东方电子（000682.SZ）2024 年半年报点评 24H1 业绩符合预期，盈利能力保持稳定 2024 年 08 月 23 日 ➢ 事件：8 月 22 日，公司发布 2024 年半年报。24H1 公司实现收入 28.19 亿 元，同比增长 11.95%；实现归母净利润 2.53 亿元，同比增长 24.90%。单 24Q2 实现收入 15.41 亿元，同比增长 12.70%；实现归母净利润 1.51 亿元，同比增长 20.54%。分区域来看，24H1 国内收入 25.95 亿元，同比增长 11.29%；24H1 海外收入 2.23 亿元，同比增长 20.23%。 ➢ 费用管控良好，盈利能力保持稳定。盈利能力方面，24H1 公司实现毛利率 32.60%，同比下降 0.11pcts；实现净利率 8.55%，同比提升 0.11pcts。费用率 方面，24H1 公司实现期间费用率 23.34%，同比下降 0.41pcts，其中财务/管理 /研发/销售费用率分别为-1.32%/5.07%/9.02%/10.57%，分别同比-0.02pct/- 0.34pct/+0.71pct/-0.76pct。 ➢ 配用电业务稳健增长 ...

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company achieved a revenue of 2.819 billion yuan in H1 2024, representing a year-on-year growth of 11.95%, and a net profit attributable to shareholders of 253 million yuan, up 24.90% year-on-year [2] - The company has seen stable growth in traditional business while accelerating growth in new business segments, particularly in digitalization related to the power grid [2] - The company secured new contracts exceeding 4.3 billion yuan in H1 2024, marking significant breakthroughs across various business lines [2] - The overseas market has also seen breakthroughs in capacity, revenue, and orders, with overseas revenue reaching 223 million yuan, a year-on-year increase of 20.23% [2] Summary by Sections Financial Performance - In Q2 2024, the company reported revenue of 1.541 billion yuan, a 12.70% increase year-on-year, and a net profit of 151 million yuan, up 20.54% year-on-year [2] - Revenue from existing businesses such as dispatch and cloud services, and power automation reached 375 million yuan and 394 million yuan respectively, with year-on-year growth of 0.41% and 15.66% [2] - New business segments like smart distribution and energy storage saw revenues of 1.550 billion yuan, 106 million yuan, and 120 million yuan, with growth rates of 12.17%, 7.94%, and 108.53% respectively [2] New Contracts and Orders - The company and its subsidiaries achieved new contracts exceeding 4.3 billion yuan in H1 2024, including significant projects with major state-owned enterprises [2] - Notable contracts include the first deep-sea photovoltaic pilot project for Huaneng Group and the first smart park project for the State Energy Group [2] Overseas Expansion - The company signed a strategic cooperation agreement with Saudi SEP, leading to the installation of a production line and the delivery of the first batch of 2,000 ring network cabinets [2] - The overseas revenue growth of 20.23% reflects successful market penetration in regions like Egypt and Jordan [2] Profit Forecast - The report maintains the profit forecast for the company, expecting net profits of 705 million yuan, 887 million yuan, and 1.034 billion yuan for 2024, 2025, and 2026 respectively [2]

证券代码：000682 证券简称：东方电子 公告编号：2024-30 东方电子股份有限公司 第十一届监事会第二次会议决议公告 本公司及监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。 一、会议召开情况 东方电子股份有限公司（以下简称"公司"）第十一届监事会第二次会议 于 2024 年 8 月 21 日以现场会议的方式在公司会议室召开，会议通知于 2024 年 8 月 9 日以电子邮件的方式通知全体监事；会议应出席的监事 3 人，实际出席的 监事 3 人，本次会议由监事会主席陈勇先生召集和主持。会议的召开符合《公 司法》和《公司章程》的有关规定。 二、会议议案的审议情况 1、审议通过了《关于公司 2024 年半年度报告及摘要的议案》。 经审核，监事会认为董事会编制和审议东方电子股份有限公司 2024 年半年 度报告及摘要的程序符合法律、行政法规及中国证监会的规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在任何虚假记载、误导性陈述或者 重大遗漏。 《公司 2024 年半年度报告摘要》同日刊登在《中国证券报》、《证券时 报》、及巨潮资讯网（www.cninfo. ...

