东方电气 2025 年上半年新增社交订单 655 亿元，同比增长 16.78%， 净资产收益率为 4.74%。公司计划充分利用订单充足的有利时机，积极 培育持续发展能力，确保稳健经营，保障国家安全，促进协同发展。 煤电板块上半年毛利率约 19%，二季度达 20.4%，略高于去年同期。 1-8 月煤电核准招标约 3,200 万千瓦，预计全年 6,000-7,000 万千瓦， 略低于去年。总体而言，煤电板块将保持稳定的发展趋势。 风电板块上半年毛利率 9.23%，二季度超 10%，陆上风电价格上涨。 预计全年风电毛利率 10%以上，高于去年。明年目标是实现 15%以上 的毛利率，以确保盈利。 2025 年上半年火电新签订单 176 亿元，同比增长近 7%；核电 49 亿元， 同比增长近 17%；风电 136 亿元，同比增长 64%；水电 58 亿元，同 比增长 17%。燃气板块新增订单 21 亿元，同比下降 50%以上。 抽水蓄能建设速度预计维持较快状态至 2029 或 2030 年。当前订单中 抽水蓄能占收入不到 10%，常规水电占百分之八九十。未来两三年内， 抽水蓄能将占百分之七八十，而常规水电降至 20%。 ...

Investment Rating - The report maintains a "Buy" rating for the power equipment and renewable energy sector, indicating an expected investment return exceeding 15% over the next 6-12 months [6]. Core Insights - The Yarlung Tsangpo River downstream hydropower project has officially commenced, with a total investment of approximately 1.2 trillion yuan and an installed capacity of 60-81 million kilowatts, expected to generate 300 billion kilowatt-hours annually, equivalent to three Three Gorges power stations [2][3]. - The domestic hydropower equipment market is characterized by a "dual oligopoly" structure, with Dongfang Electric and Harbin Electric projected to secure a significant share of the orders for the new hydropower project due to their established market positions [3][4]. - Both Dongfang Electric and Harbin Electric have reported robust growth in new orders, with Dongfang Electric achieving 101.14 billion yuan in new orders in 2024, a year-on-year increase of 16.88%, and Harbin Electric reporting a 30.55% increase in contract signing [4]. Summary by Sections Project Overview - The Yarlung Tsangpo River downstream hydropower project is located in Nyingchi, Tibet, and involves the construction of five stepped power stations, with a total investment of around 1.2 trillion yuan and an annual power generation capacity of 300 billion kilowatt-hours [2]. Market Dynamics - The hydropower equipment sector is dominated by Dongfang Electric and Harbin Electric, with market shares of 45% and 50% respectively in conventional hydropower and large-scale installations [3]. Financial Performance - Dongfang Electric's new orders reached 101.14 billion yuan in 2024, marking a 16.88% increase, while Harbin Electric's contract signing amounted to 56.87 billion yuan, a 30.55% increase, indicating strong demand for power equipment [4]. Investment Recommendations - The report suggests focusing on Dongfang Electric and Harbin Electric due to their expected growth in orders and revenue from the Yarlung Tsangpo project and other power generation sectors [5]. Additionally, companies involved in power transmission and grid equipment, such as XJ Electric and Pinggao Electric, are also recommended for investment consideration [5].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [4][7]. Core Insights - The company achieved a revenue of 1161.86 billion CNY in 2024, a year-on-year increase of 1.21%, while the net profit attributable to shareholders was 7.52 billion CNY, down 6.33% year-on-year [1]. - In Q1 2025, the company reported a revenue of 222.45 billion CNY, up 8.06% year-on-year, and a net profit of 2.92 billion CNY, a significant increase of 145.69% year-on-year, marking a return to profitability [1]. - The energy equipment segment saw a revenue increase of 5.30% to 617.58 billion CNY, benefiting from the continued delivery of coal-fired and nuclear power units [2]. - The company’s new order intake reached a four-year high of 1536.0 billion CNY in 2024, representing an 11.9% year-on-year growth, with the energy equipment segment orders increasing by 18.5% [3]. - The company is focusing on green and low-carbon transformation, making progress in energy storage, hydrogen energy, and robotics [4]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1161.86 billion CNY and a net profit of 7.52 billion CNY, with a projected revenue growth of 3.52% in 2025 [6]. - The gross profit margin improved to 19.7% in the energy equipment segment, reflecting a 2.0 percentage point increase year-on-year [2]. Order Intake and Market Position - The company’s new orders in the energy equipment segment reached 891.0 billion CNY, a five-year high, with wind power orders increasing by 150.4% to 173.8 billion CNY [3]. - The company is expected to leverage its leading position to enhance market share in traditional business areas while exploring new growth points in technology-driven sectors [4]. Future Outlook - The report projects net profits for 2025-2027 to be 14 billion CNY, 27 billion CNY, and 32 billion CNY respectively, with a downward adjustment of 16% and 10% for the first two years [4]. - The current A/H share price corresponds to a PE ratio of 81 and 27 for 2025, indicating potential for future growth [4].