证券研究报告 | 公司动态点评 2024 年 05月 05日 东方电气（600875.SH） 订单持续增长排产再创新高，盈利能力稳中有升 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 54,190 59,567 69,323 75,281 81,627 股票信息 增长率yoy（%） 15.9 9.9 16.4 8.6 8.4 归母净利润（百万元） 2,858 3,550 4,222 4,839 5,274 行业 电力设备及新能源 增长率yoy（%） 24.9 24.2 18.9 14.6 9.0 2024年4月30日收盘价（元） 16.86 ROE（%） 7.8 8.8 10.0 10.5 10.5 总市值（百万元） 52,561.04 EPS最新摊薄（元） 0.92 1.14 1.35 1.55 1.69 流通市值（百万元） 34,112.91 P/E（倍） 18.4 14.8 12.4 10.9 10.0 总股本（百万股） 3,117.50 P/B（倍） 1.5 1.4 1.3 1.2 1.1 流通股本（百万股） 2,023.30 资料来源：公 ...

Financial Performance - Total revenue for the first quarter reached RMB 15,052,868,276.63, representing a year-on-year increase of 2.28%[8] - Operating income was RMB 14,801,351,538.99, reflecting a growth of 2.55% compared to the same period last year[8] - Net profit attributable to shareholders decreased by 11.12% to RMB 905,751,281.62, primarily due to a loss of RMB 238 million from fair value changes of non-monetary assets[9] - The net profit after deducting non-recurring gains and losses increased by 10.61% to RMB 1,055,684,212.95[9] - Basic and diluted earnings per share were both RMB 0.290, down 11.11% year-on-year[8] - Total comprehensive income for Q1 2024 was CNY 969,994,560.61, compared to CNY 1,080,981,488.26 in Q1 2023, indicating a decline of 10.26%[48] - The company reported a decrease in interest income to CNY 251,516,386.06 in Q1 2024 from CNY 283,724,696.18 in Q1 2023, a decline of 11.36%[41] - The company reported a significant loss in investment income of CNY -3,075,120.61 compared to a gain of CNY 80,201,788.81 in the previous year[68] - The total profit (loss) for Q1 2024 was CNY -239.24 million, down from CNY 175.03 million in Q1 2023, indicating a year-over-year decrease of approximately 236%[71] - The net loss for Q1 2024 was CNY -239.24 million, compared to a net profit of CNY 186.14 million in Q1 2023, reflecting a drastic shift in financial performance[71] Assets and Liabilities - Total assets at the end of the reporting period were RMB 128,378,372,649.13, an increase of 6.00% from the end of the previous year[9] - Shareholders' equity attributable to the company was RMB 38,152,233,480.99, up 2.44% from the previous year[9] - Total current assets amounted to RMB 80.471 billion, an increase from RMB 75.689 billion as of December 31, 2023[31] - The company's total assets reached RMB 128.378 billion as of March 31, 2024, up from RMB 121.108 billion at the end of 2023[32] - Total liabilities increased to RMB 86.126 billion as of March 31, 2024, compared to RMB 79.888 billion at the end of 2023[36] - The company's long-term borrowings increased to RMB 1.682 billion as of March 31, 2024, from RMB 1.383 billion at the end of 2023[36] - The total equity attributable to shareholders was RMB 38.152 billion as of March 31, 2024, compared to RMB 37.245 billion at the end of 2023[38] - The company's total current liabilities decreased to CNY 14,599,591,262.98 from CNY 15,166,342,752.36, a reduction of about 3.8%[64] Cash Flow - The net cash flow from operating activities was RMB 1,240,643,938.05, with no year-on-year comparison available[8] - Cash flow from operating activities increased significantly, with cash received from sales rising by RMB 2.913 billion year-on-year[19] - Operating cash inflow for Q1 2024 was CNY 16,542,886,442.64, a significant increase from CNY 9,042,633,552.84 in Q1 2023, representing an increase of approximately 83.5%[51] - Net cash flow from operating activities for Q1 2024 was CNY -2.67 billion, compared to CNY -4.51 billion in Q1 2023, showing an improvement in cash flow despite ongoing losses[74] - The company reported cash outflows for investing activities of CNY 174.81 million in Q1 2024, with no cash outflows recorded in Q1 2023, indicating new investment initiatives[76] - The company reported a cash and cash equivalents balance of CNY 13,971,394,403.64 at the end of Q1 2024, up from CNY 12,059,318,054.16 at the end of Q1 2023[57] Operational Metrics - In Q1 2024, the company's power generation equipment production reached 10.2041 million kW, including 8.9870 million kW from steam turbines and 0.9371 million kW from wind turbines[28] - The company secured new orders worth RMB 26.329 billion in Q1 2024, representing a 16.42% increase year-over-year, with clean and efficient energy equipment accounting for 42.25% of the total[28] - Research and development expenses increased to CNY 612,618,396.59 in Q1 2024, compared to CNY 518,969,374.40 in Q1 2023, marking a rise of 17.99%[41] - The company's operating revenue for Q1 2024 was CNY 2,539,214,276.17, a decrease of 49.3% compared to CNY 5,000,081,918.42 in Q1 2023[68] - The company experienced a net increase in customer loans and advances of CNY -309,857,567.66 in Q1 2024, an improvement from CNY -1,622,287,774.68 in Q1 2023, reflecting better credit management[53]

