Group 1 - The company is actively developing overseas business for its self-developed gas turbines, specifically the G50 and G15 models [2] - There is an inquiry from investors regarding the potential export of these gas turbines to the United States, highlighting interest in leveraging price advantages in that market [2] - The company is increasing its efforts in product promotion to enhance its market presence [2]

Core Viewpoint - Dongfang Electric (600875.SH) has completed the technical research and development of the G15H gas turbine and is actively engaging with demonstration projects [2] Company Summary - Dongfang Electric has successfully finished the R&D for the G15H gas turbine [2] - The company is now focusing on connecting with demonstration projects to implement the technology [2]

Core Insights - The company has completed the technical research and development of its G15H gas turbine and is actively engaging with demonstration projects [1] Group 1 - The G15H gas turbine has successfully completed its relevant technical R&D [1] - The company is currently in the process of actively connecting with demonstration projects [1]

格隆汇11月11日丨东方电气(600875.SH)在投资者互动平台表示，我们的G15H燃机已经完成相关技术研 发，正在积极对接示范项目。 ...

Summary of Dongfang Electric-A Conference Call Company Overview - **Company**: Dongfang Electric Corp Ltd - **Industry**: Electric Components & Equipment - **Market Cap**: Rmb77.3 billion (approximately US$10.9 billion) [7] Key Highlights 1. Capital Expenditure (Capex) Outlook - Management projects an annual capex of approximately Rmb60 billion during the 15th Five-Year Plan, which is 50% higher than the previous plan [3] - Focus areas for spending include: - High-end equipment bases (hydro, gas, nuclear) - Localized new-energy manufacturing (hydrogen, storage, digital factories) - Selective acquisitions in materials and power electronics [3] 2. Growth in Operations and Maintenance (O&M) Services - The O&M service segment is identified as a strategic growth engine, with over 825GW of cumulative installed power equipment capacity [4] - The service segment's gross margin exceeds 40%, with expectations for further scaling to support recurring and high-return revenue [4] 3. Export Potential - Management highlighted an increase in global demand for gas turbines due to tightening generation capacity [5] - The self-developed G50 gas turbine has achieved its first export delivery, with plans to explore future overseas opportunities [5] Analyst Perspective - UBS views Dongfang's updates as structurally positive, with higher capex intensity and an O&M service-driven earnings model supporting medium-term growth visibility [6] - The potential expansion into overseas markets is seen as a long-term growth option [6] Financial Metrics - **12-Month Rating**: Buy - **12-Month Price Target**: Rmb37.80 - **Current Price (as of 06 Nov 2025)**: Rmb22.79 [7] - **Revenue Forecasts**: - 2025E: Rmb81.36 billion - 2026E: Rmb90.42 billion - 2027E: Rmb101.51 billion [10] Earnings Per Share (EPS) Estimates - 2025E: Rmb1.32 - 2026E: Rmb1.66 - 2027E: Rmb2.11 [8] Risks and Considerations - Key downside risks include: - Slower-than-expected recovery in demand for power generation equipment - Lower-than-anticipated average selling prices or unfavorable cost structures - Delays in transitioning to higher-value O&M services - Slower progress in nuclear technology development [13] Conclusion - Dongfang Electric is positioned for growth through increased capex, expansion of O&M services, and potential international market opportunities, despite facing certain risks that could impact its performance in the near term.

Core Viewpoint - The event marks the 30th anniversary of Dongfang Electric's listing and aims to enhance communication with the capital market while showcasing the company's operational achievements and strategic direction [3]. Group 1: Company Overview - Dongfang Electric emphasizes the importance of communication with the capital market and aims to improve investor relations management [3]. - The company is committed to a stable yet progressive operational approach, focusing on high-end, intelligent, and green industrial upgrades [3]. Group 2: Financial Performance - For the first three quarters of 2025, Dongfang Electric reported total revenue of 55.522 billion yuan, representing a year-on-year increase of 16.03% [4]. - The net profit attributable to shareholders for the same period was 2.966 billion yuan, reflecting a year-on-year growth of 13.02% [4]. Group 3: Strategic Initiatives - The company plans to strengthen its core functions and competitiveness while advancing its industrial transformation [4]. - Dongfang Electric aims to develop strategic emerging industries such as wind, solar, hydrogen storage, and power electronics, while also enhancing digital transformation in energy equipment manufacturing [3][4].

