Investment Rating - The report maintains an "Outperform" rating for the power equipment industry [1]. Core Insights - The demand for power grid upgrades is driven by the increasing proportion of global renewable energy installations and the emergence of new electricity consumption scenarios, which directly benefits the power equipment sector [1][3]. - The construction of ultra-high voltage (UHV) transmission lines is accelerating due to the growing need for cross-regional power transmission and renewable energy delivery, with flexible direct current technology expected to increase its penetration rate [1][3]. - Domestic and international initiatives for power grid renovation are expected to boost transformer demand, benefiting the entire industry chain [1][3]. Summary by Sections New Power Consumption Scenarios - The emergence of new power consumption scenarios, represented by computing power, is creating greater electricity demand and necessitating upgrades to the power grid [3][33]. - The growth in renewable energy generation, particularly solar and wind, is placing additional demands on the grid to accommodate fluctuating supply [25][21]. Main Power Grid - The acceleration of UHV construction is expected to enhance the capacity for renewable energy consumption [44]. - As of December 2024, China has built and put into operation 41 UHV transmission lines, including 20 AC and 21 DC lines, with plans for more in the upcoming years [50]. - The investment scale for UHV projects is projected to reach 380 billion yuan from 2021 to 2025, benefiting core component manufacturers [3][30]. Distribution Network - The domestic push for distribution network upgrades, coupled with strong overseas demand for grid modernization, is anticipated to increase transformer requirements [3][31]. - China's transformer production accounts for 35% of the global market, with significant export potential due to supply constraints in overseas markets [3][32]. Investment Recommendations - The report suggests focusing on companies that will benefit from the high demand in the UHV sector and those with international expansion potential in the transformer segment [3]. - Recommended companies include Huaming Equipment and Haixing Electric, with additional attention to China Western Power, Guodian NARI, Siyuan Electric, Pinggao Electric, Mingyang Electric, Sifang Co., and Jiangsu Huachen [3].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a 2024 annual revenue of 12.4 billion yuan, representing a year-on-year increase of 12.0% - The net profit attributable to shareholders for 2024 was 1.02 billion yuan, up 25.4% year-on-year - The non-recurring net profit for 2024 was 990 million yuan, reflecting a 23.0% year-on-year increase - For Q4 2024, the revenue was 4.52 billion yuan, showing a year-on-year increase of 24.4% and a quarter-on-quarter increase of 58.8% - The net profit attributable to shareholders for Q4 2024 was 170 million yuan, down 36.9% year-on-year and down 48.6% quarter-on-quarter - The non-recurring net profit for Q4 2024 was 140 million yuan, down 44.4% year-on-year and down 54.3% quarter-on-quarter - In Q1 2025, the revenue was 2.51 billion yuan, up 22.8% year-on-year, with a net profit of 360 million yuan, up 55.9% year-on-year [2][4][5]. Financial Performance - The high-voltage segment contributed significantly to the company's revenue, with 2024 annual revenue of 7.698 billion yuan, a year-on-year increase of 25.1% - The medium and low-voltage segment revenue was 3.242 billion yuan, up 11.4% year-on-year - The operation and maintenance services and other revenue totaled 1.164 billion yuan, down 0.9% year-on-year - The international business segment revenue was 204 million yuan, down 71.8% year-on-year - The overall gross margin for 2024 was 22.36%, an increase of 0.97 percentage points year-on-year - The gross margin for the high-voltage segment was 25.53%, up 2.66 percentage points year-on-year [9][10]. Future Outlook - The company expects to achieve a revenue of 12.5 to 13.5 billion yuan in 2025, representing a year-on-year growth of approximately 1% to 9% - The estimated net profit attributable to shareholders for 2025 is projected to be 1.467 billion yuan, corresponding to a valuation of about 15 times [9][10].

河南平高电气股份有限公司 2024 年年度股东大会 会议资料 二○二五年五月十三日 | | | 一、审议事项 | 2024 | 1.公司 | 年度董事会工作报告 | | - | 1 | - | | --- | --- | --- | --- | --- | --- | --- | | 2024 | 2.公司 | 年度监事会工作报告 | | - | 16 | - | | 2024 | 3.公司 | 年度财务决算报告 | | - | 21 | - | | 2025 | 4.公司 | 年度财务预算报告 | | - | 29 | - | | 2024 | 5.公司 | 年度利润分配方案 | | - | 30 | - | | 6.关于提请股东大会授权董事会决定 | | | 2025 年中期现金分红方案的议案 | - | 31 | - | | 2024 | 7.公司 | 年年度报告及报告摘要 | | - | 32 | - | | 8.关于公司及子公司 2025 | | | 年度向银行申请综合授信的议案 | - | 33 | - | | 9.关于增补刘刚先生为公司董事的议案 | | | | - | 35 | - | | 二 ...

