Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has abundant orders on hand, with expectations for a peak in coal and nuclear power deliveries in 2025 [3] - The company achieved a total revenue of 69.695 billion yuan in 2024, a year-on-year increase of 14.9%, while the net profit attributable to shareholders was 2.922 billion yuan, a year-on-year decrease of 17.7% [5] - The company’s order backlog reached 101.1 billion yuan, a year-on-year increase of 16.9%, ensuring future performance stability [5] Financial Performance Summary - Revenue projections for 2024-2026 are as follows: 68.593 billion yuan in 2024, 69.642 billion yuan in 2025, and 73.279 billion yuan in 2026, with growth rates of 15.15%, 1.53%, and 5.22% respectively [4][6] - The net profit attributable to shareholders is forecasted to be 2.922 billion yuan in 2024, 4.065 billion yuan in 2025, and 4.673 billion yuan in 2026, with growth rates of -17.70%, 39.10%, and 14.96% respectively [4][6] - The company’s earnings per share (EPS) are projected to be 0.94 yuan in 2024, 1.30 yuan in 2025, and 1.50 yuan in 2026 [4][6] Order and Delivery Outlook - The company aims to achieve a power generation equipment output of 73 million kilowatts in 2025, a 26% increase compared to the actual output of 58.09 million kilowatts in 2024 [5] - The clean and efficient energy equipment segment generated revenue of 28.36 billion yuan in 2024, a year-on-year increase of 37.7% [5] Valuation Metrics - The price-to-earnings (P/E) ratio is projected to be 17 for 2024, 12 for 2025, and 10 for 2026 [4][6] - The company maintains a strong return on equity (ROE) forecast of 9.81% in 2025 and 10.56% in 2026 [4][6]
东方电气(600875):在手订单充沛,2025煤电核电有望迎交付高峰