研报掘金丨东吴证券：首予东方电气“买入”评级，目标价41.9元

Core Viewpoint - Dongfang Electric, established in 1958, is a leading enterprise in the domestic power generation equipment sector, with a business scope covering thermal, hydro, nuclear, gas turbine, renewable energy generation, EPC contracting, and trade [1] Group 1: Financial Performance - The company's revenue and net profit attributable to shareholders are expected to grow at a CAGR of +17% and +12% respectively from 2020 to 2024, indicating steady performance [1] - For the period of 2025-2027, the net profit attributable to shareholders is projected to be 3.5 billion, 4.52 billion, and 5.44 billion yuan, reflecting year-on-year growth of +20%, +29%, and +20% respectively [1] Group 2: Market Position and Growth Drivers - As a leading enterprise in power generation equipment, the company is transitioning thermal power to support adjustable power sources, entering a period of growth in pumped storage, and successfully exporting independently controllable gas turbines [1] - The company has a sustained high growth in orders, and the energy equipment business is expected to continue its growth trajectory [1] Group 3: Valuation and Investment Rating - The company is assigned a PE ratio of 33, 26, and 22 for the years 2025, 2026, and 2027 respectively, reflecting its strong growth certainty and additional revenue from gas turbine exports [1] - A target price of 41.9 yuan is set for 2026, with an initial coverage rating of "Buy" based on a 32x PE valuation [1]