Investment Rating - The report maintains a "Buy" rating for Pinggao Electric (600312) [1] Core Views - The company's performance aligns with market expectations, with significant revenue and profit growth driven by the delivery of ultra/high voltage orders [1][2] - The company is expected to see continued high growth due to the delivery of high-margin projects and effective cost management [2] - The overall bidding process for ultra/high voltage projects is anticipated to accelerate in the second half of the year, contributing to robust order growth [2] - The company has a strong order backlog and effective cost control measures, which support steady performance growth [2] Summary by Relevant Sections Earnings Forecast and Valuation - Total revenue is projected to grow from 11,077 million in 2023A to 12,627 million in 2024E, reflecting a year-on-year increase of 13.99% [1] - Net profit attributable to shareholders is expected to rise from 1,263 million in 2024E to 1,940 million in 2026E, with a year-on-year growth of 54.83% in 2024E [1] - The latest diluted EPS is forecasted to increase from 0.60 in 2023A to 0.93 in 2024E [1] Key Financial Metrics - The company’s gross margin is expected to improve by 2-3 percentage points in 2024, supporting high-quality performance growth [2] - The operating expenses for Q1-Q3 2024 were 830 million, up 17.3% year-on-year, with a cost control strategy in place [2] - The company’s total assets are projected to grow from 20,159 million in 2023A to 24,281 million in 2024E [8] Market Data - The closing price of the stock is 19.57, with a market capitalization of approximately 26,554.95 million [5] - The price-to-earnings ratio (P/E) is projected to decrease from 32.55 in 2023A to 21.03 in 2024E [9]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company is expected to benefit from the growth in grid investment during the "14th Five-Year Plan" period and the accelerated construction of ultra-high voltage systems. Additionally, the company's external and overseas business expansion is anticipated to contribute to performance growth [2]. - For the years 2024 to 2026, the company is projected to achieve revenues of 13.01 billion, 15.34 billion, and 18.13 billion yuan, with growth rates of 17.5%, 17.9%, and 18.2% respectively. The net profit attributable to shareholders is expected to be 1.21 billion, 1.57 billion, and 1.89 billion yuan, with growth rates of 48.4%, 30.1%, and 20.2% respectively [2][3]. Financial Performance Summary - In the first three quarters of 2024, the company achieved a revenue of 7.885 billion yuan, a year-on-year increase of 5.88%. The net profit attributable to shareholders was 857 million yuan, up 55.13% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 24.27%, an increase of 4.29 percentage points year-on-year, while the net profit margin was 11.69%, up 3.33 percentage points year-on-year [1]. - The company has maintained a stable market share in domestic bidding and successfully entered the high-end EU market, with significant growth in the production of 1100 kV and 800 kV combination electrical appliances [1].

Financial Performance - The company's operating revenue for Q3 2024 reached ¥2,843,171,965.06, an increase of 8.42% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2024 was ¥323,434,449.57, reflecting a significant increase of 47.72% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥316,148,946.57, up 46.45% from the previous year[5] - Basic earnings per share for Q3 2024 were ¥0.2384, representing a 47.71% increase compared to the same period last year[6] - Total operating revenue for the first three quarters of 2024 reached CNY 7,885,452,176.80, an increase of 5.9% compared to CNY 7,447,381,827.68 in the same period of 2023[23] - Net profit for the first three quarters of 2024 was CNY 921,993,536.96, up 48.2% from CNY 622,623,226.81 in the first three quarters of 2023[25] - Earnings per share for the first three quarters of 2024 was CNY 0.6316, compared to CNY 0.4071 in the same period of 2023, reflecting a significant increase[25] - Operating profit for the first three quarters of 2024 was CNY 1,054,812,206.35, an increase of 48.3% from CNY 711,215,103.51 in the first three quarters of 2023[24] - The company reported a total profit of CNY 1,059,300,089.40 for the first three quarters of 2024, compared to CNY 712,798,390.60 in the same period of 2023, representing a growth of 48.4%[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥21,484,115,765.55, a growth of 6.57% from the end of the previous year[6] - The company’s equity attributable to shareholders at the end of the reporting period was ¥10,417,853,501.43, an increase of 3.91% compared to the previous year[6] - As of September 30, 2024, total current assets amounted to CNY 16,129,330,593.09, an increase from CNY 14,514,939,513.62 at the end of 2023, reflecting a growth of approximately 11.1%[17] - Accounts receivable increased to CNY 7,108,039,195.67 from CNY 6,475,202,986.21, representing a rise of about 9.8%[17] - Inventory rose significantly to CNY 2,300,529,080.26, up from CNY 1,426,172,007.76, indicating an increase of approximately 61.3%[17] - Total assets reached CNY 21,484,115,765.55, compared to CNY 20,159,257,308.08 at the end of 2023, marking a growth of about 6.5%[19] - Total liabilities increased to CNY 10,602,443,737.79 in Q3 2024, up from CNY 9,669,809,863.12 in Q3 2023, indicating a growth of 9.6%[21] - The total liabilities increased to CNY 15,000,000,000, reflecting a growth of approximately 5% compared to the previous period[19] - The company reported a decrease in long-term equity investments to CNY 607,951,003.11 from CNY 617,307,079.48, a decline of approximately 1.8%[19] Cash Flow - The company reported a net cash flow from operating activities of ¥902,532,247.89 for the year-to-date, showing a slight decrease of 0.70%[6] - In the first three quarters of 2024, cash inflow from operating activities reached ¥8,101,067,728.05, an increase of 24.3% compared to ¥6,515,887,015.65 in the same period of 2023[27] - The net cash flow from operating activities for the first three quarters of 2024 was ¥902,532,247.89, slightly down from ¥908,861,702.23 in 2023[27] - Cash outflow for purchasing goods and services in the first three quarters of 2024 was ¥5,658,134,823.19, up from ¥4,322,198,629.65 in 2023, indicating a 30.9% increase[27] - Investment activities generated a net cash flow of -¥61,764,530.44 in the first three quarters of 2024, an improvement from -¥437,880,512.44 in 2023[28] - Cash inflow from financing activities in the first three quarters of 2024 was ¥9,553,872.15, down from ¥32,972,610.98 in 2023[28] - The net cash flow from financing activities for the first three quarters of 2024 was -¥571,645,825.79, compared to -¥248,203,457.12 in 2023, indicating increased cash outflows[28] - The total cash and cash equivalents at the end of Q3 2024 amounted to ¥5,192,073,298.09, up from ¥3,380,301,441.64 at the end of Q3 2023[28] Investments and Expenditures - The company has invested CNY 160,600,668.74 in development expenditures, significantly up from CNY 77,939,131.66, representing an increase of approximately 105.5%[19] - Research and development expenses for the first three quarters of 2024 were CNY 297,849,666.07, up from CNY 278,527,535.86 in the same period of 2023, reflecting a growth of 6.9%[23] Future Outlook - The company plans to continue focusing on high-value product delivery and improving operational efficiency to drive future growth[10] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]

