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。 ...

Financial Performance - Total operating revenue for Q1 2025 reached CNY 16.55 billion, a 9.93% increase compared to CNY 15.05 billion in the same period last year[7] - Net profit attributable to shareholders was CNY 1.15 billion, reflecting a significant growth of 27.39% from CNY 905.75 million year-on-year[7] - Basic earnings per share increased to CNY 0.37, up 27.59% from CNY 0.29 in the previous year[7] - Operating income for Q1 2025 was ¥16.29 billion, up from ¥14.80 billion in Q1 2024, reflecting a growth of 10.1%[29] - Net profit for Q1 2025 was ¥1.23 billion, representing a 24.7% increase compared to ¥0.99 billion in Q1 2024[31] - The total comprehensive income for Q1 2025 was ¥1.23 billion, an increase from ¥0.97 billion in Q1 2024[32] Cash Flow - The net cash flow from operating activities was negative at CNY -3.29 billion, a decline of 365.42% compared to a positive cash flow of CNY 1.24 billion in the same period last year[7] - Cash flow from operating activities decreased by 365.42%, primarily due to an increase in cash payments for goods purchased by RMB 40.21 billion and a decrease in net customer deposits and interbank placements by RMB 29.12 billion[15] - Operating cash inflow for Q1 2025 was CNY 17.68 billion, compared to CNY 16.54 billion in Q1 2024, representing an increase of 6.9%[36] - Cash outflow from operating activities in Q1 2025 was CNY 20.97 billion, up from CNY 15.30 billion in Q1 2024, indicating a significant increase of 37.6%[38] - The company’s cash inflow from operating activities included CNY 1,430,304,213.06 from sales of goods and services in Q1 2025, a substantial rise from CNY 549,304,216.73 in Q1 2024, reflecting an increase of approximately 160.1%[54] Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 148.83 billion, representing a 4.80% increase from CNY 142.01 billion at the end of the previous year[7] - Total liabilities amounted to CNY 104.39 billion, compared to CNY 98.87 billion, marking an increase of around 5.7%[27] - Long-term borrowings increased by 61.11%, with new loans from external banks amounting to CNY 1.36 billion[13] - Current assets totaled CNY 103.78 billion, up from CNY 93.78 billion, indicating a significant increase of about 10.7%[24] - The total current liabilities reached CNY 93.03 billion, up from CNY 88.91 billion, indicating an increase of approximately 4.8%[26] Investments and Expenses - Research and development expenses increased to ¥705.99 million in Q1 2025, up 15.2% from ¥612.62 million in Q1 2024[29] - The company reported a total operating cost of ¥15.24 billion in Q1 2025, which is a 10.5% increase from ¥13.79 billion in Q1 2024[29] - The company reported a significant increase in asset impairment losses of CNY 120,767,659.84 in Q1 2025 compared to CNY 11,629,731.15 in Q1 2024[49] Shareholder Information - As of the end of the reporting period, the total number of common shareholders was 103,003[16] - The largest shareholder, China Eastern Electric Group Co., Ltd., holds 1,739,215,126 shares, accounting for 55.79% of total shares[17] Production and Orders - In Q1 2025, the company produced 17,909,400 kW of power generation equipment, including 695,000 kW of hydropower units and 1,390,300 kW of steam turbine generators[21] - The company secured new orders worth RMB 35.881 billion in Q1 2025, with clean and efficient energy equipment accounting for 44.56% of the total[21]

证券代码：600875 股票简称：东方电气 编号：2025-020 东方电气股份有限公司 监事会十一届七次会议决议公告 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。 一、监事会会议召开情况 东方电气股份有限公司（以下简称"公司"）监事会十一届七次会议于 2025 年 4 月 28 日在成都召开，本次会议应到监事 3 人，实到监事 3 人。本次会议的召开符 合《中华人民共和国公司法》《东方电气股份有限公司章程》及《监事会议事规则》 的有关规定。 二、监事会会议审议情况 （四）审议通过调整募投项目拟投入募集资金金额及使用募集资金置换预先投入 募投项目自筹资金的议案。 经监事认真审议，形成以下决议： （一）审议通过公司 2024 年度内部控制评价报告及内部控制审计报告的议案。 监事会认为：公司 2024 年度内部控制评价报告及内部控制审计报告真实、客观 地反映了公司内部控制的建设及运行情况。公司建立了较为完善的内部控制制度， 内控制 ...

证券代码：600875 股票简称：东方电气 编号：2025-021 东方电气股份有限公司 董事会十一届九次会议决议公告 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。 公司高管人员 2024 年业绩考核结果建议方案已经董事会薪酬与考核委员会审议 通过并同意提交董事会审议。董事会同意公司高管人员 2024 年业绩考核结果建议方 案。 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）董事会十一届九次会议通知于 2025 年 4 月 15 日发出，并于 2025 年 4 月 29 日召开，参会人数符合法律规定。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 （二）审议通过公司高管人员 2025 年业绩考核目标值建议方案的议案 公司高管人员 2025 年业绩考核目标值建议方案已经董事会薪酬与考核委员会审 议通过并同意提交董事会审议。董事会同意公司高管人员 2025 年业绩考核目标值建 议方案。 （三）审议通过公司 2024 年度财务决算报告的议案 本次董 ...

