证券代码：600312 证券简称：平高电气 公告编号：2024-031 河南平高电气股份有限公司 关于公司董事、总经理辞职的公告 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。 河南平高电气股份有限公司（以下简称"公司"）董事会近日收到朱琦琦 先生提交的书面辞职函，朱琦琦先生因工作变动原因，申请辞去公司第九届董 事会董事，公司总经理，第九届董事会发展战略与 ESG 委员会主任委员、第九 届董事会提名委员会委员等职务，辞职后将不在公司担任任何职务。根据《公 司法》《公司章程》的有关规定，朱琦琦先生的辞职未导致公司董事会成员低 于法定最低人数，不会影响公司董事会正常运作，辞职函自送达董事会时生效。 公司将按照《公司法》《公司章程》的规定，尽快完成董事补选工作。 朱琦琦先生在公司任职期间恪尽职守、勤勉尽职，公司董事会对其任职期 间为公司做出的突出贡献给予高度的评价，并向其表示衷心感谢！ 特此公告。 河南平高电气股份有限公司董事会 2024 年 9 月 13 日 ...

关于 2024 年第二次临时股东大会增加临时提案的公告 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。 一、 股东大会有关情况 1. 股东大会的类型和届次： 2024 年第二次临时股东大会 2. 股东大会召开日期：2024 年 9 月 24 日 3. 股权登记日 证券代码：600312 证券简称：平高电气 公告编号：2024-033 河南平高电气股份有限公司 | 股份类别 | 股票代码 | 股票简称 | 股权登记日 | | --- | --- | --- | --- | | Ａ股 | 600312 | 平高电气 | 2024/9/18 | 二、 增加临时提案的情况说明 1. 提案人：中国电气装备集团有限公司 2. 提案程序说明 公司已于 2024 年 8 月 30 日公告了 2024 年第二次临时股东大会的召开通 知，单独或者合计持有公司 41.42%股份的股东中国电气装备集团有限公司，在 2024 年 9 月 11 日提出临时提案并书面提交股东大会召集人。股东大会召集人按 照《上市公司股东大会规则》有关规定，现予以公告。 3 ...

证券研究报告 | 半年报点评 gszqdatemark 2024 09 06 年 月 日 平高电气（600312.SH） 提质增效效果显著，收入结构逐步向高压优化 事件：公司发布 2024 半年报。2024H1，公司实现营收 50.42 亿元，同 比+5%，归母净利润 5.34 亿元，同比+60%，扣非净利润 5.32 亿元，同 比+60%。其中 2024Q2 公司实现营收 29.98 亿元，同比+5%，归母净利 润 3.04 亿元，同比+66%，扣非净利润 3.04 亿元，同比+70%。2024H1， 公司毛利率为 23.53%，同比+4.32pcts，净利率 11.41%，同比+3.47pcts。 2024Q2 公司毛利率为 22.37%，同比+4.23pcts，净利率 10.57%，同比 +3.30pcts。公司上半年业绩实现高增，主要是高压板块拉动，以及公司提 质增效效果显著。 特高压主网项目支撑公司业绩高增，提质增效效果显著。各业务板块收入 拆分，2024H1 公司高压板块实现营收 30.3 亿元，收入占比达 60%，相 较 2023 年公司高压板块营收占比有所提升，高压板块毛利率 27.6%，较 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company is expected to benefit significantly from the accelerated construction of ultra-high voltage (UHV) projects and the ongoing development of the main grid [4][6]. - In the first half of 2024, the company achieved a revenue of 5.042 billion yuan, a year-on-year increase of 4.50%, and a net profit attributable to the parent company of 534 million yuan, a year-on-year increase of 60% [3][4]. - The gross profit margin for the first half of 2024 was 23.53%, up by 4.32 percentage points year-on-year, indicating effective cost reduction and efficiency improvements [3][4]. Summary by Sections Financial Performance - In Q2 2024, the company reported a revenue of 2.998 billion yuan, a year-on-year increase of 4.53%, and a net profit of 304 million yuan, a year-on-year increase of 66.02% [4][8]. - The company’s gross profit margin for Q2 2024 was 22.37%, an increase of 4.24 percentage points year-on-year [4][8]. - The company plans to distribute a cash dividend of 1.38 yuan per 10 shares (including tax) for the first half of 2024 [3]. Cost Structure - The company’s expense ratio for the first half of 2024 was 9.43%, an increase of 0.68 percentage points year-on-year, with sales, management, and financial expense ratios all increasing, while R&D expense ratio decreased [3][4]. - Specific expense ratios included: sales expense ratio at 3.92% (up 0.34 percentage points), management expense ratio at 2.84% (up 0.24 percentage points), and R&D expense ratio at 3.20% (down 0.59 percentage points) [3][4]. Market Outlook - The company is positioned to benefit from the ongoing acceleration of UHV and main grid construction, with several UHV projects already underway [4][6]. - The National Energy Administration has outlined key projects to enhance the power system's capacity for renewable energy consumption, which is expected to drive demand for the company's products [6][7]. - The company has a leading position in ultra-high voltage technology and a complete industrial chain for switchgear, which enhances its competitive edge [6][7]. Earnings Forecast - The projected 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, with corresponding EPS of 0.92 yuan, 1.17 yuan, and 1.42 yuan respectively [5][9]. - The company is assigned a PE ratio of 25-30X for 2024, leading to a reasonable price range of 23 yuan to 27.6 yuan [7].

