证券代码：600875 股票简称：东方电气 编号：2024-062 东方电气股份有限公司 关于回购注销部分限制性股票减资暨通知债权人的公告 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。 一、通知债权人的原由 东方电气股份有限公司（以下简称公司）于 2024 年 10 月 28 日召开监事会十一届 三次会议，于 2024 年 10 月 30 日召开董事会十一届四次会议，两次会议均审议通过了 《关于回购注销部分限制性股票的议案》。 二、需债权人知晓的相关信息 债权申报所需材料：公司债权人可持证明债权债务关系存在的合同、协议及其他 凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营业执照副 本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述文件外，还需 携带法定代表人授权委托书和代理人有效身份证的原件及复印件。债权人为自然人的， 需同时携带有效身份证的原件及复印件；委托他人申报的，除上述文件外，还需携带 授权委托书和代理人有效身份证件的原件及复印件。债权申报具体方式如下： 1、债权申报登记地点：四 ...

2024 年 11 月 18 日 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）董事会收到公司高级副总裁李忠军 先生提交的书面辞职报告。李忠军先生因工作调动原因,向公司董事会申请辞去 高级副总裁职务。辞职后李忠军先生将不再担任公司任何职务。李忠军先生在任 职期间与公司董事会、监事会均无意见分歧，亦无任何有关其辞职事宜需提请公 司股东关注。 公司董事会对李忠军先生在任职期间做出的贡献表示衷心感谢！ 特此公告。 东方电气股份有限公司董事会 证券代码：600875 股票简称：东方电气 编号：2024-061 东方电气股份有限公司 关于公司高级副总裁辞职的公告 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [4][17]. Core Views - The company reported a revenue increase of 7% year-on-year for the first three quarters of 2024, with new orders showing robust growth [1][2]. - The third quarter of 2024 saw a revenue of 9.3 billion yuan, a year-on-year increase of 3% [1]. - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 4.26 billion, 4.62 billion, and 4.94 billion yuan respectively, reflecting year-on-year changes of +20.0%, +8.5%, and +6.9% [17]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a total revenue of 47.85 billion yuan, a 7% increase year-on-year, while the net profit attributable to shareholders was 2.62 billion yuan, down 10% year-on-year [1][5]. - The gross margin for the first three quarters was 15.7%, a decrease of 1.7 percentage points year-on-year [1][9]. - In Q3 2024, the company reported a revenue of 14.39 billion yuan, down 3% year-on-year and down 21.8% quarter-on-quarter [1][5]. Order Intake - The company secured new orders totaling 81.25 billion yuan in the first three quarters of 2024, representing a 27% year-on-year increase [2][11]. - In Q3 2024, new orders amounted to 25.17 billion yuan, a 64% increase year-on-year but a 15% decrease quarter-on-quarter [2][12]. - The renewable energy equipment segment saw a significant year-on-year increase of 152% in new orders for Q3 2024 [2][11]. Production Capacity - The company’s power generation equipment production reached 40.4 GW in the first three quarters of 2024, a 29% increase year-on-year [2][12]. - The production of wind power generation units increased by 53% year-on-year, while the production of turbine generators rose by 38% [2][12]. Profitability Metrics - The net profit margin for the first three quarters of 2024 was 6.9%, an increase of 0.3 percentage points year-on-year [1][9]. - The company’s operating expense ratio for the first three quarters was 10.7%, a decrease of 0.2 percentage points year-on-year [9]. Valuation Metrics - The current stock price corresponds to a price-to-earnings (PE) ratio of 11.9 for 2024, 10.9 for 2025, and 10.2 for 2026 [17].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][7]. Core Views - The company reported a total revenue of 47.849 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 6.9%. However, the net profit attributable to shareholders decreased by 9.86% to 2.625 billion yuan [4][7]. - The overall gross margin showed a significant recovery, reaching 16.63% in Q3 2024, up 3.99 percentage points from the previous quarter, indicating a gradual recovery in performance [5][6]. - The company achieved a year-over-year increase of 26.5% in effective orders, totaling 81.25 billion yuan, with a strong order backlog suggesting future growth potential [6][7]. - The company plans to increase its dividend payout ratio to at least 46.71% in 2024, up from 41.71% in 2023, reflecting a commitment to returning value to shareholders [6][7]. Financial Summary - For 2024, the company expects total revenue of 75.461 billion yuan, with a year-over-year growth rate of 24.4%. The net profit is projected to be 3.635 billion yuan, reflecting a modest growth of 2.4% [8][10]. - The gross margin is anticipated to improve to 17.4% in 2024, with a gradual increase expected in subsequent years [8][10]. - The earnings per share (EPS) is forecasted to be 1.17 yuan in 2024, increasing to 1.75 yuan by 2026 [8][10].

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].

