股票简称：平高电气 股票代码：600312 编号：2025—017 河南平高电气股份有限公司 第九届董事会第十三次临时会议决议公告 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")第九届董事会第十三次临时会议于 2025 年 5 月 7 日以电子邮件、手机短信发出会议通知，并于 2025 年 5 月 13 日在公司本 部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： 委 员：刘克民、刘刚、吕文栋、孙丽 2.平高电气第九届董事会薪酬与考核委员会： 主任委员：吕文栋 委 员：孙继强、刘刚、何平林、孙丽 二、会议以 9 票赞成，0 票反对，0 票弃权审议通过《关于公司开展商品期货套期 保值业务的议案》 公司编制的 2025 年度商品类衍生业务可行性报告作为议案附件与本议案一并经董 事会审计委员会审议通过，并同意提交董事会审议。具体内容详见公司 2025 年 5 月 14 日披露于上海证券 ...

@@ 北京市众天律师事务所 平高电气 2024 年年度股东大会法律意见 北京市众天律师事务所 ZHONGTIAN LAW FIRM 地址：北京市海淀区北四环西路 9 号银谷大厦十七层 Add: 17/F，Yingu Mansion，9 West Beisihuan 邮编：100190 Rd.，Beijing 100190，CHINA 电话：（86-10）62800408 Tel:（86-10）62800408 传真：（86-10）62800409 Fax：（86-10）62800409 北京市众天律师事务所 关于河南平高电气股份有限公司 2024年年度股东大会的 法律意见 众天证字[2024]PG-001号 河南平高电气股份有限公司： 惠承贵司（以下简称"公司"）委托，北京市众天律师事务所（以下简称"众天"）指 派律师出席公司2024年年度股东大会（以下简称"本次股东大会"），对公司本次股东大会 的召集与召开程序、出席会议人员的资格与召集人的资格、会议表决程序与表决结果等有关 事项进行见证并出具法律意见。 为出具本法律意见书之目的，公司向众天律师提供了与本次股东大会召开事宜有关的文 件、资料。公司承诺其已向众 ...

股票简称：平高电气 股票代码：600312 编号：2025-018 ● 交易目的：为规避生产经营中原材料价格波动风险，减少因原材料价格波 动造成的产品成本波动，保证产品成本的相对稳定，降低对生产经营影响。河南 平高电气股份有限公司（以下简称"公司"）拟开展与生产经营直接相关原材料 的白银的套期保值业务。 ● 交易场所及品种：公司开展商品套期保值业务的品种仅限于生产所需原材 料白银，交易场所包括但不限于上海期货交易所等交易场所。 ● 交易规模及金额：预计开展套期保值规模为白银不超过3.5吨。预计任一 时点套期保值交易保证金和权利金不超过 373 万元，持有的最高合约价值不超 过 1435 万元。 河南平高电气股份有限公司 关于开展商品期货套期保值业务的公告 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： ● 履行的审议程序：公司于2025年5月13日召开董事会审计委员会2025年第 三次会议、第九届董事会第十三次临时会议审议通过《关于公司开展商品期货套 期保值业务的议案》。 ● 特别风险提示：公司仅开展与生产经营 ...

Core Viewpoint - Pinggao Electric has successfully won significant orders from the State Grid Corporation, with a total bid amount of approximately 1.751 billion yuan, representing 14.12% of the company's projected revenue for 2024 [1][2]. Group 1: Recent Bids and Financial Impact - The recent bid includes multiple projects, with the largest being 1.73 billion yuan for 30 packages of various electrical equipment [2]. - Since the beginning of 2025, Pinggao Electric has announced three successful bids, totaling 3.915 billion yuan [3][4]. - The company anticipates that the execution of these contracts will positively impact its future operations [2]. Group 2: Performance and Growth - In 2024, Pinggao Electric achieved a revenue of 12.402 billion yuan, a year-on-year increase of 11.96%, and a net profit of 1.023 billion yuan, up 25.43% [7]. - For the first quarter of 2025, the company reported a revenue of 2.510 billion yuan, a 22.82% increase year-on-year, and a net profit of 358 million yuan, reflecting a 55.94% growth [7]. - The gross profit margin reached 28.74% in Q1 2025, the highest in nearly nine years, with a net profit margin of 15.39%, an increase of 2.75 percentage points year-on-year [7]. Group 3: Research and Development - In 2024, the company invested 530 million yuan in R&D, accounting for 4.27% of its revenue, an increase of 0.51 percentage points year-on-year [6]. - The company has over 200 core technologies and has achieved more than 40 original innovations, receiving a national award for its key technologies in ultra-high voltage AC transmission [6]. Group 4: Shareholder Returns - In 2024, Pinggao Electric distributed a total dividend of 392 million yuan, with a payout ratio of 38.33% [8]. - Since its listing, the company has implemented 21 cash dividend distributions, totaling 3.442 billion yuan, with a cumulative payout ratio of 45.54% [8].

