Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated steady growth in performance, with revenue reaching 7.545 billion yuan in 2024, a year-on-year increase of 16.47%. The net profit attributable to shareholders was 684 million yuan, up 26.34% year-on-year, and the non-recurring net profit was 648 million yuan, reflecting a 37.69% increase [4][5] - The company has made significant breakthroughs in emerging businesses, with multiple segments showing growth, including smart distribution and utilization, scheduling and cloud services, and automation in transmission and transformation [5][6][7] Financial Performance Summary - In 2024, the company achieved a revenue of 75.45 billion yuan, with a gross margin of 33.71%, which improved by 0.01 percentage points year-on-year. The fourth quarter of 2024 saw a revenue of 29.14 billion yuan, a 22.52% increase year-on-year, and a net profit of 263 million yuan, up 33.50% year-on-year [4][5] - The company expects revenues of 89.21 billion yuan, 106.13 billion yuan, and 126.14 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 852 million yuan, 1.023 billion yuan, and 1.225 billion yuan [8][11] Business Segment Performance - Smart distribution and utilization business generated 4.324 billion yuan in revenue, a 17.06% increase year-on-year, with a gross margin of 32.57% [5] - Scheduling and cloud services achieved 1.290 billion yuan in revenue, up 17.11% year-on-year, with a gross margin of 37.70% [5] - Automation in transmission and transformation business saw revenue of 857 million yuan, a 37.50% increase year-on-year, with a gross margin of 38.35% [5] - Comprehensive energy and virtual power plant business generated 220 million yuan, a 12.43% increase year-on-year, with a gross margin of 32.79% [5] - New energy and storage business reported 296 million yuan in revenue, a 13.90% decrease year-on-year, but with a gross margin improvement to 25.66% [5] Overseas Business Development - The company has made progress in overseas markets, including a local production line in Saudi Arabia with contracts nearing 170 million yuan and successful bids for projects in Nicaragua and Uzbekistan [7]