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法律责任。 重要内容提示： ●每 10 股派发现金红利 4.03 元（含税）。 ●本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体 日期将在权益分派实施公告中明确。 ●在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配 总额不变，相应调整每股现金分红金额，并将另行公告具体调整情况。 ●不触及《上海证券交易所股票上市规则》（以下简称《股票上市规则》） 第 9.8.1 条第一款第（八）项规定的可能被实施其他风险警示的情形。 一、利润分配方案内容 证券代码：600875 证券简称：东方电气 公告编号：2025-022 东方电气股份有限公司 2024 年年度利润分配方案公告 | 项目 | 本年度 | 上年度 | 上上年度 | | --- | --- | --- | --- | | 现金分红总额（元） | 1,366,315,211.38 | 1,480,812,242.08 | 1,044,708,822.00 | | 回购注销总额（元） | | | | | 归属于上市公司股东 ...

Financial Performance - Total operating revenue for 2024 reached ¥69.70 billion, a 14.86% increase from ¥60.68 billion in 2023[14]. - Net profit attributable to shareholders decreased by 17.70% to ¥2.92 billion from ¥3.55 billion in 2023[14]. - Basic earnings per share fell to ¥0.94, down 17.54% from ¥1.14 in 2023[15]. - Cash flow from operating activities showed a significant improvement, reaching ¥10.06 billion compared to a negative cash flow of ¥3.50 billion in 2023[14]. - Total assets increased by 17.26% to ¥142.01 billion from ¥121.11 billion in 2023[14]. - The total profit for the year was RMB 3.884 billion, a decrease of 3.04% compared to the previous year[25]. - The company achieved new effective orders amounting to RMB 101.142 billion, representing a year-on-year growth of 16.88%[26]. - The company recorded non-recurring gains of ¥941.65 million in 2024, compared to ¥974.58 million in 2023[22]. Dividend and Shareholder Information - The board of directors proposed a cash dividend of RMB 4.03 per 10 shares for the 2024 fiscal year, down from RMB 4.75 in 2023, totaling approximately RMB 1.37 billion based on the total share capital of 3,390,360,326 shares[1]. - The company has no plans for capital reserve transfers or stock dividends for the 2024 fiscal year[1]. - The company held a total of 9 supervisory board meetings in 2024, discussing key proposals including the 2024 annual budget and 2023 financial statements[160]. - The company held 4 shareholder meetings during the reporting period, ensuring transparency and fairness in decision-making processes[176]. Corporate Governance - The company operates under the governance of the Company Law of the People's Republic of China and adheres to the corporate governance code[8]. - The board of directors consists of 7 members, including 3 independent non-executive directors, and held 13 meetings during the reporting period[177][179]. - The supervisory board comprises 3 members, including 2 shareholder representatives and 1 employee representative, and held 5 meetings during the reporting period[179]. - The company has established a performance evaluation mechanism for senior management, linking their compensation to company performance and individual responsibilities[180]. - The company is committed to maintaining high corporate governance standards and has adopted all applicable provisions of the Corporate Governance Code[183]. Research and Development - The company maintained a research and development expenditure intensity of over 5%[25]. - In 2024, the company invested RMB 3.816 billion in R&D, accounting for over 5.56% of its operating revenue, and added 507 new effective patents[40]. - The company achieved significant technological milestones, including the successful ignition of the first domestically developed 15 MW heavy gas turbine and the commissioning of the world's largest 26 MW offshore wind turbine[40]. - Research and development expenses grew by 9.44% year-on-year to RMB 3.01 billion, reflecting increased investment in R&D[51]. Market and Industry Position - The market share for pumped storage reached 41.6%, while conventional hydropower market share was 45%[26]. - The company has established a two-tier marketing system that enhances its domestic and international market presence, with ongoing expansion of overseas marketing institutions[43]. - The company maintains a diverse industrial structure, with a focus on six energy sectors: wind, solar, hydro, nuclear, gas, and coal, ensuring a robust support from traditional industries and strong momentum in emerging sectors[41]. Financial Health and Investments - The company's cash and cash equivalents reached RMB 26,855,949,069.93, representing 18.91% of total assets, a 56.78% increase compared to the previous period[97]. - The company reported a net cash flow from financing activities of RMB 1.09 billion, compared to a negative cash flow of RMB 497.10 million in the previous year[57]. - Long-term borrowings increased by 56.65% to CNY 2,167,176,895.80, making up 1.53% of total assets[100]. - The company has invested in several new energy companies, indicating a strategic focus on expanding its renewable energy portfolio[79]. Risk Management - The company plans to strengthen risk management by implementing a comprehensive risk control system across various business areas[126]. - The company faces significant international operational risks due to geopolitical tensions and global economic challenges, impacting its overseas market expansion efforts[130]. - The company has identified a need for risk identification and prevention in sensitive countries and regions as part of its international strategy[130]. Social Responsibility - The company donated approximately RMB 25.90 million in charitable contributions during the reporting period, an increase from RMB 24.27 million in the previous year[153]. - The company emphasizes the protection of stakeholder rights and social responsibility, aiming for a balance of interests among shareholders, employees, and society[179].