证券代码：000682 证券简称：东方电子 公告编号：2025-14 东方电子股份有限公司 第十一届监事会第六次会议决议公告 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"）第十一届监事会第六次会议 于 2025 年 4 月 28 日以通讯表决方式召开，会议通知于 2025 年 4 月 24 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 2025 年第一季度报告的议案》 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 2025 年第一 季度报告的程序符合法律、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 2025 年第一季度报告》同日刊登在《中国证券报》《证券时报》及 巨潮资讯网（www.cninfo.com.cn）。 表决结果 ...

一、会议召开情况 东方电子股份有限公司（以下简称"公司"）第十一届董事会第十次会议 于 2025 年 4 月 28 日以通讯表决方式召开，会议通知于 2025 年 4 月 24 日以电子 邮件的方式通知全体董事。本次会议是临时会议，应参加会议的董事 9 人，实际 参加会议的董事 9 人，会议由董事会召集，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 1、审议并通过了《关于公司 2025 年第一季度报告的议案》 《公司 2025 年第一季度报告》同日刊登在《中国证券报》《证券时报》及 巨潮资讯网（www.cninfo.com.cn）。 证券代码：000682 证券简称：东方电子 公告编号：2025-13 东方电子股份有限公司 第十一届董事会第十次会议决议公告 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。 2、经审计委员会委员签字并盖章的审计委员会决议。 东方电子股份有限公司 董事会 2025 年 4 月 28 日 1 表决结果：表决通过。其中，同 ...

Financial Performance - The company reported a basic earnings per share of 0.0902 yuan for Q1 2025, representing a 19.31% increase compared to 0.0756 yuan in Q1 2024 [1] - Net profit for Q1 2025 was 1.21 billion yuan, up 19.8% from 1.01 billion yuan in Q1 2024 [1] - Operating revenue reached 14.06 billion yuan, reflecting a 10.02% growth from 12.78 billion yuan in the same period last year [1] - The return on equity (ROE) improved to 2.34% in Q1 2025, compared to 2.19% in Q1 2024 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 69,493.18 million shares, accounting for 51.83% of the circulating shares, a decrease of 3,946.41 million shares from the previous period [2] - The largest shareholder, Dongfang Electronics Group Co., Ltd., holds 36,977.42 million shares, representing 27.58% of the total share capital, with no change in holdings [2] - The National Social Security Fund's 503 portfolio reduced its holdings by 899.99 million shares, now holding 4,900 million shares, which is 3.66% of the total [2] Dividend Distribution - The company has announced that it will not distribute dividends or transfer shares this time [3]

