2023 年度向特定对象发行 A 股股票 募集说明书 （注册稿） 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二四年九月 A 股证券简称：东方电气 证券代码：600875 Dongfang Electric Corporation Limited H 股证券简称：东方电气 证券代码：1072 东方电气股份有限公司 （注册地址：成都市高新西区西芯大道 18 号） 东方电气股份有限公司 募集说明书（注册稿） 声 明 本公司全体董事、监事、高级管理人员承诺本募集说明书不存在任何虚假记 载、误导性陈述或重大遗漏，并保证所披露信息的真实、准确、完整。 公司负责人、主管会计工作负责人及会计机构负责人保证募集说明书中财务 会计资料真实、准确、完整。 上海证券交易所、中国证监会对本次发行所作的任何决定或意见，均不表明 其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对 发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。任何 与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由发 行人自行负责，由此变化引 ...

证券代码：600875 证券简称：东方电气 公告编号：2024-052 东方电气股份有限公司 东方电气股份有限公司董事会 2024 年 9 月 12 日 东方电气股份有限公司（以下简称"公司"）已于 2023 年 8 月 16 日在上海 证券交易所网站（www.sse.com.cn）披露了《东方电气股份有限公司 2023 年度向 特定对象发行 A 股股票募集说明书（注册稿）》等相关文件，于 2023 年 9 月 13 日在上海证券交易所网站披露了《东方电气股份有限公司 2023 年度向特定对象 发行 A 股股票募集说明书（注册稿）》（2023 年半年报财务数据更新版）等相 关文件，于 2024 年 4 月 12 日在上海证券交易所网站披露了《东方电气股份有限 公司 2023 年度向特定对象发行 A 股股票募集说明书（注册稿）》（2023 年年报 财务数据更新版）等相关文件，于 2024 年 6 月 28 日在上海证券交易所网站披露 了《东方电气股份有限公司 2023 年度向特定对象发行 A 股股票募集说明书（注 册稿）》等相关文件。 鉴于公司已于 2024 年 8 月 29 日披露《2024 年半年度报告》， ...

北京市朝阳区东三环中路1号 环球金融中心办公楼东楼18层 邮编: 100020 18th Floor, East Tower, World Financial Center 1 Dongsanhuan Zhonglu Chaoyang District Beijing, 100020 P.R. China 金杜律师事务所 KING&WCOD MALLESONS T +86 10 5878 5588 F +86 10 5878 5566/5599 www.kwm.com 北京市金杜律师事务所 关于东方电气股份有限公司 向特定对象发行 A 股股票 的 法律意见书 二〇二三年四月 4-1-1 致:东方电气股份有限公司 北京市金杜律师事务所(以下简称本所)接受东方电气股份有限公司(以下简称发 行人)委托,担任发行人本次在中国境内向包括控股股东中国东方电气集团有限公司(以 下简称东方电气集团)在内的不超过 35 名特定对象发行不超过 272,878,203 股 A 股股 票(以下简称本次发行)的专项法律顾问。 本所根据《中华人民共和国证券法》(以下简称《证券法》)、《中华人民共和国 公司法》(以下简称《公司法》)、《上 ...

中信证券股份有限公司 关于东方电气股份有限公司 2023 年度向特定对象发行 A 股股票 之 发行保荐书 保荐机构（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二四年九月 声 明 中信证券股份有限公司（以下简称"中信证券"、"保荐机构"）接受东方电 气股份有限公司（以下简称"东方电气"、"发行人"或"公司"）的委托，担任 东方电气 2023 年度向特定对象发行 A 股股票（以下简称"本次证券发行"、"本 次向特定对象发行"或"本次发行"）的保荐机构，为本次发行出具发行保荐书。 中信证券及指定的保荐代表人根据《中华人民共和国公司法》《中华人民共 和国证券法》《上市公司证券发行注册管理办法》《证券发行上市保荐业务管理办 法》等有关法律、法规和中国证券监督管理委员会的有关规定，诚实守信，勤勉 尽责，严格按照依法制订的业务规则、行业执业规范和道德准则出具发行保荐书， 并保证所出具文件的真实性、准确性和完整性。 （本发行保荐书中所有简称和释义，如无特别说明，均与《东方电气股份有 限公司 2023 年度向特定对象发行 A 股股票募集说明书》一致） 3-1-1 | 声 | 明 … | | - ...

