Dongfang Electronics(000682) 光大证券·2025-04-24 09:55Investment Rating - The report maintains a "Buy" rating for the company, indicating a projected investment return exceeding the market benchmark by more than 15% over the next 6-12 months [4]. Core Insights - 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, with a net profit of 263 million yuan, marking a 33.49% year-on-year growth and a 55.96% quarter-on-quarter increase [1][2]. - The company’s major business segments, including scheduling and cloud-based services, power transmission and transformation automation, smart distribution, and comprehensive energy, all showed steady growth, with significant contributions from subsidiaries [2][3]. Summary by Sections Financial Performance - In 2024, the company’s revenue from major business segments was as follows: 1.290 billion yuan from scheduling, 857 million yuan from power transmission automation, 4.324 billion yuan from smart distribution, and 220 million yuan from comprehensive energy and virtual power plant services, with respective year-on-year growth rates of 17.11%, 37.50%, 17.06%, and 12.43% [2]. - The company’s total revenue is projected to grow to 8.744 billion yuan in 2025, with a net profit of 888 million yuan, reflecting a growth rate of 29.77% [5]. Business Development - The company secured new contracts exceeding 10 billion yuan in 2024, with notable achievements in software projects and significant overseas market expansions, including contracts in Saudi Arabia and the Maldives [3]. - R&D investment increased by 13.62% to 634 million yuan, with advancements in AI applications and the launch of the digital virtual power plant in Yantai [3]. Valuation Metrics - The current stock price corresponds to a P/E ratio of 15 for 2025, with projected earnings per share (EPS) of 0.66 yuan in 2025 [4][5]. - The company’s return on equity (ROE) is expected to rise to 14.94% by 2025, indicating improving profitability [12].