证券代码：600312 证券简称：平高电气 公告编号：2024-030 河南平高电气股份有限公司 关于召开2024年半年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： 河南平高电气股份有限公司（以下简称"公司"）已于 2024 年 8 月 30 日发布公司 2024 年半年度报告。为便于广大投资者更加全面 深入地了解公司 2024 年半年度经营业绩、财务状况，公司定于 2024 年09月13日（星期五）10:00-11:00 在"价值在线"（www.ir-online.cn） 举办公司 2024 年半年度业绩说明会，就投资者关心的问题进行交流。 会议召开时间：2024 年 09 月 13 日（星期五）10:00-11:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络文字互动方式 会议问题征集：投资者可于 2024 年 09 月 13 日（星期五）前 访问网址 https://eseb.cn/1hsSDULSlfa 或使用微信扫描下 方小程序码进行会前提问， ...

股票代码：600312 股票简称：平高电气 公告编号：2024—029 河南平高电气股份有限公司中标公告 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。 日前，国家电网有限公司电子商务平台（http://ecp.sgcc.com.cn）发布了 "国家电网有限公司 2024 年第五十五批采购(输变电项目第四次变电设备(含电缆) 招标采购)中标公告""国家电网有限公司 2024 年第五十六批采购(输变电项目第 四次变电设备单一来源采购)成交公告"。河南平高电气股份有限公司（以下简称 "公司"）及子公司为相关项目中标单位，中标金额合计约为 8.34 亿元，占 2023 年营业收入的 7.53%。 二、项目对公司影响 相关项目签约后，其合同的履行将对公司未来经营发展产生积极的影响。项 目的中标不影响公司业务的独立性。 三、风险提示 目前公司尚未与国家电网有限公司相关机构签署正式商务合同，合同条款尚 存在不确定性，上述中标项目交货时间需根据实际合同要求确定，对公司当期业 绩的影响存在不确定性，具体内容以最终签署的合同为准。敬请广大投资者 ...

Investment Rating - Investment rating: Buy (maintained) [3] Core Views - The company reported better-than-expected performance, with revenue of 5.042 billion yuan in H1 2024, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 534 million yuan, up 60% year-on-year [3][4] - The ongoing development of UHV (Ultra High Voltage) and main network construction is expected to drive further growth, with the high voltage segment achieving revenue of 3.03 billion yuan in H1 2024, a gross margin of 27.6%, and a year-on-year increase of 4.7% [3][4] - The company is actively expanding its overseas market presence, successfully entering high-end markets in the EU, with significant contracts in Italy and Spain [3][4] Financial Summary - Revenue forecast for 2024E: 13.108 billion yuan, with a year-on-year growth of 18.3% [4][7] - Net profit attributable to shareholders forecast for 2024E: 1.122 billion yuan, with a year-on-year growth of 37.5% [4][7] - Gross margin expected to remain stable at 21.4% in 2024E [4][7] - Earnings per share (EPS) forecast for 2024E: 0.83 yuan [4][7] Growth Potential - The company is positioned to benefit from the acceleration of UHV and main network construction, with projected net profits for 2024/25/26 at 1.122 billion, 1.415 billion, and 1.705 billion yuan respectively [3][4] - The company maintains a leading market position in the UHV sector, with a stable bidding volume and significant market share [3][4] Valuation Metrics - Price-to-earnings (P/E) ratios for 2024/25/26 are projected at 24, 19, and 16 times respectively [4][7] - Price-to-book (P/B) ratios for the same periods are projected at 2.42, 2.15, and 1.89 respectively [4][7] - EV/EBITDA ratios for 2024/25/26 are projected at 13.70, 10.61, and 8.21 respectively [4][7]

