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<Research> HSBC Research: DONGFANG ELEC (01072.HK) 1Q25 Core Results In Line; Rated Buy
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HSBC Research issued a report stating that DONGFANG ELEC (01072.HK) recorded net profit of RMB1.585 billion in 1Q25, representing a YoY increase of 37%, mainly driven by growth in its core businesses and fair value gains from its equity stake in CHUAN ENERGY POWER (000155.SZ). Recurring profit was in line with expectations. During the period, consolidated gross profit margin rose by 0.45 ppts YoY to 18.3%, as higher-priced orders entered the delivery cycle. Total new orders in 1Q25 amounted to RMB36.6 billion, up 2% YoY, while energy equipment orders were flat. New coal power orders declined 11% YoY, in line with the brokers view that the coal power equipment order cycle peaked in 2025. Power station services and wind power orders recorded growth of 25% and 24%, respectively, while hydropower equipment orders increased 15%. HSBC believes the growth in power station services could partly offset the decline in coal power equipment orders. HSBC maintained its Buy rating on DONGFANG ELEC (01072.HK) with a TP of HKD45, and set a TP of RMB39 for DONGFANG ELEC (600875.SH) A shares, maintaining a Hold rating. (ec/da) This article was automatically translated by AI, the Chinese version should be considered the authoritative version. AASTOCKS.com Limited does not guarantee its accuracy or completeness and accepts no liability for any damages or losses arising from the use of this translation. Auto-translated by AI AASTOCKS Financial News |
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