东方电子：业绩稳健增长，国网中标份额稳定

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company reported a revenue of 4.631 billion yuan for Q3 2024, representing a year-on-year growth of 12.96%, and a net profit attributable to shareholders of 421 million yuan, up 22.26% year-on-year [3] - The company maintains a leading market share in the State Grid's electric meter segment and stable market share in distribution protection products, with a total winning bid amount of 152 million yuan, accounting for 3.96% of the total [3] - The company is expected to benefit from increased investment in the power grid, particularly in distribution networks and ultra-high voltage sectors, and has made significant progress in overseas markets, including a strategic cooperation agreement with Saudi Arabia [3] Financial Performance Summary - For the fiscal year 2023, the company achieved a revenue of 6.478 billion yuan, with a year-on-year growth of 18.6% [7] - The projected revenues for 2024, 2025, and 2026 are 7.963 billion yuan, 9.798 billion yuan, and 11.895 billion yuan, respectively, with corresponding net profits of 692 million yuan, 848 million yuan, and 1.020 billion yuan [3][7] - The gross profit margin is expected to be around 33.2% in 2024, slightly decreasing to 32.3% by 2026 [7] Market Position and Strategy - The company has a strong presence in the electric meter and distribution protection product markets, with stable bidding success in State Grid tenders [3] - The company is positioned to leverage industry growth driven by government policies favoring investment in power grid infrastructure [3] - The overseas market expansion is highlighted by significant contracts in the Middle East, indicating a strategic focus on international growth [3]