股票代码：600312 股票简称：平高电气 编号：2024-014 河南平高电气股份有限公司 关于子公司 2024 年度外汇 金融衍生业务计划的公告 本公司董事会、全体董事及相关股东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： ● 交易概述：为防范汇率波动风险，降低市场波动对河南平高电气股份有限公 司（以下简称"公司"）子公司平高集团国际工程有限公司（以下简称"国际工程"） 经营及损益带来的影响，国际工程 2024 年度拟开展与日常经营相关的外汇金融衍生 业务，额度预计为 1505.11 万欧元，在上述额度范围内，任一时点的交易金额（含 前述交易的收益进行再交易的相关金额）不得超过董事会审议额度。 ● 审议程序：该事项已经公司第九届董事会审计委员会 2024 年第三次会议、第 九届董事会第五次会议审议通过。 ● 特别风险提示：国际工程开展外汇金融衍生业务不以投机为目的，主要为有 效规避汇率波动对国际工程带来的不利影响，但同时也会存在市场风险、履约风险 及其它风险，敬请广大投资者充分关注投资风险。 一、外汇金融衍生业务概述 1.交易 ...

股票简称：平高电气 股票代码：600312 编号：2024-012 河南平高电气股份有限公司 第九届监事会第九次会议决议公告 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"）第九届监事会第九次会议 于 2024 年 4 月 17 日以电子邮件、手机短信发出会议通知，并于 2024 年 4 月 22 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： 3、公司 2024 年第一季度报告从各方面客观地反映了公司 2024 年 1-3 月的 生产经营状况，财务数据真实地反映了公司当前的财务状况； 4、在公司 2024 年第一季度报告编制过程中，我们未发现参与报告编制的相 关人员有违反保密规定的行为。 二、会议以 3 票赞成，0 票反对，0 票弃权审议通过了《关于公司与西电集 团财务有限责任公司签署金融服务协议暨关联交易的议案》： 公司与西电集团财务有限责任公司签署《金融业务服务协议》，符合公司经 ...

河南平高电气股份有限公司 关于与西电集团财务有限责任公司 签署金融服务协议暨关联交易的公告 本公司董事会、全体董事及相关股东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。 股票代码：600312 股票简称：平高电气 编号：2024-013 ●河南平高电气股份有限公司（以下简称"公司"）拟与西电集团财务有限责任 公司（以下简称"西电财司"）签署《金融业务服务协议》，由西电财司向公司及所 属子公司提供存款、结算、贷款、委托贷款、办理票据承兑及贴现、承销公司债券、 非融资性保函、提供财务顾问、信用鉴证及咨询代理、中国人民银行和国家外汇管 理局政策规定之内的外汇业务以及《企业集团财务公司管理办法》规定的经国家金 融监管机构批准的西电财司可从事的其他业务等金融服务。 ●本次交易构成关联交易，但不构成《上市公司重大资产重组管理办法》规定 的重大资产重组。 ●本次关联交易已经公司第九届董事会第五次会议和第九届监事会第九次会议 审议通过，关联董事已按有关规定回避表决。本关联交易事项尚需提交公司股东大 会批准。 一、关联交易概述 为保证公司经营稳健，进一步优化公司资 ...

Investment Rating - The report maintains a "Buy" rating for Pinggao Electric (600312.SH) [4][13] Core Views - The company achieved significant revenue growth of 19.4% year-on-year, reaching 11.08 billion yuan in 2023, with a remarkable net profit increase of 284.5% to 816 million yuan [5][12] - The fourth quarter of 2023 continued the high growth trend, with revenue of 3.63 billion yuan, a year-on-year increase of 15.4% and a quarter-on-quarter increase of 38.31% [12] - New contracts signed in 2023 increased by 44.2%, reinforcing the company's leading position in the power grid market [12] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 11.08 billion yuan, a 19.4% increase from the previous year, and a net profit of 816 million yuan, up 284.5% [5][12] - The gross profit margin for the year was 21.38%, an increase of 3.79 percentage points year-on-year [5][12] - The fourth quarter saw a net profit of 263 million yuan, a staggering increase of 682.2% year-on-year [12] Business Segments - The high-voltage segment generated revenue of 6.155 billion yuan, a 23.67% increase, while the international segment saw a dramatic revenue increase of 261.1% to 724 million yuan [12] - The company successfully developed several industry-leading products, including the world's first 550 kV high-speed circuit breaker [12] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 1.1 billion, 1.348 billion, and 1.634 billion yuan respectively, reflecting a positive growth trajectory [13] - The current stock price corresponds to a price-to-earnings ratio (PE) of 19 for 2024, indicating a favorable valuation [13]

