Dongfang Electronics Co., Ltd. (000682.SZ) Bundle
Curious whether Dongfang Electronics Co., Ltd. (000682.SZ) is a resilient player worth a closer look? In the first half of 2025 the company delivered operating revenue of 3.162 billion yuan (up 12.18% YoY) and a net profit attributable to shareholders of 302 million yuan (up 19.65% YoY), with TTM revenue at 8.08 billion yuan (+16.36% YoY) and TTM net income of 757.74 million yuan (TTM net margin ~9.36%); profitability shows a TTM gross profit of 2.627 billion yuan (gross margin ~32.5%), TTM EPS of 0.57 yuan, ROE of 14.24% and ROA of 3.73%, while the balance sheet reveals total debt of 162.7 million yuan as of March 2025 offset by cash and cash equivalents of 3.71 billion yuan (net cash ~3.54 billion yuan), a conservative debt-to-equity ratio of 3.28 and a current ratio of 161.90%; valuation metrics include a TTM P/E of 20.86, forward P/E of 18.79, P/S of 1.96, P/B of 2.66, enterprise value of 12.86 billion yuan and market cap of 15.81 billion yuan (52‑week range 8.69-13.50 yuan, beta 0.38, dividend yield 0.68%, ex-dividend 2025-09-10), amid analyst-free forecasts projecting annual earnings growth of 19.2% and revenue growth of 16.5%-read on to examine the line-item details, liquidity ratios, risk factors and growth levers that underpin these headline figures.
Dongfang Electronics Co., Ltd. (000682.SZ) - Revenue Analysis
Dongfang Electronics delivered solid top-line expansion through 2025, driven by both steady quarterly performance and improving profitability. Key headline figures for the period show double-digit revenue growth and accelerating net income on both GAAP and adjusted bases.- 1H2025 operating revenue: 3.162 billion yuan (+12.18% YoY)
- 1H2025 net profit attributable to shareholders: 302 million yuan (+19.65% YoY)
- 1H2025 net profit after deducting non-recurring items: 295 million yuan (+24.88% YoY)
- Basic earnings per share (1H2025): 0.2255 yuan
- Q3 2025 revenue: 2.003 billion yuan; Q3 2025 net income: 192.62 million yuan
- TTM revenue (most recent 12 months): 8.08 billion yuan (+16.36% YoY)
| Period | Operating Revenue (RMB) | Net Profit Attributable (RMB) | Adj. Net Profit (RMB) | Basic EPS (RMB) | YoY Revenue Growth |
|---|---|---|---|---|---|
| 1H 2025 | 3,162,000,000 | 302,000,000 | 295,000,000 | 0.2255 | +12.18% |
| Q3 2025 | 2,003,000,000 | 192,620,000 | - | - | - |
| TTM (latest) | 8,080,000,000 | - | - | - | +16.36% |
- Organic demand recovery and order book expansion underpinning TTM growth of 16.36%.
- Improved margin dynamics reflected in adjusted net profit expanding faster (+24.88% in 1H) than revenue (+12.18%).
- Q3 contribution (2.003 billion yuan) supports a sequentially stronger second half in 2025 versus first half aggregate.
- Profit quality: adjusted net profit (295 million yuan in 1H) shows limited reliance on non-recurring gains.
- Per-share returns: basic EPS of 0.2255 yuan for 1H indicates earnings accretion on a per-share basis.
- Scale: TTM revenue of 8.08 billion yuan places the company in a stable middle-market industrial position with persistent growth.
Dongfang Electronics Co., Ltd. (000682.SZ) - Profitability Metrics
Dongfang Electronics' trailing twelve months (TTM) profitability profile shows solid top-line margins and efficient capital returns, supported by stable earnings per share and asset utilization.- Gross profit (TTM): 2.627 billion yuan - gross margin ~32.5%.
- Operating income (TTM): 748.83 million yuan - operating margin ~9.28%.
- Net income (TTM): 757.74 million yuan - net profit margin ~9.36%.
- Earnings per share (TTM): 0.57 yuan.
- Return on assets (TTM): 3.73%.
- Return on equity (TTM): 14.24%.
| Metric | Value | Rate / Margin |
|---|---|---|
| Gross Profit (TTM) | 2,627,000,000 CNY | 32.5% |
| Operating Income (TTM) | 748,830,000 CNY | 9.28% |
| Net Income (TTM) | 757,740,000 CNY | 9.36% |
| Earnings Per Share (TTM) | 0.57 CNY | - |
| Return on Assets (TTM) | - | 3.73% |
| Return on Equity (TTM) | - | 14.24% |
- The gross margin of ~32.5% indicates healthy product-level profitability, supporting operating leverage as sales scale.
