared to RMB 24.40 billion in the same period last year, reflecting a slight increase of 2.2%[136]. - The net cash flow from investment activities was RMB 4.59 billion, a recovery from a negative RMB -8.44 billion in the same period last year[136]. Research and Development - Research and development expenses rose by 13.27% to CNY 1.07 billion, reflecting increased investment in R&D[31]. - The company launched the first commercial unit of the domestically developed F-class 50 MW heavy-duty gas turbine[27]. - The company established the Yangtze River Delta Innovation Research Institute to enhance innovation capabilities[27]. Market and Orders - The company secured new effective orders amounting to CNY 48.857 billion, a year-on-year increase of 33.29%[27]. - Clean and efficient energy equipment accounted for 42.96% of new orders, while renewable energy equipment made up 23.65%[27]. - The installed power generation capacity in China reached 2.71 billion kW, with a year-on-year growth of 10.8%[25]. Environmental Compliance - The company has implemented pollution prevention measures, ensuring effective operation of pollution control facilities to manage emissions from various sources[62]. - The company has established a carbon peak action plan, targeting a reduction of approximately 4,000 tons of carbon emissions annually from its comprehensive energy demonstration project[70]. - The company has not faced any administrative penalties related to environmental issues during the reporting period, reflecting its commitment to compliance[66]. Shareholder and Management Changes - The company held its first temporary shareholders' meeting on February 24, 2023, where it approved the repurchase and cancellation of certain restricted stocks and elected Song Zhiyuan as a member of the tenth board of directors[55]. - The company experienced changes in its board and management, including the election of new members and the resignation of several executives[56]. - The company has not disclosed any new employee stock ownership plans or other incentive measures[59]. Financial Position and Equity - Total liabilities increased to ¥86.68 billion from ¥76.64 billion, a growth of approximately 13.3% year-over-year[121]. - Total equity reached ¥39.80 billion, compared to ¥38.62 billion, marking an increase of about 3.1%[121]. - The total equity attributable to the parent company at the end of the reporting period is approximately CNY 39.8 billion, a decrease from the previous period's CNY 38.6 billion[141]. Risk Management - The company faces risks related to international operations, including geopolitical factors and market price competition, particularly in the wind power sector[50]. - The company plans to enhance its international market coordination and improve overseas marketing capabilities to address internationalization risks[50]. - The company is focused on risk prevention and compliance management to ensure no major risks occur[29]. Community Engagement and Social Responsibility - The company invested a total of 16.65 million yuan in direct assistance and introduced 3.2 million yuan in aid funds in targeted poverty alleviation areas[71]. - A total of 1.41 million yuan was allocated for consumption assistance, and 433 training sessions were organized, resulting in 123 job placements[72]. - The company is actively promoting the "Hydrogen" project in Huhuo, which includes a comprehensive energy station and hydrogen vehicle operations[72].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內 容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概 不對因本公告全部或任何部分內容而產生或因倚賴該等內容而引致的 任何損失承擔任何責任。 2023年 中 期 業 績 公 告 業績摘要 2023年 上 半 年，本 集 團 實 現 營 業 總 收 入 為 人 民 幣299.15億 元，較 上 年 同期增長7.19%； 2023年上半年，本集團實現歸屬母公司股東淨利潤為人民幣 20.02億元， 較上年同期增長12.85%； ...

证券代码：600875 证券简称：东方电气 公告编号：2023-051 东方电气股份有限公司 关于召开 2023 年半年度网上业绩说明会的公告 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。 重要内容提示： 投资者可于 2023 年 8 月 25 日至 8 月 30 日 16:00 前通过公司邮箱 dsb@dongfang.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 东方电气股份有限公司（简称公司）将于 2023 年 8 月 31 日披露公司 2023 年半年度报告，为便于广大投资者更全面深入地了解公司 2023 年上半年经营成 果、财务状况，公司计划于 2023 年 8 月 31 日上午 10:00-11:00 举行 2023 年半 年度网上业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动方式召开，公司将针对 2023 年上半年经营成 果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的范 围内就投资者普遍关注的问题进行回答。 二、 说明会召 ...

上市保荐书 保荐机构（主承销商） 中信证券股份有限公司 关于 东方电气股份有限公司 2023 年度向特定对象发行 A 股股票 之 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二三年八月 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐人"或"保荐机构"） 接受东方电气股份有限公司（以下简称"东方电气"、"发行人"或"公司"）的 委托，担任其 2023 年度向特定对象发行 A 股股票的保荐人。 中信证券及保荐代表人根据《中华人民共和国公司法》《中华人民共和国证 券法》《上市公司证券发行注册管理办法》等有关法律、行政法规和中国证券监 督管理委员会及上海证券交易所的规定，诚实守信，勤勉尽责，严格按照依法制 订的业务规则和行业自律规范出具上市保荐书，并保证所出具文件真实、准确、 完整。 （本上市保荐书中如无特别说明，相关用语与《东方电气股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书》中的含义相同） 3-2-1 | 声 明 1 | | --- | | 目 录 2 | | 一、发行人概况 3 | | 二、发行人本次发行情况 9 | | 三、项目保荐代表人、协办人及项目组 ...

A 股证券简称：东方电气 证券代码：600875 H 股证券简称：东方电气 证券代码：1072 东方电气股份有限公司 Dongfang Electric Corporation Limited （注册地址：成都市高新西区西芯大道 18 号） 2023 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二三年八月 东方电气股份有限公司 募集说明书（注册稿） 声 明 本公司全体董事、监事、高级管理人员承诺本募集说明书不存在任何虚假记 载、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 上海证券交易所、中国证监会对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责，由此变化引 ...

金杜律师事务所 KING&WCOD MALLESONS 北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编:100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaoyang District Beijing, 100020 P.R. China T +86 10 5878 5588 F +86 10 5878 5566/5599 www.kwm.com 北京市金杜律师事务所 关于东方电气股份有限公司 向特定对象发行 A 股股票 的 法律意见书 二〇二三年四月 4-1-1 致:东方电气股份有限公司 北京市金杜律师事务所(以下简称本所)接受东方电气股份有限公司(以下简称发 行人)委托,担任发行人本次在中国境内向包括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>在内的不超过 35 名特定对象发行不超过 272,878,203 股 A 股股 票(以下简称本次发行)的专项法律顾问。 本所根据《中华人民共和国证券法》(以下简称《证券法》)、《中华人民共和国 公司法》(以下简称《公司法》)、《上市 ...