东方电子股份有限公司董事会通讯表决细则 第一条 为规范东方电子股份有限公司董事会通讯表决的议事行为，保证董 事会会议依法进行，根据《公司法》和《公司章程》的有关规定，制订本细则。 第二条 本细则适用于以通讯方式召开并进行表决的董事会会议。 第三条 通讯表决是指董事对董事会提交会议审议的事项，经指定的信息传 递方式而行使表决权的行为。 第四条 采用通讯表决方式召开董事会，其会议通知发出的形式由《公司章 程》及其他相关规则决定；通知的内容除《公司章程》及其他相关规则规定外， 还应当载明下列内容： （一）会议表决形式； （二）会议召开时间与日期； （三）表决票投递方式及其送达时效。 第五条 董事会的会议表决票的格式由公司制作，其栏目及内容包括但不限 于： （一）会议名称（全称）； （二）提交表决的议案文件名（全称）； （三）董事姓名； （四）表决意见栏及发表该意见的日期； （五）董事的亲笔签名栏； （一）无民事行为能力的； （二）因自身原因导致无指定方式的信息传递条件的； （三）出现其他无法发表审议意见或表决意见的情况的。 第九条 经董事签署的表决票和会议决议，应当在董事会召开当日 17：30 之前以微信、电子邮件 ...

Financial Performance - The company's operating revenue for the first half of 2024 was ¥2,818,723,830.19, representing an increase of 11.95% compared to ¥2,517,772,104.99 in the same period last year[11]. - The net profit attributable to shareholders was ¥252,730,053.15, a growth of 24.90% from ¥202,338,405.65 year-on-year[11]. - The basic earnings per share increased to ¥0.1885, up 24.92% from ¥0.1509 in the previous year[11]. - The total assets at the end of the reporting period were ¥11,368,704,371.07, reflecting a 2.03% increase from ¥11,142,334,524.63 at the end of the previous year[11]. - The net assets attributable to shareholders rose to ¥4,729,185,538.66, marking a 3.17% increase from ¥4,584,053,465.40[11]. - The company achieved operating revenue of 2.819 billion yuan, a year-on-year increase of 11.95%[22]. - The net profit attributable to shareholders reached 253 million yuan, growing by 24.90% year-on-year[22]. - Research and development investment amounted to 257 million yuan, reflecting a year-on-year increase of 21.64%[22]. - The company reported a total comprehensive income of CNY 179.46 million for the first half of 2024, compared to CNY 162.49 million in the first half of 2023, an increase of about 10.4%[91]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of -¥177,879,309.99, a decline of 208.77% compared to -¥57,609,713.72 in the same period last year[11]. - The company reported a net increase in cash and cash equivalents of -¥251,794,042.36, a decrease of 33.80% compared to the previous period[28]. - The company's cash and cash equivalents decreased to ¥3,081,055,788.47, accounting for 27.10% of total assets, down 2.62 percentage points from the previous year[34]. - The cash flow from operating activities showed a net outflow of CNY 177.88 million in the first half of 2024, worsening from a net outflow of CNY 57.61 million in the same period of 2023[92]. - The cash and cash equivalents at the end of the first half of 2024 amounted to CNY 2.90 billion, compared to CNY 2.03 billion at the end of the first half of 2023, representing an increase of about 43%[93]. Investment and R&D - The company is focusing on six core business areas: scheduling and cloud services, transmission and transformation automation, smart distribution and utilization, new energy and storage, comprehensive energy and virtual power plants, and industrial internet and smart manufacturing[20]. - The company emphasizes innovation in technology, products, and business models to meet the demands of the new energy system and digital transformation[18]. - The company secured new contracts exceeding 4.3 billion yuan in the first half of the year, ranking 8th among peers in the number of bids won[26]. - The company completed the development of a 2000kW centralized PCS, achieving industry-leading performance levels[25]. - Research and development expenses increased to ¥254,265,385.23 in the first half of 2024, up from ¥209,165,138.40 in the first half of 2023, representing a growth of 21.5%[87]. Market and Competition - The company faces risks including technology development risks, market competition risks, and political risks related to overseas expansion[2]. - The company is actively addressing market competition risks in the power grid automation sector, which is characterized by centralized bidding processes[42]. - The company achieved a significant breakthrough in overseas markets, with a new local production line in Saudi Arabia and contracts signed in Egypt and Jordan[28]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares for this period[2]. - The company has committed to maintaining independence from its controlling shareholders and avoiding related party transactions during the reporting period[49]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[51]. - The semi-annual financial report has not been audited, which may affect the reliability of the financial data presented[52]. Environmental and Social Responsibility - The company has successfully implemented high-voltage shore power technology at multiple ports, including Yantai Port and Ningbo Port, reducing carbon dioxide emissions by 189,000 tons annually through a digital virtual power plant[48]. - The company is actively engaged in the development of clean energy and zero-carbon port construction, contributing to the national "dual carbon" development strategy[48]. - There are no reported environmental penalties or issues during the reporting period, indicating compliance with environmental regulations[48]. Financial Position and Assets - The total liabilities amounted to CNY 6,212,007,751.86, an increase from CNY 6,112,118,156.64, representing a growth of about 1.64%[82]. - Shareholders' equity reached CNY 5,156,696,619.21, up from CNY 5,030,216,367.99, indicating an increase of approximately 2.51%[82]. - The company reported a decrease in short-term borrowings to CNY 261,220,000.00 from CNY 287,612,210.00, a reduction of about 9.21%[82]. - The total current assets increased to ¥9,509,857,033.53 from ¥9,240,025,188.00, representing an increase of about 2.93%[80]. Accounting and Financial Reporting - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position as of June 30, 2024[112]. - The company’s accounting policies include specific measures for financial instrument impairment, inventory, and fixed asset depreciation[111]. - The company recognizes revenue when control of the related assets is transferred to customers, with specific recognition criteria based on the nature of the business[178]. - The company recognizes expected credit losses based on past events, current conditions, and forecasts of future economic conditions, with different stages of financial instruments assessed for credit risk[139].

