长江商报奔腾新闻记者杨蝶 资料显示，东方铁塔以钢结构业务起家，2011年登陆深交所上市，当年其营业收入、净利润分别为 18.71亿元、2.63亿元，均同比实现两位数增长。2012年至2014年，受市场等因素影响，公司这两项业绩 指标持续下滑，到2014年净利润为5358万元，较2011年2.63亿元下降近80%。 在这种情况下，东方铁塔寻求外向而生。2016年，东方铁塔作价40亿元收购汇元达100%股权，进军钾 肥领域，布局第二主业。目前，公司形成制造业、钾肥双主业并行发展的格局。2024年，东方铁塔化工 业务实现收入23.8亿元，制造业实现收入17.8亿元，占同期公司总营收的比重分别为56.71%、42.42%。 近年来，受氯化钾产品价格下跌、市场竞争加剧以及宏观经济环境变化等因素影响，东方铁塔的盈利能 力并不稳定。2020年至2024年，公司的营业收入由26.51亿元逐年增长至41.96亿元，但净利润方面的表 现却不甚理想，在历经2021年和2022年两年连增后，2023年和2024年其净利润连续两年下滑，分别为 6.34亿元、5.64亿元，同比降幅分别为23.13%、10.97%。 不过，公司的盈利能力 ...

东方铁塔（002545）公告，公司近日中标国家电网有限公司2025年第三十批采购(特高压项目第二次设 备招标采购)及2025年第十五批采购(特高压项目第二次材料招标采购)项目，合计中标约2.51亿元，约占 公司2024年经审计的营业收入的5.98%。中标产品包括变电站构支架、角钢塔、钢管塔等。上述项目中 标后，将对公司2025年经营工作和经营业绩产生积极影响，但不影响公司经营的独立性。 ...

Core Viewpoint - The company is focusing on stabilizing its domestic market while actively expanding its overseas business, particularly in the overseas tower market and developing distributed power stations and energy storage businesses [2] Group 1: Financial Performance - In 2024, the company achieved an operating income of 3.227 billion yuan, a year-on-year decrease of 5.76%, while the net profit attributable to shareholders reached 91.29 million yuan, a year-on-year increase of 32.77% [2] - The decline in operating income was primarily due to the adverse environment in the photovoltaic industry, while the net profit growth was mainly attributed to performance compensation received from Suzhou Jingying Photovoltaic Technology Co., Ltd. [2] Group 2: Product Revenue Structure - In 2024, the industrial products segment generated an operating income of 2.882 billion yuan, accounting for 98.03% of the main business revenue [3] - Revenue from angle steel towers, square welded pipes, and monocrystalline battery cells was 1.252 billion yuan, 518 million yuan, and 439 million yuan, reflecting year-on-year growth of 4.57%, 4.67%, and 68.45% respectively [3] - Revenue from steel pipe towers and straight seam welded pipes was 544 million yuan and 129 million yuan, showing year-on-year declines of 26.82% and 37.04% respectively [3] Group 3: Market Expansion and Orders - The company reported continuous growth in orders for its tower segment and steady progress in its photovoltaic segment [4] - In the domestic market, the company is deepening its engagement with State Grid Corporation of China, China Southern Power Grid, and local grid companies [4] - In the overseas market, the company signed three EPC contracts and four indirect export tower supply projects, along with six direct export tower supply projects [4] Group 4: Strategic Initiatives - The company is implementing a diversified strategy in its photovoltaic business, focusing on silicon wafer manufacturing while expanding into battery cell and module OEM businesses [5] - The company’s R&D expenses reached 112 million yuan in 2024, a year-on-year increase of 57.64%, with nearly a hundred authorized patents obtained by Jingying Photovoltaic and its subsidiaries [5] - Future plans include enhancing collaboration with partners in the transmission and transformation tower business, expanding overseas business networks, and increasing R&D investment to launch high-performance products [5]

事件1：公司发布2024 年年报。2024 年，公司实现营收41.96 亿元，同比增长4.79%；实现归母净利润 5.64 亿元，同比减少10.97%；实现扣非后归母净利润5.53 亿元，同比减少12.35%。2024Q4，公司单季 度实现营收10.85 亿元，同比减少16.63%，环比减少4.09%；实现归母净利润0.98 亿元，同比减少 22.01%，环比减少48.72%。 事件2：公司发布2025 年一季报。2025Q1，公司单季度实现营收9.54 亿元，同比增长6.48%，环比减少 12.05%；实现归母净利润2.06 亿元，同比增长22.70%，环比增长110.19%。 点评： 氯化钾业务方面，公司在老挝甘蒙省拥有133 平方公里钾盐矿权，折纯氯化钾资源储量超过4 亿吨。截 至2024 年年底，公司已拥有100 万吨/年氯化钾产能，其中包括40 万吨/年颗粒钾产能。此外，公司正在 加快推进下一个100 万吨/年钾肥项目的建设。钢结构业务方面，公司产品涉及电力、新能源、广播通 信、石油化工、民用建筑、市政建设等领域，可以根据下游各行业的景气周期及时调整产品结构。公司 钢结构业务在国家电网、南方电网总部 ...

2025 年 5 月 6 日 ——东方铁塔（002545.SZ）2024 年报及 2025 一季报点评 增持（维持） 分析师：周家诺 公司研究 执业证书编号：S0930523070007 021-52523675 zhoujianuo@ebscn.com 24 年氯化钾产销量显著提升，积极推进第二个百万吨项目建设 市场数据 当前价：7.62 元 作者 分析师：赵乃迪 执业证书编号：S0930517050005 010-57378026 zhaond@ebscn.com | 总股本(亿股) | 12.44 | | --- | --- | | 总市值(亿元)： | 94.80 | | 一年最低/最高(元)： | 5.66/8.48 | | 近 3 月换手率： | 91.10% | 股价相对走势 -17% -8% 2% 12% 21% 04/24 07/24 10/24 01/25 东方铁塔 沪深300 收益表现 | % | 1M | 3M | 1Y | | --- | --- | --- | --- | | 相对 | 6.03 | 9.66 | -2.89 | | 绝对 | 11.08 | 9.01 | 0.19 ...