Financial Performance - Total revenue for Q1 2024 reached ¥15,052,868,276.63, an increase of 2.28% compared to the same period last year[6] - Operating income for the same period was ¥14,801,351,538.99, reflecting a growth of 2.55% year-over-year[6] - Net profit attributable to shareholders decreased by 11.12% to ¥905,751,281.62, primarily due to a fair value loss of ¥238 million from non-monetary asset exchanges[7] - The net profit after deducting non-recurring gains and losses increased by 10.61% to ¥1,055,684,212.95[7] - Basic and diluted earnings per share were both ¥0.290, down 11.11% from the previous year[7] - The weighted average return on equity was 2.40%, a decrease of 0.47 percentage points compared to the previous year[7] - Total operating revenue for Q1 2024 reached CNY 15,052,868,276.63, an increase of 2.27% compared to CNY 14,717,057,814.50 in Q1 2023[23] - Operating income was CNY 14,801,351,538.99, up from CNY 14,432,750,706.82, reflecting a growth of 2.55% year-over-year[23] - Net profit attributable to shareholders was CNY 1,266,588,351.74, compared to CNY 1,271,007,106.68 in Q1 2023, showing a slight decrease of 0.35%[23] - In Q1 2024, the company reported a net profit of ¥985,392,571.41, a decrease of 8.9% compared to ¥1,081,476,346.18 in Q1 2023[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥128,378,372,649.13, an increase of 6.00% from the end of the previous year[7] - Total assets increased to CNY 128,378,372,649.13, up from CNY 121,108,373,341.62, reflecting a growth of 6.67%[21] - Total liabilities rose to CNY 86,125,773,454.79, compared to CNY 79,888,498,579.02, an increase of 7.77%[20] - Total assets decreased to approximately ¥40.43 billion from ¥41.23 billion, a decline of 1.9%[33] - Total liabilities decreased to approximately ¥14.97 billion from ¥15.54 billion, a decline of 3.6%[33] Cash Flow - The net cash flow from operating activities was ¥1,240,643,938.05, with no applicable year-over-year comparison[6] - The cash flow from operating activities increased by 2.913 billion RMB year-on-year due to better collections from sales[12] - The cash flow from investing activities decreased by 168.83 million RMB, primarily due to reduced net inflows from interbank deposits[12] - The cash flow from financing activities increased by 720.26 million RMB, with long-term borrowings from external banks rising by 299 million RMB compared to the beginning of the period[12] - The cash flow from operating activities showed a net inflow of ¥1,240,643,938.05, a significant recovery from a net outflow of ¥2,549,740,798.22 in Q1 2023[28] - The investment activities resulted in a net cash outflow of ¥1,704,617,374.77, contrasting with a net inflow of ¥2,476,731,084.24 in the previous year[28] - The total cash decrease for Q1 2024 was -2,059,466,927.47 RMB, an improvement from -3,501,664,741.73 RMB in Q1 2023, showing a reduction in overall cash depletion[39] Shareholder Information - Shareholders' equity attributable to the company was ¥38,152,233,480.99, up 2.44% from the previous year[7] - The total number of ordinary shareholders at the end of the reporting period was 99,327[14] - The company has not identified any related party relationships among the top 10 shareholders[15] Research and Development - Research and development expenses for Q1 2024 were CNY 612,618,396.59, up from CNY 518,969,374.40, indicating a growth of 18.01%[23] - Research and development expenses for Q1 2024 were approximately ¥30.04 million, down 58.2% from ¥71.74 million in Q1 2023[35] Fair Value and Other Losses - Non-recurring gains and losses totaled -¥149,932,931.33, significantly impacted by the fair value loss from the non-monetary asset exchange[10] - The company incurred a fair value loss of ¥223,635,498.10, compared to a gain of ¥33,152,618.84 in Q1 2023[24] - The company reported a fair value loss of approximately ¥237.73 million in Q1 2024, compared to a gain of ¥0.93 million in Q1 2023[36] Cash and Cash Equivalents - The company generated a total of 10.2041 million kilowatts of power generation equipment in Q1 2024, including 8.987 million kilowatts from steam turbines and 937,100 kilowatts from wind turbines[16] - The company's cash and cash equivalents as of March 31, 2024, were approximately 17.317 billion RMB, compared to 17.129 billion RMB at the end of 2023[18] - The cash and cash equivalents at the end of the period were ¥13,971,394,403.64, a decrease from ¥14,167,585,378.12 at the beginning of the quarter[29] - Cash and cash equivalents decreased to approximately ¥4.11 billion from ¥6.18 billion, a decline of 33.5%[31] - The cash and cash equivalents at the end of Q1 2024 were 4,112,853,344.15 RMB, down from 4,792,121,853.12 RMB at the end of Q1 2023, representing a decrease of approximately 14.2%[39] New Orders and Equipment - New orders amounted to 26.329 billion RMB in Q1 2024, representing a year-on-year growth of 16.42%[16] - Clean and efficient energy equipment accounted for 42.25% of new orders, while renewable energy equipment made up 25.85%[16]

Financial Performance - The total revenue for 2023 reached RMB 60.677 billion, representing a year-on-year growth of 9.60%[4] - The total profit amounted to RMB 4.006 billion, showing a year-on-year increase of 20.40%[4] - The net profit attributable to the parent company was RMB 3.550 billion, with a proposed cash dividend of RMB 4.75 per 10 shares, totaling RMB 1.481 billion, which accounts for 41.71% of the net profit[4] - Total revenue for 2023 reached RMB 60.68 billion, a 9.60% increase from RMB 55.36 billion in 2022[15] - Net profit attributable to shareholders for 2023 was RMB 3.55 billion, representing a 24.23% increase from RMB 2.86 billion in 2022[15] - Basic earnings per share for 2023 was RMB 1.14, up 23.91% from RMB 0.92 in 2022[16] - The company's total assets as of the end of 2023 were RMB 121.11 billion, a 5.00% increase from RMB 115.34 billion at the end of 2022[14] - The net cash flow from operating activities for 2023 was negative RMB 3.50 billion, a decline of 141.58% compared to RMB 8.41 billion in 2022[15] - The company reported a weighted average return on equity of 9.82% for 2023, an increase of 1.39 percentage points from 8.43% in 2022[16] - In Q4 2023, the operating revenue was RMB 15.91 billion, with a net profit attributable to shareholders of RMB 638.57 million[17] Market Position and Innovations - The company maintained a leading market share in coal power and achieved over 100% growth in boiler and turbine projects[4] - The company successfully launched the first domestically developed F-class 50 MW heavy-duty gas turbine demonstration project[4] - The company secured multiple breakthroughs in emerging industries, including a gas pipeline electric drive compressor project and a hydrogen energy logistics vehicle project[4] - The company established 7 digital workshops and built the first fully connected 5G digital factory in the domestic power generation equipment industry[5] - The company achieved a 9.2% year-on-year reduction in quality loss through the implementation of a quality control model[24] - The company has developed a complete hydrogen fuel cell product system with independent intellectual property rights, covering the entire hydrogen lifecycle from production to utilization[33] Research and Development - Research and development expenses increased by 9.08% year-on-year, maintaining an intensity of over 5.5%[23] - The company added 545 new effective patents during the year, including 256 invention patents, bringing the total to 3,828 effective patents by the end of 2023[35] - R&D expenses grew by 20.85% year-on-year, reflecting increased investment in research and development[42] - The total amount of research and development investment reached RMB 3,386,494,832.39, accounting for 5.68% of operating revenue[57] Corporate Governance - The company was recognized as a "Best Practice Case" by the China Association for Public Companies for corporate governance in 2023[6] - The company has been rated A for information disclosure by the Shanghai Stock Exchange for nine consecutive years[28] - The company emphasizes the importance of corporate governance and has established five specialized committees to enhance