Soochow Securities·2026-04-01 12:21Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of Dongfang Electric [1] Core Insights - The company's 2025 annual report shows revenue of 78.62 billion RMB, a year-on-year increase of 12.8%, and a net profit attributable to shareholders of 3.83 billion RMB, up 31.1% year-on-year, slightly exceeding market expectations [6] - The company has a robust order book with new effective orders amounting to 117.3 billion RMB, a 15.9% increase year-on-year, indicating stable growth [6] - The report highlights the company's successful expansion into international markets, particularly in gas turbine projects, which are expected to contribute significantly to future revenue [6] Financial Projections - Total revenue is projected to reach 90.82 billion RMB in 2026, with a year-on-year growth of 15.52% [1] - The net profit attributable to shareholders is expected to be 4.61 billion RMB in 2026, reflecting a growth of 20.24% year-on-year [1] - The report forecasts an EPS of 1.33 RMB for 2026, with a P/E ratio of 26.31 for A-shares [1] Market Performance - The closing price for A-shares is 38.28 RMB, with a market capitalization of approximately 132.39 billion RMB [5] - The stock has a 52-week price range of 14.08 to 44.22 RMB, indicating significant volatility [5] - The report notes a market trend where the company's stock performance has outpaced the Shanghai and Shenzhen 300 index [4]