独立董事候选人声明与承诺 本人黄峰，已充分了解并同意由提名人东方电气股份有限公 司董事会提名为东方电气股份有限公司第十一届董事会独立董 事候选人。本人公开声明，本人具备独立董事任职资格，保证不 存在任何影响本人担任东方电气股份有限公司独立董事独立性 的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一）《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用）； （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用）； （五）中共中央组织部《关于进一步规范党政领导干部在企 业兼职（任职）问题的意见》的相关 ...

证券代码：600875 股票简称：东方电气 编号：2024-037 东方电气股份有限公司 监事会十届二十四次会议决议公告 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"）监事会十届二十四次会议于 2024 年 6 月 6 日在成都召开，本次会议应参加表决监事 3 人，实际行使表决权监事 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 经监事认真审议，形成以下决议： （一）审议通过提名第十一届监事会非职工代表监事候选人的议案 监事会同意提名胡卫东、梁朔为第十一届监事会监事候选人（简历见附件）。该 议案将提交 2023 年年度股东大会审议。 表决结果：本议案有效表决票 3 票，同意 3 票，反对 0 票，弃权 0 票。 （二）审议通过关于公司第十一届监事薪酬方案的议案 建议公司监 ...

证券代码：600875 证券简称：东方电气 公告编号：2024-036 东方电气股份有限公司关于上海证券交易所 中止公司向特定对象发行股票发行注册程序的公告 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法律责任。 东方电气股份有限公司（以下简称"东方电气"、"公司"）2021 年度至 2022 年度审计机构大华会计师事务所（特殊普通合伙）（以下简称"大华会计师事务 所"）因向其他公司提供年报审计业务的执业质量问题，被中国证券监督管理委 员会江苏监管局给予暂停从事证券服务业务 6 个月的行政处罚。根据《上海证券 交易所上市公司证券发行上市审核规则》的相关规定，上海证券交易所（以下简 称"上交所"）于 2024 年 5 月 27 日中止了公司向特定对象发行股票的发行注册 程序。现将相关情况公告如下： 一、本次向特定对象发行股票的基本情况 公司于 2023 年 4 月 21 日向上交所报送了向特定对象发行股票相关申请文 件，于 2023 年 4 月 24 日收到上交所出具的《关于受理东方电气股份有限公司沪 市主板上市公司发行证券申请的通知》 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [2][6]. Core Views - The company is positioned as a core supplier of high-end energy equipment, benefiting from the energy transition and the increasing demand for reliable power supply [2][3]. - The company has diversified its operations across various energy sectors, including hydropower, thermal power, nuclear power, wind power, solar energy, and hydrogen energy, establishing a robust foundation for future growth [3][14]. - The report highlights the importance of traditional power sources in ensuring energy security, especially as the share of renewable energy increases, leading to new challenges in peak load supply [22][23]. Summary by Sections Company Overview - The company is a key player in the global energy equipment sector, supplying over one-third of China's power generation equipment and has a strong competitive position in the market [3][14]. - It has a history of over 60 years in the energy sector, evolving from hydropower to a diversified portfolio that includes various energy sources [14][15]. Market Dynamics - The increasing share of renewable energy sources, such as wind and solar, has created challenges in maintaining peak load supply, necessitating a greater reliance on traditional power sources [22][23]. - The report emphasizes that the transition to a new energy system will require a balance between capacity support and energy supply, with traditional sources playing a crucial role [25][26]. Financial Performance - The company reported revenues of 55.364 billion yuan in 2022 and 60.677 billion yuan in 2023, with year-on-year growth rates of 15.78% and 9.6%, respectively [3][15]. - The net profit for the same years was 2.858 billion yuan and 3.550 billion yuan, reflecting growth rates of 24.85% and 24.23% [3][15]. Profit Forecast and Valuation - The company is expected to achieve net profits of 4.17 billion yuan, 4.99 billion yuan, and 5.69 billion yuan from 2024 to 2026, with growth rates of 17.6%, 19.5%, and 14.1% respectively [4][6]. - The current price-to-earnings (PE) ratios are projected to be 13, 11, and 9 for the years 2024, 2025, and 2026, indicating a favorable valuation compared to historical performance [4][6].