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The construction of the electricity spot market is accelerating, with a goal to achieve nationwide coverage by the end of 2025, which will enhance price discovery and supply-demand adjustment [2][3] - The environment of loosening electricity supply and demand creates opportunities for marketization, particularly benefiting investments in wind power, power forecasting, and virtual power plants [2][3] Summary by Sections Electricity Spot Market Development - The National Development and Reform Commission and the Energy Administration have set a clear timeline for the establishment of the electricity spot market, aiming for full coverage by the end of 2025 [3][9] - Provinces such as Hubei and Zhejiang are expected to transition to formal operations by mid-2025 and the end of 2025, respectively [9] Investment Opportunities - Wind power is expected to outperform photovoltaic power in the electricity market, leading to a structural growth opportunity in wind power installations [9] - The importance of power forecasting will increase as renewable energy enters the spot market, optimizing trading strategies and enhancing revenue per kilowatt-hour [9] - The push for distributed photovoltaic "four capabilities" (observable, measurable, adjustable, controllable) will accelerate due to marketization [9] - The virtual power plant business model is expected to close the loop with the acceleration of marketization, facilitating participation in the spot market [9] Recommended Companies - Key recommended companies include: - Samsung Medical (601567 CH) with a target price of 38.02 and a "Buy" rating [8][12] - Juhua Technology (300360 CH) with a target price of 18.48 and an "Overweight" rating [8][12] - Pinggao Electric (600312 CH) with a target price of 21.28 and a "Buy" rating [8][12]

Investment Rating - The report provides a positive investment outlook for the industrial control and power equipment sectors, highlighting stable growth and potential for new growth curves driven by humanoid and AI technologies [1]. Core Insights - The industrial control and power equipment industry experienced a revenue increase of 9% year-on-year and a net profit increase of 14% in Q1 2025, with total revenues reaching 204.7 billion and net profits at 14 billion [2][6]. - The overall gross profit margin for the industry faced pressure, recorded at 27.4% in Q1 2025, showing a year-on-year decline of 0.8 percentage points but an increase of 3.2 percentage points compared to the previous quarter [2][8]. - The report indicates a recovery in demand for industrial control in Q1 2025, with leading companies like Huichuan Technology exceeding profit expectations [2][26]. Summary by Sections Industrial Control Sector - The industrial control sector achieved a revenue of 28.2 billion in Q1 2025, marking a 27% increase year-on-year, with net profits rising by 33% to 2.5 billion [2][6]. - The gross profit margin for the industrial control sector was 28.3%, down 3.4 percentage points year-on-year but up 2.7 percentage points quarter-on-quarter [2][8]. - Huichuan Technology reported a significant revenue increase of 38% and a net profit increase of 63% in Q1 2025 [2][26]. Power Equipment Sector - The power equipment sector's revenue for Q1 2025 was 118.8 billion, a 4% increase year-on-year, with net profits at 7.1 billion, reflecting a 6% increase [2][6]. - The gross profit margin for the power equipment sector was under pressure, with a slight decline in profitability observed [2][8]. - The report highlights that the high-voltage and ultra-high voltage segments are beginning to rebound, with revenue growth expected in the coming quarters [2][26]. Investment Recommendations - For the power grid sector, the report recommends companies such as Siyi Electric, Samsung Medical, and China West Electric, while suggesting a watch on companies like Huaming Equipment and Mingyang Electric [2][26]. - In the industrial control sector, recommended companies include Huichuan Technology, Hongfa Technology, and Sanhua Intelligent Control, with a focus on companies like Megmeet and Hechuan Technology for potential growth [2][26].

公司发布2024 年&2025 年一季度报告。2024 年全年：1）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%；扣非归母净利润9.93 亿元，同比+22.99%。2）全年毛利率22.36%，同 比+0.98pct；销售净利率9.02%，同比+0.71pct。3）期间费用率为11.04%，同比+0.16pct，销售/管理/研 发/财务费用率分别为3.99%、3.09%、4.44%、-0.47%，同比分别变动-0.08、+0.17、-0.29、+0.36pct。 2025Q1单季度：1）实现营收25.1 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%；扣非归母净利润3.56亿元，同比+56.23%，环比+146.22%。2）毛利率 28.74%，同比+3.52pct，环比+9.72pct；净利率15.39%，同比+2.75pct，环比+11.03pct。3）期间费用率 为10.71%，同比+0.3pct，销售/管理/研发/财务费用率分别为4.38%、2.95%、4.17%、-0.79%，同比分 ...

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]