业绩持续稳定增长，聚焦主业与创新驱动双线并举 电网设备 东方电子（000682.SZ） 证券研究报告/公司点评报告 2025 年 06 月 07 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | | 2024A | 2025E | 2026E | 2027E | | 分析师：苏仪 | | 营业收入（百万元） | | 6,478 | 7,545 | 8,815 | 10,277 | 11,926 | | | | 增长率 yoy% | | 19% | 16% | 17% | 17% | 16% | | 执业证书编号：S0740520060001 | | 归母净利润（百万元） | | 541 | 684 | 852 | 1,022 | 1,175 | | Email：suyi@zts.com.cn | | 增长率 yoy% | | 23% | 26% | 25% | 20% | 15% | | | | 每股收益（元） | | 0.4 ...

Core Insights - The company reported a revenue of 7.545 billion yuan for 2024, representing a year-on-year growth of 16.47% [1] - The net profit attributable to shareholders reached 684 million yuan, with a year-on-year increase of 26.34% [1] - The gross profit margin was 33.71%, showing a slight increase of 0.01 percentage points compared to the previous year [1] Financial Performance - In Q4 2024, the company achieved a revenue of 2.914 billion yuan, up 22.52% year-on-year [1] - The net profit attributable to shareholders for Q4 was 263 million yuan, reflecting a growth of 33.50% [1] - The non-recurring net profit for Q4 was 260 million yuan, with a significant year-on-year increase of 79.01% [1] Business Segments - The smart power distribution business generated 4.324 billion yuan in revenue, a growth of 17.06%, with a gross margin of 32.57% [3] - The scheduling and cloud business reported revenue of 1.290 billion yuan, up 17.11%, but with a slight decline in gross margin to 37.70% [3] - The power transmission and transformation automation business saw revenue of 857 million yuan, a growth of 37.50%, with a gross margin of 38.35% [3] - The comprehensive energy and virtual power plant business achieved revenue of 220 million yuan, growing by 12.43%, with a gross margin of 32.79% [3] - The new energy and energy storage business reported revenue of 296 million yuan, a decline of 13.90%, but with an improved gross margin of 25.66% [3] - The industrial internet and smart manufacturing business generated 448 million yuan in revenue, a growth of 12.38%, with a gross margin of 22.68% [4] International Expansion - The company has made progress in overseas markets, with a localized production line in Saudi Arabia and contracts worth nearly 170 million yuan [5] - The company secured a project for the national dispatch center in Nicaragua, marking a significant overseas achievement [5] - Products have successfully entered the Belgian market, and contracts worth 50 million yuan have been signed for projects in Uzbekistan [5] - The company won contracts for smart metering systems and photovoltaic microgrid projects in the Maldives, with contract values exceeding 100 million yuan and 28.53 million yuan respectively [5] Future Projections - Revenue projections for 2025-2027 are estimated at 8.921 billion yuan, 10.613 billion yuan, and 12.614 billion yuan respectively [6] - Net profit projections for the same period are 852 million yuan, 1.023 billion yuan, and 1.225 billion yuan respectively [6] - The company maintains a "buy" rating with corresponding price-to-earnings ratios of 15.9, 13.2, and 11.0 for the years 2025, 2026, and 2027 [6]