东方电气-持有_2024 年业绩预览

Dongfang Electric (1072 HK/600875 CH) China H/A: Hold/Hold: 2024 results preview 2024 results likely a miss: We expect Dongfang Electric (DFE) to report an attributable net profit of RMB3,155m in 2024 (down 11% y-o-y), 15% below Bloomberg consensus, dragged by low-margin orders in thermal and hydro equipment. We estimate the company's gross margin will drop from 18.8% in 2023 to 17.6% in 2024. But on a positive note, DFE announced in February that it aims to lift its cash dividend payout ratio by >1ppt ever ...