Dongfang Electronics reported its 1Q26 results beginning with revenue of RMB1.5bn(+8.05%YoY).Attributable NP came in at RMB236mn(+95.06%YoY),and ex-nonrecurring net profit was RMB125mn(+9.66%YoY).Core operations grew steadily,while non-recurring items had ameaningful impact on the bottom line,driven by higher fair-value gains on the company's holdings in CSG Digital Power Grid(301638 CH).Dongfang Electronics is adomestic pioneer in power automation.Its core businesses(D&U automation and T&S automation)are growing steadily,while new businesses and overseas expansion should drive faster growth.We expect continued earnings improvement and maintain BUY.
Steady core earnings growth with expense ratio edging lower
In 1Q26 the company posted revenue of RMB1.5bn(+8.05%YoY),attributable NP of RMB236mn(+95.06%YoY),and ex-nonrecurring net profit of RMB125mn(+9.66%YoY),reflecting steady growth in the core business.Gross and net margins reached 30.45%and 14.66%in 1Q26(-0.75pp and+7.47pp YoY).The overall expense ratio was 22.90%(-0.45pp YoY),with selling,G&A,financial,and R&D expense ratios at 9.89%,4.92%,-0.82%,and 8.92%(-0.44pp,-0.18pp,+0.69pp,and-0.52pp YoY).Expense controls continue to improve,with the overall expense ratio edging lower.
Steady grid business growth,notable diversification progress
In 2025,the company's market share in State Grid's bid award rose steadily.Its integrated primary-secondary distribution products won bids in 24 provinces,with cumulative orders of RMB1.2bn,a record high.In the China Southern Power Grid market,dispatch and cloud-based businesses achieved aseries of breakthroughs,with provincial-level coverage achieved in five provinces and several key technology projects won.Market share in the power utilization business remained solid,and new products such as high-end smart meters,measurement switches,and PV terminals expanded smoothly,supporting upgrades across the full product and solution chain.Outside the grid segment,the company won two major energy-storage projects in Yanshi(Luoyang)and Huating(Gansu)in 2025,with total contract value above RMB1.6bn.Energy-storage EMS,cloud-based O&M systems,and flexible DC interconnection projects are being deployed at afaster pace,and industry coverage continues to broaden.It also entered the pipeline network field in 2025,winning several key projects in northeastern China and Shandong,with delivered contract value above RMB30mn.
Earnings forecast and valuation
We maintain our 2026,2027,and 2028 attributable NP forecasts at RMB1.0bn,RMB1.2bn,and RMB1.4bn.As of April 28,2026,the average consensus 2026E PE of comparable companies was 20x.Given the company's high technology barriers across its overall business and its technological and first-mover advantages in virtual power plants,we apply 22x 2026E PE and maintain our target price of RMB16.94.Maintain BUY.
Risks:Weaker-than-expected grid investment,intensifying industry competition,rising raw material prices.

Dongfang Electronics has reported 2025 revenue/attributable net profit(NP)/recurring attributable NP of RMB8,377/912/730mn(+11.04/+33.35/+12.69%YoY).For 1Q26,the company expects attributable NP of RMB231-241mn(up 91.15-98.96%YoY)and recurring NP of RMB123-128mn(up 7.46-11.84%YoY).The company's core business continued developing steadily,while non-recurring gains had asignificant impact,mainly due to increased fair value gains from its holdings in CSG Digital Power Grid Research Institute(301638 CH).As apioneer in China's power automation sector,the company's core businesses in power distribution/utilization and transmission/distribution automation maintained stable growth,while new businesses and overseas expansion are poised to drive faster growth.We are optimistic about the company's sustained earnings growth.BUY.
Core business profit and orders grew steadily
For 2025,the company posted revenue/attributable NP/recurring NP of RMB8,377/912/730mn(+11.04/+33.35/+12.69%YoY),reflecting stable growth in core operations.The gross/net margins were 32.24/11.07%(-1.46/+1.22pp YoY).The overall expense ratio was 22.14%(-0.89pp YoY),with the sales/administrative/financial/R&D expense ratios at 9.84/5.12/-0.96/8.14%(-0.94/-0.03/+0.25/-0.18pp YoY),remaining generally stable with slight declines.The cumulative bid-winning amount exceeded RMB11.5bn in 2025,representing c.15%growth compared with over RMB10bn in 2024.
