Core Insights - The hydrogen fuel cell combined heat and power (HFC-CHP) system is a crucial development in clean energy technology, achieving over 90% overall energy utilization efficiency, significantly outperforming traditional energy systems [1][10][6] - The industry is in its early stages of commercialization, but driven by policy support and technological advancements, market applications are accelerating [15][10] - Notable projects have been launched in 2024, including the first 2MW hydrogen fuel cell CHP demonstration project in China, showcasing significant breakthroughs in the efficient utilization of industrial by-product hydrogen [15][1] Industry Overview - The HFC-CHP system integrates hydrogen fuel cell technology to simultaneously generate electricity and heat through electrochemical reactions, with various types categorized by electrolyte types, including PEMFC, SOFC, and MCFC [8][4] - The system consists of four main components: hydrogen source generator, power generation device, power electronics, and waste heat storage system [4] Market Dynamics - The Chinese hydrogen fuel cell CHP industry has developed a comprehensive ecosystem, focusing on domestic production of key materials and components, system integration, and diverse applications across industrial parks, commercial buildings, and residential communities [8][10] - The market size of China's hydrogen fuel cell industry grew from 1.63 billion yuan in 2019 to 3.93 billion yuan in 2023, with a compound annual growth rate of 24.61% [13] Competitive Landscape - The domestic market is characterized by a tiered competition structure, with leading companies like Qingneng Co. and Jie Hydrogen Technology dominating industrial applications, while others focus on commercial scenarios [17] Development Trends - The hydrogen fuel cell CHP technology is expected to become a vital part of China's energy system, supporting carbon peak and carbon neutrality goals [19] - There is a trend towards diversified applications, with innovations like "hydrogen communities" and "zero-carbon buildings" emerging in the residential sector [21][22] - Industry consolidation is accelerating, with major energy companies pursuing mergers and partnerships to enhance capital and technological synergies, leading to a shift from fragmented competition to a more integrated market [23]

Group 1 - The new type of 1 million kilowatt steam turbine generator developed by Dongfang Electric has successfully completed type testing, demonstrating superior efficiency, vibration, and temperature rise parameters compared to national standards, marking a significant breakthrough in China's steam turbine technology [1] - The new generator features innovative technical and structural designs, including an elastic support system for the rotor and a dual-shield structure for the stator end, ensuring safe and reliable operation under complex working conditions [1] - The development of this new steam turbine generator began in 2021 and involved overcoming various technical challenges, including issues related to the tightness of the large-diameter stator core and the precision requirements for the stator installation [1] Group 2 - Dongfang Electric has been focusing on research related to generator deep peak regulation and flexible operation technology, significantly enhancing the reliability of generator operation through innovative designs and advanced manufacturing processes [2] - The generators developed by Dongfang Electric can achieve safe and stable operation throughout their lifecycle, accommodating rapid load changes in various grid environments, thereby strengthening the technical foundation for stable operation of new grid systems [2]

Core Viewpoint - The domestic controlled nuclear fusion projects are making significant progress, with mainstream technology expected to enter the demonstration phase by 2035 and achieve commercial power generation around 2050 [1][6][14]. Group 1: Industry Progress - The controlled nuclear fusion sector has seen a surge in stock prices, with the concept stocks rising by 6.11% on May 6, 2023, following positive developments in the industry [1]. - The Hefei compact fusion energy experimental device (BEST) project has commenced its assembly work two months ahead of schedule, aiming for completion by 2027 [1]. - The International Thermonuclear Experimental Reactor (ITER) has completed the construction of all components of its superconducting magnet system, marking a significant milestone in fusion research [1][6]. Group 2: Technological Developments - The "Xuanlong-50U" spherical hydrogen-boron fusion device achieved high-temperature, high-density plasma currents exceeding 15 million degrees Celsius, surpassing the core temperature of the sun [2][5]. - New Hope Group has invested 4 billion yuan in fusion research since 2017, aiming to achieve engineering feasibility before 2035 [5]. - The industry is focusing on three main technical challenges: maintaining plasma at over 100 million degrees Celsius, ensuring materials can withstand neutron bombardment for commercial operation, and addressing the production of tritium [11]. Group 3: Investment and Market Dynamics - The global fusion industry attracted $7.1 billion in investment in 2023, with a significant portion coming from private capital [16]. - China has formed three main forces in fusion research: market-driven startups, national research teams, and private enterprises like New Hope Group, which plans to invest nearly 10 billion yuan in the next five years [16][17]. - The market for fusion devices is projected to reach 2.26 trillion yuan between 2030 and 2035, indicating substantial investment potential in components like high-temperature superconductors [18].