Group 1: Macro and Industry Insights - The impact of Trump's tariff policy on China's manufacturing industry is significant, with a shift from labor-intensive industries to equipment manufacturing, primarily targeting ASEAN markets [1] - As the export tax rates between China and ASEAN diverge, opportunities for Chinese companies to expand overseas will increase, particularly in industries heavily reliant on exports to the US, such as mobile phones and automotive parts [1] Group 2: Banking Sector - The total scale of wealth management in China's banking sector decreased by 0.8 trillion yuan at the end of Q1 2025 compared to the beginning of the year, with fluctuations in scale due to market volatility [2] - The asset allocation structure remains stable, with an increase in the proportion of interbank lending and repurchase agreements, while bond and deposit asset proportions have decreased [2] Group 3: High-end Manufacturing - In March, exports continued the growth trend from January, with notable increases in the export of lawn mowers and sewing machines, with year-on-year growth rates of 30% and 47% respectively [3] - The growth in exports is attributed to preemptive consumer behavior in the US due to tariff disruptions [3] Group 4: Real Estate Market - In Q1, the transaction volume of residential land in key cities increased, with the average transaction price in the core 30 cities rising by 24% year-on-year [4] - The overall premium rate for residential land transactions in these cities increased by 11.3 percentage points year-on-year, indicating a recovery in the real estate market [4] Group 5: Precious Metals - The recent rise in gold prices is attributed to the weakening of the US dollar, enhancing gold's monetary attributes, with increased investment demand observed [6] - The report maintains a positive outlook on gold stocks, particularly those with strong earnings potential [6] Group 6: Chemical and Petrochemical Industry - The report highlights continued optimism for domestic substitution trends and sectors benefiting from economic recovery, recommending investments in major oil companies and chemical firms [7] - Specific companies mentioned include China Petroleum, China Petrochemical, and various agricultural chemical firms [7] Group 7: Company Performance - CNOOC Services reported a significant increase in net profit of 39.6% year-on-year for Q1 2025, with total revenue reaching 10.8 billion yuan [8] - The company is expected to see continued profit growth in the coming years, with net profit projections of 3.8 billion, 4.2 billion, and 4.6 billion yuan for 2025-2027 [8] Group 8: Environmental Sector - Oriental Electronics reported steady growth in major business revenues, with Q4 2024 net profit exceeding 200 million yuan [10] - The company is focusing on expanding its virtual power plant business, which is expected to contribute to future growth [10] Group 9: Telecommunications - China Mobile achieved a slight increase in revenue for Q1 2025, with total revenue of 263.8 billion yuan, reflecting a year-on-year growth of 0.02% [21] - The company has adjusted its net profit forecasts for 2025 and 2026, indicating a positive outlook for future performance [21]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - The company achieved a revenue of 7.545 billion yuan in 2024, representing a year-on-year growth of 16.47%, and a net profit attributable to shareholders of 684 million yuan, up 26.34% year-on-year [1][5]. - In Q4 2024, the company recorded a revenue of 2.914 billion yuan, a 22.52% increase year-on-year, with a net profit of 263 million yuan, marking a 33.49% year-on-year growth and a 55.96% quarter-on-quarter increase [1][2]. - The company’s major business segments, including scheduling and cloud-based services, power transmission and transformation automation, smart distribution, and comprehensive energy, all showed steady growth, with significant contributions from subsidiaries [2][3]. Summary by Sections Financial Performance - In 2024, the company’s revenue from major business segments was as follows: 1.290 billion yuan from scheduling, 857 million yuan from power transmission automation, 4.324 billion yuan from smart distribution, and 220 million yuan from comprehensive energy and virtual power plant services, with respective year-on-year growth rates of 17.11%, 37.50%, 17.06%, and 12.43% [2]. - The company’s total revenue is projected to grow to 8.744 billion yuan in 2025, with a net profit of 888 million yuan, reflecting a growth rate of 29.77% [5]. Business Development - The company secured new contracts exceeding 10 billion yuan in 2024, with notable achievements in software projects and significant overseas market expansions, including contracts in Saudi Arabia and the Maldives [3]. - R&D investment increased by 13.62% to 634 million yuan, with advancements in AI applications and the launch of the digital virtual power plant in Yantai [3]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 15 for 2025, with projected earnings per share (EPS) of 0.66 yuan in 2025 [4][5]. - The company’s return on equity (ROE) is expected to rise to 14.94% by 2025, indicating improving profitability [12].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 7.545 billion yuan in 2024, representing a year-on-year growth of 16.47%, and a net profit attributable to shareholders of 684 million yuan, up 26.34% year-on-year [1][5] - In Q4 2024, the company recorded a revenue of 2.914 billion yuan, a 22.52% increase year-on-year, and a net profit of 263 million yuan, which is a 33.49% increase year-on-year and a 55.96% increase quarter-on-quarter [1][2] - The company’s major business segments, including scheduling and cloud-based services, power transmission and transformation automation, smart distribution and utilization, and comprehensive energy and virtual power plant services, all showed steady growth [2] - The company secured new contracts exceeding 10 billion yuan in 2024, with significant breakthroughs in various business segments and successful expansion into overseas markets [3] - R&D investment increased by 13.62% to 634 million yuan, with successful AI applications and the launch of the first urban-level digital virtual power plant in Yantai [3] Summary by Sections Financial Performance - In 2024, the company’s revenue reached 7.545 billion yuan, with a growth rate of 16.47%, and net profit attributable to shareholders was 684 million yuan, reflecting a growth rate of 26.34% [5] - The company’s Q4 2024 revenue was 2.914 billion yuan, with a year-on-year growth of 22.52% and a net profit of 263 million yuan, marking a significant increase [1][2] Business Segments - Revenue from major business segments in 2024 included: - Scheduling and cloud services: 1.290 billion yuan (+17.11%) - Power transmission automation: 857 million yuan (+37.50%) - Smart distribution: 4.324 billion yuan (+17.06%) - Comprehensive energy and virtual power plant: 220 million yuan (+12.43%) [2] Market Expansion - The company made significant strides in securing new contracts, including: - Over 1 billion yuan in software projects with Guangdong Power Grid - 1.77 billion yuan from six batches of protection monitoring contracts with the State Grid [3] - The company also expanded its overseas market presence, with contracts in Saudi Arabia and projects in Europe and Uzbekistan [3] R&D and Innovation - R&D investment rose to 634 million yuan, with notable AI projects and the launch of a digital virtual power plant in Yantai [3]

Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from global grid construction demand and the continuous release of new products and markets [4][6]. Core Insights - The company achieved a revenue of 7.545 billion yuan in 2024, representing a year-over-year growth of 16.47%. The net profit attributable to shareholders was 684 million yuan, with a year-over-year increase of 26.34% [1]. - The company's profitability continues to improve, with gross margin and net margin rising to 33.71% and 9.85%, respectively [1]. - The company is experiencing significant growth in its power transmission and transformation automation business, with a revenue increase of 37.50% [2]. - The overseas market is also showing continuous improvement, with revenue reaching 413 million yuan, a year-over-year growth of 10.62% [3]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 8.818 billion yuan, 10.319 billion yuan, and 12.091 billion yuan, respectively, with corresponding growth rates of 16.9%, 17.0%, and 17.2% [4][5]. - The net profit attributable to shareholders is expected to be 838 million yuan in 2025, 1.037 billion yuan in 2026, and 1.302 billion yuan in 2027, with growth rates of 22.6%, 23.7%, and 25.6% [4][5].

东方电子股份有限公司董事会审计委员会对 2024 年度审计会计师事务所履职情况评估及履行监督职责 情况报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》和东方电子股份有限 公司（以下简称"公司"）的《公司章程》《董事会审计委员会议事规则》等规 定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职。现将 董事会审计委员会对中审华会计师事务所（特殊普通合伙）（以下简称"中审华"） 2024 年度履职评估及履行监督职责的情况汇报如下： 截至 2023 年 12 月 31 日合伙人数量 99 人，注册会计师人数 517 人,其中， 签署过证券服务业务审计报告的注册会计师人数 124 人。 中审华 2023 年经审计后的业务收入总额 8.2 亿元、审计业务收入总额 5.51 亿元、证券业务收入总额 7,650 万元。 中审华 2023 年审计的上市公司客户 23 家，收取的上市公司审计费用 1,848.8 万元，这些上市公司主要集中在制造业，信息传输、软件和信 ...

