电力设备：国内外需求共振，筑中期成长空间 202509004 摘要 特高压项目加速核准，预计下半年核准多条交流线路，显著高于上半年， 陕西到河南、南江到川渝直流项目总投资超 300 亿元，2025 年交流线 路核准数量预计提升，但部分 2025 年交付量已被 2024 年透支，2026 年交付量有望显著增长。 配网行业区域联采降价对头部企业毛利率造成压力，但提升了市场份额， 许继电气、三星医疗和东方电子等企业受益。2025 年配网投资预算增 速约为 5%，聚焦智能化、老旧设备替换及节能改造，电网智能化投资 同比增加 60%，农配台区智能终端覆盖率提升是投资重点。 欧洲电力市场电网改造投资巨大，欧盟计划投入 5,840 亿欧元，其中输 配电改造分别占 1/3 和 2/3。西班牙、德国、意大利等国推出储能补贴， 投资集中在陈旧设施升级改造和主网投资，以实现邻国间统一调度。 欧洲市场对低压变压器和特高压设备需求增加，中国制造的变压器在转 换效率和功率密度方面具有优势。北美数据中心建设推动变压器开关需 求，但供给紧张，为国内企业带来机遇。 Q&A 2025 年下半年国内特高压项目的核准开工情况如何？ 2025 年下半 ...

资料显示，河南平高电气股份有限公司位于河南省平顶山市南环东路22号，成立日期1999年7月12日， 上市日期2001年2月21日，公司主营业务涉及业务范围涵盖输配电设备及其核心零部件的研发、设计、 制造、销售、安装、检测、检修、服务及相关设备成套、电力工程总承包、全过程工程咨询、综合能源 服务、电锅炉及热储能、海上风电并网装备、智慧电网装备等业务。核心业务为中压、高压、超高压、 特高压交直流开关设备研发制造、销售安装、检修服务。主营业务收入构成为：高压板块57.30%，配 网板块28.03%，运维检修及其他11.13%，国际板块2.93%，其他业务收入0.61%。 平高电气所属申万行业为：电力设备-电网设备-输变电设备。所属概念板块包括：核电、直流输电、央 企改革、特高压、储能等。 资金流向方面，主力资金净流出3704.92万元，特大单买入339.40万元，占比1.54%，卖出1898.04万元， 占比8.62%；大单买入4533.44万元，占比20.59%，卖出6679.72万元，占比30.33%。 平高电气今年以来股价跌20.31%，近5个交易日跌5.42%，近20日跌4.65%，近60日跌1.58%。 ...

25H1 利润率维持高位，Q2 略有波动。公司25 年H1 毛利率24.72%（同比+1.2pcts），费用率9.98%（同 比+0.55pcts），净利率12.6%（同比+1.19pcts）。 公司2025H1 营业收入、归母净利润、扣非净利润56.96、6.65、6.61 亿元，同比增长12.96%、24.59%、 24.24%。2025 年Q2 实现营业收入、归母净利润、扣非净利润31.85、3.06、3.05 亿元，同比增长 6.23%、0.88%、0.33%。 25Q2 业绩稳步增长。公司2025 年H1 营业收入、归母净利润、扣非净利润56.96、6.65、6.61 亿元，同 比增长12.96%、24.59%、24.24%。2025 年Q2 实现营业收入、归上净利润、扣非净利润31.85、3.06、 3.05 亿元，同比增长6.23%、0.88%、0.33%。 公司H1 收入结构改善，高压产品占比达78%，特高压、超高压占比提升，毛利率持续改善。25Q2 毛利 率21.56%（同比-0.81pcts），费用率9.41%（同比+0.65pcts），净利率10.4%（同比-0.17pcts）。Q2 利 ...

Group 1 - Insurance capital has been actively investing in A-share companies, with 368 companies appearing in the top ten circulating shareholders list by the end of Q2 [1][3] - China Life Insurance increased its holdings in CITIC Bank and China Telecom by 259 million shares and 205 million shares respectively, and also added over 150 million shares in China State Construction [1][3] - The insurance sector's investment strategy focuses on long-term value, emphasizing factors such as long-term competitiveness, sustainable profitability, and shareholder return capabilities [3][4] Group 2 - The total stock balance of life and property insurance companies reached 3.07 trillion yuan by the end of Q2, with a net increase of 640.6 billion yuan in the first half of the year [4] - The net increase in Q2 alone was 251.3 billion yuan, marking a record high with an 8.8% increase [4] - The acceleration of insurance capital entering the market is driven by favorable policies and the internal demand for long-term investments amid low interest rates and an "asset shortage" environment [4]

