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<Research> HSBC Research: DONGFANG ELEC (01072.HK) 1Q25 Core Results In Line; Rated Buy
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 ...
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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)  -0.860 (-2.285%)    Short selling $84.13M; Ratio 14.382%   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)  +0.080 (+0.508%)   . 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)  -0.860 (-2.285%)    Short selling $84.13M; Ratio 14.382%   with a TP of HKD45, and set a TP of RMB39 for DONGFANG ELEC (600875.SH)  +0.590 (+1.533%)   A shares, maintaining a Hold rating. (ec/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-15 16:25.) (A Shares quote is delayed for at least 15 mins.)

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