Dongfang Electric Corporation (1072) H2 2024 earnings summary

Executive summary

• Operating revenue reached RMB69,695 million in 2024, up 14.86% year-over-year, setting a new record.

• Net profit attributable to shareholders was RMB2,922 million, down 17.70% year-over-year, mainly due to higher income tax and increased minority interest.

• New orders rose 16.88% to RMB101,142 million, with orders on hand at RMB152.606 billion, the highest in history.

• The Board proposed a cash dividend of RMB4.38 per 10 shares for 2024, subject to approval.

Financial highlights

• Total operating revenue increased 14.86% year-over-year to RMB69,695 million; operating costs rose 17.58%.

• Net profit attributable to shareholders decreased 17.70% to RMB2,922 million; basic EPS was RMB0.94, down from RMB1.14.

• Total profit for the year was RMB3,884 million, down 3.04% year-over-year.

• Net cash flow from operating activities was RMB10,059 million, a significant turnaround from negative RMB3,496 million last year.

• R&D expenditure increased 9.44% to RMB3,009 million, maintaining above 5% of revenue.

Outlook and guidance

• The company expects to produce 73 million kW of power generation equipment in 2025.

• Focus areas include enhancing industrial competitiveness, accelerating strategic emerging industries, and deepening reforms.

• Plans to strengthen risk management, digital transformation, and international expansion, especially in wind, solar, and hydrogen.