东方电子：配用电龙头企业，行业需求+经营提效双轮驱动成长

Company Rating and Valuation - Buy Rating: The report assigns a "Buy" rating to the company with a current price of 11.27 CNY and a fair value of 12.17 CNY [1] - Market Capitalization: The total market capitalization is 15,109.99 million CNY, with a circulating market cap of 15,108.50 million CNY [1] - Stock Performance: The stock has seen a 1.90% increase over the past 3 months and a 4.90% increase over the past 6 months [1] Core Investment Thesis - Industry Leadership: The company is a leader in the power distribution and utilization sector, benefiting from the ongoing power grid transformation and operational efficiency improvements [2] - Revenue Growth: In the first three quarters of 2024, the company achieved revenue of 4.631 billion CNY, a 12.96% YoY increase, and net profit of 421 million CNY, a 22.26% YoY increase [2] - Power Distribution Transformation: The company is well-positioned to benefit from the increasing investment in power distribution networks, driven by the growth of distributed new energy and new types of loads [2] Financial Performance and Projections - Revenue Growth: Revenue is projected to grow from 5.46 billion CNY in 2022 to 10.596 billion CNY in 2026, with a CAGR of 17.1% [1] - Net Profit Growth: Net profit is expected to increase from 438 million CNY in 2022 to 989 million CNY in 2026, with a CAGR of 20.6% [1] - EPS and P/E Ratio: EPS is forecasted to grow from 0.33 CNY in 2022 to 0.74 CNY in 2026, with a P/E ratio decreasing from 24.59 in 2022 to 15.27 in 2026 [1] Key Business Segments - Power Distribution and Utilization: This segment contributes 54.99% of total revenue, with a gross margin of 29.85%. The company offers a comprehensive range of products, including energy-saving transformers, smart meters, and integrated distribution solutions [18] - Scheduling and Cloud Services: This segment accounts for 13.31% of revenue, with a gross margin of 40.42%. The company provides cloud-based scheduling systems and power market auxiliary applications [18] - Transmission and Transformation Automation: This segment represents 13.98% of revenue, with a gross margin of 39.78%. The company offers products such as intelligent substations and relay protection systems [18] Emerging Business Opportunities - New Energy and Energy Storage: The company is actively expanding into the new energy and energy storage sectors, with products including energy storage integration, EMS systems, and photovoltaic EPC [18] - Virtual Power Plants: The company has accumulated rich project experience in virtual power plants through deep cooperation with the Southern Power Grid [2] Industry Trends and Market Opportunities - Power Distribution Investment: In 2023, China's power distribution network investment reached 290.2 billion CNY, a 5.4% YoY increase, accounting for 55.0% of total power grid investment. The company is well-positioned to benefit from this trend [2] - Smart Meter Demand: The domestic smart meter market is expected to grow, with projected bidding volumes reaching 90-100 million units by 2025 [2] Overseas Market Expansion - Global Presence: The company has expanded its overseas market to over 40 countries and regions, including Southeast Asia, India, Africa, and the Middle East. In 2023, overseas revenue reached 374 million CNY, a 31.09% YoY increase [57] - Localization Strategy: The company has established localized production lines in Saudi Arabia, marking a significant milestone in its overseas expansion [56]