华神科技：子公司拟2亿元出售参股公司股权 华神科技(000790)公告，子公司星瑞药业拟将持有的上海凌凯科技股份有限公司（简称"上海凌凯"） 5.4019%股份以2亿元转让给陆茜，本次交易完成后，星瑞药业不再持有上海凌凯股份。 招商银行：拟出资150亿元全资发起设立金融资产投资公司 招商银行(600036)公告，公司拟出资150亿元，全资发起设立金融资产投资公司。本次设立的金融资 产投资公司初始注册资本为人民币150亿元，由公司作为投资主体根据《金融资产投资公司管理办法 （试行）》，使用自有资金直接投资设立。成功设立后，本次设立的金融资产投资公司将成为公司全 资一级子公司，具体业务范围以金融监督管理机构批复为准。本次设立金融资产投资公司符合公司业 务发展需要，有助于丰富公司综合化经营牌照，完善投商行一体化经营，提升服务实体经济能力。本 次投资不会对公司的财务状况或经营成果产生重大影响。 2025.05. 08 5月8日晚间，沪深两市多家上市公司发布公告，以下是第一财经对一些重要公告的汇总，供投资者 参考。 【品大事】 金诚信：拟投资约2.31亿美元建设Alacran铜金银矿项目 金诚信(603979)公告，鉴 ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% within the next six months [7][13]. Core Insights - The company reported a revenue of 12.4 billion yuan for 2024, representing a year-on-year growth of 12.0%, and a net profit of 1.02 billion yuan, which is a 25.4% increase year-on-year [4][11]. - The high voltage segment continues to grow, benefiting from the favorable conditions in the power grid sector, with significant investments planned for 2025 [6][7]. - The company has successfully launched new products in the high voltage segment, including several international firsts, which are expected to drive future growth [6][7]. Financial Performance - In Q1 2025, the company achieved a revenue of 2.51 billion yuan, a year-on-year increase of 22.8%, and a net profit of 360 million yuan, up 55.9% year-on-year [4][5]. - The revenue from the high voltage segment reached 7.7 billion yuan in 2024, growing by 25.1% year-on-year, while the international business faced a decline of 71.8% due to external factors [5][11]. - The company's gross margin improved to 28.7% in Q1 2025, reflecting a 3.5 percentage point increase year-on-year, while the net margin rose to 15.4%, up 2.7 percentage points year-on-year [5][11]. Revenue Forecast - The revenue projections for 2025, 2026, and 2027 are 13.84 billion yuan, 15.45 billion yuan, and 17.25 billion yuan, respectively, with corresponding net profits of 1.36 billion yuan, 1.61 billion yuan, and 1.87 billion yuan [7][11].

Investment Announcements - Jincheng intends to invest approximately $231 million in the Alacran copper-gold-silver mine project, following the acquisition of a 5% stake in CMH Colombia S.A.S., which will allow it to hold a 55% stake and control the project development [3] - Huasheng Technology's subsidiary plans to sell a 5.4019% stake in Shanghai Lingkai Technology Co., Ltd. for 200 million yuan, resulting in the subsidiary no longer holding shares in the company [4] - China Merchants Bank plans to invest 15 billion yuan to establish a wholly-owned financial asset investment company, which will enhance its integrated operations and service capabilities [5] Performance Reports - Huahong's Q1 revenue reached 3.913 billion yuan, a year-on-year increase of 18.66%, while net profit dropped by 89.73% to 22.76 million yuan, indicating challenges in the semiconductor industry due to international and policy changes [7] - King Long Automobile reported a production of 4,361 buses in April, a decrease of 5.79% year-on-year, with sales of 3,611 buses, down 3.91% [8] - Zhengbang Technology's April pig sales reached 609,800 heads, with revenue of 738 million yuan, showing a significant year-on-year increase of 174.29% [9] - Sunac China achieved a contract sales amount of approximately 1.1 billion yuan in April, with a cumulative total of 11.2 billion yuan by the end of April [11] - *ST Aonong reported a pig sales volume of 132,800 heads in April, a year-on-year decrease of 14.42% [12] Major Contracts - Pinggao Electric won contracts totaling approximately 1.751 billion yuan from the State Grid, representing 14.12% of its 2024 revenue [14] - State Grid Information Technology's subsidiaries secured contracts worth 477 million yuan, positively impacting future performance [15] - Dongfang Tower won a procurement project from the State Grid worth about 100 million yuan, accounting for 2.39% of its 2024 revenue [16] - Jiaojian Co. won a construction project worth approximately 704 million yuan, with a project duration of 870 days, representing 8.43% of its 2024 revenue [17] Shareholding Changes - Ruihua Tai's shareholder plans to reduce holdings by up to 1% of the company's shares [19] - *ST Gengxing's controlling shareholder intends to increase holdings between 30 million and 60 million yuan [20] - Lexin Technology's shareholder plans to reduce holdings by up to 1.2032% of the company's shares [22] Share Buybacks - Sichuan Meifeng plans to repurchase shares worth between 50 million and 70 million yuan, with a maximum repurchase price of 10.07 yuan per share [24]