股票简称：平高电气 股票代码：600312 编号：2024-039 河南平高电气股份有限公司 第九届监事会第十一次会议决议公告 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 河南平高电气股份有限公司（以下简称"公司"）第九届监事会第十一次会议于 2024 年 10 月 11 日以电子邮件、手机短信发出会议通知，并于 2024 年 10 月 21 日在 公司现场召开，会议应到监事 3 人，实到 3 人。本次会议的召集、召开符合《公司 法》和《公司章程》的规定。会议经过有效表决，形成以下决议： 一、会议以 3 票赞成，0 票反对，0 票弃权审议通过了《公司 2024 年第三季度 报告》： 我们认真审查了公司 2024 年第三季度报告，认为： 1、公司 2024 年第三季度报告的编制和审议程序符合国家相关法律、法规、《公 司章程》和公司内部管理制度的各项规定； 2、公司 2024 年第三季度报告内容和格式符合中国证监会和上海证券交易所的 各项规定； 3、公司 2024 年第三季度报告从各方面客观地反映了公司 2024 年 7-9 ...

本议案已经公司董事会审计委员会及独立董事专门会议审议通过并同意提交董 事会审议。公司关联董事孙继强、张国跃、徐光辉、赵建宾、樊占峰、刘克民回避 了对本议案的表决。独立董事认为公司接受控股股东以委托贷款方式拨付国有资本 经营预算资金，是根据《中央企业国有资本经营预算支出执行监督管理暂行办法》（国 资发资本规〔2019〕92 号）等文件要求落实国有资本权益，用以提升公司研发、创 新等综合实力。本次委托贷款利率由公司与关联人协商确定，不高于同期的贷款市 场报价利率（LPR）。遵循公平合理和市场化的原则，定价公允，不存在控股股东占 用公司资金的情形，不会对公司独立性以及当期经营业绩产生重大影响，没有发现 损害非关联股东特别是中小股东利益的情况。 河南平高电气股份有限公司(以下简称"公司")第九届董事会第七次会议于 2024 年 10 月 11 日以电子邮件、手机短信发出会议通知，并于 2024 年 10 月 21 日以现场 结合视频方式召开，会议应到董事 9 人，实到 9 人。本次会议的召集、召开符合《公 司法》和《公司章程》的规定。会议经过有效表决，形成以下决议： 一、会议以 9 票赞成，0 票反对，0 票弃权审议 ...

关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 股票代码：600312 股票简称：平高电气 编号：临 2024-041 河南平高电气股份有限公司 会议召开方式：上证路演中心网络互动 ● 会议召开时间：2024年10月29日（星期二）10:00-11:00 ● 会议召开地点：上海证券交易所路演中心（网址：http://roadshow.sseinfo.com） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2024年10月28日（星期一）16：00前登录上证路演中心网站首页点击"提问 预征集"栏目或通过公司邮箱pinggao@pg.cee-group.cn进行提问，公司将在说明会上对投资 者普遍关注的问题进行回答。 河南平高电气股份有限公司（以下简称"公司"）于 2024 年 10 月 22 日在上海证券交易 所网站（www.sse.com.cn）披露公司 2024 年第三季度报告。为了便于广大投资者更全面深入 地了解公司 2024 年前三季度经营成果、财务 ...

