我们非常高兴的邀请到了频道电器的董秘和刘总来跟大家沟通一下公司三季度的情况公司也是在昨天晚上发布了完整的三季报之前也是做过业绩预告整体来讲还是符合预期整体的公司表现还是非常出色的在三季度也实现了接近50%左右的增长 整体来看的话我们还是觉得后续无论是从行业基本面来看还是公司的订单和业绩来看都是非常有保障的那么今天会议主要分为两个部分第一部分我们先请刘总来介绍一下公司三季度以及近期的一些基本面情况等刘总介绍完毕之后我们安排提问的环节好的那刘总我现在先把时间交给您那您可以开始谢谢 大家好这边也感谢服务员现在我是屏高电气董秘宾相议现在由我来介绍一下三级报的三级报的情况屏高电气三级报的情况这边有几个外呼还估计还没有呼到这边就慢一点有可能时间的一个问题我现在开始说一下 前三季度昨天晚上我们也是发布了评高均气也是发布了相应的业绩情况前三季度公司实现收入是78.85亿从期增长了4.38亿增幅是5.9%将近6 实现规模性利润8.57亿元较从期增加了3.05亿元增幅是55.24%就是从整个一至九月份的情况来看公司的整体的增幅是55.24%刚才朱岳说的主要是单季的这一部分我再来说一下从单季来看公司实现收入是28.43 小同期增长 ...

Investment Rating - The investment rating for Pinggao Electric (600312.SH) is maintained at "Buy" [2][3]. Core Views - The company reported a strong performance in Q3 2024, with revenue of 28.43 billion yuan, a year-on-year increase of 8.4%, and a net profit of 3.23 billion yuan, up 47.7% year-on-year [2][3]. - The company continues to enhance its profitability, with gross and net profit margins improving to 24.3% and 11.7%, respectively, during the first three quarters of 2024 [3]. - The ongoing high demand for ultra-high voltage products and supportive policies for distribution network development are expected to drive future growth [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 78.85 billion yuan, representing a 5.9% year-on-year growth, and a net profit of 8.57 billion yuan, which is a 55.1% increase year-on-year [2]. - The earnings per share (EPS) for 2024-2026 are projected to be 0.86, 1.16, and 1.28 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 22.0, 16.4, and 14.9 [2]. Product Development - The company has successfully delivered high-value ultra-high voltage products, with significant improvements in quality and efficiency due to lean management practices [3]. - Notable product developments include the world's first ±408 kV DC converter switch and a 550 kV tank-type filter group circuit breaker [3]. Market Outlook - The investment in power grid projects reached 398.2 billion yuan in the first nine months of 2024, a 21.1% increase year-on-year, indicating a robust market environment [4]. - The National Energy Administration has introduced policies to accelerate the development of distribution networks, which is expected to further enhance market opportunities for the company [4].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][8] Core Views - The company achieved a revenue of 7.885 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 5.88%, while the net profit attributable to the parent company reached 857 million yuan, up 55.13% year-on-year [5][6] - The growth in performance is attributed to steady increases in grid investment, ongoing construction of the grid, and the delivery of key projects [5][6] - The company is expected to benefit significantly from the ongoing construction of ultra-high voltage and main grid projects, which are accelerating due to national energy policies [6][8] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 2.843 billion yuan, an increase of 8.42% year-on-year, with a net profit of 323 million yuan, up 47.72% year-on-year [6][9] - The comprehensive gross margin for Q3 2024 was 25.58%, an increase of 4.16 percentage points year-on-year [6][9] - The company’s expense ratio for the first three quarters of 2024 was 12.52%, an increase of 1.60 percentage points year-on-year [6][9] Future Outlook - The company is projected to achieve a net profit of 1.2 billion yuan in 2024, with an expected EPS of 0.88 yuan [7][11] - The anticipated growth in net profit for 2024-2026 is 47.1%, 32.4%, and 20.3% respectively [7][11] - The company is expected to maintain a PE ratio of 25-30X, with a target price range of 22-26.4 yuan [8][11] Industry Context - The ongoing construction of ultra-high