accountability and transparency[133] - The supervisory board confirmed that the 2023 annual report accurately reflects the company's significant operational and financial status[116] - The company has established a robust governance structure, ensuring transparency and fairness in shareholder meetings and decision-making processes[125] Environmental Responsibility - The company has established pollution prevention measures focusing on volatile organic compounds (VOCs) emissions control, welding fume emissions control, and underground wastewater pipeline management[198] - The company adheres to environmental impact assessment regulations for construction projects and holds valid pollutant discharge permits[199] - The company reported total COD emissions of 69.67 tons, which is below the standard limit of 500 mg/L[197] - The company reported total VOC emissions of 3.37 tons, which is compliant with the local emission standards[197] - The company has implemented measures to control the generation and discharge of pollutants from the source, ensuring compliance with national environmental laws[198] Strategic Goals and Future Outlook - The company aims to enhance its core competitiveness and create greater value for shareholders in 2024[6] - The projected output for power generation equipment in 2024 is expected to reach 48.23 million kilowatts, indicating a strong growth trajectory[87] - The company is committed to achieving carbon peak and carbon neutrality goals, aligning with national energy policies for a low-carbon transition[86] - The installed capacity of non-fossil energy sources is projected to reach 1.86 billion kilowatts, accounting for approximately 57% of the total installed capacity by the end of 2024[84] Shareholder Engagement and Rights - The company has implemented a shareholder communication policy to ensure that shareholder opinions and concerns are appropriately addressed as of December 31, 2023[196] - The company allows shareholders holding more than 10% of shares to request an extraordinary general meeting within 10 days of submission[193] - The company will cooperate with shareholders who convene their own meetings and provide the necessary shareholder register[194] - The company adheres to tax agreements with foreign shareholders, allowing for potential tax refunds if the actual tax rate is lower than the withheld rate[190]

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 3,550,393,576.32 in 2023, an increase of 24.23% compared to RMB 2,857,898,505.21 in 2022[4]. - Total operating revenue for 2023 was RMB 60,676,613,395.82, representing a growth of 9.60% from RMB 55,363,782,450.06 in 2022[16]. - The basic earnings per share for 2023 was RMB 1.14, up 23.91% from RMB 0.92 in 2022[17]. - The company plans to distribute a cash dividend of RMB 4.75 per 10 shares, totaling RMB 1,480,812,242.08, which accounts for 41.71% of the net profit attributable to shareholders[4]. - The net cash flow from operating activities was negative at RMB -3,495,876,222.59, a significant decrease from RMB 8,408,573,623.86 in 2022[16]. - The company's total assets reached RMB 121,108,373,341.62 by the end of 2023, an increase of 5.00% from RMB 115,344,350,441.40 in 2022[16]. - The weighted average return on net assets for 2023 was 9.82%, an increase of 1.39 percentage points from 8.43% in 2022[17]. - The company reported a net profit of RMB 2,575,811,881.93 after deducting non-recurring gains and losses, which is an increase of 8.01% from RMB 2,384,896,763.34 in 2022[16]. - The net assets attributable to shareholders increased to RMB 37,244,895,786.52, reflecting a growth of 6.44% from RMB 34,992,066,981.24 in 2022[16]. Revenue Breakdown - The company achieved total operating revenue of RMB 60.677 billion in 2023, representing a year-on-year growth of 9.60%[25]. - In Q1 2023, the operating revenue was RMB 14.717 billion, with a net profit attributable to shareholders of RMB 1.019 billion[18]. - In Q2 2023, the operating revenue increased to RMB 15.198 billion, while net profit attributable to shareholders decreased to RMB 983 million[18]. - In Q3 2023, the operating revenue was RMB 14.851 billion, with net profit attributable to shareholders further declining to RMB 910 million[18]. - In Q4 2023, the operating revenue reached RMB 15.910 billion, but net profit attributable to shareholders