业绩 投资建议 考虑到特高压及主网建设加速，公司作为特高压领域领先企业，业绩有望实现持续增长。我们预计 25/26/27 年归母净利润分别为13.95/16.18/18.44 亿元，对应PE 分别15/13/12 倍，维持"买入"评级。 风险提示 海外业务拓展不及预期；电网投资不及预期；行业竞争加剧。 公司发布2025 年半年度报告。 2025H1 实现营收56.96 亿元，同比增长12.96%，实现归母净利润6.65 亿 元，同比增长24.59%，扣非归母净利润6.61 亿元，同比增长24.24%。2025Q2 实现营收31.85 亿元，同 比增长6.23%，实现归母净利润3.06 亿元，同比增长0.88%，扣非归母净利润3.05 亿元，同比增长 0.33%。 高压板块营收占比稳定，公司整体毛利率持续改善2025H1 营收方面，分板块看，高压板块、配网板 块、国际板块、运维检修及其他板块营收分别达到32.64/15.96/1.67/6.34 亿元，同比分别 +7.58%/+14.57%/+288.37%/+20.08% ， 毛利率分别达到29.79%/15.32%/9.68%/24.32% ， 毛利率较上年 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 5.696 billion yuan in H1 2025, representing a year-on-year increase of 12.96%, and a net profit attributable to shareholders of 666 million yuan, up 24.59% year-on-year [1] - The gross margin improved to 24.72% in H1 2025, an increase of 2.36 percentage points compared to 2024, while the net margin rose to 12.60%, up 3.58 percentage points year-on-year [1] - The international subsidiary significantly reduced its losses, with a loss of 15.03 million yuan in H1 2025, down from a loss of 163 million yuan in 2024 [1] - The company’s inventory and contract assets increased significantly, reaching 2.24 billion yuan and 480 million yuan respectively, with year-on-year growth of 21.43% and 46.20% [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 13.823 billion yuan, 15.458 billion yuan, and 17.176 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.5%, 11.8%, and 11.1% [3][4] - The net profit attributable to shareholders is projected to be 1.359 billion yuan, 1.624 billion yuan, and 1.891 billion yuan for the same years, with growth rates of 32.8%, 19.5%, and 16.4% [3][4] Business Segment Performance - The high-voltage segment generated revenue of 2.291 billion yuan in H1 2025, a year-on-year increase of 4.3%, while the medium and low-voltage segment saw revenue of 1.352 billion yuan, up 15.33% [2] - The international business segment achieved a remarkable revenue growth of 125.58%, reaching 151 million yuan [2] - The operation and maintenance service segment reported revenue of 480 million yuan, reflecting a year-on-year growth of 22.12% [2] Market Position and Strategy - The company is actively enhancing its market marketing and transformation in the high-voltage core segment, with significant growth in bidding amounts for the power grid market [2] - The company has secured multiple contracts with major state-owned enterprises and has made inroads into international markets, including winning a contract for high-voltage mobile transformers in Saudi Arabia [2]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market demand [1][2][4]. Revenue Summary - In the first half of 2025, the company achieved revenue of 5.7 billion yuan, a year-on-year increase of 13.0% [1]. - The high voltage segment generated revenue of 3.264 billion yuan, up 7.6% year-on-year; the medium and low voltage and distribution network segment brought in 1.596 billion yuan, up 14.6%; the operation and maintenance services and other revenues totaled 634 million yuan, up 20.1%; and international business revenue reached 167 million yuan, a remarkable increase of 284.5% [2]. Profitability Summary - The net profit attributable to shareholders for the first half of 2025 was 660 million yuan, reflecting a year-on-year growth of 24.6% [1]. - The gross margin for the first half of 2025 was 24.72%, an increase of 1.35 percentage points year-on-year; however, the gross margin for Q2 2025 was 21.56%, showing a decline of 0.55 percentage points year-on-year and 7.18 percentage points quarter-on-quarter [2]. Cost and Expense Summary - The total expense ratio for the first half of 2025 was 9.98%, an increase of 0.71 percentage points year-on-year, with R&D expenses rising significantly [3][4]. - In Q2 2025, the total expense ratio was 9.41%, up 0.91 percentage points year-on-year [3]. Inventory and Future Outlook - As of the end of Q2 2025, inventory stood at 2.24 billion yuan, a year-on-year increase of 21.1% and a quarter-on-quarter increase of 7.6% [4]. - Contract liabilities reached 1.715 billion yuan, up 40.0% year-on-year and 28.5% quarter-on-quarter, indicating strong growth potential [4]. - The ongoing development of ultra-high voltage projects and the Yashan hydropower project is expected to provide continuous growth for the company, with a projected net profit of 1.34 billion yuan for 2025, corresponding to a PE ratio of approximately 16 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 5.7 billion yuan for the first half of 2025, representing a year-on-year increase of 13.0%. The net profit attributable to shareholders was 660 million yuan, up 24.6% year-on-year [3][4]. - In Q2 2025, the company achieved a revenue of 3.19 billion yuan, which is a 6.2% increase year-on-year and a 26.9% increase quarter-on-quarter. The net profit for the same quarter was 310 million yuan, reflecting a year-on-year increase of 0.9% but a quarter-on-quarter decrease of 14.5% [3][4]. - The company's gross margin for the first half of 2025 reached 24.72%, an increase of 1.35 percentage points year-on-year. However, the gross margin for Q2 2025 was 21.56%, showing a slight decline compared to the previous year [7]. Revenue Analysis - The high-voltage segment generated 3.264 billion yuan in revenue, a year-on-year increase of 7.6%. The medium and low-voltage segment and distribution network segment generated 1.596 billion yuan, up 14.6% year-on-year. The operation and maintenance services and other revenues reached 634 million yuan, increasing by 20.1% year-on-year. The international business segment saw a significant increase in revenue of 167 million yuan, up 284.5% year-on-year [7]. Cost and Margin Analysis - The company's gross margin improvement is attributed to cost reduction and efficiency enhancement initiatives. The gross margin for the high-voltage segment was 29.79%, up 2.20 percentage points year-on-year, while the medium and low-voltage segment's gross margin was 15.32%, down 0.53 percentage points year-on-year [7]. Expense Analysis - The total expense ratio for the first half of 2025 was 9.98%, an increase of 0.71 percentage points year-on-year. The sales expense ratio was 3.59%, down 0.18 percentage points, while the management expense ratio was 2.69%, down 0.15 percentage points. The R&D expense ratio increased to 4.20%, up 1.00 percentage points year-on-year [7]. Inventory and Contract Liabilities - As of the end of Q2 2025, the company's inventory was 2.24 billion yuan, a year-on-year increase of 21.1% and a quarter-on-quarter increase of 7.6%. Contract liabilities reached 1.715 billion yuan, up 40.0% year-on-year and 28.5% quarter-on-quarter, indicating strong growth potential [7]. Future Outlook - The ongoing promotion of ultra-high voltage projects and the Yashan hydropower project are expected to provide continuous incremental growth for the company. The projected net profit attributable to shareholders for 2025 is estimated to reach 1.34 billion yuan, corresponding to a PE ratio of approximately 16 times [7].