Financial Performance - The company's operating revenue for Q1 2025 was ¥1,405,755,105.03, representing a 10.04% increase compared to ¥1,277,506,859.47 in the same period last year[4] - Net profit attributable to shareholders was ¥120,901,962.86, up 19.22% from ¥101,407,763.96 year-on-year[4] - Basic and diluted earnings per share increased by 19.31% to ¥0.0902, compared to ¥0.0756 in the same period last year[4] - Total operating revenue for the current period reached RMB 1,405,755,105.03, an increase of 10% compared to RMB 1,277,506,859.47 in the previous period[18] - Net profit attributable to the parent company was 120,901,962.86 CNY, up from 101,407,763.96 CNY, representing a year-over-year increase of about 19.2%[20] - The total comprehensive income for the current period was 100,497,575.05 CNY, compared to 89,104,623.94 CNY in the prior period, indicating an increase of about 12.5%[20] Cash Flow and Investments - The net cash flow from operating activities decreased by 132.87% to -¥318,900,485.66, compared to -¥136,945,462.05 in the previous year[4] - The net cash flow from operating activities was -318,900,485.66 CNY, worsening from -136,945,462.05 CNY in the previous period[23] - The company reported a net cash outflow from investing activities of -143,518,305.00 CNY, compared to -31,305,524.11 CNY in the previous period[23] - The net cash flow from financing activities was -101,511,705.23 CNY, slightly worsening from -93,533,992.01 CNY in the prior period[23] - The company experienced a foreign exchange impact of -56,290.27 CNY on cash and cash equivalents[23] Assets and Liabilities - Total assets at the end of the reporting period were ¥12,318,274,803.44, a decrease of 2.47% from ¥12,629,803,106.77 at the end of the previous year[4] - Current cash and cash equivalents decreased to RMB 3,552,476,520.76 from RMB 4,120,516,405.45, reflecting a decline of approximately 14%[14] - Inventory increased to RMB 4,160,954,769.15, up from RMB 3,824,736,041.11, indicating a growth of about 8.8%[15] - Total liabilities decreased to RMB 6,610,782,655.84 from RMB 7,022,808,534.22, reflecting a decline of about 5.9%[16] - The company's equity attributable to shareholders increased to RMB 5,234,596,581.61 from RMB 5,114,224,829.31, marking an increase of approximately 2.3%[16] - The company’s accounts receivable decreased to RMB 1,240,130,339.30 from RMB 1,542,839,605.90, a reduction of approximately 19.6%[15] - The company’s total non-current assets slightly decreased to RMB 1,911,876,976.83 from RMB 1,930,469,650.97, a decline of about 1%[16] Costs and Expenses - Total operating costs rose to 1,309,982,623.46 CNY from 1,195,443,020.48 CNY, an increase of about 9.5%[22] - Research and development expenses increased to 132,710,002.03 CNY from 120,381,762.89 CNY, marking a rise of approximately 10.5%[22] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 83,752[10] - The balance of trading financial assets increased by ¥120,000,000.00, a growth of 342.86%, mainly due to increased purchases of bank wealth management products[7] - Short-term borrowings decreased by 37.91% to ¥99,318,509.00, primarily due to repayment of maturing loans[7] - The company reported a decrease in short-term borrowings to RMB 162,696,491.00 from RMB 262,015,000.00, a decline of about 37.9%[16] - The company's weighted average return on equity increased by 0.15 percentage points to 2.34%[4] - The company plans to invest a total of RMB 850 million in establishing a new industrial park on 165 acres through its wholly-owned subsidiary[12]

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%, and a net profit attributable to shareholders of 684 million yuan, up 26.34% [4][5] - Emerging businesses are making multiple breakthroughs, contributing to overall growth [5][6] - The company is expanding its overseas business with localized strategies showing initial success, including contracts in Saudi Arabia and Nicaragua [7] Financial Performance Summary - In 2024, the company achieved a revenue of 75.45 billion yuan, with a gross profit margin of 33.71%, which improved by 0.01 percentage points year-on-year [4][5] - The fourth quarter of 2024 saw revenue of 29.14 billion yuan, a 22.52% increase year-on-year, and a net profit of 263 million yuan, up 33.50% [4] - 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 8.52 billion yuan, 10.23 billion yuan, and 12.25 billion yuan [8][11] Business Segment Performance - Smart distribution and electricity usage business generated 4.324 billion yuan in revenue, a 17.06% increase, with a gross margin of 32.57% [5] - Dispatching and cloud services business revenue was 1.290 billion yuan, up 17.11%, with a gross margin of 37.70% [5] - The automation business for power transmission and transformation saw revenue of 857 million yuan, a 37.50% increase, with a gross margin of 38.35% [5] - Comprehensive energy and virtual power plant business generated 220 million yuan, a 12.43% increase, with a gross margin of 32.79% [5] - New energy and energy storage business revenue was 296 million yuan, a decrease of 13.90%, but with a gross margin of 25.66% [5] - Industrial internet and smart manufacturing business achieved revenue of 448 million yuan, a 12.38% increase, with a gross margin of 22.68% [6] Overseas Expansion - The company has successfully launched a localized production line in Saudi Arabia with contracts nearing 170 million yuan [7] - It has also made progress in Uzbekistan and entered the Belgian market with its ring network cabinet products [7]

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].