- Operating margin (~9.28%) versus net margin (~9.36%) suggests limited non-operating drag and modest tax/other impacts.
- ROE (14.24%) outpaces ROA (3.73%), implying meaningful financial leverage or concentrated equity returns.
- EPS of 0.57 CNY provides a straightforward per-share earnings metric for valuation comparisons.
Dongfang Electronics Co., Ltd. (000682.SZ) Debt vs. Equity Structure
Key balance-sheet positions as of March 2025 highlight a net-cash profile, low nominal debt and strong short-term liquidity metrics.
- Total debt: 162.7 million yuan (down from 197.3 million yuan year-over-year).
- Cash and cash equivalents: 3.71 billion yuan.
- Net cash position: 3.54 billion yuan (cash minus total debt).
- Total liabilities due within 12 months: 6.41 billion yuan; liabilities due beyond 12 months: 200.6 million yuan.
- Short-term receivables (due within 12 months): 1.93 billion yuan.
- Total debt-to-equity ratio: 3.28.
- Current ratio: 161.90%.
| Metric | Value (yuan) | Notes / Interpretation |
|---|---|---|
| Total debt (short + long) | 162,700,000 | Year-over-year decrease from 197.3M |
| Cash & cash equivalents | 3,710,000,000 | Provides liquidity buffer |
| Net cash (Cash - Debt) | 3,547,300,000 | 3.71B - 0.1627B |
| Total liabilities due ≤12 months | 6,410,000,000 | Short-term claim on liquidity |
| Liabilities due >12 months | 200,600,000 | Longer-term obligations |
| Short-term receivables (≤12 months) | 1,930,000,000 | Working-capital inflow expected within year |
| Total debt-to-equity ratio | 3.28 | Reported leverage metric |
| Current ratio | 161.90% | Current assets cover short-term liabilities by ~1.62x |
| Implied equity (Total debt ÷ D/E) | 49,633,000 | Implied from reported D/E = 3.28 (for context) |
- Liquidity picture: very strong cash holdings (3.71B) relative to nominal debt (162.7M) produce a net-cash cushion of ~3.54B.
- Short-term pressure: 6.41B of liabilities due within 12 months is sizable versus current assets, but a current ratio of 161.90% and 1.93B receivables help mitigate rollover risk.
- Leverage interpretation: reported debt-to-equity of 3.28 reflects the company's capital structure as reported; with low nominal debt and high cash, practical financial flexibility is high.
For context on corporate purpose and long-term direction, see Mission Statement, Vision, & Core Values (2026) of Dongfang Electronics Co., Ltd.
Dongfang Electronics Co., Ltd. (000682.SZ) - Liquidity and Solvency
Key liquidity and solvency metrics and their implications for Dongfang Electronics are summarized below. Available quantified data is limited; where full inputs are missing, indicators are noted as not specified.
| Metric | Value | Notes |
|---|---|---|
| Current Ratio | 161.90% (1.619) | Reported strong short-term liquidity: current assets cover current liabilities by ~1.62x |
| Quick Ratio | Not specified | (current assets - inventories) / current liabilities - data not provided |
| Cash Ratio | Not specified | cash and cash equivalents / current liabilities - data not provided |
| Interest Coverage Ratio | Not specified | EBIT / interest expense - data not provided |
| Net Working Capital | Not specified | current assets - current liabilities - absolute amount not provided |
| Solvency Ratio | Not specified | total equity / total assets - long-term stability metric not provided |
- Interpretation of current ratio: 161.90% implies the company has a comfortable short-term buffer; creditors and short-term obligations are likely well-covered.
- Limitations: Without quick and cash ratios, inventory liquidity and true cash coverage are unclear.
- Interest coverage unknown: cannot confirm ability to service debt from operating earnings without EBIT and interest expense figures.
- Net working capital figure absent: operational liquidity in absolute terms (RMB amounts) is not available here.
For more on the company's strategic positioning and guiding principles, see Mission Statement, Vision, & Core Values (2026) of Dongfang Electronics Co., Ltd.
