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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