Investment Rating - The investment rating for the company is "Buy" (maintained) [1][8] Core Views - The company is expected to achieve revenue growth of 16% in 2024, with a projected revenue of 75.45 billion yuan and a net profit of 6.84 billion yuan, reflecting a year-on-year growth of 26% [5][6] - The company maintains a strong focus on its core business and innovation, with significant breakthroughs in research and development, and a high proportion of R&D investment [5][6] - The company has successfully expanded its business across six major directions, achieving new contracts exceeding 10 billion yuan in 2024 [5][6] Financial Performance Summary - Revenue (in million yuan) is projected to grow from 6,478 in 2023 to 11,926 in 2027, with a compound annual growth rate (CAGR) of approximately 16% [1][6] - Net profit (in million yuan) is expected to increase from 541 in 2023 to 1,175 in 2027, with a CAGR of about 15% [1][6] - Earnings per share (EPS) is forecasted to rise from 0.40 in 2023 to 0.88 in 2027 [1][6] Business Segments - The company’s revenue from its three main business segments in 2024 includes: - Dispatch and cloud services: 12.90 billion yuan (up 17.11% year-on-year) - Power transmission and transformation automation: 8.57 billion yuan (up 37.50% year-on-year) - Intelligent distribution and utilization: 43.24 billion yuan (up 17.06% year-on-year) [5][6] R&D and Innovation - The company has 309 ongoing projects, with 220 newly initiated and 104 completed in 2024, alongside 104 patent authorizations [5][6] - The company actively participates in the publication of national and industry standards, with 24 contributions in 2024 [5][6] Market Position and Outlook - The company is well-positioned to benefit from the accelerated construction of new power systems, with its core competitiveness continuing to stand out [5][6] - The company’s operational efficiency is improving, and it is expected to maintain stable growth in its business performance [5][6]

根据《公司法》和《公司章程》的相关规定，丁振华先生、刘勋章先生辞职 不会导致公司董事会人数低于法定最低人数，其辞职自辞职报告送达公司董事会 之日起生效。公司将按照法定程序尽快完成补选董事的相关工作。 东方电子股份有限公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 东方电子股份有限公司（以下简称"公司"）董事会近日收到董事丁振华先 生、刘勋章先生的书面辞职报告。 丁振华先生因退休原因辞去公司第十一届董事会董事职务及董事会下设委 员会职务，辞职后不在公司担任其他职务。截至本公告披露日，丁振华先生持有 公司股份 169,318 股，其所持股份将遵守相关法律法规有关股票转让的限制性 规定。丁振华先生在公司任职期间恪尽职守、勤勉尽责，对推动公司高质量发展， 提升公司治理水平、规范运作等工作做出了重要贡献，公司董事会对其为公司发 展所做出的贡献表示衷心地感谢。 刘勋章先生因工作变动原因辞去公司第十一届董事会董事职务及董事会下 设委员会职务，辞职后不在公司担任其他职务。截至本公告披露日，刘勋章先生 未持有公司股份，不存在应履行而未履行的承诺事项。公司董事会对其任职期间 ...

Group 1 - The core viewpoint of the news highlights the performance of the energy sector in Shandong Province, indicating a decline in overall electricity generation in early 2025 compared to the previous year [1] - In March 2025, Shandong Province generated 49.71 billion kilowatt-hours of electricity, representing a year-on-year decrease of 0.3% [1] - From January to March 2025, the total electricity generation in Shandong Province was 151.34 billion kilowatt-hours, showing a year-on-year decline of 2.3% [1] Group 2 - The breakdown of electricity generation by type reveals that thermal power generation accounted for 79.4% of the total at 120.23 billion kilowatt-hours, down 4.9% year-on-year [1] - Hydropower generation was 1.35 billion kilowatt-hours, making up 0.9% of the total, with a year-on-year decrease of 7.1% [1] - Nuclear power generation increased by 52% year-on-year to 8.02 billion kilowatt-hours, representing 5.3% of the total generation [1] - Wind power generation was 16.25 billion kilowatt-hours, accounting for 10.7% of the total, with a year-on-year decline of 6.6% [1] - Solar power generation reached 5.452 billion kilowatt-hours, constituting 3.6% of the total, with a year-on-year increase of 27.3% [1]

