Dongfang Electronics(000682) EBSCN·2025-04-24 09:24Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 7.545 billion yuan in 2024, representing a year-on-year growth of 16.47%, and a net profit attributable to shareholders of 684 million yuan, up 26.34% year-on-year [1][5] - In Q4 2024, the company recorded a revenue of 2.914 billion yuan, a 22.52% increase year-on-year, and a net profit of 263 million yuan, which is a 33.49% increase year-on-year and a 55.96% increase quarter-on-quarter [1][2] - The company’s major business segments, including scheduling and cloud-based services, power transmission and transformation automation, smart distribution and utilization, and comprehensive energy and virtual power plant services, all showed steady growth [2] - The company secured new contracts exceeding 10 billion yuan in 2024, with significant breakthroughs in various business segments and successful expansion into overseas markets [3] - R&D investment increased by 13.62% to 634 million yuan, with successful AI applications and the launch of the first urban-level digital virtual power plant in Yantai [3] Summary by Sections Financial Performance - In 2024, the company’s revenue reached 7.545 billion yuan, with a growth rate of 16.47%, and net profit attributable to shareholders was 684 million yuan, reflecting a growth rate of 26.34% [5] - The company’s Q4 2024 revenue was 2.914 billion yuan, with a year-on-year growth of 22.52% and a net profit of 263 million yuan, marking a significant increase [1][2] Business Segments - Revenue from major business segments in 2024 included: - Scheduling and cloud services: 1.290 billion yuan (+17.11%) - Power transmission automation: 857 million yuan (+37.50%) - Smart distribution: 4.324 billion yuan (+17.06%) - Comprehensive energy and virtual power plant: 220 million yuan (+12.43%) [2] Market Expansion - The company made significant strides in securing new contracts, including: - Over 1 billion yuan in software projects with Guangdong Power Grid - 1.77 billion yuan from six batches of protection monitoring contracts with the State Grid [3] - The company also expanded its overseas market presence, with contracts in Saudi Arabia and projects in Europe and Uzbekistan [3] R&D and Innovation - R&D investment rose to 634 million yuan, with notable AI projects and the launch of a digital virtual power plant in Yantai [3]