2024年5月9日 公司研究 能源装备制造龙头企业，构建“六电六业”发展新格局 ——东方电气（600875.SH&1072.HK）首次覆盖报告 要点 A 股：买入（首次） 当 前价/目标价：17.22/24.00元 能源装备制造龙头企业，构建“六电六业”发展新格局。东方电气是全球最大的 能源装备制造企业集团之一，在双碳背景下加快“绿色智造”转型，已形成了“六 H 股：买入（首次） 电并举、六业协同”的产业格局（“六电”：风电、太阳能、水电、核电、气电、 当前价/目标价：10.86/13.99港元 煤电；“六业”：高端石化装备产业、节能环保产业、工程与国际贸易产业、现 代制造服务业、电力电子与控制产业、新兴产业）。 作者 新型电力系统建设过程中，公司各项业务深度受益： 分析师：殷中枢 执业证书编号：S0930518040004 煤电：电力系统的“压舱石”，已进入新增建设加速期。在新型电力系统的建设 010-58452071 中，煤电一直起着“压舱石”的作用，在顶峰保供和缓解消纳上都起着重要的作 yinzs@ebscn.com 用。当前煤电进入了新增建设加速期：根据北极星电力网不完全统计，2023 年 分析师：郝 ...

证券研究报告 | 公司动态点评 2024 年 05月 05日 东方电气（600875.SH） 订单持续增长排产再创新高，盈利能力稳中有升 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 54,190 59,567 69,323 75,281 81,627 股票信息 增长率yoy（%） 15.9 9.9 16.4 8.6 8.4 归母净利润（百万元） 2,858 3,550 4,222 4,839 5,274 行业 电力设备及新能源 增长率yoy（%） 24.9 24.2 18.9 14.6 9.0 2024年4月30日收盘价（元） 16.86 ROE（%） 7.8 8.8 10.0 10.5 10.5 总市值（百万元） 52,561.04 EPS最新摊薄（元） 0.92 1.14 1.35 1.55 1.69 流通市值（百万元） 34,112.91 P/E（倍） 18.4 14.8 12.4 10.9 10.0 总股本（百万股） 3,117.50 P/B（倍） 1.5 1.4 1.3 1.2 1.1 流通股本（百万股） 2,023.30 资料来源：公 ...

证券研究报告 电力设备|其它电源设备 首次覆盖报告 2024年05月05日 东方电气 (600875.SH) 买入 ——扣非归母净利润稳步增长 传统电源订单高速增长 （首次覆盖） 投资要点： 证券分析师 ➢ 事件：4月29日东方电气发布24年一季报。24Q1实现营业总收入150.53亿元，同比增长 刘晓宁 2.28%；实现归母净利润9.06亿元，同比下滑11.12%；实现扣非归母净利润10.56亿元，同 S1350523120003 比增长10.61%。 liuxiaoning@huayuanstock.com ➢ 毛利率水平继续上行，费用率同比略有提高，经营现金流回正。公司 24Q1 整体毛利率水平为 18.69%，同比23Q1增长0.86pct，相比于23年全年提高约1.38pct，毛利率水平持续提升， 联系人 预计与火电板块收入规模扩大以及毛利率水平有关。但 4 项费用率均同比有所提高，整体费用 刘晓宁 率为11.22%（同比提高1.11pct）。此外24Q1公司经营现金流净额达到+12.41亿元，自16Q1 S1350523120003 以来首次一季度回正，主要由于销售商品收到的现金以及财务公司客户存 ...

◆ ◆ ◆ 曾帅 分析师 SAC执业证书：S0640522050001 联系电话： 邮箱：zengshuai@avicsec.com ...

