截至6月30日，东方电子股东户数7.43万，较上期减少11.27%；人均流通股18039股，较上期增加 12.70%。2025年1月-6月，东方电子实现营业收入31.62亿元，同比增长12.18%；归母净利润3.02亿元， 同比增长19.65%。 分红方面，东方电子A股上市后累计派现7.02亿元。近三年，累计派现3.67亿元。 机构持仓方面，截止2025年6月30日，东方电子十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股1707.38万股，相比上期减少118.58万股。鹏华新兴产业混合（206009）位居第六大流通股 东，持股1131.37万股，持股数量较上期不变。南方中证1000ETF（512100）位居第九大流通股东，持股 743.59万股，为新进股东。华夏能源革新股票A（003834）位居第十大流通股东，持股737.11万股，持 股数量较上期不变。 10月9日，东方电子盘中上涨2.08%，截至10:01，报12.28元/股，成交1.03亿元，换手率0.63%，总市值 164.64亿元。 资金流向方面，主力资金净流入633.50万元，特大单买入380.20万元，占比3.70%，卖出642. ...

Core Viewpoint - Oriental Electronics has shown a positive stock performance with a year-to-date increase of 7.08% and a market capitalization of 15.257 billion yuan as of September 17 [1][2]. Company Overview - Oriental Electronics, established on February 9, 1994, and listed on January 21, 1997, is located in Yantai, Shandong Province. The company specializes in electronic and communication equipment, power dispatch and industrial automation protection devices, industrial control systems, specialized instruments, automotive electronics, chemical materials, and computer accessories [2]. - The main business revenue composition includes: smart power distribution business (55.28%), transmission and transformation automation business (13.51%), dispatch and cloud services (13.31%), industrial internet and smart manufacturing (7.55%), new energy and energy storage (4.68%), comprehensive energy and virtual power plants (3.73%), leasing (1.35%), and others (0.60%) [2]. Financial Performance - For the first half of 2025, Oriental Electronics achieved a revenue of 3.162 billion yuan, representing a year-on-year growth of 12.18%. The net profit attributable to the parent company was 302 million yuan, with a year-on-year increase of 19.65% [2]. - The company has distributed a total of 702 million yuan in dividends since its A-share listing, with 367 million yuan distributed over the past three years [3]. Shareholder Structure - As of June 30, 2025, the number of shareholders for Oriental Electronics was 74,300, a decrease of 11.27% from the previous period. The average circulating shares per person increased by 12.70% to 18,039 shares [2]. - The top ten circulating shareholders include Hong Kong Central Clearing Limited, holding 17.0738 million shares (a decrease of 1.1858 million shares), and Southern CSI 1000 ETF, which is a new shareholder with 743.59 million shares [3].

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]