dropped to RMB 639 million[18]. Research and Development - The company's R&D expenditure increased by 9.08% year-on-year, maintaining an intensity of over 5.5%[26]. - Research and development expenses amounted to ¥3.39 billion, which is a 20.85% increase compared to the previous year, reflecting the company's commitment to innovation[35]. - The company holds a total of 3,828 valid patents, including 1,548 invention patents, showcasing its strong innovation capabilities[35]. - The company has established 20 digital workshops, with 8 achieving A-level status, as part of its smart manufacturing transformation[36]. - The company plans to enhance its international business layout and brand image, targeting stable growth in international market orders[71]. Market Position and Strategy - The company ranked first in the gas power market share and successfully operated the first domestic G50 gas turbine demonstration project[26]. - The company is actively expanding its international market presence, with a focus on establishing overseas marketing institutions[36]. - The company aims to enhance its core competitiveness and drive innovation to achieve high-quality development, focusing on both traditional industry upgrades and strategic emerging industries[70]. - The company plans to strengthen its position in traditional sectors such as coal power and nuclear energy while accelerating the development of wind power and energy-saving industries[70]. - The company is committed to achieving carbon peak and carbon neutrality goals, aligning with national energy transition strategies[70]. Governance and Compliance - The company did not report any significant risks or non-compliance issues in its financial disclosures[6]. - The company emphasizes the protection of minority shareholders' rights and interests, ensuring equal treatment for all shareholders[81]. - The company has established comprehensive governance systems, including various committees to enhance operational transparency and accountability[82]. - The board of directors consists of 8 members, including 3 independent non-executive directors, and held 11 board meetings during the reporting period[81]. - The company has implemented measures to maintain the independence of its operations and governance structures[82]. Environmental Initiatives - The company invested approximately 24.27 million yuan in social responsibility initiatives, including 22.18 million yuan for rural revitalization and 1.22 million yuan for earthquake disaster relief[173]. - The company has been recognized as an environmentally friendly B-level enterprise in 2023 for its upgraded environmental performance[167]. - The carbon emission intensity of the production process for the year 2023 decreased by 4.5% year-on-year[171]. - The company aims to reduce volatile organic compounds (VOCs) emissions by over 10% by promoting the use of environmentally friendly raw materials[166]. - The company has constructed 11 new green workshops in 2023, building on the first batch of 9 green workshops[166]. Talent and Human Resources - The total number of employees at the company and its main subsidiaries is 17,426, with 8,227 being technical personnel[114]. - The company introduced 125 high-level talents and implemented 9 new long-term incentive projects, enhancing its talent pool[28]. - The company has initiated a talent development strategy focusing on green, low-carbon, and digital transformation, with ongoing training programs for employees[118]. - The number of R&D personnel was 4,274, making up 24.53% of the total workforce[50]. - The company plans to strengthen its talent strategy, aiming to establish 1-2 internal talent zones to enhance talent development[75]. Future Outlook - The company anticipates a 6% growth in national electricity consumption in 2024 compared to 2023, with total installed power generation capacity expected to reach 3.25 billion kilowatts[68]. - The company expects to maintain a high level of new coal power projects in 2024, driven by demand for energy security and system regulation[69]. - The company aims to achieve a power generation equipment output of 48.23 million kilowatts in 2024[71]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15%[89]. - The company plans to implement new operational strategies aimed at improving efficiency by 10% over the next year[89].