Core Insights - The fuel cell power generation industry in China is in its early commercialization stage, but its development potential is gradually becoming evident [1] - By 2030, the installed capacity of fuel cell power generation in China is expected to exceed 2000-2500 MW, with an annual compound growth rate of over 30% [1][14] Industry Overview - Fuel cell power stations convert chemical energy from fuels (like hydrogen and natural gas) into electrical energy through electrochemical reactions, achieving energy conversion efficiencies of 40%-60%, and up to 80% in combined heat and power (CHP) systems [2] - The industry has formed a complete ecosystem with innovative companies like Kunhua Technology, Aidemeng, and Qingneng Technology collaborating with listed companies and research institutions [1][16] Market Dynamics - The market size of China's hydrogen fuel cell industry grew from 1.63 billion yuan in 2019 to 3.93 billion yuan in 2023, with a compound annual growth rate of 24.61% [10] - In 2024, the industry is expected to experience explosive growth, with fuel cell heavy truck sales increasing by 80% year-on-year and the number of hydrogen refueling stations surpassing 550 [10] Technological Landscape - The fuel cell technology is categorized based on electrolyte type, operating temperature, and fuel applicability, including proton exchange membrane fuel cells (PEMFC), phosphoric acid fuel cells, molten carbonate fuel cells, and solid oxide fuel cells (SOFC) [3][5] - SOFCs have higher efficiency, reaching nearly 90% in CHP applications, and a broader range of fuel options, making them suitable for various applications [5] Competitive Landscape - The industry is characterized by a "leading enterprises, regional clustering, and diverse technologies" competitive structure, with major players like Dongfang Electric and Weichai Power leading in SOFC technology [19][21] - The collaboration between upstream material suppliers and downstream application developers is crucial for driving the commercialization of fuel cell power stations [8][19] Future Trends - The industry is transitioning from policy-driven to market-driven, with technological breakthroughs and cost reductions accelerating commercialization [23] - The application scenarios are expanding from demonstration projects to large-scale commercial use, with a projected 60% of installed capacity in CHP projects by 2030 [26] - The cost of green hydrogen production is decreasing, with projections of 25 yuan/kg in 2024 and potentially 15 yuan/kg by 2030, enhancing the competitiveness of hydrogen energy [27]

图1：2024年4月以来A股实施定增数量及实际募集总额 新华财经北京5月7日电统计显示，2025年4月，A股上市公司共计实施定增9起，同比下降59%；实际募资总额约153.06亿元，同比下降13%。 按照首次披露预案日口径统计，2025年4月A股上市公司定增预案发布数量共计40起，拟募资规模约232.17亿元，同比上升8%。其中，北汽蓝谷、移远通信 等企业拟募资规模相对靠前。 4月实际募资约153.06亿元同比下降近13% 根据信披数据，以定增股份上市日统计，2025年4月A股上市公司共计实施定增9起，同比下降59%；实际募集资金合计约153.06亿元，同比下降13%、环比 下降63%。 2025年4月实施定增的上市公司中，东方电气的实际募资额排在首位。东方电气新增股份数量为27287.82万股，发行价格为15.11元／股，实际募资总额为 41.23亿元，募集资金净额拟用于收购子公司股权类项目、建设类项目、补充流动资金。 实际募资额排在第二位的是外高桥。该公司4月增发新股约22456.31万股，发行价格为11.02元／股，实际募资总额为24.75亿元，募集资金净额拟用于新发展 H2地块新建项目、D1C-108 ...

