Zhi Tong Cai Jing·2025-09-04 06:23Group 1 - The core viewpoint of the report is that the stock prices of Dongfang Electric (600875) for A and H shares are projected to correspond to P/E ratios of 15.8 and 13.1 for 2025, and 12.8 and 10.4 for 2026, respectively, with a positive outlook due to ongoing projects and market recovery [1] - The target prices for A and H shares have been raised by 30% and 67.2%, reaching 22.1 RMB and 19.4 HKD, which correspond to P/E ratios of 18 times and 14.5 times for this year [1] Group 2 - Dongfang Electric reported a total revenue of 38.151 billion RMB for the first half of the year, reflecting a year-on-year growth of 14.03%, with a net profit of 1.91 billion RMB, up 12.91% [2] - In the second quarter, revenue was 21.603 billion RMB, showing a year-on-year increase of 17.38%, while net profit decreased by 3.79% to 756 million RMB due to increased impairment losses [2] - The company secured new effective orders amounting to 65.485 billion RMB in the first half, marking a year-on-year growth of 16.78% [2] - The clean and efficient energy equipment segment saw a revenue increase of 19.2% year-on-year, with coal and nuclear power revenues growing by 32.6% and 38.7%, respectively [2] - The gross margin for coal power increased by 2.7 percentage points to 19.1%, while the nuclear power gross margin declined due to product delivery structure impacts [2] - The company achieved its first overseas order for a 50-megawatt heavy-duty gas turbine, indicating potential for continued expansion in international markets [2]