Investment Rating - The report maintains an "OUTPERFORM" rating for Dongfang Electric [2][6] Core Views - Revenue has shown steady growth, with a year-on-year increase of 11.8% in 1H2024, reaching 33.46 billion yuan, while net profit decreased by 15.52% to 1.691 billion yuan [8] - The gross profit margin (GPM) is under temporary pressure, recorded at 16.26% in 1H2024, down 2.30 percentage points year-on-year, but profitability is expected to improve in the second half of the year [8] - The company added new orders amounting to 560.73 billion yuan in 1H2024, reflecting a robust growth momentum with a year-on-year increase of 14.77% [8] Financial Summary - Revenue projections for 2024, 2025, and 2026 are adjusted to 69.69 billion yuan, 77.68 billion yuan, and 82.71 billion yuan respectively, while net profit attributable to the parent company is revised to 3.69 billion yuan, 4.85 billion yuan, and 5.38 billion yuan for the same years [8] - The comprehensive gross profit margin for 2024 is expected to be 17.7%, with a gradual recovery anticipated in subsequent years [8] - R&D expenses increased by 25.88% year-on-year in 1H2024, indicating a commitment to innovation and market expansion [8] Market Position and Strategy - The company is actively expanding both domestic and international markets, achieving a domestic revenue of 30.52 billion yuan in 1H2024, up 13.15% year-on-year, while overseas revenue slightly decreased by 0.19% to 2.94 billion yuan [8] - Significant breakthroughs in key projects include the assembly of a self-developed 15 MW heavy-duty gas turbine and the acceptance of the world's largest single-unit capacity 500MW impulse turbine [8]
东方电气：毛利率阶段性承压，订单保持高增