Dongfang Electronics(SZ:000682) EBSCN·2024-08-23 00:07Investment 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]