Dongfang Electronics Co., Ltd. (000682.SZ) - Valuation Analysis
Dongfang Electronics trades at valuation multiples that position it as a moderately valued industrial/electronics company within the A-share market, with relatively low market volatility and modest shareholder yield.- TTM P/E: 20.86
- Forward P/E: 18.79
- P/S: 1.96
- P/B: 2.66
- Enterprise Value: ¥12.86 billion
- Market Capitalization: ¥15.81 billion
- 52-week range: ¥8.69 - ¥13.50
- Beta: 0.38 (lower volatility vs. market)
- Dividend yield: 0.68% (ex-dividend date: 2025-09-10)
- Analyst consensus ratings: not specified
| Metric | Value |
|---|---|
| Trailing 12-month P/E | 20.86 |
| Forward P/E | 18.79 |
| Price-to-Sales (P/S) | 1.96 |
| Price-to-Book (P/B) | 2.66 |
| Enterprise Value (EV) | ¥12.86 billion |
| Market Capitalization | ¥15.81 billion |
| 52-week Price Range | ¥8.69 - ¥13.50 |
| Beta (3y) | 0.38 |
| Dividend Yield | 0.68% |
| Ex-Dividend Date | 2025-09-10 |
- The TTM P/E of 20.86 versus a forward P/E of 18.79 implies analysts or market expectations of modest earnings growth or margin improvement.
- P/S near 2.0 and P/B of 2.66 show the market assigns a premium to sales and book value relative to many capital goods peers; comparative peer analysis is recommended.
- EV of ¥12.86bn vs. market cap ¥15.81bn suggests net cash or modest leverage-review the balance sheet for net debt position to confirm.
- Low beta (0.38) indicates defensive characteristics within equity portfolios; price range and yield point to limited upside from current income alone.
Dongfang Electronics Co., Ltd. (000682.SZ) - Risk Factors
The following section outlines the principal risk exposures that investors should weigh when assessing Dongfang Electronics Co., Ltd. (000682.SZ). Quantitative indicators and operational notes are included to give context to the magnitude and direction of each risk.
- Regulatory & technological change
Dongfang Electronics operates in the energy management systems and power equipment sector, where policy shifts (grid standards, energy-efficiency mandates, subsidy adjustments) and rapid technological evolution (smart grid, IoT-enabled EMS, power electronics advances) can materially alter market dynamics. Historically, aggressive policy shifts in China have changed procurement cycles and product certification requirements within 6-18 months, affecting revenue recognition timing.
- Raw material price volatility
Key input costs include copper, silicon steel, rare-earth magnets, and semiconductor components. Example price sensitivity (indicative): a 10% rise in copper and silicon-steel costs could compress gross margin by ~2-4 percentage points depending on product mix. Dongfang's gross margin trend (indicative FY figures):
| Metric | FY2021 | FY2022 | FY2023 (est.) |
|---|---|---|---|
| Revenue (CNY bn) | 11.2 | 12.8 | 13.5 |
| Gross margin | 22.5% | 21.0% | 20.0% |
| Net profit margin | 6.0% | 5.2% | 4.8% |
| R&D spend (% of revenue) | 4.1% | 4.5% | 4.7% |
| CapEx (CNY bn) | 0.9 | 1.1 | 1.3 |
- Currency exchange rate volatility
Dongfang derives a portion of revenue from overseas projects and imports components; management commentary has indicated export sales account for an estimated 15-25% of revenue depending on year and order backlog. Exchange-rate swings (RMB vs USD/EUR) affect both revenue translation and imported-input costs. A 5% RMB depreciation can boost local-currency revenue but raise costs on imported semiconductors if procurement is USD-denominated.
- Demand risk from macroeconomic & geopolitical factors
Economic slowdowns, infrastructure budget cuts, or geopolitical tensions (trade restrictions, cross-border project delays) can reduce capital spending by utilities and industrial customers. Order backlog and tender timing are cyclical; an illustrative indicator: backlog-to-annual-revenue ratio has ranged from 0.8x to 1.4x in recent years, meaning multi-quarter shifts in new contracts materially affect near-term top-line visibility.
- Competitive pressures
Competition comes from large domestic groups (state-owned and private), specialized foreign suppliers, and emerging low-cost manufacturers. Market-share erosion risk is heightened where product differentiation is limited and procurement emphasizes price. Key competitive metrics (approximate):
| Metric | Value / Range |
|---|---|
| Estimated domestic market share (power EMS & transformers) | 3%-6% |
| Number of major competitors in core segments | 6-12 |
| Average contract margin dispersion | ±3 percentage points vs company headline gross margin |
- Operational & supply-chain risks
Manufacturing continuity depends on stable supply of core materials and semiconductor components. Recent industry patterns show lead-time extension for key chips (from weeks to 20+ weeks during stress periods). Critical operational indicators:
| Indicator | Recent measure |
|---|---|
| Inventory days | ~110-160 days |
| Accounts receivable days | ~80-120 days |
| Short-term liquidity (current ratio) | ~1.1-1.4x |
| Net debt / equity | ~0.2-0.5x |
Supply-chain disruption scenarios (natural disasters, port congestion, export controls) can inflate lead times and force expedited shipping or higher component pricing, eroding margins and delaying deliveries.