Earnings forecasts and valuation
In view of declining prices for power distribution products and intensified competition in new energy and energy storage products,we lower our gross margin forecasts for the intelligent power distribution/utilization and new energy&energy storage businesses.At the same time,fair value gains from the company's holdings in CSG Digital Power Grid Research Institute are likely to continue.We therefore raise our 2026/2027 attributable NP forecasts by 3.26/1.23%to RMB1,032/1,195mn(previous:RMB999/1,180mn).Considering the company's strong technical barriers across its businesses and its technological and first-mover advantages in VPPs,we value the stock at 22x 2026E PE,above its peers'average of 20x on Wind consensus as of 23 April 2026,for our target price of RMB16.94(previous:RMB15.0,based on 20x 2026E PE).Maintain BUY.

　　事件：公司2025年实现营业收入83.77亿元，同比+11.04%；归母净利润9.12亿元，同比+33.35%。其中25Q4实现营收32.13亿元，同比+10.26%；归母净利润4.17亿元，同比+58.71%，环比+116.47%；26Q1公司实现营收15.19亿元，同比+8.05%，归母净利润2.36亿元，同比+95.06%，环比-43.44%。25Q4以及26Q1归母净利润同比大幅增长主要系持有南网数字股权分别产生带来1.79/1.24亿元公允价值变动收益。
　　订单稳健增长，电网主业基本盘稳固。公司2025年全年新增中标额超过115亿元，同比约+15%，为2026年业绩增长奠定坚实基础。
　　（1）输变电自动化业务：实现收入11.74亿元，同比+37.10%。新一代集控站监控系统、变电智能巡视及AI相关产品在多个省份开始应用推广。
　　（2）智能配用电业务：实现收入46.91亿元，同比+8.48%。其中一二次融合相关产品在国网区域联合采购中中标12.06亿元，创历史佳绩，市场地位稳固。
　　（3）调度及云化业务：收入同比微降3.58%，但公司成功中标南网多个地调主站项目，完成了在南网五省的省级布局，巩固了在该区域的领先地位，为后续市场拓展奠定基础。
　　海外业务加速布局，全球化拓展。海外业务25年实现收入7.63亿元，同比+84.63%，公司的海外战略已从传统的电表、配电终端等单一产品出口，成功升级为涵盖配网自动化、储能、微电网等在内的“源网荷储”全产业链解决方案输出。
　　投资建议：考虑到电网建设进入高景气周期，公司加速海外业务布局，全球化拓展开启，我们预计公司26-28年归母净利润分别为10.18/12.09/13.81亿元，对应PE分别为17X/15X/13X，维持“买入”评级。
　　风险提示：电网投资不及预期；技术迭代风险

　　业绩
　　公司发布2025年年度报告，2025年实现营收83.77亿元，同比增长11.04%；归母净利润9.12亿元，同比增长33.35%；扣非归母净利7.30亿元，同比增长12.69%。毛利率为32.24%，同比下降1.47Pct。2025Q4实现营收32.13亿元，同比增长10.26%；归母净利润4.17亿元，同比增长58.71%；扣非归母净利润2.57亿元，同比下降1.24%，毛利率为32.44%，同比下降0.74Pct。2026Q1，实现营收15.19亿元，同比增长8.05%；归母净利润2.36亿元，同比增长95.06%；扣非归母净利1.25亿元，同比增长9.66%。毛利率为30.45%，同比下降0.75Pct。