东方电子股份有限公司 2024 上半年非经营性资金占用及其他关联方资金往来情况汇总表 | | 新疆天富信息科技有 | 子公司的联营公 | 应收账款 | 407.38 | 449.39 | | 28.99 | 827.78 | 商品销售、提 | 经营性往 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 限责任公司 | 司 | | | | | | | 供劳务 | 来 | | | 新疆天富信息科技有 | 子公司的联营公 | 合同资产 | 41.07 | 8.19 | | 5.70 | 43.56 | 商品销售 | 经营性往 | | | 限责任公司 | 司 | | | | | | | | 来 | | | 新疆天富信息科技有 | 子公司的联营公 | 其他非流动 | 28.00 | | | 7.00 | 21.00 | 商品销售 | 经营性往 | | | 限责任公司 | 司 | 资产 | | | | | | | 来 | | | 湖南交科天颐科技有 | 子公司的联营公 | 应收账款 | 447.20 | | | | 447. ...

证券代码：000682 证券简称：东方电子 公告编号：2024-31 2023 年 10 月 25 日，财政部发布了《企业会计准则解释第 17 号》，对"关 于流动负债与非流动负债的划分""关于供应商融资安排的披露""关于售后租 回交易的会计处理"等内容进行进一步规范及明确。该解释自 2024 年 1 月 1 日 起施行。 关于会计政策变更的公告 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。 特别提示： 本次会计政策变更是根据财政部发布的《关于印发<企业会计准则解释第 17 号>的通知》（财会〔2023〕21 号）（以下简称"《企业会计准则解释第 17 号》"）的相关规定要求进行的相应变更，根据《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》等相关规定，本次会计政策变更 无需提交东方电子股份有限公司（以下简称"公司"）董事会和股东大会审议批 准；本次会计政策变更不会对公司财务状况、经营成果和现金流量产生重大影响。 一、会计政策变更概述 1、会计政策变更原因及日期 东方电子股份有限公司 本次会计政策变更是根据财政部相关规定和要求进行的 ...

