Huaxin Securities: give Dongfang Electric a "buy" rating, with strong order support for future growth.

Huaxin Securities research report pointed out that the performance of Dongfang Electric continues to improve, with a full order backlog supporting future growth. The company achieved a net profit attributable to the mother of 2.966 billion yuan in the first three quarters, an increase of 13.02% year-on-year; and added effective orders of 88.583 billion yuan, an increase of 9.0% year-on-year. The demand for gas turbines is booming, and the company is seizing opportunities overseas. Chinese gas turbine manufacturing enterprises, relying on technological accumulation, cost advantages, and synergistic capabilities of the industrial chain, are expected to usher in a strategic window of opportunity in overseas markets. With the successful overseas breakthrough of the independently developed F-class heavy-duty gas turbine G50, the company has secured the core equipment order for the 50MW combined cycle power generation project in Jambyl, Kazakhstan, marking the first export of domestic heavy-duty gas turbines. With a sufficient backlog of orders in hand, the company is expected to welcome the peak delivery of coal and nuclear power industries, while the overseas expansion of gas turbines is worth attention and a "buy" investment rating is given.