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]

Financial Performance - Operating revenue for the third quarter was CNY 14,096,935,685.58, a decrease of 3.28% compared to the same period last year[4] - Net profit attributable to shareholders was CNY 933,278,428.22, an increase of 2.60% year-on-year[4] - Net profit after deducting non-recurring gains and losses was CNY 834,545,141.09, a decrease of 4.07% compared to the previous year[4] - Total operating revenue for the first three quarters of 2024 reached CNY 47.85 billion, a 4.6% increase from CNY 44.77 billion in the same period of 2023[24] - Net profit attributable to shareholders for the first three quarters of 2024 was CNY 2.62 billion, down 9.9% from CNY 2.91 billion in the same period of 2023[26] - Basic and diluted earnings per share for the first three quarters of 2024 were both RMB 0.84, down from RMB 0.93 in the same period of 2023, indicating a decrease of about 9.7%[27] Cash Flow - Cash flow from operating activities was CNY 1,978,748,185.58, not applicable for year-on-year comparison[4] - The net cash flow from operating activities improved significantly, attributed to better collection during the period[12] - Cash flow from operating activities generated RMB 6,043,443,426.83 in the first three quarters of 2024, a significant improvement compared to a negative cash flow of RMB 3,057,215,771.23 in the same period of 2023[31] - Cash inflow from sales of goods and services amounted to RMB 48,872,580,166.62, an increase of approximately 22.5% from RMB 39,755,665,347.85 in the first three quarters of 2023[29] - Cash outflow for purchasing goods and services was RMB 38,228,218,875.65, up from RMB 33,516,189,303.92 in the same period of 2023, reflecting an increase of about 14.5%[31] - Cash flow from financing activities generated a net inflow of RMB 168,169,976.22 in the first three quarters of 2024, a recovery from a net outflow of RMB -775,647,631.52 in the same period of 2023[33] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 138,723,736,913.90, an increase of 14.55% from the end of the previous year[4] - The company's total assets reached CNY 138.72 billion as of September 30, 2024, up from CNY 121.11 billion at the end of 2023, indicating a growth of 14.5%[23] - The company's current liabilities totaled RMB 86.18 billion as of September 30, 2024, compared to RMB 71.25 billion at the end of 2023, indicating a significant increase[22] - Total liabilities as of September 30, 2024, amounted to CNY 96.19 billion, up 20.4% from CNY 79.89 billion at the end of 2023[23] - The company's total equity increased to CNY 42.54 billion as of September 30, 2024, compared to CNY 41.22 billion at the end of 2023, representing a growth of 3.2%[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 99,561[14] - The largest shareholder, China Eastern Electric Group, holds 55.77% of the shares, totaling 1,738,670,126 shares[14] Investments and Expenses - Research and development expenses increased to CNY 1.99 billion in the first three quarters of 2024, compared to CNY 1.71 billion in the same period of 2023, reflecting a 17% increase[24] - Financial expenses surged by 234.09%, primarily due to a decrease in net foreign exchange gains compared to the previous period[12] - Other income rose by 286.92%, mainly from increased value-added tax deductions[12] - The company's investment activities generated a net cash outflow of -257.29%, mainly due to increased investments in interbank certificates of deposit by subsidiaries[12] Production and Orders - In the first three quarters of 2024, the company produced 40.44 million kilowatts of power generation equipment, including 2.50 million kilowatts of hydropower units and 32.43 million kilowatts of steam turbines[18] - The company reported a new order intake of RMB 81.25 billion in the first three quarters of 2024, with clean and efficient energy equipment accounting for 40.33% and renewable energy equipment accounting for 27.05%[18]

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 ...

证券简称：东方电气 证券代码：600875 | 目 录 | | --- | | 一、释义 1 | | --- | | 二、声明 3 | | 三、基本假设 4 | | 四、本激励计划的批准与授权 5 | | 五、独立财务顾问意见 8 | | （一）本激励计划预留授予第三期解除限售条件成就的说明 8 | | （二）本激励计划预留授予第三期解除限售情况 10 | | （三）回购注销部分限制性股票相关事项的说明 10 | | （四）结论性意见 11 | | 六、备查文件及咨询方式 12 | | （一）备查文件 12 | | （二）咨询方式 12 | 上海荣正企业咨询服务（集团） 股份有限公司 关于 东方电气股份有限公司 2019 年 A 股限制性股票激励计划预留授予 第三期解除限售及回购注销事项 之 独立财务顾问报告 2024 年 10 月 本独立财务顾问对本报告特作如下声明： 一、释义 1 / 12 1. 上市公司、公司、东方电气：指东方电气股份有限公司（含分公司及子公司， 下同）。 2. 《激励计划（草案修订稿）》、股权激励计划、限制性股票激励计划、本激 励计划：指《东方电气股份有限公司 2019 年 A 股限制 ...

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 ...

