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东方电气(600875)2024年一季报点评:扣非归母净利实现增长 订单表现亮眼

Dongfang Electric (600875) 2024 Quarterly Report Review: Net profit deducted from mother to achieve growth, order performance is impressive

中信建投證券 ·  May 11

Core views

The company released its 2024 quarterly report. The company achieved total operating revenue of 15.053 billion yuan, a year-on-year increase of 2.28%, and realized net profit to mother of 906 million yuan, a year-on-year decrease of 11.12%; net profit deducted from non-mother was 1,056 million yuan, an increase of 10.61% over the previous year. In terms of orders, 2024Q1 added orders of 26.329 billion yuan, an increase of 16.42% over the same period last year. The increase in orders for clean and efficient energy equipment was impressive. At the end of 2024Q1, the company's advance payments were 8.477 billion yuan, up 46% year on year and 7% month on month; the company's contract debt was 34.010 billion yuan, up 14.5% year on year, up 5.7% month on month.

occurrences

The company released its 2024 quarterly report. During the reporting period, the company achieved total operating revenue of 15.053 billion yuan, a year-on-year increase of 2.28%, and realized net profit attributable to mother of 905 million yuan, a year-on-year decrease of 11.12%; net profit deducted from non-mother was 1,056 million yuan, an increase of 10.61% over the previous year.

Brief review

2024Q1's revenue grew, and net profit to mother declined. 2024Q1's revenue grew by 2.28%; net profit after deducting net income increased 10.61% year on year, and profit growth rate was faster than revenue growth. 2024Q1's gross profit margin was 18.69%, up 0.86 pct year on year, up 1.63 pct year on month.

The company achieved net profit of 906 million yuan, a year-on-year decrease of 11.12%, and the company's non-recurring profit and loss of 150 million yuan. Among them, Chuaneng Power's stock rights were affected by falling stock prices, causing fair value changes to lose 238 million yuan. This matter had a significant impact on Q1 net profit to mother.

As of April 29, Dongfang Electric, the shareholder of Chuanneng Power, was the third largest shareholder, with a shareholding ratio of 5.35% and a market value of 995 million yuan.

2024Q1's four-fee ratio was 11.41%, up 1.1 pct year on year and 11.2 pct month-on-month. The cost rate for the period remained low in recent years.

Advances and contract liabilities have all increased. At the end of 2024Q1, the company's advance payments were 8.477 billion yuan, up 46% year on year and 7% month on month; the company's contract debt was 34.010 billion yuan, up 14.5% year on year, up 5.7% month on month.

In terms of orders, 2024Q1 added 26.329 billion yuan in orders, an increase of 16.42% over the same period last year. Clean and efficient energy equipment showed impressive growth performance. 2023Q1's orders increased 26% year over year. Under this high base, 2024Q1 can still achieve good growth, and power investment continues to be booming. Among them, new orders for clean and efficient energy equipment (thermal power, nuclear power, combustion engines) increased by 31%; renewable energy equipment (hydropower, wind power) was 6.8 billion yuan, up 13% year on year; exports of engineering and complete equipment were 2.87 billion yuan, up 11% year on year; modern manufacturing service industry was 2.51 billion yuan, up 20% year on year; and 3.02 billion yuan, down 12% year on year.

Profit forecast and valuation: The company is expected to achieve operating income of 681.2, 728.9, and 77.47 billion yuan in 2024, 2025, and 2026, and achieve net profit of 42.0, 49.0, and 5.68 billion yuan. The corresponding PE is 13.4, 11.5, and 9.9X, respectively, maintaining a “buy” rating.

Risk warning

1. The amount of completed investment in power infrastructure falls short of expectations: the company's main power equipment, performance is highly correlated with investment in wind power, gas power, thermal power, hydropower and nuclear power. If the completed amount of power investment falls short of expectations, it will affect the company's performance; 2. Significant fluctuations in upstream raw material prices: price fluctuations such as upstream steel will affect the company's performance; 3. Downstream electricity demand falls short of expectations: power investment is related to electricity demand. If electricity demand is weak, it will affect investment in new power sources, which in turn affects the company's performance;

4. The progress of production expansion falls short of expectations: Some of the company's production capacity is still insufficient. If the expansion falls short of expectations, it will affect the company's external sales volume; there is a risk of macroeconomic fluctuations.

The translation is provided by third-party software.


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