证券研究报告 东方电气 (1072 HK/600875 CH) 港股通 减值拖累 24 年净利，1Q 业绩亮眼 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 04 日│中国内地/中国香港 | 电气设备 | 公司公布 2024 年年报和 2025 年一季报：2024 年营业总收入 696.95 亿元， 同比+14.9%；归母净利润 29.22 亿元，同比-17.7%，低于我们预期的 36.09 亿元，主要系计提资产减值 11.5 亿所致。1Q25 公司营业总收入同比+9.9% 至 165.48 亿元，归母净利润同比+27.4%至 11.54 亿元，高于我们预期的 9.51~10.87 亿元，主要系高毛利煤电订单占比提升。2024 年公司 DPS 为 0.403 元，分红比例为 46.76%。考虑公司有望受益于水火核传统电源的常 态化订单，且随高毛利煤电订单交付盈利能力或将明显提升，维持"买入"。 产业发展再上新台阶，1Q25 净利率同比/环比+0.87/+5.04pp 公司 2024 年海上风电新增装机量跻身前三，市占率突破 10% ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [3][6]. Core Views - The company achieved a revenue of 69.695 billion yuan in 2024, a year-on-year increase of 14.86%, while the net profit attributable to shareholders decreased by 17.70% to 2.922 billion yuan [1]. - In Q1 2025, the company reported a revenue of 16.548 billion yuan, up 9.93% year-on-year, and a net profit of 1.154 billion yuan, which is a significant increase of 27.39% year-on-year and 288.02% quarter-on-quarter [1]. - The company’s new effective orders exceeded 100 billion yuan in 2024, marking a 16.88% year-on-year increase, with notable growth in renewable energy and emerging industries [2][3]. Summary by Sections Financial Performance - In 2024, the company’s main energy equipment sales saw significant increases: hydroelectric generator sets, steam turbines, and wind turbines grew by 12.29%, 30.65%, and 83.63% respectively, reaching 5.77 GW, 40.05 GW, and 8.98 GW [2]. - The revenue from renewable energy equipment and clean efficient energy equipment increased by 19.98% and 37.73% to 16.603 billion yuan and 28.358 billion yuan respectively [2]. - The gross margins for renewable energy and clean efficient energy equipment decreased by 3.17 and 4.12 percentage points to 3.77% and 16.75% respectively due to low-price orders in thermal power and intensified competition in wind energy [2]. Orders and Growth - The company’s new effective orders reached 101.142 billion yuan in 2024, a record high since the 14th Five-Year Plan, with renewable energy equipment and emerging industries growing by 31.66% and 27.88% to 26.489 billion yuan and 14.585 billion yuan respectively [2][3]. - In Q1 2025, the company added new effective orders of 35.881 billion yuan, a year-on-year increase of 36.28%, with growth exceeding 30% in clean efficient energy equipment, renewable energy equipment, and engineering and international supply chain industries [2]. Dividend and Shareholder Returns - The company increased its dividend payout ratio to 46.76% in 2024, up by 5.05 percentage points, reflecting a commitment to shareholder returns [3].

上 市 公 司 | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 12.82 | | 资产负债率% | 70.14 | | 总股本/流通 A 股（百万） | 3,390/2,024 | | 流通 B 股/H 股（百万） | -/340 | 电力设备 2025 年 05 月 05 日 东方电气 (600875) ——毛利下滑及减值影响当前利润，新接订单持续亮眼 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 15.21 | | 一年内最高/最低（元） | 19.07/12.26 | 市净率 1.3 息率（分红/股价） 3.12 流通 A 股市值（百万元） 30,779 上证指数/深证成指 3,279.03/9,899.82 注："息率"以最近一年已公布分红计算 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 -30 ...

Core Viewpoint - The company's 2024 performance fell short of expectations, primarily due to significant asset impairment losses, while the first quarter of 2025 showed improvement in revenue and net profit growth [1][2]. Financial Performance - In 2024, total revenue reached 69.695 billion yuan, a year-on-year increase of 14.86%, while net profit attributable to shareholders was 2.922 billion yuan, a decrease of 17.7% due to asset impairment losses of approximately 1.15 billion yuan [1]. - For Q1 2025, total revenue was 16.548 billion yuan, up 9.93% year-on-year, and net profit attributable to shareholders was 1.154 billion yuan, an increase of 27.39% [1]. Business Segments - Clean and Efficient Energy: In 2024, revenue from coal, gas, and nuclear power increased by 17.8%, 87.6%, and 68.0% respectively, with gross margins slightly declining [1]. - Renewable Energy: In 2024, revenue from hydropower and wind power grew by 27.9% and 19.6% respectively, with the company ranking among the top three in offshore wind installations [1]. - Modern Manufacturing Services: Revenue from power station services surged by 61.9% in 2024, with a slight increase in gross margin [1]. Order Growth and Profitability - New effective orders increased by 17% in 2024 to 101.1 billion yuan, with Q1 2025 seeing a 36% rise to 35.88 billion yuan, driven by strong demand in clean and renewable energy equipment [2]. - In Q1 2025, the gross margin was 16.6%, a decrease of 0.7 percentage points year-on-year, while the net profit margin improved to approximately 7.1%, an increase of 1 percentage point [2]. Industry Trends - The company is expected to benefit from policy support for traditional energy sources, including coal, nuclear, and hydropower, with ongoing upgrades and approvals for new projects [3]. - Recent government initiatives aim to enhance the performance of existing coal power units and maintain a steady approval pace for nuclear power projects [3]. Profit Forecast and Valuation - The profit forecast for 2025 has been revised down by 11.1% to 4.16 billion yuan, with a new forecast for 2026 set at 5.01 billion yuan [4]. - Current A and H shares are valued at 12.4/10.3 times and 8.1/6.6 times P/E for 2025/2026, respectively, with target prices set at 17 HKD and 11.6 HKD, indicating potential upside [4].

东方电气(01072.HK)：第一季度营收162.91亿元，同比增长10.06%；归属于上市公司股东的净利润11.54 亿元，同比增长27.39%；基本每股收益0.37元。 ...