证券研究报告 | 2025年04月20日 考虑到国内电网招标节奏和公司中标情况，下调 25-26 年盈利预测。我们预 计公司 2025-2027 年实现归母净利润 14.07/16.55/18.58 亿元（25-26 年原 预测值为 15.39/18.38 亿元），当前股价对应 PE 分别为 17/14/13 倍，维持 "优于大市"评级。 平高电气（600312.SH） 优于大市 高压板块表现亮眼，电网投资上行可期 全年业绩较快增长，盈利能力持续提升。2024 年公司实现营收 124.02 亿元， 同比+11.96%；归母净利润 10.23 亿元，同比+25.43%。2024 年公司销售毛利 率为 22.36%，同比+0.97pct.；销售净利率为 9.02%，同比+0.71pct.。公司 全年计提资产+信用减值 1.37 亿元。 国际业务亏损、减值、费用集中计提影响四季度业绩。第四季度公司实现营 收 45.16 亿元，同比+24.43%，环比+58.84%；归母净利润 1.66 亿元，同比 -36.89%，环比-48.62%。四季度公司毛利率 19.02%，同比-5.23pct.，环比 -6.56pct.， ...

高压板块表现亮眼，电网投资上行可期 全年业绩较快增长，盈利能力持续提升。2024 年公司实现营收 124.02 亿元， 同比+11.96%；归母净利润 10.23 亿元，同比+25.43%。2024 年公司销售毛利 率为 22.36%，同比+0.97pct.；销售净利率为 9.02%，同比+0.71pct.。公司 全年计提资产+信用减值 1.37 亿元。 国际业务亏损、减值、费用集中计提影响四季度业绩。第四季度公司实现营 收 45.16 亿元，同比+24.43%，环比+58.84%；归母净利润 1.66 亿元，同比 -36.89%，环比-48.62%。四季度公司毛利率 19.02%，同比-5.23pct.，环比 -6.56pct.，净利率 4.36%，同比-3.85pct.，环比-7.83pct.。四季度公司计 提资产+信用减值 1.17 亿元。 高压板块交付提振一季度业绩，毛利率再创新高。第一季度公司实现营收 25.10 亿元，同比+22.82%，环比-44.41%；归母净利润 3.58 亿元，同比 +55.94%，环比+115.68%。一季度公司毛利率 28.74%，同比+3.52pct.，环比 +9.7 ...

Group 1 - The State Intellectual Property Office of China has published a patent application by Henan Pinggao Electric Co., Ltd. for a device named "5390. Vacuum Arc Chamber Testing Operation Device" with publication number CN119803880A, filed on November 2024 [1] - The patent addresses the testing field of static or dynamic balance of machines or structural components, specifically focusing on a vacuum arc chamber testing operation device that improves the accuracy and adaptability of existing mechanical life testing devices [1] Group 2 - Henan 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 1,356.92 million RMB and has made investments in 18 enterprises, participated in 5,000 bidding projects, and holds 1,885 patent records along with 225 administrative licenses [2]

Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]

证券研究报告 | 行业周报 2025 年 04 月 14 日 风电周报（2025.4.7-2025.4.13） 25Q1 国内整机商中标超 38GW，首个海陆一体海风柔直工程开工 | 股票 | 股票 | 投资 | EPS （元） | | PE | | | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | 2024E | 2025E | 2024E | 2025E | | 002531.SZ | 天顺风能 | 增持 | 0.11-0.14 | 0.75 | 21.01 | 9.31 | | 300129.SZ | 泰胜风能 | 增持 | 0.5 | 0.71 | 12.92 | 9.1 | | 300443.SZ | 金雷股份 | 增持 | 0.54 | 1.16 | 34.78 | 16.19 | | 600875.SH | 东方电气 | 买入 | 1.23 | 1.54 | 12.42 | 9.92 | | 603062.SH | 麦加芯彩 | 买入 | 1.95 | 2.5 | 25.24 | 20.86 | | 603218.SH | ...

证券代码：600312 证券简称：平高电气 公告编号：2025-014 河南平高电气股份有限公司 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： 投资者可于 2025 年 04 月 21 日(星期一)至 04 月 25 日(星期五)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"）已于 2025 年 4 月 11 日发 布公司 2024 年度报告及公司 2025 年第一季度报告，为便于广大投资者更全面深 入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划于 2025 年 04 月 28 日上午 10:00-11:00 举行 2024 年度暨 2025 年第一季度业绩说明 会，就投资者关心的问题进行交流。 一、说明会类型 本次投资者说明会以自行录制视频 ...