voltage projects is expected to drive the company's high-voltage switch business and overall performance growth [8][11] - Recent policies from the National Development and Reform Commission and the National Energy Administration are set to accelerate the development of distribution networks, which will further benefit the company [8][11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance aligns with market expectations, with significant growth driven by the delivery of ultra/high voltage orders and improved profit margins due to cost reductions and product structure changes [1][2] - The company is expected to continue its high growth trajectory, with a projected increase in gross margin by 2-3 percentage points for the year [2] - The company has a strong order backlog and is well-positioned for stable growth, despite a slower start to the year in terms of new orders [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.89 billion yuan, up 5.9% year-on-year, and a net profit of 860 million yuan, up 55.1% year-on-year, with a gross margin of 24.3% [1] - The third quarter alone saw revenue of 2.84 billion yuan, an 8.4% increase year-on-year, and a net profit of 320 million yuan, a 47.7% increase year-on-year [1] - The company’s net profit forecast for 2024-2026 has been revised upwards, with expected net profits of 1.26 billion yuan, 1.64 billion yuan, and 1.94 billion yuan respectively, representing year-on-year growth rates of 55%, 30%, and 19% [2] Order and Market Outlook - The company anticipates a significant acceleration in order intake in the second half of 2024, with several key projects expected to commence [2] - The company is expanding its market presence outside its network and in the distribution market, which is expected to contribute to robust order growth for the year [2] Cost Management and Efficiency - The company has effectively controlled costs, with operating expenses for the first three quarters of 2024 amounting to 830 million yuan, a 17.3% increase year-on-year [2] - The company’s inventory and contract liabilities have increased significantly, indicating a strong pipeline of products awaiting delivery [2]

Investment Rating - The report maintains a "Buy" rating for Pinggao Electric (600312) [1] Core Views - The company's performance aligns with market expectations, with significant revenue and profit growth driven by the delivery of ultra/high voltage orders [1][2] - The company is expected to see continued high growth due to the delivery of high-margin projects and effective cost management [2] - The overall bidding process for ultra/high voltage projects is anticipated to accelerate in the second half of the year, contributing to robust order growth [2] - The company has a strong order backlog and effective cost control measures, which support steady performance growth [2] Summary by Relevant Sections Earnings Forecast and Valuation - Total revenue is projected to grow from 11,077 million in 2023A to 12,627 million in 2024E, reflecting a year-on-year increase of 13.99% [1] - Net profit attributable to shareholders is expected to rise from 1,263 million in 2024E to 1,940 million in 2026E, with a year-on-year growth of 54.83% in 2024E [1] - The latest diluted EPS is forecasted to increase from 0.60 in 2023A to 0.93 in 2024E [1] Key Financial Metrics - The company’s gross margin is expected to improve by 2-3 percentage points in 2024, supporting high-quality performance growth [2] - The operating expenses for Q1-Q3 2024 were 830 million, up 17.3% year-on-year, with a cost control strategy in place [2] - The company’s total assets are projected to grow from 20,159 million in 2023A to 24,281 million in 2024E [8] Market