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 ...

4月10日晚间，河南平高电气（600312）股份有限公司(以下简称"平高电气")披露2024年度报告，报告 期内，公司实现营业收入124.02亿元，同比增长11.96%；归属于上市公司股东的净利润10.23亿元，同 比增长25.43%。 对于营收增长的原因，年报显示，报告期内，公司加大市场开拓力度，可执行项目陆续履约交付。 上海与梅管理咨询合伙企业合伙人沈萌对《证券日报》记者表示，电力工程投资是目前经济增长的主要 抓手之一，不仅带动产业链发展，同时提升改善电力系统运行的可靠性和安全性，未来仍是重点投资领 域。 对于研发投入变动的原因，平高电气有关人士表示，公司贯彻高压、配网板块高质量发展战略，加 大"卡脖子"技术攻关力度，加快新产品布局，持续提升新型电力系统建设技术创新及新型装备支撑能 力，满足输变电等重大工程项目建设需要，以科技创新推动产业高质量发展。 盘古智库(北京)信息咨询有限公司高级研究员余丰慧在接受《证券日报》记者采访时表示："平高电气 作为开关行业的领军企业，在市场中具有较强的竞争力。面对未来电网建设的需求，尤其是特高压、智 能电网等新兴领域的发展机遇，平高电气凭借其在技术研发和产品创新方面的优势 ...

Core Viewpoint - The company reported significant growth in both revenue and net profit for 2024, driven by strong performance in the high-voltage equipment sector and ongoing innovation [1][2]. Group 1: Financial Performance - The company's revenue reached 12.402 billion yuan, a year-on-year increase of 11.96% [1] - Net profit attributable to shareholders was 1.023 billion yuan, reflecting a year-on-year growth of 25.43% [1] - The company plans to distribute a cash dividend of 2.89 yuan per 10 shares (tax included) [1] - In Q1 2025, the company achieved revenue of 2.510 billion yuan, up 22.82% year-on-year, and net profit of 358 million yuan, a substantial increase of 55.94% [4] Group 2: Business Segments - The high-voltage segment generated revenue of 7.698 billion yuan, a remarkable increase of 25.06% year-on-year, supported by the acceleration of ultra-high voltage projects under the national "dual carbon" goals [2] - The distribution network segment showed steady performance with revenue of 3.242 billion yuan, up 11.43% year-on-year, aided by optimized order structures and advancements in smart manufacturing [2] - International business faced a decline in revenue due to exchange rate fluctuations, but the company is expanding into the European high-end market, with eight products certified by Italy's TCA [2] Group 3: Research and Development - The company invested 550 million yuan in R&D, a 5.06% increase, focusing on overcoming critical technology challenges [3] - Achievements include 16 internationally leading results and four technologies recognized as major equipment in the national energy sector [3] - The company has successfully developed several first-of-their-kind products in the high-voltage switchgear field, contributing to industry advancements [3] - The R&D capitalization ratio reached 20.93%, indicating that some technologies are entering the commercialization phase [3] Group 4: Industry Outlook - The company is well-positioned to benefit from ongoing industry expansion, with the State Grid planning to invest over 650 billion yuan by 2025 in cross-regional transmission projects [4] - The company aims to solidify its leading position in the market by focusing on four key areas: high voltage, distribution networks, operation and maintenance, and renewable energy [4] - The revenue target for 2025 is set between 12.5 billion and 13.5 billion yuan, further reinforcing its industry leadership [4]

河南平高电气股份有限公司 2024 年 12 月 31 日 内部控制审计报告 索引 内部控制审计报告 信永中和会计师事务所 | 北京市东城区朝阳门北大街| 8 号富华大厦 A 座 9 层 联系申话· ShineWing certified public accountants 9/F. Block A. Fu Hua Mansic No 8 Chaovangmen Bei Dongcheng District, Beiji 100027. P.R.China 内部控制审计报告 页码 1-2 the state 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评价指 引》的规定,建立健全和有效实施内部控制,并评价其有效性是平高电气董事会的责任。 二、注册会计师的责任 XYZH/2025ZZAA3B0071 河南平高电气股份有限公司 河南平高电气股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审计 了河南平高电气股份有限公司(以下简称"平高电气")2024年12月31日财务报告内 部控制的有效性。 我们的责任是在实施审计 ...

河南平高电气股份有限公司 2024 年度 审计报告 | 索引 | | 页码 | | --- | --- | --- | | 审计报告 | | 1-4 | | 公司财务报表 | | | | 合并资产负债表 | | 1-2 | | 母公司资产负债表 | | 3-4 | | 合并利润表 | | 5 | | 母公司利润表 | | 6 | | 合并现金流量表 | | 7 | | - | 母公司现金流量表 | 8 | | 合并股东权益变动表 | | 9-10 | | 母公司股东权益变动表 | | 11-12 | | 财务报表附注 | | 13-120 | 信永中和会计师事务所 | 北京市东城区朝阳门北大街 8 号富华大厦 A 座 9 层 群系由沃· telephone: +86 (010) 6554 2288 9/F. Block A. Fu Hua Mansi ShineWing certified public accountants 100027 P.R.China No 8. Chaovangmen Be Donachena District. Bei 审计报告 XYZH/2025ZZAA3B0072 河南平高电 ...