Core Insights - The stock price of Pinggao Electric (600312) closed at 16.27 yuan on August 25, 2025, with an increase of 0.74% and a trading volume of 373,600 shares, amounting to a transaction value of 607 million yuan [1] - The company reported a total revenue of 5.696 billion yuan for the first half of 2025, representing a year-on-year growth of 12.96%, and a net profit attributable to shareholders of 666 million yuan, up 24.59% year-on-year [1] Financial Performance - Total revenue for the first half of 2025: 5.696 billion yuan, a 12.96% increase year-on-year [1] - Net profit attributable to shareholders: 666 million yuan, a 24.59% increase year-on-year [1] - Non-recurring net profit: 661 million yuan, a 24.24% increase year-on-year [1] - Current ratio: 1.588, Quick ratio: 1.381, Debt-to-asset ratio: 49.02% [1] Company Background - Pinggao Electric Co., Ltd. was established in 1999 and is located in Pingdingshan City, primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of 1.356921309 billion yuan and the same amount in paid-in capital [1] - The legal representative of the company is Sun Jiqiang [1] Investment and Intellectual Property - The company has made investments in 17 enterprises and participated in 5,000 bidding projects [2] - It holds 2 trademark registrations and 1,951 patents, along with 229 administrative licenses [2]

平高电气核心业务为高压、超高压、特高压交直流开关设备的研发、制造、销售和服务，开关设备需求与电力行业发电装机及电源、电网建设密切相关。 半年报显示，上半年，平高电气在电网及特高压领域中标金额同比大幅增长，市场占有率名列前茅。在国际市场拓展方面，平高电气开展重点国别调研，制 定单机业务拓展规划，中标了沙特5台132千伏高压产品，420千伏GIS产品则首次打入墨西哥市场。 业绩增长得益于平高电气坚持研发创新。上半年，平高电气投入研发费用2.39亿元，同比增长48.32%。平高电气科技创新成果显著，荣获省部级及以上科技 奖项10项，9项新产品通过国家级鉴定，8项国际领先。标准制定方面，平高电气发布1项国际标准、2项国家标准，并申报国家首台（套）重大装备6项。 值得注意的是，上半年，平高电气加速推进数智转型成果落地，先后取得现场安装数字化平台在28项工程中应用、"AI+财务"和"磐石"大模型入选河南省人 工智能创新应用名单、国家首批卓越级智能工厂、省内首家通过数字化转型和数据管理成熟度3级认证等多项成果。 8月20日，平高电气（600312.SH）披露2025年上半年业绩。平高电气上半年实现营收56.96亿元，同比增 ...