Dongfang Electronics(000682) 民生证券·2025-04-23 13:43Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from global grid construction demand and the continuous release of new products and markets [4][6]. Core Insights - The company achieved a revenue of 7.545 billion yuan in 2024, representing a year-over-year growth of 16.47%. The net profit attributable to shareholders was 684 million yuan, with a year-over-year increase of 26.34% [1]. - The company's profitability continues to improve, with gross margin and net margin rising to 33.71% and 9.85%, respectively [1]. - The company is experiencing significant growth in its power transmission and transformation automation business, with a revenue increase of 37.50% [2]. - The overseas market is also showing continuous improvement, with revenue reaching 413 million yuan, a year-over-year growth of 10.62% [3]. Financial Forecast - Revenue projections for 2025, 2026, and 2027 are 8.818 billion yuan, 10.319 billion yuan, and 12.091 billion yuan, respectively, with corresponding growth rates of 16.9%, 17.0%, and 17.2% [4][5]. - The net profit attributable to shareholders is expected to be 838 million yuan in 2025, 1.037 billion yuan in 2026, and 1.302 billion yuan in 2027, with growth rates of 22.6%, 23.7%, and 25.6% [4][5].