Investment Rating - The industry investment rating is "Positive (Maintain)" [6] Core Viewpoints - The report highlights the steady advancement of the "Electricity AI Agent" and the activation of new pilot projects for the new power system, focusing on innovative technologies and models to drive breakthroughs in construction [9] - The dual deep coupling of AI and electricity is expected to enhance resource allocation efficiency and foster a collaborative development environment for the "energy-computing" ecosystem [9] Summary by Sections Industry Overview - The report discusses the establishment of pilot projects for the new power system, emphasizing the exploration of new technologies and models in typical cities [9] - Key focus areas include grid-type technology, system-friendly renewable energy stations, intelligent microgrids, and virtual power plants [9] Investment Recommendations and Targets - Suggested companies to focus on include: - "Electricity AI Agent" application segment: Dongfang Electronics (000682, Not Rated), Guoneng Rixin (301162, Accumulate), Zhiyang Innovation (688191, Not Rated), State Grid Xintong (600131, Not Rated), Teradyne (300001, Buy), and Anke Rui (300286, Buy) [9] - AI server power supply segment: Magmi (002851, Not Rated), Zhongheng Electric (002364, Not Rated), Hewei Electric (603063, Not Rated), Oulu Tong (300870, Not Rated), Kehua Data (002335, Not Rated), and Keda (002518, Not Rated) [9] - AIDC power supply segment: Jinpan Technology (688676, Buy), Mingyang Electric (301291, Not Rated), Weiteng Electric (688226, Not Rated), Liangxin Co. (002706, Not Rated), Chint Electric (601877, Not Rated), and Samsung Medical (601567, Not Rated) [9]

Group 1 - The National Energy Administration has initiated pilot projects for the construction of a new power system, focusing on seven key areas including grid technology, friendly renewable energy power stations, smart microgrids, and virtual power plants [1] - The pilot projects will encourage the adoption of new technologies and models, supporting the application of major national science and technology projects related to smart grids and energy technology [1] - The focus on computing power will involve planning and layout of computing power and electricity projects in regions with rich energy resources, enhancing the green electricity proportion for data centers [1] Group 2 - The electricity market reform allows IDC users to directly sign power purchase agreements with wind and solar power stations, enabling a strategy of relocating to areas with cheaper green electricity [2] - As peak and valley electricity price reforms and virtual power plants are implemented, data centers are increasingly considering proximity to renewable energy bases to reduce electricity costs and acquire green assets [2] - This trend indicates a shift in IDC site selection from traditional demand-driven to supply-side optimization, leading to a cleaner and more diversified energy structure [2] Group 3 - Companies involved in the sector include: - Distribution network/virtual power plants: Dongfang Electronics - Energy forecasting and trading: Guoneng Rixin - User-side/microgrids: Anke Rui - Energy digitalization: State Grid Information Communication - Others: Kaipu Cloud, Yuanguang Software, Weisheng Information, Zhiyang Innovation, Henghua Technology [3]

华源证券近日发布大能源行业2025年第22周周报（20250602）：绿电直供业务已明确直 供线路由非电网企业建设，近期国家以及各地相关政策频出，更大概念上的源网荷储一体化 项目进展有望加快，从而使得用户侧商业模式更加丰富，电力交易、虚拟电厂、微电网等方 向值得关注。此外，类似业务模式主要还是为了提高绿电底层需求，有利于新能源设备行业 长期稳定发展，海上风电作为沿海重要的新能源资源发展有望提速。 以下为研究报告摘要： 投资要点： 事件：国家发改委、能源局发布《关于有序推动绿电直连发展有关事项的通知》（以下 简称《通知》）。 绿电直连有助于绿电经济性和环境价值体现。本次政策针对对单一用户的绿电供给模 式，带来2个明显的好处：（1）可以有效降低企业的用电成本；（2）对于企业碳排放认定 有很大帮助（特别是出口型企业）。我国东南沿海出口型企业密集，绿电是该地区重要的新 能源资源，随着直供模式推广有望带动海上风电产业快速发展。 明确绿电直供在现货连续运行区域可反送电网，提高绿电直供模式经济性。以往源网荷 储一体化项目为了降低公共电网调峰压力，通常对自用电比例都有较高要求且不允许反送电 网。《通知》在要求自用电比例不低于 ...

