东方电子：营收持续稳健增长，研发工作形成新突破

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][5] Core Insights - The company has demonstrated steady revenue growth, with a projected revenue increase from 6,478 million yuan in 2023 to 11,314 million yuan by 2026, reflecting a compound annual growth rate (CAGR) of approximately 20.6% [1][5] - Net profit is expected to grow from 541 million yuan in 2023 to 1,089 million yuan in 2026, with a CAGR of about 25.8% [1][5] - The company is focusing on research and development, with significant breakthroughs in various sectors, including new energy and smart grid technologies [4][5] Financial Performance Summary - Revenue Forecast: - 2022A: 5,460 million yuan - 2023A: 6,478 million yuan - 2024E: 7,697 million yuan - 2025E: 9,381 million yuan - 2026E: 11,314 million yuan - Year-on-Year Growth Rates: 21.7% (2022A to 2023A), 18.6% (2023A to 2024E), 18.8% (2024E to 2025E), 21.9% (2025E to 2026E), 20.6% (2026E) [1][5] - Net Profit Forecast: - 2022A: 438 million yuan - 2023A: 541 million yuan - 2024E: 671 million yuan - 2025E: 866 million yuan - 2026E: 1,089 million yuan - Year-on-Year Growth Rates: 26.1% (2022A to 2023A), 23.5% (2023A to 2024E), 24.0% (2024E to 2025E), 29.0% (2025E to 2026E), 25.8% (2026E) [1][5] - Earnings Per Share (EPS): - 2023E: 0.40 yuan - 2024E: 0.50 yuan - 2025E: 0.65 yuan - 2026E: 0.81 yuan [1][5] - Market Capitalization: - As of August 22, the market price is 10.33 yuan, with a market capitalization of 13,850 million yuan [1][5] Strategic Developments - The company is actively pursuing innovation in technology and business models, particularly in the new energy sector, which has seen a revenue increase of 108.53% in the renewable energy and storage segment [4][5] - The company has made significant strides in international markets, securing contracts in Saudi Arabia, Egypt, and Jordan, and achieving a total new bid amount exceeding 4.3 billion yuan in the first half of the year [4][5]