Investment Rating - The investment rating for Pinggao Electric is maintained as "Buy" [1][5][7] Core Views - Pinggao Electric's performance continues to grow rapidly, benefiting from the high prosperity of domestic grid construction [1][4] - The company's revenue for H1 2024 reached 5 billion yuan, a year-on-year increase of 5%, while net profit attributable to shareholders increased by 60% to 530 million yuan [3][4] - The high voltage segment accounted for 60% of total revenue, with a gross margin of 27.6%, indicating a strong performance driven by the ongoing development of ultra-high voltage and main grid construction [4][5] Summary by Sections Financial Performance - In H1 2024, the company achieved revenue of 5 billion yuan, with a net profit of 530 million yuan, reflecting a 60% year-on-year increase [3][4] - Q2 2024 saw revenue of 3 billion yuan, a quarter-on-quarter increase of 47% and a year-on-year increase of 5% [3][4] - The gross profit margin for H1 2024 was 23.5%, up 4.3 percentage points year-on-year [3][4] Market Position and Growth Drivers - The company is positioned as a leading player in the high voltage switch market, with expectations of continued revenue growth driven by ultra-high voltage and main grid investments [4][5] - The high voltage segment's revenue share has increased, while the international segment has declined significantly, indicating a shift in focus towards domestic opportunities [4][5] - The company is enhancing its competitiveness in the distribution network business, which is expected to contribute to profit growth [4][5] Future Projections - Revenue projections for 2024-2026 are 12.3 billion, 13.9 billion, and 15.4 billion yuan, with year-on-year growth rates of 11%, 13%, and 11% respectively [5][6] - Net profit projections for the same period are 1.23 billion, 1.50 billion, and 1.73 billion yuan, with growth rates of 51%, 21%, and 16% respectively [5][6] - The current price-to-earnings ratio is projected to decrease from 20X in 2024 to 14X in 2026, indicating potential value appreciation [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's H1 2024 performance met market expectations, with revenue growth of 5% year-on-year and a net profit increase of 60% [3] - The high-voltage segment is rapidly advancing, with a market share of 21% in the combination electrical equipment sector, solidifying the company's leading position [3] - The domestic distribution network is improving, and international market expansion is gradually progressing, with successful projects in Italy, Thailand, and Nepal [3] Financial Performance Summary - H1 2024 total revenue reached 5.042 billion yuan, with a year-on-year increase of 5%, and net profit attributable to shareholders was 534 million yuan, up 60% [3] - The gross profit margin for H1 2024 was 23.53%, while the net profit margin was 10.58%, reflecting improvements in operational efficiency [3] - The company forecasts net profits of 1.258 billion yuan, 1.610 billion yuan, and 1.921 billion yuan for 2024, 2025, and 2026, respectively, indicating growth rates of 54%, 28%, and 19% [4] Revenue and Profit Forecast - Total revenue is projected to grow from 11.077 billion yuan in 2023 to 17.330 billion yuan in 2026, with a compound annual growth rate (CAGR) of approximately 19.44% [2] - The earnings per share (EPS) is expected to increase from 0.60 yuan in 2023 to 1.42 yuan in 2026, reflecting a strong upward trend in profitability [2] Market Data - The company's closing price is 18.38 yuan, with a market capitalization of approximately 24.94 billion yuan [6] - The price-to-earnings (P/E) ratio is currently at 30.57, projected to decrease to 12.99 by 2026, indicating an attractive valuation as earnings grow [10]

Investment Rating - The report maintains a "Recommended" rating for the company [2][8] Core Views - The company achieved significant growth in H1 2024, with revenue reaching 5.042 billion, a year-on-year increase of 4.5%, and net profit attributable to shareholders of 534 million, up 60% year-on-year [1] - The high-voltage switch business remains industry-leading, and the distribution network business has undergone operational transformation, leading to improved efficiency [1] - The company has strengthened its R&D efforts, focusing on the needs of new power system construction, with R&D investment reaching 128 million, a 16.48% increase year-on-year [1] - The company has maintained a stable domestic market share 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 Summary - For H1 2024, the company reported a gross margin of 23.53%, an increase of 4.32 percentage points year-on-year, and a net profit margin of 11.41%, up 3.47 percentage points year-on-year [1] - The revenue forecast for 2024-2026 is projected to be 13.626 billion, 16.484 billion, and 19.999 billion respectively, with growth rates of 23%, 21%, and 21% [2][6] - The net profit attributable to shareholders is expected to be 1.162 billion, 1.506 billion, and 1.843 billion for the same period, with growth rates of 42.5%, 29.6%, and 22.3% respectively [2][6]