Dongfang Electronics(000682) Tianfeng Securities·2025-05-19 13:43Investment Rating - The investment rating for the company is "Buy" with a target price not specified [6] Core Views - The company has achieved stable growth in its operating performance, with a revenue of 7.545 billion yuan in 2024, representing a year-on-year increase of 16.47%. The net profit attributable to the parent company reached 684 million yuan, up 26.34% year-on-year [1][4] - The company secured new contracts exceeding 10 billion yuan in 2024, which supports future performance growth [1] - The company is expected to continue steady domestic business growth while accelerating overseas market expansion [3] Financial Performance Summary - In 2024, the company reported revenues of 12.90 billion yuan from scheduling and cloud services, 8.57 billion yuan from power transmission and transformation automation, and 43.24 billion yuan from intelligent distribution and utilization [2] - The gross profit margin for 2024 was 33.71%, with a net profit margin of 9.85% [1] - For Q1 2025, the company achieved revenues of 1.406 billion yuan, a year-on-year increase of 10.04%, and a net profit of 121 million yuan, up 19.22% year-on-year [1] Revenue and Profit Forecast - The revenue forecast for 2025-2027 has been adjusted to 8.93 billion yuan, 10.54 billion yuan, and 12.23 billion yuan respectively, with net profits projected at 820 million yuan, 1.01 billion yuan, and 1.20 billion yuan [4] - The corresponding price-to-earnings ratios are estimated at 16x, 13x, and 11x for the years 2025, 2026, and 2027 respectively [4] Market Outlook - The company is expected to leverage its advantages in the intelligent distribution and utilization business while exploring the potential of the southern power grid market [3] - The overseas market expansion is anticipated to accelerate, particularly in Europe and South America, while maintaining traditional markets in Malaysia and Thailand [3]