Investment Rating - The investment rating for Pinggao Electric is maintained as "Buy" [2][5][11] Core Views - The company achieved a significant revenue increase of 19% year-on-year, reaching 11.08 billion yuan in 2023, with a remarkable net profit growth of 284% to 816 million yuan [5][7] - The gross margin and net margin improved to 21.4% and 8.3%, respectively, reflecting enhanced profitability due to effective cost control [5][6] - The company has a strong order backlog, with new contracts signed in 2023 increasing by 44.2%, indicating potential for continued revenue growth [5][6] Financial Performance Summary - Revenue for 2023 was 11,077 million yuan, up 19.4% from 2022, with a projected revenue of 13,277 million yuan for 2024 [7][8] - Net profit for 2023 was 816 million yuan, a 284.5% increase year-on-year, with forecasts of 1,172 million yuan for 2024 [7][8] - The gross margin for 2023 was 21.4%, an increase of 3.8 percentage points, while the net margin improved to 7.4%, up 5.1 percentage points [5][7] Segment Performance - The high-voltage segment generated 6,155 million yuan in revenue, a 23.67% increase, with a gross margin of 22.90% [6] - The distribution network segment saw a slight decline in revenue to 2,909 million yuan, but the gross margin improved significantly by 5.2 percentage points [6] - International business revenue surged by 261% to 720 million yuan, achieving profitability for the first time [6] Future Outlook - The company expects to see a significant improvement in gross margins in 2024 as high-voltage and ultra-high-voltage orders are delivered [6] - Profit forecasts for 2024, 2025, and 2026 are set at 1,172 million yuan, 1,569 million yuan, and 1,731 million yuan, respectively, with corresponding EPS of 0.86, 1.16, and 1.28 yuan [5][7]

投资者可于 2024 年 04 月 15 日(星期一)至 04 月 19 日(星期五)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"）已于 2024 年 4 月 11 日发 布公司 2023 年年度报告，并将于 2024 年 4 月 23 日发布公司 2024 年第一季度 报告，为便于广大投资者更全面深入地了解公司 2023 年度及 2024 年第一季度 经营成果、财务状况，公司计划于 2024 年 04 月 23 日上午 10:00-11:00 举行 2023 年度暨 2024 年第一季度业绩说明会，就投资者关心的问题进行交流。 河南平高电气股份有限公司 关于召开 2023 年度暨 2024 年第一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： https://roadshow.sseinfo.com/） 会 ...

