美银证券发布研报称，首予东方电气（600875）(01072)"买入"投资评级，目标价33港元，相当于2026 年预测市盈率26倍。该行看好东方电气，原因包括：2021至2025年间获得的火电及核电设备订单将强劲 推动收入确认;雅鲁藏布江项目(资本开支达1.2万亿元人民币的水坝项目)带来长期盈利贡献;燃气轮机出 口有潜在扩张空间;电站服务业务(运维和灵活性改造)实现持续增长。 此外，雅鲁藏布江项目预计在2031至2035年间每年带来超过3亿元人民币的盈利。主要风险包括电力资 本开支放缓、利润率下降、以及燃气轮机出口进展不及预期。 美银预测，东方电气2025至2027年净利润的年复合增长率将达13%，受惠于中国电力资本开支上升周 期。公司在核电和水电设备市场占有率约40%，火电设备市场占比超过30%，是2021至2025年间中国大 规模火电及核电投资的主要受益者。设备订单随平均售价回升进行销售确认，将驱动净利润稳步增长。 ...

美银预测，东方电气2025至2027年净利润的年复合增长率将达13%，受惠于中国电力资本开支上升周 期。公司在核电和水电设备市场占有率约40%，火电设备市场占比超过30%，是2021至2025年间中国大 规模火电及核电投资的主要受益者。设备订单随平均售价回升进行销售确认，将驱动净利润稳步增长。 此外，雅鲁藏布江项目预计在2031至2035年间每年带来超过3亿元人民币的盈利。主要风险包括电力资 本开支放缓、利润率下降、以及燃气轮机出口进展不及预期。 智通财经APP获悉，美银证券发布研报称，首予东方电气(01072)"买入"投资评级，目标价33港元，相当 于2026年预测市盈率26倍。该行看好东方电气，原因包括：2021至2025年间获得的火电及核电设备订单 将强劲推动收入确认; 雅鲁藏布江项目(资本开支达1.2万亿元人民币的水坝项目)带来长期盈利贡献; 燃气 轮机出口有潜在扩张空间; 电站服务业务(运维和灵活性改造)实现持续增长。 ...

Core Viewpoint - Bank of America Securities initiates a "Buy" rating for Dongfang Electric with a target price of HKD 33, corresponding to a projected P/E ratio of 26 times for 2026 [1] Group 1: Revenue Drivers - Strong revenue recognition is expected from thermal and nuclear power equipment orders secured between 2021 and 2025 [1] - The Yarlung Tsangpo project, a dam project with capital expenditure of CNY 1.2 trillion, is anticipated to contribute to long-term profitability [1] - There is potential for expansion in gas turbine exports [1] - The power station service business, including operation and maintenance as well as flexibility upgrades, is expected to achieve continuous growth [1] Group 2: Profitability Forecast - Bank of America forecasts a compound annual growth rate (CAGR) of 13% for Dongfang Electric's net profit from 2025 to 2027, benefiting from an increase in China's power capital expenditure cycle [1] - The company holds approximately 40% market share in the nuclear and hydropower equipment market and over 30% in the thermal power equipment market, making it a key beneficiary of large-scale thermal and nuclear investments in China from 2021 to 2025 [1] - The recognition of equipment orders will drive steady growth in net profit as average selling prices recover [1]