Data - The closing price of the stock is 19.57, with a market capitalization of approximately 26,554.95 million [5] - The price-to-earnings ratio (P/E) is projected to decrease from 32.55 in 2023A to 21.03 in 2024E [9]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company is expected to benefit from the growth in grid investment during the "14th Five-Year Plan" period and the accelerated construction of ultra-high voltage systems. Additionally, the company's external and overseas business expansion is anticipated to contribute to performance growth [2]. - For the years 2024 to 2026, the company is projected to achieve revenues of 13.01 billion, 15.34 billion, and 18.13 billion yuan, with growth rates of 17.5%, 17.9%, and 18.2% respectively. The net profit attributable to shareholders is expected to be 1.21 billion, 1.57 billion, and 1.89 billion yuan, with growth rates of 48.4%, 30.1%, and 20.2% respectively [2][3]. Financial Performance Summary - In the first three quarters of 2024, the company achieved a revenue of 7.885 billion yuan, a year-on-year increase of 5.88%. The net profit attributable to shareholders was 857 million yuan, up 55.13% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 24.27%, an increase of 4.29 percentage points year-on-year, while the net profit margin was 11.69%, up 3.33 percentage points year-on-year [1]. - The company has maintained a stable market share in domestic bidding 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 - The company's operating revenue for Q3 2024 reached ¥2,843,171,965.06, an increase of 8.42% compared to the same period last year[5] - Net profit attributable to shareholders for Q3 2024 was ¥323,434,449.57, reflecting a significant increase of 47.72% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥316,148,946.57, up 46.45% from the previous year[5] - Basic earnings per share for Q3 2024 were ¥0.2384, representing a 47.71% increase compared to the same period last year[6] - Total operating revenue for the first three quarters of 2024 reached CNY 7,885,452,176.80, an increase of 5.9% compared to CNY 7,447,381,827.68 in the same period of 2023[23] - Net profit for the first three quarters of 2024 was CNY 921,993,536.96, up 48.2% from CNY 622,623,226.81 in the first three quarters of 2023[25] - Earnings per share for the first three quarters of 2024 was CNY 0.6316, compared to CNY 0.4071 in the same period of 2023, reflecting a significant increase[25] - Operating profit for the first three quarters of 2024 was CNY 1,054,812,206.35, an increase of 48.3% from CNY 711,215,103.51 in the first three quarters of 2023[24] - The company reported a total profit of CNY 1,059,300,089.40 for the first three quarters of 2024, compared to CNY 712,798,390.60 in the same period of 2023, representing a growth of 48.4%[24] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥21,484,115,765.55, a growth of 6.57% from the end of the previous year[6] - The company’s equity attributable to shareholders at the end of the reporting period was ¥10,417,853,501.43, an increase of 3.91% compared to the previous year[6] - As of September 30, 2024, total current assets amounted to CNY 16,129,330,593.09, an increase from CNY 14,514,939,513.62 at the end of 2023, reflecting a growth of approximately 11.1%[17] - Accounts receivable increased to CNY 7,108,039,195.67 from CNY 6,475,202,986.21, representing a rise of about 9.8%[17] - Inventory rose significantly to CNY 2,300,529,080.26, up from CNY 1,426,172,007.76, indicating an increase of approximately 61.3%[17] - Total assets reached CNY 21,484,115,765.55, compared to CNY 20,159,257,308.08 at the end of 2023, marking a growth of about 6.5%[19] - Total liabilities