　　电网业务彰显韧性，输变电业务提速
　　智能配电网业务实现营收46.91亿元，同比增长8.48%，毛利率为30.99%，在行业降价背景下展现公司良好的控本能力，公司一二次融合产品集采中标累计金额12.06亿元，创历史佳绩。输变电业务实现营收11.74亿元，同比增长37.10%，保持较高增速，毛利率为37.86%保持稳定。
　　海外业务快速增长，虚拟电厂、AI业务加速布局
　　海外：积极开拓海外市场，报告期新市场合同额占海外市场合同额比重超过30%。新兴业务：综合能源及虚拟电厂业务实现营收2.55亿元，同比增长16.21%，毛利率提升至38.88%，公司的虚拟电厂技术通过权威鉴定达到“整体技术国际领先”，承建的烟台市数字化虚拟电厂项目入选“国家发改委第二批绿色低碳先进技术示范项目”，技术护城河不断加深；“AI+电力”战略持续落地，公司积极推动“AI+电力”应用深化，成效初显。报告期内，公司在电力营销、营配融合、客户服务等领域推出多款AI+应用，相关项目累计中标额超过1亿元。
　　投资建议
　　我们预计26-28年收入分别为96.24/111.83/131.08亿元（前值为106.13/126.14/-亿元）；归母净利润分别为10.08/11.65/13.59亿元（前值为10.22/12.24/-亿元），对应PE分别17/15/13倍，维持“买入”评级。
　　风险提示
　　电网投资力度不及预期；市场竞争风险；境外业务经营风险。

　　东方电子发布2026年一季报：26Q1实现营业收入15.19亿元（yoy+8.05%），归母净利2.36亿元（yoy+95.06%），扣非归母净利1.25亿元（yoy+9.66%）。公司主业发展平稳，非经常性损益影响较大，系公司所持南网数字（301638.SZ）股份产生的公允价值变动收益增加所致。公司为国内电力自动化先锋，基本盘业务（配用电、输变电自动化）保持稳健增长，新业务、出海有望带来更快增速，我们看好公司业绩持续提升，维持“买入”评级。
　　主业业绩稳健增长，整体费率稳中有降
　　公司26Q1实现营收15.19亿元（yoy+8.05%），归母净利2.36亿元（yoy+95.06%），扣非净利1.25亿元（yoy+9.66%），主业业绩稳健增长。公司26Q1分别实现毛、净利率30.45%、14.66%，yoy-0.75、+7.47pct。公司26Q1期间费用率22.90%，同比-0.45pct，其中销售、管理、财务、研发费用率分别为9.89%、4.92%、-0.82%、8.92%，同比-0.44、-0.18、+0.69、-0.52pct，费用管控持续优化，整体稳中有降。
　　电网业务保持稳健增长，电网外业务多元化布局成效显著
　　25年国网市场中标额稳步提升，配网一二次融合产品中标24省，累计金额12.06亿元创历史新高；南网市场调度及云化业务持续突破，完成五省省级布局，并中标多项重点科技项目。用电业务份额稳固，高端智能电表、量测开关、光伏终端等新品拓展顺利，推动全链条产品与方案升级。电网外业务板块，公司25年中标洛阳偃师、甘肃华亭两大储能项目，合计金额超16亿元；储能EMS、云运维系统、柔直互联项目落地提速，行业覆盖持续拓宽。同时，公司25年成功破冰管网业务领域，中标东北、山东等多个重点项目，落地合同额超3000万元。
　　研发投入持续提升，海外业务加速拓展
　　公司25年研发投入6.91亿元，同比+9.07%，持续保持高比例的研发投入。报告期内共有11项科技项目通过权威鉴定，其中8项达到国际领先水平、3项达到国际先进，覆盖综合能碳智慧管控、新型电网弹性调度、海外配电终端、高精度标准电能表、高压级联SVG等关键领域，技术壁垒持续加固。公司2025年国内营收达76.14亿元（yoy+6.77%），占比90.89%；海外营收达7.63亿元（yoy+84.63%），占比9.11%。海外业务提速，25年新市场合同额占海外市场合同额比重超30%，签订多个主站类项目合同，中标海外光伏新能源、油气等行业项目，实施国际零碳岛屿光储项目落地，配电终端类产品出口持续增长。海外项目合同覆盖了配网自动化、储能、微电网、变电站后台系统、电表等多类产品及解决方案。
　　盈利预测与估值
　　我们维持公司26-28年归母净利润预测为10.32、11.95、13.96亿元。截至2026年4月28日，可比公司26年一致性预期平均PE为20倍，考虑到公司整体业务技术壁垒较高，虚拟电厂具备技术与先发优势，我们给予公司2026年22倍PE，维持目标价16.94元，维持“买入”评级。
　　风险提示：电网投资力度不及预期风险，行业竞争加剧，原材料价格上涨风险。