证券研究报告·公司点评报告·电网设备 平高电气（600312） 2023 年报点评：乘电网建设东风，业绩持续 2024年 04月 12日 高速增长 证券分析师 曾朵红 买入（维持） 执业证书：S0600516080001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E zengdh@dwzq.com.cn 证券分析师 谢哲栋 营业总收入（百万元） 9,274 11,077 13,817 15,925 17,448 执业证书：S0600523060001 同比 0.01% 19.44% 24.73% 15.26% 9.56% xiezd@dwzq.com.cn 归母净利润（百万元） 212.17 815.71 1,204.35 1,480.83 1,745.48 同比 199.78% 284.47% 47.64% 22.96% 17.87% 股价走势 EPS-最新摊薄（元/股） 0.16 0.60 0.89 1.09 1.29 平高电气 沪深300 P/E（现价&最新摊薄） 96.06 24.99 16.92 13.76 1 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has demonstrated significant growth in 2023, with a revenue increase of 19.44% year-on-year, reaching 11.077 billion yuan, and a remarkable net profit growth of 284.47%, amounting to 816 million yuan [1] - The high-voltage segment is performing strongly, with revenue of 6.155 billion yuan, up 23.67% year-on-year, while international business has seen a substantial increase of 261.1%, reaching 724 million yuan [2] - The company is expected to benefit from the ongoing construction of the power grid, with new contracts increasing by 44.20% year-on-year, and projected revenue for 2024 is estimated to be between 12 billion and 13 billion yuan, representing a growth of 8.33% to 17.36% [4] Revenue Breakdown - The high-voltage segment achieved revenue of 61.55 billion yuan, up 23.67% year-on-year [2] - The distribution network segment reported revenue of 29.09 billion yuan, down 2.19% year-on-year [2] - The operation and maintenance segment generated revenue of 11.74 billion yuan, up 14.92% year-on-year [2] - International business revenue reached 7.24 billion yuan, up 261.1% year-on-year [2] Profitability - The company's gross margin reached 21.09%, an increase of 3.88 percentage points year-on-year, while the net margin improved to 8.31%, up 5.07 percentage points [3] - The high-voltage segment's gross margin is projected to be 22.9% in 2024, while the distribution network segment's gross margin increased to 16.74% [3] - The overall expense ratio for 2023 was 10.88%, a decrease of 1.1 percentage points year-on-year, with significant reductions in management expenses [3] Contract Growth and Future Outlook - The company secured new contracts with a year-on-year growth of 44.20%, maintaining a leading market position in the ultra-high voltage sector [4] - The company plans to achieve a revenue target of 12.86 billion to 15.65 billion yuan for 2024, indicating continued growth [4] - The ongoing construction of the power grid and the company's strong position in ultra-high voltage equipment are expected to drive future revenue growth [4]