证券研究报告 电力设备 | 其他电源设备Ⅱ 非金融|公司点评报告 hyzqdatemark 2024 年 11 月 02 日 | --- | |-------------------------------------| | | | 证券分析师 | | 查浩 SAC：S1350524060004 | | zhahao@huayuanstock.com | | 刘晓宁 SAC：S1350523120003 | | liuxiaoning@huayuanstock.com 戴映炘 | | SAC：S1350524080002 | | --- | --- | |----------------------------------------|---------------------| | 基本数据 | 2024 年 11 月 01 日 | | 收盘价（元） | 15.35 | | 一 年 内 最 高 / 最 低 （元） | 19.07/12.26 | | 总市值（百万元） | 47,853.62 | | | | | 流通市值（百万元） | 36,276.72 | | 总股本（百万股） | 3,117.50 | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 performance met expectations, with a significant improvement in gross margin quarter-on-quarter [4] - For the first three quarters of 2024, the company achieved a revenue of 478.5 billion yuan, representing a year-on-year increase of 6.9%, and a net profit attributable to shareholders of 26.3 billion yuan, down 9.9% year-on-year [4][5] - The company continues to see a steady increase in new orders, with a total of 812.51 billion yuan in new effective orders for the first nine months of 2024, up 26.5% year-on-year [5] Financial Performance Summary - In Q3 2024, the company reported revenue of 143.9 billion yuan, a year-on-year decrease of 3.1% and a quarter-on-quarter decrease of 21.8% [4] - The net profit for Q3 2024 was 9.33 billion yuan, up 2.6% year-on-year and up 18.8% quarter-on-quarter [4] - The gross margin for Q3 2024 was 16.6%, an increase of 4.0 percentage points quarter-on-quarter, while the net margin was 6.8%, up 2.3 percentage points quarter-on-quarter [4] Order and Contract Liabilities - The company has seen a continuous increase in contract liabilities, which reached 389.4 billion yuan by the end of Q3 2024, reflecting a quarter-on-quarter growth of 9.7% [5] - The breakdown of new effective orders includes 327.7 billion yuan from clean and efficient energy equipment (40.3% of total), 219.8 billion yuan from renewable energy equipment (27.1%), and 89.3 billion yuan from engineering and trade (11.0%) [5] Shareholder Returns - The company has committed to enhancing shareholder returns, with a dividend policy that aims to increase the payout ratio by 5% annually, expecting a payout ratio of no less than 46.71% in 2024 [6]

1、东方电气股份有限公司（以下简称"公司"）2019 年 A 股限制性股票激励计 划（以下简称"本激励计划"）预留授予第三个限售期将于 2024 年 11 月 25 日届满， 相应的解除限售条件已经成就，本次可解除限售的激励对象共 23 人，可解除限售的限 制性股票数量合计 27.5001 万股，占当前公司股本总额的 0.0087%。 2、本次限制性股票办理完成解除限售手续后，在上市流通前，公司将发布相关提 示性公告，敬请投资者注意。 证券代码：600875 股票简称：东方电气 编号：2024-058 东方电气股份有限公司 关于 2019 年 A 股限制性股票激励计划预留授予 第三期解除限售条件成就的公告 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： 5、2019 年 11 月 22 日，公司 2019 年第一次临时股东大会、2019 年第一次 A 股类 别股东会议及 2019 年第一次 H 股类别股东会议审议通过了《关于审议公司<2019 年 A 股限制性股票激励计划（草案修订稿）>及其摘要的议案》、 ...

证券代码：600875 股票简称：东方电气 编号：2024-055 东方电气股份有限公司 监事会十一届三次会议决议公告 本公司监事会及全体监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法律责任。 如有监事对临时公告内容的真实性、准确性和完整性无法保证或存在异议的，公 司应当在公告中作特别提示。 （二）审议通过《关于 2019 年 A 股限制性股票激励计划预留授予第三期解除限售 条件成就的议案》的议案。 监事会认为：公司 2019 年 A 股限制性股票激励计划预留授予第三个限售期即将届 满且相应解除限售的条件已经成就，本次解除限售符合《管理办法》《激励计划（草 案修订稿）》与《2019 年 A 股限制性股票激励计划实施考核管理办法》的有关规定。 公司监事会对本次可解除限售的激励对象名单进行核查后认为 23 名激励对象的解除限 售资格合法、有效，同意公司对此 23 名激励对象所获授的 27.5001 万股限制性股票进 行解除限售并办理解除限售相关事宜。 以上事项已经公司 2019 年第一次临时股东大会、2019 年第一次 A 股类别股东会议 及 2019 年 ...

证券代码：600875 股票简称：东方电气 编号：2024-056 1 东方电气股份有限公司 董事会十一届四次会议决议公告 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。 一、董事会会议召开情况 东方电气股份有限公司（以下简称公司）董事会十一届四次会议通知于 2024 年 10 月 18 日发出，会议于 2024 年 10 月 30 日以现场形式召开。应出席本次董事会的董 事 7 人，实际出席董事 7 人，其中现场出席董事 6 人，委托出席董事 1 人，董事张彦 军因公无法出席会议，委托董事长俞培根代为出席并表决。公司部分监事及高管列席 会议。本次董事会会议按照有关法律、行政法规及公司章程的规定召开，会议及通过 的决议合法有效。 二、董事会会议审议情况 本次董事会会议形成如下决议： （一）审议通过关于聘任王军为公司高级副总裁的议案。 经董事会提名委员会审核，董事会同意聘任王军先生为公司高级副总裁。 王军先生简历如下： 王军先生，1972 年 4 月出生，大学毕业于西安交通大学能源与动力工程系锅炉专 业，在职获得浙江大学能 ...