电力设备/电网设备 平高电气（600312.SH） 2025Q1 业绩迎来开门红，电网投资景气度延续 2025 年 04 月 14 日 投资评级：买入（维持） | 日期 | 2025/4/11 | | --- | --- | | 当前股价(元) | 17.76 | | 一年最高最低(元) | 22.90/13.85 | | 总市值(亿元) | 240.99 | | 流通市值(亿元) | 240.99 | | 总股本(亿股) | 13.57 | | 流通股本(亿股) | 13.57 | | 近 3 个月换手率(%) | 90.78 | 股价走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 2024-04 2024-08 2024-12 平高电气 沪深300 相关研究报告 《2024Q3 业绩符合预期，盈利质量持 续提升 — 公 司 信 息 更 新 报 告 》 -2024.10.24 《2024H1 经营业绩稳健增长，盈利能 力再创新高—公司信息更新报告》 -2024.8.31 《2024Q1 业绩迎来开门红，全年有望 延续高质量增长—公司信息更新报 告》-2024.4.25 20 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong start to 2025, with Q1 revenue of 25.10 billion yuan, a year-on-year increase of 22.8%, and a net profit of 3.58 billion yuan, up 55.9% year-on-year [4][5] - The company achieved a total revenue of 124.02 billion yuan in 2024, representing a 12.0% year-on-year growth, and a net profit of 10.23 billion yuan, which is a 25.4% increase year-on-year [4][5] - The company has adjusted its profit forecast for 2025 down to 15.13 billion yuan from 15.69 billion yuan, while increasing the 2026 forecast to 17.79 billion yuan from 17.31 billion yuan, and introducing a new forecast for 2027 at 20.08 billion yuan [4][5] Financial Performance Summary - In 2024, the company's domestic switch manufacturing segment generated revenue of 109.40 billion yuan, a 20.7% increase year-on-year, with the high-voltage segment contributing 76.98 billion yuan, up 25.1% [5] - The company's gross margin improved to 22.4% in 2024, with a net margin of 9.0%, both showing year-on-year increases [4][5] - The company's earnings per share (EPS) for 2025 is projected at 1.12 yuan, with corresponding price-to-earnings (P/E) ratios of 15.9 for 2025, 13.5 for 2026, and 12.0 for 2027 [4][7] Industry Outlook - The investment in the national power grid is expected to exceed 650 billion yuan in 2025, continuing the trend of high investment levels in the sector [6] - The company is well-positioned to benefit from the ongoing high demand for power grid construction and the recent initiatives to enhance the quality of distribution networks [6]

Core Viewpoint - The performance of Pinggao Electric (600312.SH), a leading company in the switch industry, has steadily improved against the backdrop of increased domestic power grid investment, with significant growth in revenue and net profit in 2024 and Q1 2025 [1][4][5]. Financial Performance - In 2024, Pinggao Electric achieved operating revenue of 12.402 billion yuan, a year-on-year increase of 11.96%, and a net profit of 1.023 billion yuan, up 25.43% [1][4]. - The net profit after deducting non-recurring gains and losses was 999 million yuan, reflecting a growth of 22.99% [1][4]. - In Q1 2025, the company reported operating revenue of 2.51 billion yuan, a year-on-year increase of 22.82%, with net profit and net profit after deductions reaching 358 million yuan and 356 million yuan, respectively, marking increases of 55.94% and 56.23% [1][5]. Shareholder Returns - Pinggao Electric has established a multi-dividend mechanism, planning to distribute a total of 392 million yuan in cash dividends in 2024, which accounts for 38.33% of the company's net profit for the year [6][7]. - Since its listing, the company has implemented cash dividends 21 times, totaling 3.442 billion yuan, with a dividend payout ratio of 45.54% [2][8]. Research and Development - In 2024, the total R&D investment of Pinggao Electric was 530 million yuan, accounting for 4.27% of operating revenue, an increase of 0.51 percentage points year-on-year [3][12]. - The company achieved breakthroughs in core technologies, with 16 achievements recognized, including 13 rated as internationally leading [12]. Business Segments - The main business of Pinggao Electric, covering the manufacturing of power distribution and control equipment, generated operating revenue of 12.308 billion yuan in 2024, a year-on-year increase of 12.27% [10]. - The high-voltage and distribution network segments achieved revenues of 7.698 billion yuan and 3.242 billion yuan, respectively, with growth rates of 25.06% and 11.43% [10]. - The production and sales rates for both segments exceeded 98% in 2024, indicating strong operational efficiency [10]. International Business - The international business segment faced challenges, with revenue dropping to 204 million yuan, a decrease of 71.79%, and a negative gross margin of -30.43% due to project delays and increased costs [11].