Financial Performance - Total revenue for the first quarter reached RMB 15,052,868,276.63, representing a year-on-year increase of 2.28%[8] - Operating income was RMB 14,801,351,538.99, reflecting a growth of 2.55% compared to the same period last year[8] - Net profit attributable to shareholders decreased by 11.12% to RMB 905,751,281.62, primarily due to a loss of RMB 238 million from fair value changes of non-monetary assets[9] - The net profit after deducting non-recurring gains and losses increased by 10.61% to RMB 1,055,684,212.95[9] - Basic and diluted earnings per share were both RMB 0.290, down 11.11% year-on-year[8] - Total comprehensive income for Q1 2024 was CNY 969,994,560.61, compared to CNY 1,080,981,488.26 in Q1 2023, indicating a decline of 10.26%[48] - The company reported a decrease in interest income to CNY 251,516,386.06 in Q1 2024 from CNY 283,724,696.18 in Q1 2023, a decline of 11.36%[41] - The company reported a significant loss in investment income of CNY -3,075,120.61 compared to a gain of CNY 80,201,788.81 in the previous year[68] - The total profit (loss) for Q1 2024 was CNY -239.24 million, down from CNY 175.03 million in Q1 2023, indicating a year-over-year decrease of approximately 236%[71] - The net loss for Q1 2024 was CNY -239.24 million, compared to a net profit of CNY 186.14 million in Q1 2023, reflecting a drastic shift in financial performance[71] Assets and Liabilities - Total assets at the end of the reporting period were RMB 128,378,372,649.13, an increase of 6.00% from the end of the previous year[9] - Shareholders' equity attributable to the company was RMB 38,152,233,480.99, up 2.44% from the previous year[9] - Total current assets amounted to RMB 80.471 billion, an increase from RMB 75.689 billion as of December 31, 2023[31] - The company's total assets reached RMB 128.378 billion as of March 31, 2024, up from RMB 121.108 billion at the end of 2023[32] - Total liabilities increased to RMB 86.126 billion as of March 31, 2024, compared to RMB 79.888 billion at the end of 2023[36] - The company's long-term borrowings increased to RMB 1.682 billion as of March 31, 2024, from RMB 1.383 billion at the end of 2023[36] - The total equity attributable to shareholders was RMB 38.152 billion as of March 31, 2024, compared to RMB 37.245 billion at the end of 2023[38] - The company's total current liabilities decreased to CNY 14,599,591,262.98 from CNY 15,166,342,752.36, a reduction of about 3.8%[64] Cash Flow - The net cash flow from operating activities was RMB 1,240,643,938.05, with no year-on-year comparison available[8] - Cash flow from operating activities increased significantly, with cash received from sales rising by RMB 2.913 billion year-on-year[19] - Operating cash inflow for Q1 2024 was CNY 16,542,886,442.64, a significant increase from CNY 9,042,633,552.84 in Q1 2023, representing an increase of approximately 83.5%[51] - Net cash flow from operating activities for Q1 2024 was CNY -2.67 billion, compared to CNY -4.51 billion in Q1 2023, showing an improvement in cash flow despite ongoing losses[74] - The company reported cash outflows for investing activities of CNY 174.81 million in Q1 2024, with no cash outflows recorded in Q1 2023, indicating new investment initiatives[76] - The company reported a cash and cash equivalents balance of CNY 13,971,394,403.64 at the end of Q1 2024, up from CNY 12,059,318,054.16 at the end of Q1 2023[57] Operational Metrics - In Q1 2024, the company's power generation equipment production reached 10.2041 million kW, including 8.9870 million kW from steam turbines and 0.9371 million kW from wind turbines[28] - The company secured new orders worth RMB 26.329 billion in Q1 2024, representing a 16.42% increase year-over-year, with clean and efficient energy equipment accounting for 42.25% of the total[28] - Research and development expenses increased to CNY 612,618,396.59 in Q1 2024, compared to CNY 518,969,374.40 in Q1 2023, marking a rise of 17.99%[41] - The company's operating revenue for Q1 2024 was CNY 2,539,214,276.17, a decrease of 49.3% compared to CNY 5,000,081,918.42 in Q1 2023[68] - The company experienced a net increase in customer loans and advances of CNY -309,857,567.66 in Q1 2024, an improvement from CNY -1,622,287,774.68 in Q1 2023, reflecting better credit management[53]