increased to CNY 10,602,443,737.79 in Q3 2024, up from CNY 9,669,809,863.12 in Q3 2023, indicating a growth of 9.6%[21] - The total liabilities increased to CNY 15,000,000,000, reflecting a growth of approximately 5% compared to the previous period[19] - The company reported a decrease in long-term equity investments to CNY 607,951,003.11 from CNY 617,307,079.48, a decline of approximately 1.8%[19] Cash Flow - The company reported a net cash flow from operating activities of ¥902,532,247.89 for the year-to-date, showing a slight decrease of 0.70%[6] - In the first three quarters of 2024, cash inflow from operating activities reached ¥8,101,067,728.05, an increase of 24.3% compared to ¥6,515,887,015.65 in the same period of 2023[27] - The net cash flow from operating activities for the first three quarters of 2024 was ¥902,532,247.89, slightly down from ¥908,861,702.23 in 2023[27] - Cash outflow for purchasing goods and services in the first three quarters of 2024 was ¥5,658,134,823.19, up from ¥4,322,198,629.65 in 2023, indicating a 30.9% increase[27] - Investment activities generated a net cash flow of -¥61,764,530.44 in the first three quarters of 2024, an improvement from -¥437,880,512.44 in 2023[28] - Cash inflow from financing activities in the first three quarters of 2024 was ¥9,553,872.15, down from ¥32,972,610.98 in 2023[28] - The net cash flow from financing activities for the first three quarters of 2024 was -¥571,645,825.79, compared to -¥248,203,457.12 in 2023, indicating increased cash outflows[28] - The total cash and cash equivalents at the end of Q3 2024 amounted to ¥5,192,073,298.09, up from ¥3,380,301,441.64 at the end of Q3 2023[28] Investments and Expenditures - The company has invested CNY 160,600,668.74 in development expenditures, significantly up from CNY 77,939,131.66, representing an increase of approximately 105.5%[19] - Research and development expenses for the first three quarters of 2024 were CNY 297,849,666.07, up from CNY 278,527,535.86 in the same period of 2023, reflecting a growth of 6.9%[23] Future Outlook - The company plans to continue focusing on high-value product delivery and improving operational efficiency to drive future growth[10] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22]

股票简称：平高电气 股票代码：600312 编号：2024-039 河南平高电气股份有限公司 第九届监事会第十一次会议决议公告 本公司监事会及全体监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"）第九届监事会第十一次会议于 2024 年 10 月 11 日以电子邮件、手机短信发出会议通知，并于 2024 年 10 月 21 日在 公司现场召开，会议应到监事 3 人，实到 3 人。本次会议的召集、召开符合《公司 法》和《公司章程》的规定。会议经过有效表决，形成以下决议： 一、会议以 3 票赞成，0 票反对，0 票弃权审议通过了《公司 2024 年第三季度 报告》： 我们认真审查了公司 2024 年第三季度报告，认为： 1、公司 2024 年第三季度报告的编制和审议程序符合国家相关法律、法规、《公 司章程》和公司内部管理制度的各项规定； 2、公司 2024 年第三季度报告内容和格式符合中国证监会和上海证券交易所的 各项规定； 3、公司 2024 年第三季度报告从各方面客观地反映了公司 2024 年 7-9 ...

本议案已经公司董事会审计委员会及独立董事专门会议审议通过并同意提交董 事会审议。公司关联董事孙继强、张国跃、徐光辉、赵建宾、樊占峰、刘克民回避 了对本议案的表决。独立董事认为公司接受控股股东以委托贷款方式拨付国有资本 经营预算资金，是根据《中央企业国有资本经营预算支出执行监督管理暂行办法》（国 资发资本规〔2019〕92 号）等文件要求落实国有资本权益，用以提升公司研发、创 新等综合实力。本次委托贷款利率由公司与关联人协商确定，不高于同期的贷款市 场报价利率（LPR）。遵循公平合理和市场化的原则，定价公允，不存在控股股东占 用公司资金的情形，不会对公司独立性以及当期经营业绩产生重大影响，没有发现 损害非关联股东特别是中小股东利益的情况。 河南平高电气股份有限公司(以下简称"公司")第九届董事会第七次会议于 2024 年 10 月 11 日以电子邮件、手机短信发出会议通知，并于 2024 年 10 月 21 日以现场 结合视频方式召开，会议应到董事 9 人，实到 9 人。本次会议的召集、召开符合《公 司法》和《公司章程》的规定。会议经过有效表决，形成以下决议： 一、会议以 9 票赞成，0 票反对，0 票弃权审议 ...

关于召开 2024 年第三季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： 股票代码：600312 股票简称：平高电气 编号：临 2024-041 河南平高电气股份有限公司 会议召开方式：上证路演中心网络互动 ● 会议召开时间：2024年10月29日（星期二）10:00-11:00 ● 会议召开地点：上海证券交易所路演中心（网址：http://roadshow.sseinfo.com） ● 会议召开方式：上证路演中心网络互动 ● 投资者可于2024年10月28日（星期一）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"）于 2024 年 10 月 22 日在上海证券交易 所网站（www.sse.com.cn）披露公司 2024 年第三季度报告。为了便于广大投资者更全面深入 地了解公司 2024 年前三季度经营成果、财务 ...