Investment Rating - The report maintains a positive investment outlook for the solar, wind, and energy storage sectors, highlighting strong demand and technological advancements [2][3][4]. Core Insights - The solar and energy storage sectors are expected to benefit from domestic demand support and supply discipline, with profitability in overseas battery and material production remaining strong [2][3]. - Wind power demand is projected to remain robust, with a significant increase in new bids for wind turbines in Q1, indicating sustained growth through 2026 [2][3]. - The development of virtual power plants is gaining momentum, with government guidance aimed at enhancing their scale and operational models [2][3][4]. Summary by Relevant Sections Solar & Energy Storage - The shift from large-scale solar projects to distributed generation is emphasized, with domestic demand and supply discipline expected to strengthen [2][3]. - Longi Green Energy launched its second-generation BC products, improving module efficiency and bifacial rates [2][3]. - The report notes that recent policy changes and market dynamics suggest a favorable environment for solar demand in the second half of the year [7][8]. Wind Power - In Q1, state-owned enterprises added 26.2 GW of new wind power capacity, a 32% year-on-year increase, reinforcing the outlook for sustained demand through 2026 [2][3]. - The report highlights the strategic value of offshore wind projects amid increasing trade tensions and domestic demand expectations [2][3]. Grid and Virtual Power Plants - The National Development and Reform Commission and the Energy Administration have issued guidelines to accelerate the development of virtual power plants, aiming for significant capacity increases by 2027 [2][3][4]. - The report indicates that the first batch of procurement agreements in the North China region has been announced, with a focus on long-term vendor capabilities [2][3][4]. New Energy Vehicles & Lithium Batteries - BYD's Q1 profit forecast indicates strong performance driven by increased exports and effective cost management [3][4]. - CATL has received approval for its Hong Kong listing, with plans to raise at least $5 billion for overseas capacity expansion [3][4]. Hydrogen and Fuel Cells - The report discusses the development of a "hydrogen corridor" in the western region, aiming to create a comprehensive hydrogen supply chain [5][10]. - The anticipated sales of hydrogen vehicles are projected to exceed 10,000 units by 2025, supported by infrastructure developments [5][10].

Group 1 - YN Holdings reported a revenue of approximately 12.155 billion yuan for 2024, a year-on-year increase of 1.43%, but still incurred a net loss of approximately 121 million yuan, an improvement from a loss of about 554 million yuan in 2023 [1] - The company generated a net cash flow from operating activities of approximately 2.369 billion yuan, a significant year-on-year increase of 214.51% [1] - YN Holdings operates in various sectors including thermal power generation, renewable energy, pumped storage, coal trading logistics, and comprehensive energy services [1] Group 2 - Guoji Precision reported a revenue of 2.658 billion yuan for 2024, a year-on-year decrease of 4.53%, primarily due to a strategic adjustment in trade business, leading to a 47.65% drop in trade revenue [2] - The company achieved a net profit of 280 million yuan, reflecting a year-on-year growth of 8.11% [2] - Guoji Precision's main business includes bearing, abrasive tools, and supply chain services [2] Group 3 - Siwei Liekong reported a revenue of 1.515 billion yuan for 2024, a year-on-year increase of 28.38%, with a net profit of 548 million yuan, up 33.08% [3] - The company's net profit after deducting non-recurring items was approximately 549 million yuan, a year-on-year increase of 35.02% [3] - Siwei Liekong focuses on information transmission, software, and IT services, primarily serving the national railway safety sector [3] Group 4 - XJ Electric reported a revenue of 17.089 billion yuan for 2024, a slight year-on-year increase of 0.17%, with a net profit of 1.117 billion yuan, up 11.09% [4] - The company invested 880 million yuan in R&D, a year-on-year increase of 10.84%, but its net cash flow from operating activities decreased by 52.74% to 1.299 billion yuan [4] - XJ Electric focuses on ultra-high voltage, smart grid, renewable energy, electric vehicle charging, rail transit, and industrial intelligence [4] Group 5 - Pinggao Electric reported a revenue of 12.402 billion yuan for 2024, a year-on-year increase of 11.96%, with a net profit of 1.023 billion yuan, up 25.43% [5] - The company generated a net cash flow from operating activities of 3.008 billion yuan, a year-on-year increase of 20.14% [5] - Pinggao Electric's business encompasses the R&D, design, manufacturing, and sales of power transmission and distribution equipment and core components [5] Group 6 - Linzhou Heavy Machinery reported a total revenue of approximately 1.684 billion yuan for 2024, a year-on-year decrease of 8.38%, with a net profit of approximately 95.344 million yuan, down 18.47% [6] - The company's comprehensive gross margin was 28.31%, an increase of 0.02 percentage points from the previous year [6] - The coal machinery and comprehensive service segment generated approximately 1.644 billion yuan in revenue, a year-on-year decline of 7.30% [6]