东方电子股份有限公司 关于为公司全资子公司担保的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保事项概况 公司全资子公司烟台东方威思顿电气有限公司（以下简称"威思顿"）计划 投标斯里兰卡 CEB 变电站项目，根据项目投标要求需要公司为威思顿提供项目 履约担保。担保期限：担保将在威思顿中标后签署项目合同正式生效时生效，直 至威思顿在合同项下的全部义务和责任履行完毕为止；若威思顿未能中标，则本 担保自动失效。项目担保金额预计总计 4,900 万美元，经测算，项目担保金额未 达到公司股东大会审议标准。 本担保事项经公司第十一届董事会第十一次会议审议通过，无需提交股东大 会审议。 证券代码：000682 证券简称：东方电子 公告编号：2025-19 二、被担保人基本情况 （一）被担保人概况 8、营业范围：仪器仪表制造；仪器仪表销售；智能仪器仪表制造；智能仪器 仪表销售；配电开关控制设备研发；配电开关控制设备制造；配电开关控制设备 销售；输配电及控制设备制造；智能输配电及控制设备销售；电力设施器材制造； 电力设施器材销售；工业自动控制系统装置制造；工业自动 ...

证券代码：000682 证券简称：东方电子 公告编号：2025-18 东方电子股份有限公司 第十一届董事会第十一次会议决议公告 会议通知及召开程序符合《公司法》《公司章程》等有关规定，会议决议 合法有效。 二、会议议案的审议情况 1、审议并通过了《关于为公司全资子公司担保的议案》 《关于为公司全资子公司担保的公告》同日刊登在中国证券报、证券时报及 巨潮资讯网（www.cninfo.com.cn）。 表决结果：表决通过。其中，同意 9 票；反对 0 票；弃权 0 票。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、会议召开情况 东方电子股份有限公司（以下简称"公司"）第十一届董事会第十一次会 议于 2025 年 5 月 26 日以通讯表决方式召开，会议通知于 2025 年 5 月 21 日以电 子邮件的方式通知全体董事。本次会议是临时会议，应参加会议的董事 9 人，实 际参加会议的董事 9 人，会议由董事长方正基先生召集和主持，公司监事、高级 管理人员列席了会议。 1、经与会董事签字并加盖董事会印章的董事会决议。 东方电子股份有限公司 董事会 2025 年 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5][22][23] Core Views - The company's performance is under short-term pressure, but its overseas distribution business is poised for growth. The company expects a revenue increase of 12.3% year-on-year to 4.72 billion yuan in 2024, with a net profit of 1 billion yuan, reflecting a 2% increase year-on-year [1][8] - The company is expanding its overseas distribution business, with projected revenue of 4.535 billion yuan in 2024, a 13% increase year-on-year, and a gross margin of 45.3% [2][13] - Domestic distribution business is also growing steadily, with expected revenue of 1.595 billion yuan in 2024, a 20.6% increase year-on-year [14] Financial Performance Summary - In 2024, the company is projected to achieve a total revenue of 4.72 billion yuan, with a net profit of 1 billion yuan, and a gross margin of 43.9% [1][8] - The company’s expenses are expected to rise due to foreign exchange losses and an increase in personnel, leading to a total expense of 880 million yuan in 2024, a 54% increase year-on-year [3][16] - The company has adjusted its profit forecasts for 2025-2027 to 1.122 billion yuan, 1.241 billion yuan, and 1.36 billion yuan respectively, reflecting year-on-year growth of 12%, 10.6%, and 9.6% [22][25] Market Position and Valuation - The current stock price is 26.98 yuan, with a market capitalization of 13.119 billion yuan. The price-to-earnings (PE) ratios for 2024, 2025, and 2026 are projected to be 11.7, 10.5, and 9.6 respectively [5][22][23] - The company has a strong position in the domestic market, having won contracts worth 1.123 billion yuan in the national grid and southern grid sectors, which is a 28% increase year-on-year [14]

Investment Rating - The report maintains a positive outlook on the industry, rating it as "Positive" [11] Core Insights - The computer sector experienced a slight decline of 1.39% last week, ranking 32nd among primary industries in the Yangtze River region, with a trading volume accounting for 9.23% of the total market [2][5] - Key recommendations include focusing on companies with a first-mover advantage in the energy IT sector and those involved in the cross-border payment industry, particularly cross-border payment platforms [7][8] Summary by Sections Energy IT Investment Opportunities - The report highlights critical policy milestones for China's distributed photovoltaic industry on April 30 and May 31, 2025, which are expected to accelerate market transactions and increase demand for trading management and decision-making software [7][40] - The ongoing energy market reforms are anticipated to drive the development of virtual power plant models and comprehensive energy service business models, suggesting a focus on companies that are well-positioned to capitalize on these trends [52] Cross-Border Financial Investment Opportunities - The report notes the continuous advancement of China's financial opening strategy, which is expected to enhance the development of the cross-border payment sector [8][53] - The increasing use of the Renminbi in international transactions is projected to boost demand for cross-border financial services, with a recommendation to focus on companies within the cross-border payment industry [56][65]