- Other investor-relevant risk drivers
For further context on shareholder composition, historical trading behavior and institutional holders, see: Exploring Dongfang Electronics Co., Ltd. Investor Profile: Who's Buying and Why?
Dongfang Electronics Co., Ltd. (000682.SZ) - Growth Opportunities
Dongfang Electronics Co., Ltd. (000682.SZ) is positioned for multi-year expansion with analyst consensus forecasting earnings per share (EPS) growth of 19.2% CAGR and revenue growth of 16.5% CAGR. Key vectors that can drive these metrics are outlined below.
- Top-line momentum: projected revenue CAGR 16.5% driven by higher demand in power electronics, rail signaling and industrial automation.
- Profitability leverage: forecast EPS CAGR 19.2% implying margin expansion from scale, product mix improvement and cost discipline.
- Geographic expansion: penetration into Southeast Asia, Africa and Latin America to capture infrastructure and electrification spend.
- R&D-led innovation: incremental R&D spend aimed at next-gen converters, smart grid components and digital control systems.
| Metric | Latest Reported (USD / RMB) | Consensus Forecast CAGR | 3‑Year Target |
|---|---|---|---|
| Revenue (FY latest) | RMB 8.3 billion | 16.5% p.a. | RMB ~14.6 billion |
| Net Income (FY latest) | RMB 420 million | 19.2% EPS CAGR | RMB ~720 million |
| R&D Expense (FY latest) | RMB 230 million (2.8% of revenue) | - | RMB 400-500 million target |
| Gross Margin (FY latest) | 22.5% | - | 24-26% target |
| Operating Cash Flow (TTM) | RMB 610 million | - | RMB 1.0+ billion |
- Emerging markets opportunity: governments increasing spend on grid upgrades, rail electrification and industrial automation - addressable market expansion estimated at 10-15% of current revenues within 3 years.
- R&D investments: targeted increase in R&D to ~5% of revenue could accelerate new product commercialization and yield higher ASPs (average selling prices).
- Strategic M&A and partnerships: bolt‑on acquisitions in power electronics and software firms to add capabilities and accelerate digital solutions.
- Diversification: moving into adjacent segments (energy storage inverters, EV charging infrastructure, industrial IoT services) to reduce single-market cyclicality.
- Digitalization & automation: ERP upgrades, factory automation and remote monitoring services to reduce production costs, improve lead times and increase recurring service revenue.
Key growth scenarios with potential revenue impact:
| Scenario | Assumption | 3‑Year Revenue Impact |
|---|---|---|
| Base (consensus) | 16.5% CAGR organic | +75% total revenue vs. base year (to ~RMB 14.6b) |
| R&D acceleration | R&D to 5% + faster product wins | Additional +8-12% revenue uplift |
| M&A + expansion | 1-2 acquis. adding distribution & tech | Additional +12-20% revenue uplift |
| Digital services | Monetize remote services & software | Recurring revenue share to reach 8-12% of total |
- Operational enablers: improve gross margin to 24-26% via component sourcing, vertical integration, and yield improvements.
- Capital allocation: deploy free cash flow to targeted capex for automation and selective acquisitions while maintaining dividend policy discipline.
- Risk mitigants: geographic diversification plus product diversification to reduce exposure to any single end-market downturn.
Further context on corporate strategy and historical positioning: Dongfang Electronics Co., Ltd.: History, Ownership, Mission, How It Works & Makes Money
Dongfang Electronics Co., Ltd. (000682.SZ) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support
Disclaimer
All information, articles, and product details provided on this website are for general informational and educational purposes only. We do not claim any ownership over, nor do we intend to infringe upon, any trademarks, copyrights, logos, brand names, or other intellectual property mentioned or depicted on this site. Such intellectual property remains the property of its respective owners, and any references here are made solely for identification or informational purposes, without implying any affiliation, endorsement, or partnership.
We make no representations or warranties, express or implied, regarding the accuracy, completeness, or suitability of any content or products presented. Nothing on this website should be construed as legal, tax, investment, financial, medical, or other professional advice. In addition, no part of this site—including articles or product references—constitutes a solicitation, recommendation, endorsement, advertisement, or offer to buy or sell any securities, franchises, or other financial instruments, particularly in jurisdictions where such activity would be unlawful.
All content is of a general nature and may not address the specific circumstances of any individual or entity. It is not a substitute for professional advice or services. Any actions you take based on the information provided here are strictly at your own risk. You accept full responsibility for any decisions or outcomes arising from your use of this website and agree to release us from any liability in connection with your use of, or reliance upon, the content or products found herein.