证券代码：000682 证券简称：东方电子 公告编号：2024-29 东方电子股份有限公司 第十一届董事会第三次会议决议公告 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。 一、会议召开情况 东方电子股份有限公司（以下简称"公司"）第十一届董事会第三次会议 于 2024 年 8 月 21 日以现场加网络的方式在公司会议室召开，会议通知于 2024 年 8 月 9 日以电子邮件的方式通知全体董事。本次会议是定期会议，应参加会议 的董事 9 人，实际参加会议的董事 9 人，董事李小滨先生因工作原因不能亲自出 席会议，委托董事丁振华先生代为表决；独立董事史卫进先生、颜廷礼先生、董 事胡瀚阳先生以网络的方式参会，其余董事在公司会议室出席现场会议。本次会 议由董事会召集，由董事长方正基先生主持，公司监事、高级管理人员列席了会 议。 会议通知及召开程序符合《公司法》《公司章程》等有关规定，会议决议 合法有效。 二、会议议案的审议情况 3、审议并通过了《关于制订<董事会通讯表决细则>的议案》； 为进一步完善公司法人治理结构，规范决策机制，建立健全权责明确、管理 科学的现代企 ...

Financial Data and Key Indicator Changes - The company's gross margin declined in Q2, primarily due to a shift in revenue structure, with domestic revenue increasing while overseas revenue decreased from 30% to 27% [3] - The company expects a significant increase in revenue and net profit growth in Q3 and Q4, driven by improved order intake and capacity utilization [8] Business Line Data and Key Indicator Changes - The domestic order situation has been impacted by a decline in demand from multi-crystalline silicon plants and battery factories, leading to a decrease in overall performance [4] - New orders from data centers and wind power projects are expected to offset declines in other areas, with a slight increase in new domestic orders projected for the year [5][6] Market Data and Key Indicator Changes - The company has secured approximately 2.5 billion in overseas orders in the first half of the year, with a full-year target of 4 billion, indicating a potential for significant order fluctuations due to large contracts [6][7] - The company anticipates that the revenue growth rate will accelerate in the coming quarters, particularly in Q1 of the following year [8] Company Strategy and Development Direction - The company is focusing on enhancing its position in the power automation and distribution sector, with a long-term goal of reaching 10 billion in revenue [10][12] - The company has maintained a consistent growth trajectory, with revenue increasing for 20 consecutive years and net profit for 13 years, reflecting a strong operational foundation [11][14] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of ongoing investment in power grid infrastructure and the expected acceleration of investment in distribution networks [26][27] - The company is optimistic about future growth driven by smart grid investments and the potential for international expansion, particularly in the Belt and Road regions [31][38] Other Important Information - The company has a strong cash flow position, with operating cash flow consistently in the positive, supporting its growth initiatives [16] - The company has maintained a high level of R&D investment, which has been crucial for product line expansion and technological upgrades [18][19] Q&A Session Summary Question: What are the expectations for overseas orders in the second half of the year? - Management indicated that there are potential large orders expected from the U.S. market in Q4, which could significantly impact revenue [7] Question: How does the company plan to address the decline in domestic orders? - The company is focusing on new projects in data centers and wind power to compensate for the decline in orders from multi-crystalline silicon plants [5] Question: What is the outlook for the company's gross margin? - Management believes the decline in gross margin is a short-term issue, with expectations for recovery as overseas orders increase and production capacity is optimized [3][8]

Summary of Conference Call Company or Industry Involved - The conference call is related to Minsheng Securities, focusing on investment insights for professional investors Core Points and Arguments - The content of the conference call is strictly for reference and does not constitute investment advice [1] - There are restrictions on the disclosure of the meeting content by any institution or individual [1] Other Important but Possibly Overlooked Content - The call emphasizes the confidentiality of the information shared, highlighting the importance of maintaining discretion among participants [1]