Financial Performance - Operating revenue for Q3 2024 was CNY 14,096,935,685.58, a decrease of 3.28% compared to the same period last year[2]. - Net profit attributable to shareholders was CNY 933,278,428.22, an increase of 2.6% year-on-year[2]. - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 834,545,141.09, a decrease of 4.07% compared to the same period last year[2]. - The net profit for the third quarter of 2024 was approximately CNY 2.77 billion, a decrease from CNY 3.04 billion in the same period last year, representing a decline of about 9%[17]. - The company reported a total comprehensive income of CNY 2.84 billion for the third quarter, slightly down from CNY 2.93 billion year-over-year[18]. - Basic earnings per share for the third quarter were CNY 0.84, compared to CNY 0.93 in the same quarter of the previous year, reflecting a decrease of about 9.7%[18]. - The total operating profit for Q3 2024 was approximately CNY 1.15 billion, a decrease from CNY 1.18 billion in Q3 2023, reflecting a decline of about 3.1%[26]. - The net profit for Q3 2024 was CNY 1.14 billion, compared to CNY 1.18 billion in the same period last year, indicating a decrease of approximately 3.7%[26]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 1,978,748,185.58, with no applicable comparison[2]. - The cash flow from operating activities generated a net inflow of CNY 6.04 billion, a significant recovery compared to a net outflow of CNY 3.06 billion in the same period last year[20]. - The net cash flow from operating activities for Q3 2024 was negative at CNY -1.21 billion, an improvement from CNY -2.78 billion in Q3 2023[28]. - The company's cash and cash equivalents amounted to RMB 14.99 billion, a decrease from RMB 17.13 billion at the end of 2023[11]. - The company's cash and cash equivalents at the end of the third quarter were CNY 10.82 billion, down from CNY 14.35 billion at the end of 2023, indicating a decrease of about 24.5%[21]. - The company's cash and cash equivalents decreased to CNY 3.43 billion from CNY 3.21 billion, a decline of 6.8%[13]. - Cash inflows from operating activities totaled CNY 5.33 billion in the first nine months of 2024, up from CNY 4.93 billion in the same period of 2023, representing an increase of about 8.1%[28]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 138,723,736,913.90, an increase of 14.55% from the end of the previous year[3]. - Total assets amounted to CNY 138.72 billion, an increase of 14.5% from CNY 121.11 billion year-over-year[15]. - Total liabilities reached CNY 96.19 billion, up from CNY 79.89 billion, indicating a growth of 20.3%[14]. - The total liabilities of the company as of September 30, 2024, were CNY 17.19 billion, up from CNY 15.54 billion at the end of 2023, reflecting an increase of about 10.6%[23]. - The company's long-term equity investments rose to CNY 23.16 billion as of September 30, 2024, compared to CNY 23.00 billion at the end of 2023, reflecting a growth of about 0.7%[21]. - The total assets impairment loss was CNY 311.84 million, compared to CNY 274.79 million in the previous year, indicating an increase of about 13%[17]. Revenue and Costs - Total operating revenue for the first three quarters of 2024 reached CNY 47.85 billion, an increase of 6.1% compared to CNY 44.77 billion in the same period of 2023[16]. - Operating costs for the same period were CNY 45.00 billion, up from CNY 41.39 billion, reflecting a growth of 8.0%[16]. - The company reported a net profit margin of approximately 5.8% for the first three quarters of 2024[16]. - Research and development expenses increased to CNY 1.99 billion, compared to CNY 1.71 billion in the previous year, marking a rise of 17.0%[16]. - Research and development expenses for the first three quarters of 2024 were CNY 131.04 million, compared to CNY 119.50 million in the same period of 2023, showing an increase of approximately 9.6%[25]. Shareholder Information - The largest shareholder, China Dongfang Electric Group Co., Ltd., holds 1,738,670,126 shares, representing 55.77% of the total shares[9]. - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 337,820,369 shares, representing 10.84% of the total shares[9]. - The company has not identified any related party relationships or concerted actions among the top ten shareholders[9]. - The company reported a total of 1.10 billion shares with unrestricted circulation held by the largest shareholder[9]. Orders and Production - The company produced a total of 40.44 million kilowatts of power generation equipment in the first three quarters of 2024, including 2.50 million kilowatts of hydropower units, 32.43 million kilowatts of steam turbines, and 5.52 million kilowatts of wind turbines[10]. - The company received new effective orders totaling RMB 81.25 billion in the first three quarters of 2024, with clean and efficient energy equipment accounting for 40.33%, renewable energy equipment for 27.05%, engineering and trade for 10.99%, modern manufacturing services for 8.54%, and emerging growth industries for 13.10%[10]. Investment Activities - The net cash flow from investment activities decreased by 257.29% due to increased outflows from financial company investments[7]. - The cash inflow from investment activities was CNY 15.86 billion, down from CNY 23.90 billion in the previous year, showing a decline of approximately 34%[20]. - The cash outflow for investment activities increased to CNY 25.39 billion from CNY 17.84 billion, representing a rise of about 42%[20]. - The cash outflow from investing activities was CNY 816.26 million in Q3 2024, compared to CNY 401.90 million in the same period last year, indicating an increase of approximately 103.5%[28]. - The company received CNY 1.48 billion in investment income during the first nine months of 2024, compared to CNY 1.01 billion in the same period of 2023, marking an increase of approximately 46.6%[28].