Investment Rating - The report gives a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% within the next six months [7][13]. Core Insights - The company reported a revenue of 12.0 billion yuan in 2024, a year-on-year increase of 12.0%, and a net profit attributable to shareholders of 1.02 billion yuan, up 25.4% year-on-year [4]. - In Q1 2025, the company achieved a revenue of 2.51 billion yuan, representing a year-on-year growth of 22.8%, with a net profit of 360 million yuan, up 55.9% year-on-year, driven by increased income from key projects and regular products [4]. - The high voltage and distribution network segments showed revenue growth, while international business faced short-term pressure due to geopolitical factors [5]. Financial Performance - The company's revenue for 2024 was 12.40 billion yuan, with a projected growth rate of approximately 11.6% for the following years, reaching 17.25 billion yuan by 2027 [11]. - The gross profit margin for Q1 2025 was 28.7%, an increase of 3.5 percentage points year-on-year, while the net profit margin was 15.4%, up 2.7 percentage points year-on-year [5]. - The company is expected to maintain a healthy financial position with an asset-liability ratio of 49.6% and a projected PE ratio decreasing from 22.14 in 2024 to 12.10 by 2027 [3][11]. Segment Analysis - Revenue from the high voltage segment reached 7.70 billion yuan in 2024, up 25.1% year-on-year, while the distribution network segment generated 3.24 billion yuan, up 11.4% year-on-year [5]. - The international business segment, however, saw a significant decline in revenue, down 71.8% year-on-year, primarily due to delays in project execution and increased costs [5]. - The company is actively expanding its high voltage product offerings, including new products for high-altitude applications and large-capacity equipment [6].

股票代码：600312 股票简称：平高电气 公告编号：2025—015 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 2025 年第二十三批采购(输变电项目第二次变电设备(含电缆) 招标采购)中标公告""国家电网有限公司 2025 年第二十四批采购(输变电项目第 二次变电设备单一来源采购)成交公告""国家电网有限公司 2025 年第二十五批 采购(输变电项目第一次 35-220 千伏设备协议库存招标采购)中标公告"。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 17.51 亿元，占 2024 年营业收入的 14.12%。 一、中标公告内容 项目为"国家电网有限公司2025年第二十五批采购(输变电项目第一次35-220 千伏设备协议库存招标采购)"，本次共计中标 1 个包，产品为避雷器，合营公司 平高东芝(廊坊)中标金额为 666 万元。 ...

Core Viewpoint - The global power system is facing new challenges, leading to an increased demand for grid expansion and upgrades, which is expected to directly benefit the power equipment industry [1] Group 1: Main Grid Developments - The demand for ultra-high voltage (UHV) construction is increasing due to the growth of inter-provincial electricity flow and the pressure of renewable energy consumption. As of December 2024, China has built and put into operation 41 UHV transmission lines, including 20 AC lines and 21 DC lines [2] - During the 14th Five-Year Plan period, China is expected to start construction on "three AC and nine DC" UHV lines, with over 20 lines anticipated to be operational in the 15th Five-Year Plan period, which will boost demand for related equipment [2] - Flexible DC technology is expected to become mainstream due to its advantages in large-scale renewable energy transmission, especially as the prices of core components like IGBT decrease. Investment in this area is projected to reach 380 billion yuan from 2021 to 2025 [2] Group 2: Distribution Network Developments - Both domestic and international plans for distribution network upgrades are expected to increase demand for transformers. China emphasizes high-quality development in distribution networks, while the EU plans to invest 584 billion euros for grid modernization [3] - China's transformer production accounts for 35% of the global market, and with overseas production facing constraints, there is an opportunity for Chinese companies to benefit from rising global demand [3] Group 3: Investment Recommendations - The emergence of new electricity consumption scenarios, represented by computing power, is driving greater electricity demand and necessitating grid upgrades. The main grid sector is expected to benefit from the acceleration of UHV construction and the growing number of flexible DC projects [4] - The distribution network sector is also poised for growth due to ongoing domestic upgrades and strong overseas demand for transformers. Companies such as Huaming Equipment, Haixing Electric Power, and others are recommended for investment [4]