Financial Performance - The company achieved total operating revenue of RMB 60.677 billion in 2023, an increase of 9.60% compared to RMB 55.364 billion in 2022[4]. - The net profit attributable to shareholders was RMB 3.550 billion in 2023, reflecting a growth of 24.23% from RMB 2.858 billion in 2022[4]. - Basic earnings per share increased to RMB 1.14 in 2023, up from RMB 0.92 in 2022[4]. - Total revenue for 2023 reached CNY 60.68 billion, an increase of 9.4% compared to CNY 55.36 billion in 2022[17]. - Net profit for 2023 was CNY 3.64 billion, up 20.9% from CNY 3.01 billion in 2022[19]. - Total assets reached RMB 121.108 billion at the end of 2023, an increase from RMB 115.344 billion in 2022[8]. - The total equity attributable to shareholders reached CNY 37.24 billion in 2023, an increase of 6.4% from CNY 34.99 billion in 2022[14]. - The average return on equity increased to 9.82%, up by 1.39 percentage points compared to the previous year[55]. Orders and Revenue Growth - New orders amounted to approximately RMB 86.532 billion in 2023, representing a 31.95% increase from RMB 65.579 billion in 2022[4]. - Total revenue for the current year is CNY 60,676,613,395.82, compared to CNY 55,363,782,450.06 in the previous year, indicating a year-over-year increase of about 9.5%[40]. - Revenue from clean and efficient energy equipment increased by RMB 5.905 billion, a growth of 40.21% year-on-year[76]. - The company recorded new orders of RMB 86.532 billion, a year-on-year increase of 31.95%, with clean and efficient energy equipment accounting for 39.44%[56]. Assets and Liabilities - Current assets totaled RMB 75.689 billion as of December 31, 2023, compared to RMB 67.424 billion at the end of 2022[7]. - Total liabilities increased to RMB 79.888 billion in 2023, compared to RMB 76.709 billion in 2022[12]. - The company's asset-liability ratio decreased to 65.96%, down 0.54 percentage points from the previous year[100]. - The net accounts receivable as of December 31, 2023, is CNY 10,714,105,864.95, up from CNY 10,095,931,789.15 in the previous year, reflecting an increase of approximately 6.1%[27]. Research and Development - Research and development expenses increased to CNY 2.75 billion in 2023, up from CNY 2.28 billion in 2022, indicating a growth of 20.8%[17]. - R&D expenses grew by 20.85% year-on-year, reflecting increased investment in research and development[71]. - R&D investment intensity is maintained at over 5.5%, with a focus on high-end, intelligent, and green development of equipment manufacturing[118]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 4.75 per 10 shares for the 2023 fiscal year, subject to shareholder approval[4]. - The company plans to distribute a cash dividend of RMB 4.75 per 10 shares, totaling RMB 1.480 billion before tax for the fiscal year 2023[54]. Operational Efficiency and Cost Management - The company implemented a comprehensive cost management approach, enhancing operational efficiency[62]. - Operating expenses were reported at 10.99 billion, with a focus on optimizing cost structures to improve overall profitability[51]. - The company will implement strict cost control measures to improve profitability amidst competitive pricing pressures[133]. Market Expansion and Strategic Initiatives - The company is focusing on strategic acquisitions to bolster its market position, with an estimated investment of 12.67 billion planned for the upcoming fiscal year[50]. - The company aims to enhance its market expansion efforts both domestically and internationally, focusing on maintaining a stable order volume and solidifying its position in traditional industries while advancing into new sectors[116]. - The company plans to strengthen energy technology innovation and enhance the reliability of new energy sources[107]. Talent Development and Corporate Governance - The company has strengthened its talent pool by recruiting 125 high-level talents and training 145 experts[65]. - The company established a comprehensive compensation management system focusing on "strategic leadership, performance linkage, and efficiency adjustment" to optimize salary management and ensure differentiated compensation based on functional nature and contribution levels[145]. - The company has fully complied with the corporate governance code as per the Hong Kong Stock Exchange regulations during the reporting period[151].

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]