研報掘金丨國信證券:維持東方電氣“優於大市”評級,在手訂單充沛
國信證券研報指出,東方電氣(600875.SH)歸母淨利潤2024年度同比下降17.7%,2025Q1同比增長27%。毛利率下滑及大額減值影響2024年業績,2025Q1毛利率環比修復。公司2024年新簽訂單金額突破千億,2025Q1同比增長36%。公司充沛在手訂單保證後續業績,公司目標2025年完成發電設備產量73GW(2024年爲58.1GW,同比增長26%),公司業績增長可期。公司在手訂單充沛,公司2025年有望迎來煤電等行業交付高峯,同時公司在消化低價訂單後,在煤電、燃機、風電產品方面,毛利率有望修復,當前股價對應PE分別爲12.7/10.0/9.0倍,維持“優於大市”評級。
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