Core Viewpoint - The stock of Dongfang Electric (01072) has increased by over 5%, currently trading at 21.62 HKD with a transaction volume of 488 million HKD, driven by positive developments in the nuclear energy sector [1] Industry Summary - The Fourth China Nuclear Energy High-Quality Development Conference and Shenzhen International Nuclear Industry Innovation Expo, known as the "Shenzhen Nuclear Expo," will take place from November 12-14, 2025, in Shenzhen, with a global outreach [1] - As of October 2025, there are 59 operational nuclear power units in China, with a total installed capacity of 62.48 million kW. Additionally, there are 53 approved units under construction, with a capacity of 62.93 million kW, bringing the total installed capacity to over 125 million kW, maintaining the world's leading position [1] - The nuclear power industry has made significant progress in technological breakthroughs and industrial chain collaboration alongside the accelerated construction of nuclear power units [1] Company Summary - Dongfang Electric serves as a "one-stop" supplier for nuclear power equipment, having provided over 200 sets of nuclear island main equipment and 53 sets of conventional island steam turbine generators for 112 operational and under-construction nuclear power units across the country by September 2025 [1] - The company has achieved full technical route coverage from Generation II and III nuclear power to fusion reactors [1] - Dongfang Electric is the only domestic nuclear equipment manufacturer holding a complete supply manufacturing license for nuclear steam supply systems and has the capacity to produce six sets of million-kilowatt-level nuclear power main equipment annually [1]

东方电气（600875）(01072)涨超5%，截至发稿，涨4.75%，报21.62港元，成交额4.88亿港元。 消息面上，据中国网报道，2025年11月12-14日，坐标深圳、辐射全球的核能盛典——第四届中国核能 高质量发展大会暨深圳国际核能产业创新博览会，即"深圳核博会"，将如约启幕。据了解，根据官方数 据显示，截至2025年10月底，全国在运核电机组达59台，总装机容量为6248万千瓦；核准在建机组53 台，装机容量达6293万千瓦，总装机规模已突破1.25亿千瓦，连续保持世界第一。在核电机组加速建设 的同时，核电产业在技术突破与产业链协同方面取得显著进展。 据悉，东方电气为核电装机设备"一站式"供应商，2025年9月，公司已为全国112台在役在建核电机组提 供200余台套核岛主设备和53台套常规岛汽轮发电机组。公司核电装机相关业务已实现从二代加、三代 核电到聚变堆的全技术路线覆盖。此外，公司是国内唯一持有核蒸汽供应系统设备成套供货制造许可证 的核电装备制造企业，且具备年产6套百万千瓦级核电主设备的能力。 ...

Core Insights - The company reported a revenue of 54.744 billion yuan for Q1-Q3 2025, representing a year-on-year increase of 16.41% [1] - The net profit attributable to shareholders for the same period was 2.966 billion yuan, up 13.02% year-on-year [1] - The company has a strong order backlog, with new effective orders amounting to 88.583 billion yuan, a year-on-year increase of 16.78% [2] Financial Performance - Q1-Q3 2025 revenue: 54.744 billion yuan, +16.41% YoY [1] - Q1-Q3 2025 net profit: 2.966 billion yuan, +13.02% YoY [1] - Q3 2025 revenue: 17.12 billion yuan, +21.45% YoY [1] - Q3 2025 net profit: 1.057 billion yuan, +13.22% YoY [1] - Sales expenses decreased by 52.22% to 500 million yuan [1] - R&D expenses increased by 11.62% to 2.228 billion yuan [1] Order and Inventory Insights - New effective orders for Q1-Q3 2025: 88.583 billion yuan, +16.78% YoY [2] - Breakdown of new orders: - Clean and efficient energy equipment: 32.652 billion yuan, -0.36% YoY [2] - Renewable energy equipment: 26.920 billion yuan, +22.49% YoY [2] - Engineering and international supply chain: 9.726 billion yuan, +8.92% YoY [2] - Modern manufacturing services: 7.857 billion yuan, +13.24% YoY [2] - Emerging growth industries: 11.427 billion yuan, +7.36% YoY [2] - Inventory increased by 52.06% YoY [2] - Contract assets increased by 17.98% YoY [2] - Contract liabilities increased by 17.16% YoY [2] Technological Advancements - The company has made significant breakthroughs in domestic energy equipment, including the successful operation of the G50 gas turbine [3] - Participation in key equipment development for nuclear fusion, including the delivery of components for the ITER project [3] - Successful grid connection of a 26MW offshore wind turbine [3] - Acceptance of core components for a 500MW hydropower unit [3] Investment Outlook - The company is expected to achieve net profits of 4.081 billion yuan, 4.876 billion yuan, and 5.409 billion yuan for 2025-2027, reflecting growth rates of 39.6%, 19.5%, and 10.9% respectively [3]

Core Insights - The article discusses the recent performance and strategic developments of Dongfang Electric Corporation, highlighting its growth in the renewable energy sector and the impact of government policies on its operations [1] Group 1: Company Performance - Dongfang Electric reported a revenue increase of 15% year-on-year, reaching 50 billion yuan in the last fiscal year [1] - The company's net profit rose by 20%, amounting to 5 billion yuan, driven by strong demand for wind and solar power equipment [1] - The company has secured contracts worth 10 billion yuan in the first quarter of the current year, indicating robust market demand [1] Group 2: Industry Trends - The renewable energy sector in China is expected to grow at a compound annual growth rate (CAGR) of 12% over the next five years, supported by government initiatives [1] - The government aims to increase the share of non-fossil fuels in the energy mix to 25% by 2030, creating a favorable environment for companies like Dongfang Electric [1] - Competition in the renewable energy market is intensifying, with several new entrants and established players expanding their capabilities [1]