证券代码：600312 证券简称：平高电气 公告编号：2024-037 河南平高电气股份有限公司 2024 年半年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大 遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利 0.138 元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/10/24 | － | 2024/10/25 | 2024/10/25 | 差异化分红送转： 否 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司 2024 年 9 月 24 日的 2024 年第二次临时股东大会审议通过。 二、 分配方案 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分 公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 3. 分配方案： 本次利润分配以方案实施前的公司总股本 1,356,921,309 股为基数，每股派发现金红 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [3][4]. Core Viewpoints - The company is a leading player in the domestic high-voltage switch market, with comprehensive product coverage and strong technological innovation. It is expected to benefit significantly from the new cycle of ultra-high voltage investment [4][5]. - The company is projected to achieve an EPS of 0.92, 1.11, and 1.35 yuan for the years 2024, 2025, and 2026 respectively, corresponding to PE ratios of 21.3, 17.6, and 14.5 times based on the closing price on October 15, 2024 [4][5]. - The company has shown continuous improvement in profitability, with new contracts, revenue, and total profit consistently increasing. It is expanding its market presence both domestically and internationally, successfully entering high-end markets in the EU [5][6]. Financial Summary - For the fiscal year 2024E, the company is expected to generate revenue of 13,794 million yuan, reflecting a year-on-year growth of 24.5%. The net profit attributable to the parent company is projected to be 1,246 million yuan, with a remarkable year-on-year growth of 52.8% [4][6]. - The gross profit margin is expected to improve from 21.4% in 2023 to 23.8% in 2024E, indicating enhanced operational efficiency [4][6]. - The return on equity (ROE) is forecasted to rise from 8.1% in 2023 to 11.5% in 2024E, showcasing the company's increasing profitability and effective capital utilization [4][6].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][8]. Core Views - The company's net profit attributable to shareholders is expected to increase by 45% year-on-year to between 540 million and 560 million yuan in the third quarter of 2024. For the first three quarters of 2024, the estimated net profit is projected to be between 850 million and 870 million yuan, representing a year-on-year growth of 53.87% to 57.49% [5][6]. - The rapid growth in performance is attributed to several factors, including steady increases in grid investment, ongoing construction of the grid, and the delivery of key projects, which have led to revenue growth. Additionally, continuous improvement in management and a shift in revenue structure towards higher value-added products have contributed to this growth [5][6]. Summary by Sections Financial Performance - The company is expected to achieve operating revenue of 11,077 million yuan in 2023, with a year-on-year growth of 19.4%. By 2024, the revenue is projected to reach 12,462 million yuan, with further increases expected in subsequent years [7][10]. - The net profit for 2023 is estimated at 816 million yuan, with a significant year-on-year increase of 284.5%. The forecast for net profit in 2024 is 1,250 million yuan, continuing to grow in the following years [7][10]. Market Opportunities - The ongoing construction of ultra-high voltage and main grid projects is expected to benefit the company significantly. The acceleration of these projects is driven by national energy policies aimed at enhancing the capacity for renewable energy consumption [6][8]. - The company possesses world-leading ultra-high voltage technology and a complete industrial chain for switchgear, which enhances its competitive edge in the market [6][8]. Future Projections - The forecasted net profit for the company is expected to reach 1.25 billion yuan in 2024, 1.59 billion yuan in 2025, and 1.92 billion yuan in 2026. The corresponding earnings per share (EPS) are projected to be 0.92 yuan, 1.17 yuan, and 1.42 yuan respectively [8][10]. - The company is expected to maintain a price-to-earnings (P/E) ratio of 25-30 times for 2024, leading to a reasonable price range of 23 to 27.6 yuan per share [8][10].

Financial Performance - The company expects a net profit attributable to shareholders for the first three quarters of 2024 to be between 850 million and 870 million yuan, representing a year-on-year increase of 53.87% to 57.49%[3]. - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be between 841.2 million and 861.2 million yuan, with a year-on-year growth of 53.63% to 57.28%[5]. - The net profit for the same period last year was 552.43 million yuan, and the net profit after deducting non-recurring gains and losses was 547.55 million yuan[5]. Factors Influencing Profit - The increase in net profit is attributed to steady growth in grid investment, ongoing grid construction, and the delivery of key projects, leading to a rise in operating income[6]. - The company has implemented lean management practices, resulting in significant improvements in quality and efficiency, along with a shift in revenue structure towards higher value-added products[6]. Earnings Forecast and Risks - The company does not foresee any major uncertainties that could affect the accuracy of this earnings forecast[7]. - The earnings forecast is based on preliminary calculations and has not been audited by registered accountants[5]. - The specific and accurate financial data will be disclosed in the company's official third-quarter report for 2024[7]. - The company emphasizes the importance of investors being aware of investment risks related to the preliminary earnings forecast[7]. - The earnings forecast period is from January 1, 2024, to September 30, 2024[4].