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currentpowerball|东方电子：智能电网产品体系齐全，24-26年营收预计达79.34-122.16亿元

Home 2024年05月07日 04:59 13 editor

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Yantai Dongfang Electronic Information Industry Group Company has achieved 17 consecutive years of performance growth.CurrentpowerballRevenue in 2023 increased by 18% compared with the same period last yearCurrentpowerball.64%. The company focuses on the smart grid and is expected to benefit from increased investment in grid intelligence and distribution automation. Revenue and net profit are expected to increase significantly from 2024 to 2026, giving the company a "buy" rating of 14.91 yuan.

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[Dongfang Electronic Information Industry Group has achieved 17 consecutive years of double growth] Dongfang Electronic Information Industry Group, the smart grid supplier controlled by Yantai SASAC, has continuously achieved double growth in operating income and return net profit since 2007. In 2023, the group's revenue reached 6.478 billion yuan, an increase of 18.64% over the same period last year, and its net profit was 541 million yuan, a big increase of 23.46% over the same period last year.

[main business covers the whole industry chain of smart grid] Dongfang Electronics' main business involves six directions: dispatching and cloud, power transmission and transformation automation, intelligent power distribution, integrated energy and virtual power plant, new energy and energy storage, industrial Internet and intelligent manufacturing, forming a complete industrial chain layout of each link of the source network load storage.

[good prospects for investment in power grid intelligence and distribution automation] the industry expects that power grid intelligence and distribution network automation will become the focus of the next round of investment. From 2023 to 2024, China issued relevant policies, coupled with a large number of access to renewable energy and electric vehicles, the demand for upgrading of new power systems is highlighted.

[the company's business is expected to benefit from the new power system demand] Dongfang Electronics' full coverage of smart grid, comprehensive distribution industry chain and power consumption business, such as integrated electric energy collection and management system solution, virtual power plant, etc., it is expected to benefit from the accelerated investment in distribution network and the acceleration of digital transformation of power network.

[earnings Forecast and valuation Analysis] in view of the company's high revenue share in the smart grid product system, smart power distribution business and effective breakthroughs in overseas markets, the company expects to benefit significantly in the next few years. From 2024 to 2026, revenue is expected to be 7.934 billion yuan, 9.821 billion yuan and 12.216 billion yuan respectively, and net profit is 705 million yuan, 882 million yuan and 1.082 billion yuan respectively.

[investment rating is "Buy"] Guodian Nanrui, Xu Ji Electric and South Grid Technology, which are similar to Dongfang Electronics business, are used as comparable companies. Based on the consensus expectation of WIND, the average PE of comparable companies in 2024 is 28.1X. Considering that the company's power distribution business is expected to benefit deeply from the acceleration of distribution network construction, the company is given a valuation of 28.1X in 2024, with a target price of 14.91 yuan and a rating of "buy".

currentpowerball|东方电子：智能电网产品体系齐全，24-26年营收预计达79.34-122.16亿元

[risk Tip] the risks that need to be paid attention to include lower-than-expected investment in power grid, slowdown in new energy application, market competition risk, overseas business risk and subjectivity of calculation, for reference only.

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