Financial Performance - The company's operating revenue for 2023 reached ¥11,077,000,052.98, representing a year-on-year increase of 19.44% compared to ¥9,274,276,019.30 in 2022[21] - The net profit attributable to shareholders of the listed company was ¥815,714,321.31, a significant increase of 284.47% from ¥212,166,097.04 in the previous year[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥807,083,863.37, up 303.54% from ¥199,999,366.58 in 2022[21] - The net cash flow from operating activities was ¥2,503,949,235.68, an increase of 79.24% compared to ¥1,396,965,090.43 in the previous year[21] - The company achieved operating revenue of 11.077 billion RMB in 2023, representing a year-on-year growth of 19.44%[27] - Net profit attributable to shareholders reached 816 million RMB, a significant increase of 284.47% compared to the previous year[27] - Basic earnings per share rose to 0.6012 RMB, marking a 284.40% increase year-on-year[25] - The company's total assets increased to 20.159 billion RMB, a growth of 12.95% compared to the previous year[22] - The company’s net assets attributable to shareholders reached 10.026 billion RMB, reflecting a growth of 7.58%[22] Dividends and Shareholder Returns - The proposed cash dividend for 2023 is ¥2.12 per 10 shares (before tax), pending approval at the annual general meeting[6] - The company distributed cash dividends of 0.55 yuan per 10 shares, totaling 74,630,672 yuan for the year 2022[128] - The company declared a cash dividend of CNY 287,667,317.51, which represents 35.27% of the net profit attributable to ordinary shareholders in the consolidated financial statements[130] Operational Efficiency and Growth - The high-pressure business segment generated revenue of 6.156 billion RMB, reflecting a year-on-year growth of 23.67%[27] - The overall gross margin improved by 5.26 percentage points due to efficiency enhancements in the distribution network business[27] - The company achieved a year-on-year increase of 33% in ultra-high voltage capacity, ensuring successful operation of key projects such as Beijing East Expansion and Zhengzhou-Wuhan[30] - The production efficiency of the 550 kV isolating switch intelligent production line increased by 29% year-on-year, while the overall production efficiency improved by 17% after upgrading the MES system[30] - The gross profit margin improved due to significant cost reduction and efficiency gains from increased contract execution[45] Research and Development - The company successfully developed 11 new products (technologies), with 7 recognized as internationally leading[27] - Research and development expenses rose to 524 million RMB, reflecting a 33.72% increase from the previous year[44] - The company has been recognized for its technological innovation, with over 200 core technologies and 40 original innovations achieved[42] - The company is targeting core technology breakthroughs in line with national energy strategies, including the development of high-end products for international markets[82] Market Expansion and International Business - The company has successfully expanded its international business, promoting products to over 70 countries and regions globally[42] - The company signed its largest overseas order for 24-36 kV ring network cabinet products, marking a breakthrough in the European high-end market[30] - The international segment saw a significant revenue increase of 261.10%, with operating revenue of ¥723,563,232.02 and a gross profit margin of 9.15%[48] - The company is expanding its market presence by actively responding to the "Belt and Road" initiative and exploring new business growth points[86] Risk Management and Compliance - The company has established a risk warning and control mechanism for overseas projects to mitigate international operational risks[85] - The company is committed to deepening compliance management and enhancing project risk control, especially for international projects[84] - The company has implemented a comprehensive governance structure to ensure compliance with legal regulations and protect shareholder rights[89] - The company has established a comprehensive internal control system to enhance risk management and compliance, ensuring effective internal control by December 31, 2023[94] Environmental and Social Responsibility - The company has implemented measures to reduce carbon emissions by improving energy efficiency and reducing energy consumption[162] - The company has maintained compliance with environmental discharge standards, with no exceedances reported in wastewater and air emissions[140] - The company has disclosed its social responsibility and ESG report on the Shanghai Stock Exchange website, emphasizing its commitment to sustainable development[165] - The company invested CNY 4.05 million in environmental protection during the reporting period[138] Corporate Governance and Management - The company has a comprehensive remuneration decision-making process that involves the board of directors and independent committees[108] - The company has appointed a new independent director, Ms. Sun Li, during the third extraordinary shareholder meeting on September 28, 2023[97] - The company continues to maintain its strategy of no shareholding changes among its senior management, indicating stability in leadership[100] - The company held a total of 4 shareholder meetings during the reporting period, including 1 annual meeting and 3 extraordinary meetings, with no proposals rejected or previous resolutions changed[97] Future Outlook - The company aims to achieve an operating income of 12-13 billion CNY in 2024, emphasizing that this target is subject to macroeconomic policies and market conditions[80] - The company plans to strengthen six key systems: technology research and development, market marketing, production manufacturing, customer service, risk control management, and capital operation[80] - The company is expected to engage in routine related transactions for the year 2024, as discussed in the board meeting on December 15, 2023[113]

[Table_StockInfo] 持有 2024年 04月 10日 （维持） 证券研究报告•2023年年报点评 当前价： 14.02元 平高电气（600312） 电力设备 目标价： ——元（6个月） GIS 势头正盛，海外业务实现高增 投资要点 西南证券研究发展中心 [T a事ble件_S：u公m司ma2r0y2] 3年实现营业收入110.8亿元，同比增长19.4%；实现归母净利 [分Ta析bl师e_：Au韩th晨or ] 润 8.2亿元，同比增长284.5%；扣非归母净利润8.1亿元，同比增长303.5%。 执业证号：S1250520100002 2023年第四季度公司实现营收 36.3亿元，同比增长 15.4%；实现归母净利润 电话：021-58351923 2.6亿元，同比增长678.2%；扣非归母净利润2.6亿元，同比增长700.5%。 邮箱：hch@swsc.com.cn  盈利能力持续提升，研发费用率维持高位。盈利端：2023 年公司销售毛利率/ 联系人：李昂 净利率分别为 21.4%/8.3%，同比增长 3.8/5.1pp；单 Q4毛利率/净利率分别为 电话：021-58351923 24 ...