中信证券股份有限公司 关于 东方电气股份有限公司 2023 年度向特定对象发行 A 股股票 之 上市保荐书 保荐机构（主承销商） CITIC 中信证券股份有限公司 CITIC Securities Company Limited (广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 二〇二四年九月 声 明 3-2-1 | 声 明. | | --- | | 日 录… | | 一、发行人概况 | | 二、发行人本次发行情况 | | 三、项目保荐代表人、协办人及项目组其他成员情况 | | 四、保荐机构及其关联方与发行人及其关联方之间的利害关系及主要业务往来 | | 情况 | | 五、保荐机构承诺事项 . | | 六、发行人就本次证券发行上市履行的决策程序 | | 七、保荐机构对发行人持续督导工作的安排 | | 八、保荐机构和相关保荐代表人的联系地址、电话和其他通讯方式 . | | 九、保荐机构对本次股票上市的推荐结论 | 目 录 3-2-2 一、发行人概况 （一）发行人基本情况 | 公司名称 | 东方电气股份有限公司 | | --- | --- | | 英文名称 | Dongfang Electric C ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [2][5]. Core Views - The company, Dongfang Electric (600875.SH), is a leading global supplier of power generation equipment and a contractor for power plant engineering. The company reported a revenue of 33.457 billion yuan for H1 2024, representing a year-on-year growth of 11.84%. However, the net profit attributable to shareholders was 1.691 billion yuan, a decline of 15.52% year-on-year [2][3]. Summary by Sections Performance Overview - In H1 2024, the company achieved a revenue of 33.457 billion yuan, up 11.84% year-on-year. The net profit attributable to shareholders was 1.691 billion yuan, down 15.52% year-on-year. The gross margin was 15.36%, a decrease of 2.07 percentage points, while the net margin was 5.49%, down 1.65 percentage points [2][3]. Revenue Breakdown - The revenue from the "Clean and Efficient Energy Equipment" segment was 14.1 billion yuan, a year-on-year increase of 41%. The revenue from coal power, gas turbines, and nuclear power equipment was 8.5 billion, 3.6 billion, and 1.9 billion yuan, respectively, with year-on-year growth rates of 16%, 154%, and 60% [2][3]. Order Growth - The company added effective orders worth 56.073 billion yuan in H1 2024, a year-on-year increase of 14.77%. The breakdown of new orders includes 25.339 billion yuan from clean and efficient energy equipment, 14.058 billion yuan from renewable energy equipment, and 5.731 billion yuan from engineering and trade [3][5]. Shareholder Returns - The company has a dividend policy that increases the payout ratio by 5 percentage points each year from a base of 31.34% in 2021, reaching 41.71% in 2023, ensuring stable returns for shareholders [4]. Profit Forecast - The forecast for the company's revenue from 2024 to 2026 is 71.834 billion, 82.083 billion, and 91.235 billion yuan, respectively. The expected earnings per share (EPS) for the same period are 1.21, 1.52, and 1.80 yuan, with corresponding price-to-earnings (PE) ratios of 10.5, 8.3, and 7.0 [5][6].

证券研究报告 非金融公司|公司点评|东方电气（600875） 在手订单饱满，提质增效回报股东 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月10日 证券研究报告 |报告要点 公司发布 2024 年半年度报告，2024H1 公司实现营收 334.57 亿元，同比+11.84%，实现归母净 利润 16.91 亿元，同比-15.52%，实现扣非归母净利润 16.34 亿元，同比-10.16%。2024Q2 公 司实现营收 184.04 亿元，同比+21.09%，实现归母净利润 7.86 亿元，同比-20.08%，实现扣 非归母净利润 5.79 亿元，同比-33.08%。 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年09月10日 东方电气(600875) 在手订单饱满，提质增效回报股东 | --- | --- | |--------------------------|-------------------------| | | | | 行 业： | 电力设备/其他电源 ...