平高电气 投资要点 事件：发布24年年报，公司24年营收124.0亿元，同比+12%，归母10.2亿元，同比+25%，扣非9.9亿元，同 比+23%，25Q1/24Q4营收25.1/45.2亿元，同比+23%/+24%，归母净利润3.6/1.7亿元，同比+56%/-37%，扣 非净利润3.6/1.4亿元，同比+56%/-44%。24年毛利率22.4%(+1.0pct)/净利率9.0%(+0.7pct)，25Q1/24Q4毛利 率28.7%/19.0%，同比+3.5/-5.2pct；净利率15.4%/4.4%，同比+2.75/-5.23pct。公司Q1业绩超市场预期。 高压板块受益于特高压交流线路交付，盈利能力显著提升：1)2024年公司高压板块实现营收77.0亿元，同 增25.1%，毛利率为25.5%，同比+2.7pct。24年公司确认甘孜等14间隔1000kV GIS，庆阳换流站等97间隔 750kV的GIS，高电压、高毛利的产品交付比例提升，带动高压板块毛利率同比+2.7pct至25.5%。2)25年1- 2月电网基建投资完成额为436亿元，同比+34%，同时Q1公司特高压订单新签烟威线4个间隔的1000 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance exceeded market expectations, with high-pressure projects gradually entering peak season [2][8] - The high-pressure segment benefits from the delivery of ultra-high voltage AC lines, significantly improving profitability [8] - The mid-to-low voltage segment is expected to accelerate revenue growth due to policy support and infrastructure expansion [8] - The international business segment is adjusting its strategy to focus on high-end environmental products in overseas markets [8] - The company has revised down its net profit forecasts for 2025 and 2026 due to ongoing adjustments in the international segment, but maintains a positive outlook for domestic grid construction [8] Financial Summary - Total revenue for 2023 is projected at 11,077 million yuan, with a year-on-year growth of 19.44% [1] - Net profit attributable to the parent company for 2023 is expected to be 815.71 million yuan, reflecting a significant year-on-year increase of 284.47% [1] - The earnings per share (EPS) for 2023 is estimated at 0.60 yuan, with a price-to-earnings (P/E) ratio of 29.54 [1] - The company anticipates total revenue of 12,402 million yuan for 2024, with a year-on-year growth of 11.96% [1] - The projected net profit for 2024 is 1,023.17 million yuan, representing a year-on-year increase of 25.43% [1] - The EPS for 2024 is expected to rise to 0.75 yuan, with a P/E ratio of 23.55 [1]