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the electric power equipment industry, focusing on domestic and overseas market dynamics, investment trends, and company performance. Key Points Impact of Tariffs - Some companies, such as Dongfang Electric and Sifang Electric, have minimal business exposure in the U.S., making the impact of tariffs on their overall performance negligible [1][31] - The fluctuations in the electric power equipment sector due to tariffs are considered a setback rather than a significant risk [32] Domestic Market Conditions - The domestic market is experiencing high investment growth, with State Grid's investment in the first quarter showing a year-on-year increase of 28% [2] - The high investment growth is attributed to both the continuation of last year's investment momentum and a low base from the previous year [2][3] - For the entire year, State Grid's fixed asset investment growth is expected to remain high at around 12% [2][3] Overseas Market Opportunities - The overseas market, particularly in Southeast Asia and Africa, presents significant growth potential [3] - The Middle East, especially Saudi Arabia, is highlighted as a key market with substantial investment plans, including a seven-year investment plan of 950 billion RMB [4] Investment Trends in Specific Sectors - The ultra-high voltage (UHV) sector is projected to see rapid growth, with a first-quarter investment of nearly 20% growth and a total investment of around 20 billion RMB [5][6] - The company plans to initiate multiple UHV projects, including six DC and five AC lines, with significant progress expected in the second quarter [6][7] Company Performance and Financial Metrics - Companies in the sector are expected to see a 40% increase in profits, with specific companies like Pinggao Electric and Xuji Electric projected to achieve similar growth rates [11][16][18] - The overall profitability of the power equipment sector is improving, with companies focusing on cost management and efficiency [14][10] New Business Opportunities - New business segments, such as the replacement of components in UHV stations and the development of infrastructure for hydropower transmission, are expected to contribute to revenue growth [12][13] - The company is also focusing on enhancing its product offerings and expanding into new markets, particularly in Europe and the Middle East [31][32] Valuation and Investment Recommendations - The current valuations of key companies in the sector are considered low, with some trading at around 16-18 times earnings, suggesting potential for upside [16][30] - The overall sentiment is positive, with recommendations to invest in the electric power equipment sector due to its high growth potential and low valuations [32] Additional Insights - The conference highlighted the importance of strategic management in improving profit margins and operational efficiency [14] - There is a notable shift towards domestic production capabilities, reducing reliance on foreign technology and products [9][10] - The company is actively pursuing international certifications to facilitate market entry in regions like South America and the Middle East [21][23] This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the electric power equipment industry's current landscape and future prospects.

Company and Industry Summary Company Overview - The company discussed in the conference call is involved in the high-voltage equipment sector, focusing on the development and delivery of high-pressure and distribution network products. Key Financial Highlights - For the year 2024, the company achieved a revenue of 12.4 billion yuan, an increase of 12% from 11.08 billion yuan in the previous year, with a profit of 1.23 billion yuan, reflecting a growth of 25.43% [1][2][3]. - The high-pressure segment generated 7.7 billion yuan in revenue, marking a 25% increase compared to the previous year [2]. - The distribution network segment reported a revenue of 3.24 billion yuan, an 11.45% increase from 2.9 billion yuan [3]. Segment Performance High-Pressure Segment - The high-pressure segment has shown consistent growth, with a 55% increase in revenue from 2022 to 2024 [2]. - The gross margin for this segment improved to 25.53%, up by 2.66 percentage points year-on-year [2]. Distribution Network Segment - The distribution network segment has also been improving, with a gross margin of 16.03%, an increase of 0.21 percentage points [3]. - The segment has transitioned from losses in previous years to generating a profit of 118 million yuan this year, a 31% increase [3]. International Segment - The international segment faced challenges, reporting a loss of 200 million yuan, primarily due to geopolitical factors and project delays [4]. - Revenue from this segment decreased by approximately 400 to 500 million yuan compared to the previous year [4]. Maintenance Segment - The maintenance segment's revenue remained stable at 1.164 billion yuan, but the gross margin decreased by 4.61 percentage points due to changes in contract structures [5]. Contract and Order Status - The total contracts for the year reached 16.5 billion yuan, a 14% increase from 14.5 billion yuan the previous year [6]. - The high-pressure segment accounted for 12.5 billion yuan of the contracts, a 13.6% increase [6]. - The company is actively cleaning up its international contracts, with a focus on eliminating low-margin projects [11]. Market Outlook - The company anticipates a revenue target of 12.5 to 13.5 billion yuan for 2025, with expectations of stable growth across segments [17]. - The gross margin is expected to improve, driven by internal cost management and a focus on high-margin products [37][42]. Industry Trends - The overall investment in the power grid is projected to remain strong, with a reported increase of 33.5% in the first quarter of the year [19]. - The company is optimistic about the growth of the high-voltage equipment market, particularly in nuclear and large power generation sectors [8][31]. Additional Insights - The company is focusing on enhancing its core competitiveness through vertical integration and self-manufacturing of key components [28][44]. - The shift towards high-end products and international market expansion is seen as crucial for maintaining profitability and growth [44]. Conclusion - The company is positioned well within the high-voltage equipment industry, with strong growth in domestic contracts and a strategic focus on improving margins and expanding internationally. The outlook remains positive, supported by robust market demand and ongoing investments in infrastructure.

| 项目 | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | | | | 减变动幅度(%) | | 营业收入 | 2.510.326.371.56 | 2.043.849.135.84 | 22.82 | | 归属于上市公司股东的净利润 | 358.396.418.11 | 229.834.284.13 | 55.94 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | 355.614.603.12 | 227,622,500.05 | 56.23 | | 经营活动产生的现金流量净额 | -547.681.683.81 | 89.944.043.01 | -708.91 | | 基本每股收益(元/股) | 0.2641 | 0.1694 | 55.90 | | 稀释每股收益(元/股) | 0.2641 | 0.1694 | 55.90 | | 加权平均净资产收益率(%) | 3.36 | 2.27 | 增加 1.09 个百分点 | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 | 具体来看，2024年平高电气高压开关业务表现突 ...

April 11, 2025 01:10 AM GMT Henan Pinggao Electric | Asia Pacific Strong 1Q25 but weak 4Q24 result due to high-end GIS product delivery schedule Reaction to earnings | M | | | | --- | --- | --- | | | | Update | | April 11, 2025 01:10 AM GMT | | | | Henan Pinggao Electric Asia Pacific | Morgan Stanley Asia Limited+ | | | | Eva Hou | | | | Equity Analyst | | | Strong 1Q25 but weak 4Q24 | Eva.Hou@morganstanley.com Estelle Wang | +852 2848-6964 | | | Research Associate | | | result due to high-end GIS | Estelle ...