Investment Rating - The investment rating for the company is "Buy" [1][13] Core Views - The company's revenue for the first half of 2024 reached 33.457 billion yuan, an increase of 11.84% year-on-year, while the net profit attributable to shareholders decreased by 15.52% to 1.691 billion yuan [1] - The company has seen a steady increase in new orders, with effective new orders amounting to 56.073 billion yuan in the first half of 2024, a year-on-year increase of 14.77% [1] - The company is expected to benefit from the growing demand for coal-fired power and nuclear power, with a leading market share in the equipment sector [1] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company reported total revenue of 33.457 billion yuan, with a gross margin of 15.36% and a net margin of 5.49% [1] - The second quarter revenue was 18.404 billion yuan, showing a year-on-year increase of 21.09%, but the net profit decreased by 20.08% to 786 million yuan [1] - The company’s new effective orders in July 2024 reached 62.783 billion yuan, a year-on-year increase of 19.2% [1] Order Growth - The company’s new orders in the clean and efficient energy equipment sector amounted to 25.339 billion yuan, accounting for 45.19% of total new orders [1] - The hydropower sector saw significant order growth, with new effective orders reaching 4.69 billion yuan, a record high for the same period [1] - The company’s market share in the coal-fired power equipment sector is leading, with a market share of 38% in 2023 [1] Industry Outlook - The national electricity demand continues to rise, with a total electricity consumption of 4.66 trillion kWh in the first half of 2024, an increase of 8.1% year-on-year [1] - The company is expected to maintain a certain scale of demand for coal-fired power even after the completion of the "14th Five-Year" coal power installation targets [1] - The nuclear power sector is also expected to grow rapidly, with the company having a market share of 40% in nuclear power equipment [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index within the next six months [13]. Core Views - The company's revenue for the first half of 2024 reached 33.457 billion yuan, a year-on-year increase of 11.84%, while the net profit attributable to shareholders decreased by 15.52% due to various short-term impacts [1]. - The company is experiencing a significant increase in new orders, particularly in the coal power sector, which is expected to support future revenue growth despite current margin pressures [2][6]. - The company is focusing on innovation through increased R&D investment, with a commitment to maintain R&D expenditure at no less than 5% of revenue, emphasizing green and digital transformation [2][6]. Financial Summary - Revenue growth is projected at 12.7% for 2024, 12.3% for 2025, and 9.6% for 2026, with net profit growth expected at 13.0%, 21.6%, and 14.4% respectively [6]. - The company's earnings per share (EPS) are forecasted to be 1.29 yuan in 2024, 1.56 yuan in 2025, and 1.79 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 10, 9, and 8 [6][9]. - The coal power segment's revenue for the first half of 2024 was 8.522 billion yuan, with a gross margin of 16.4%, reflecting a decrease of 2.6 percentage points year-on-year [2]. Order Growth and Market Outlook - The company reported a 28% year-on-year increase in new effective orders in the coal power sector for the first half of 2024, with a further increase of over 37% in July [2]. - The clean and efficient energy segment saw a revenue increase of 41% in the first half of 2024, with nuclear power growing by 60.5% and gas turbine growth reaching 154.2% [2]. - The company achieved a record high in new orders for its power station service segment, amounting to 4.69 billion yuan, a year-on-year increase of over 54% [2].

证券研究报告 | 2024年09月03日 请务必阅读正文之后的免责声明及其项下所有内容 东方电气（600875.SH） 优于大市 煤电业绩增速放缓，风电业务扭亏为盈 24H1 公司实现归母净利润 16.9 亿元，同比下滑 16%。24H1 公司实现营业收 入 334.6 亿元，同比增长 12%；实现归母净利润 16.9 亿元，同比下滑 16%； 扣非归母净利润16.3亿元，同比下滑10%。对应24Q2公司实现营业收入184.0 亿元，同比增长 21%，环比增长 22%；归母净利润 7.9 亿元，同比下滑 20%， 环比下滑 13%；扣非归母净利润 5.8 亿元，同比下滑 33%，环比下滑 45%。 煤电业绩增速放缓，风电业务扭亏为盈。24H1 公司核电及电站服务利润增速 亮眼，风电业务扭亏为盈，但煤电业务增速放缓，工程与贸易业务利润承压， 导致公司业绩下滑。其中 24H1 煤电板块营收 85.2 亿元，同比增长 16%；毛 利率 16%，同比下滑 3pcts。由于公司集中交付了本轮煤电核准高增前签订 的部分低价订单，煤电板块 24H1 毛利率有所下滑。我们估计 24H1 煤电设备 贡献净利润约 6.3 亿元， ...