2、2024 年 4 月 25 日公司召开第十届监事会第十四次会议，审议通过了《关 于公司 2024 年一季度报告的议案》； 3、2024 年 6 月 12 日公司召开第十届监事会第十五次会议，审议通过了《关 于提名公司第十一届监事会监事候选人的议案》； 4、2024 年 7 月 4 日公司召开第十一届监事会第一次会议，审议通过了《关 于选举公司监事会主席的议案》； 5、2024 年 8 月 21 日公司召开第十一届监事会第二次会议，审议通过了《关 于公司 2024 年半年度报告及摘要的议案》； 6、2024 年 10 月 21 日公司召开第十一届监事会第三次会议，审议通过了《关 于公司 2024 年三季度报告的议案》《关于公司 2024 年三季度利润分配及资本公 积金转增股本预案的议案》； 东方电子股份有限公司 监事会 2024 年度工作报告 2024 年度，公司监事会全体成员按照《公司法》《公司章程》《公司监事 会议事规则》的要求，本着恪尽职守，勤勉尽责的工作态度，依法独立行使职权。 报告期内，监事会对公司生产经营、财务状况及董事和高级管理人员履职情况进 行了监督，维护公司股东和中小投资者的合法权益，保障 ...

证券代码：000682 证券简称：东方电子 公告编号：2025-07 东方电子股份有限公司 关于续聘会计师事务所的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 东方电子股份有限公司（以下简称"公司"）2025 年 4 月 20 日召开第十一 届董事会第九次会议，审议通过拟续聘中审华会计师事务所（特殊普通合伙）（以 下简称"中审华"）为公司 2025 年度财务报告和内部控制审计机构，现将相关 事项公告如下： 一、拟聘任会计师事务所的基本信息 （一）机构信息 中审华会计师事务所（特殊普通合伙）（以下简称"中审华"）成立日期于 2000 年 9 月 19 日，注册地址：天津经济技术开发区第二大街 21 号 4 栋 1003 室。 首席合伙人：黄庆林。 截至 2023 年 12 月 31 日合伙人数量 99 人，注册会计师人数 517 人,其中， 签署过证券服务业务审计报告的注册会计师人数 124 人。 中审华 2023 年经审计后的业务收入总额 8.2 亿元、审计业务收入总额 5.51 亿元、证券业务收入总额 7,650 万元。 中审华 2023 年审计的上 ...

东方电子股份有限公司 2024年度董事会工作报告 报告期内，公司董事会按照《公司法》《深圳证券交易所股票上市规则》《公 司章程》和《董事会议事规则》等制度的相关规定开展各项工作，关注公司规范 运作和经营情况，根据公司的实际情况，对提交董事会的各项议案依法依规进行 审议，审慎决策，确保公司持续、稳定、健康的发展。 一、2024 年公司经营情况概述 报告期内，公司坚持以客户为中心，以业务高质量发展为主线，围绕新型电 力系统和新型能源体系建设，全力推动技术创新、产品创新、方案创新、模式创 新，面对压力和挑战，攻坚克难，公司各项经营指标持续增长。全年实现营业收 入 75.45 亿元，同比增长 16.47%，利润总额 8.10 亿元，同比增长 22.43%，归母 净利润 6.84 亿元，同比增长 26.34%。 （一）坚持聚焦主业、提质增效，经营业绩持续稳定增长。 公司坚持深耕"智能电网、智慧能源、智慧城市"三大业务领域拓展六大业 务方向，全力以赴拓市场，2024 年实现新中标额超 100 亿元，完成了年度既定 发展目标。 调度及云化业务方向：连续中标了贵安、安顺两个地调项目，中标广东软 件框架项目金额 5,100 万 ...

东方电子股份有限公司 2024 年年度财务报告 【2025 年 4 月】 1 一、审计报告 | 审计意见类型 | 标准的无保留意见 | | --- | --- | | 审计报告签署日期 | 2025 年 04 月 20 日 | | 审计机构名称 | 中审华会计师事务所（特殊普通合伙） | | 注册会计师姓名 | 杨敏兰，李响 | 审计报告正文 一、审计意见 我们审计了东方电子股份有限公司（以下简称东方电子公司）财务报表，包括 2024 年 12 月 31 日 的合并及公司资产负债表，2024 年度的合并及公司利润表、合并及公司现金流量表、合并及公司股东 权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的规定编制，公允反映了东方电子公 司 2024 年 12 月 31 日合并及公司的财务状况以及 2024 年度合并及公司的经营成果和合并及公司的现金 流量。 二、形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计报告的"注册会计师对财务报表审 计的责任"部分进一步阐述了我们在这些准则下的责任。按照中国注册会计师职业道德守则，我们独立 于东方电子公司 ...