Macro Insights - The US March CPI data was weaker than expected, with core CPI month-on-month dropping from 0.23% in February to 0.06%, and year-on-year at 2.8%, below the expected 3.0% [2] - The overall CPI month-on-month fell from 0.22% in February to -0.05%, with year-on-year CPI decreasing to 2.4%, both below expectations [2] - Despite the cooling inflation in March, market reactions were muted due to ongoing concerns about tariffs and their impacts, with little change in Fed rate cut expectations [2] Tariff Policy Analysis - On April 9, Trump announced a 90-day suspension of the reciprocal tariff plan, while imposing a 10% tariff on countries outside China, Mexico, and Canada, and increasing the reciprocal tariff on China to 145% [3] - Tariffs are expected to remain a frequently adjusted tool in Trump's negotiations, with potential for further increases against countries perceived as unfavorable [3] - The market may gradually become desensitized to tariff policy changes, with uncertainty becoming a new norm [3] Energy Price Impact - In March, China's CPI was -0.1% year-on-year, lower than the expected 0%, while PPI was -2.5%, also below expectations [4] - The decline in energy prices has contributed to the downward pressure on PPI, indicating a broader economic impact [4] Fixed Income Market Trends - The 10-year US Treasury yield rose sharply from 4.0% to around 4.5%, despite weakening economic fundamentals [5] - The bond market's significant adjustment occurred without drastic changes in macroeconomic data, raising investor concerns [6] Energy Sector Developments - The National Development and Reform Commission released a plan for upgrading coal power plants to enhance flexibility, indicating a market potential of 100-200 billion yuan annually [9] - Companies like Dongfang Electric are recommended due to their involvement in this transition [9] Aviation and Low-altitude Economy - The low-altitude economy is seen as a key area for investment, with potential market space reaching trillions, driven by regulatory changes and advancements in eVTOL technology [10] Company-Specific Insights - Chongqing Bank is covered for the first time with a buy/hold rating, targeting a PB of 0.70/0.47, benefiting from the Chengdu-Chongqing economic circle [12] - Anta Sports reported strong Q1 performance with retail growth across brands, maintaining a buy rating due to competitive advantages [13] - Yutong Heavy Industries showed a 77% increase in new energy vehicle sales, with a robust cash flow supporting its growth outlook [13] - Pinggao Electric is expected to see significant profit growth due to high voltage business expansion, with a buy rating maintained [17] - Wanfu Biology's international business led to a 10.9% revenue increase, with a buy rating supported by stable cash flow and margin improvements [29]

4 月 10 日，公司披露 2024 年报及 2025 年一季报，2024 年实现营 收 124.0 亿元，同比+12.0%，实现归母净利 10.2 亿元，同比+25.4%， 实现毛利率 22.4%，同比+1.0pct。25Q1 实现营收 25 亿元，同比 +22.8%，实现归母净利 3.6 亿元，同比+55.9%，实现毛利率 28.7%， 同比+3.5pct，25Q1 业绩超预期。 高压开关龙头地位稳固，盈利能力持续提升。24 年公司国网 1000/750/500kV 组合电器市场份额分别为 44.5%/35.9%/25.6%， 均列行业第一，南网批次招标市场占有率保持领先，国内网外单机 大幅提升。24 年公司确认甘孜等 14 间隔 1000 千伏 GIS，庆阳换 流站等 97 间隔 750 千伏 GIS，高压产品占比提升带动板块营收、 盈利能力持续提升，高压板块实现营收 77.0 亿元，同比+25.1%， 实现毛利率 25.5%，同比+2.7pct。 25 年电网投资维持高景气，优质订单有望持续增长。25 年国网计 划投资超 6500 亿元，南网安排 1750 亿元固定资产投资，均创历 史新高。国网输变电 ...

公司持续提质增效，作为开关领域绝对龙头充分受益国内主网加 速扩容、配网景气度上行、海外电网投资提速，我们预计 25-27 年 公司实现营收 133.9/146.1/163.4 亿元，同比+8%/+9%/+12%，归 母净利润 13.9/16.0/18.2 亿元，同比+36%/+15%/+14%，当前股价 对应 PE 分别为 18/16/14 倍，维持"买入"评级。 4 月 10 日，公司披露 2024 年报及 2025 年一季报，2024 年实现营 收 124.0 亿元，同比+12.0%，实现归母净利 10.2 亿元，同比+25.4%， 实现毛利率 22.4%，同比+1.0pct。25Q1 实现营收 25 亿元，同比 +22.8%，实现归母净利 3.6 亿元，同比+55.9%，实现毛利率 28.7%， 同比+3.5pct，25Q1 业绩超预期。 高压开关龙头地位稳固，盈利能力持续提升。24 年公司国网 1000/750/500kV 组合电器市场份额分别为 44.5%/35.9%/25.6%， 均列行业第一，南网批次招标市场占有率保持领先，国内网外单机 大幅提升。24 年公司确认甘孜等 14 间隔 1000 千 ...