Financial Performance - Total revenue for Q1 2024 reached ¥15,052,868,276.63, an increase of 2.28% compared to the same period last year[6] - Operating income for the same period was ¥14,801,351,538.99, reflecting a growth of 2.55% year-over-year[6] - Net profit attributable to shareholders decreased by 11.12% to ¥905,751,281.62, primarily due to a fair value loss of ¥238 million from non-monetary asset exchanges[7] - The net profit after deducting non-recurring gains and losses increased by 10.61% to ¥1,055,684,212.95[7] - Basic and diluted earnings per share were both ¥0.290, down 11.11% from the previous year[7] - The weighted average return on equity was 2.40%, a decrease of 0.47 percentage points compared to the previous year[7] - Total operating revenue for Q1 2024 reached CNY 15,052,868,276.63, an increase of 2.27% compared to CNY 14,717,057,814.50 in Q1 2023[23] - Operating income was CNY 14,801,351,538.99, up from CNY 14,432,750,706.82, reflecting a growth of 2.55% year-over-year[23] - Net profit attributable to shareholders was CNY 1,266,588,351.74, compared to CNY 1,271,007,106.68 in Q1 2023, showing a slight decrease of 0.35%[23] - In Q1 2024, the company reported a net profit of ¥985,392,571.41, a decrease of 8.9% compared to ¥1,081,476,346.18 in Q1 2023[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥128,378,372,649.13, an increase of 6.00% from the end of the previous year[7] - Total assets increased to CNY 128,378,372,649.13, up from CNY 121,108,373,341.62, reflecting a growth of 6.67%[21] - Total liabilities rose to CNY 86,125,773,454.79, compared to CNY 79,888,498,579.02, an increase of 7.77%[20] - Total assets decreased to approximately ¥40.43 billion from ¥41.23 billion, a decline of 1.9%[33] - Total liabilities decreased to approximately ¥14.97 billion from ¥15.54 billion, a decline of 3.6%[33] Cash Flow - The net cash flow from operating activities was ¥1,240,643,938.05, with no applicable year-over-year comparison[6] - The cash flow from operating activities increased by 2.913 billion RMB year-on-year due to better collections from sales[12] - The cash flow from investing activities decreased by 168.83 million RMB, primarily due to reduced net inflows from interbank deposits[12] - The cash flow from financing activities increased by 720.26 million RMB, with long-term borrowings from external banks rising by 299 million RMB compared to the beginning of the period[12] - The cash flow from operating activities showed a net inflow of ¥1,240,643,938.05, a significant recovery from a net outflow of ¥2,549,740,798.22 in Q1 2023[28] - The investment activities resulted in a net cash outflow of ¥1,704,617,374.77, contrasting with a net inflow of ¥2,476,731,084.24 in the previous year[28] - The total cash decrease for Q1 2024 was -2,059,466,927.47 RMB, an improvement from -3,501,664,741.73 RMB in Q1 2023, showing a reduction in overall cash depletion[39] Shareholder Information - Shareholders' equity attributable to the company was ¥38,152,233,480.99, up 2.44% from the previous year[7] - The total number of ordinary shareholders at the end of the reporting period was 99,327[14] - The company has not identified any related party relationships among the top 10 shareholders[15] Research and Development - Research and development expenses for Q1 2024 were CNY 612,618,396.59, up from CNY 518,969,374.40, indicating a growth of 18.01%[23] - Research and development expenses for Q1 2024 were approximately ¥30.04 million, down 58.2% from ¥71.74 million in Q1 2023[35] Fair Value and Other Losses - Non-recurring gains and losses totaled -¥149,932,931.33, significantly impacted by the fair value loss from the non-monetary asset exchange[10] - The company incurred a fair value loss of ¥223,635,498.10, compared to a gain of ¥33,152,618.84 in Q1 2023[24] - The company reported a fair value loss of approximately ¥237.73 million in Q1 2024, compared to a gain of ¥0.93 million in Q1 2023[36] Cash and Cash Equivalents - The company generated a total of 10.2041 million kilowatts of power generation equipment in Q1 2024, including 8.987 million kilowatts from steam turbines and 937,100 kilowatts from wind turbines[16] - The company's cash and cash equivalents as of March 31, 2024, were approximately 17.317 billion RMB, compared to 17.129 billion RMB at the end of 2023[18] - The cash and cash equivalents at the end of the period were ¥13,971,394,403.64, a decrease from ¥14,167,585,378.12 at the beginning of the quarter[29] - Cash and cash equivalents decreased to approximately ¥4.11 billion from ¥6.18 billion, a decline of 33.5%[31] - The cash and cash equivalents at the end of Q1 2024 were 4,112,853,344.15 RMB, down from 4,792,121,853.12 RMB at the end of Q1 2023, representing a decrease of approximately 14.2%[39] New Orders and Equipment - New orders amounted to 26.329 billion RMB in Q1 2024, representing a year-on-year growth of 16.42%[16] - Clean and efficient energy equipment accounted for 42.25% of new orders, while renewable energy equipment made up 25.85%[16]