m 2024 年 07 月 10 日 沈嘉婕 H70455@capital.com.tw 目标价(元) RMB 26.5 公司基本资讯 | | | |---------------------|--------| | 产业别 | | | A 股价(2024/7/10) | | | 上证指数(2024/7/10) | | | 股价 12 个月高/低 | | | 总发行股数(百万) | | | A 股数(百万) | | | A 市值(亿元) | | | 主要股东 | | | | | | | | | 每股净值(元) | | | 股价/账面净值 | | | | 一个月 | | 股价涨跌(%) | | 近期评等 | | | | |----------|----------|------| | 出刊日期 | 前日收盘 | 评等 | | -- | -- | -- | 产品组合 | | | |----------|-------| | 高压板块 | 55.6% | | 配网板块 | 26.3% | | 运维服务 | 10.6% | | | | |------------------|--------| | 机构投资者占流通 ...

可能大家也在关心就是因为什么会好 后世的持续度如何那我们团队呢 其实虽然说我们对于电网的研究因为历史的原因就是以前其实起步是比较晚的但我觉得我们现在进展非常迅速不管是对业界的跟踪 行业的跟踪 政策的跟踪还是拥有自己的那个 特色跟独到之处的所以也建议各位后续可以跟我们多联系关于电网这块那后续我们又会推一系列的电网的交流应该这周每天晚上都会有就是关于电网主要公司的一个解读其实目前我们主要电网公司基本上是现在是覆盖的 我们有四个可以看 四个看电网的分析师所以我觉得后续包括我自己的主要经历最近也花了很多在电网上面所以先做个宣传就是大家可以多关注一下我们组的电力电网这块的研究当然我们主页这块也是在继续的就是新闻这块然后就是今天那个挺高的意思也是比较超越一下就是因为前几天有一些声音说那个可能 压一下液体或怎么样我看基本上还是反映出来了主要其实还是气袋服务之类的设备是相对来讲比较抽搐性的因为这是涉及到公司自己的解读我们今天就邀请我们团队的沈沈可以跟大家讲一下沈沈也是把主要的电网设备的公司的模型做了一个拆解也可以跟大家介绍一下不过您先讲 沈沈 嗯 好呀 谢谢陆思诚老师 然后那个因为今天品高其实出业绩了嘛然后我们也能看到这个业 ...

股票代码：600312 股票简称：平高电气 公告编号：2024—023 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 年第四十一批采购(输变电项目第三次变电设备(含电缆) 招标采购)中标公告""国家电网有限公司 2024 年第四十二批采购(输变电项目第 三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 13.06 亿元，占 2023 年营业收入的 11.79%。 一、中标公告内容 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。敬请广大投资者谨慎 决策，注意投资风险。 特此公告。 河南平高电气股份有限公司董事会 2024 年 7 月 10 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 520 to 540 million yuan in H1 2024, representing a year-on-year increase of 56% to 62%, exceeding market expectations [2][3] - The significant profit growth is attributed to improvements in product structure and management efficiency [3] - The company is benefiting from the accelerated construction of key projects in the domestic power grid, with a structural change in revenue driven by the delivery of high-quality orders [3] Financial Performance Summary - Total revenue is projected to grow from 11,077 million yuan in 2023 to 13,288 million yuan in 2024, reflecting a year-on-year growth of 19.96% [2] - Net profit attributable to shareholders is forecasted to increase from 815.71 million yuan in 2023 to 1,258.26 million yuan in 2024, a year-on-year growth of 54.25% [2] - The latest diluted EPS is expected to rise from 0.60 yuan in 2023 to 0.93 yuan in 2024 [2] Market Position and Outlook - The company maintains a strong market position with a 35% share in the 750kV GIS segment, benefiting from the high demand for ultra-high voltage projects [3] - The outlook for the company remains positive, with expectations of continued high growth driven by the ongoing construction of power grid projects and the delivery of environmentally friendly products [3] - The target price for the stock is set at 23.7 yuan per share, based on a 20x PE for 2025 [3]

Investment Rating - The investment rating for Pinggao Electric (600312) is "Buy" (首次) [2] Core Views - Pinggao Electric is a leading enterprise in the high-voltage switchgear sector, benefiting from the accelerated construction of ultra-high voltage projects [2][22] - The company's revenue has begun to recover, with significant growth in its core business profitability [12][14] - The demand for ultra-high voltage infrastructure is expected to grow significantly, driven by increased investment in the power grid and the need for renewable energy integration [19][21] Summary by Sections 1. Established High-Voltage Switch Manufacturer - Pinggao Electric has a rich history and is a key player in the high-voltage switchgear industry, having been established in 1970 [7] - The company has developed a strong competitive advantage through years of management and innovation, mastering the technology for a full range of switch products [9] 2. Accelerated Ultra-High Voltage Construction - The investment scale in the power grid is expected to maintain high growth, with ultra-high voltage being a key investment direction [16] - The total investment in the power grid during the "14th Five-Year Plan" period is projected to exceed 3 trillion RMB, with significant contributions from both the State Grid and Southern Power Grid [16][19] - Pinggao Electric is positioned to benefit directly from the growth in ultra-high voltage construction, as its products are essential for power system control and protection [22][25] 3. International Business Turnaround - The company has achieved significant growth in its international business, with revenue reaching 720 million RMB in 2023, a year-on-year increase of 261% [26] - Pinggao Electric's products have been successfully marketed to over 70 countries and regions, establishing a robust overseas marketing network [29][31] - The company is expected to gain substantial benefits from the demand for power grid construction driven by the Belt and Road Initiative [29] Financial Forecast - The projected net profit for Pinggao Electric is expected to be 1.122 billion RMB in 2024, 1.415 billion RMB in 2025, and 1.705 billion RMB in 2026, with corresponding P/E ratios of 24, 19, and 16 times [32]

Financial Performance Forecast - The company expects a net profit attributable to shareholders of 520-540 million yuan for the first half of 2024, representing a year-on-year increase of 55.93%-61.93%[2] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is projected to be 518.5-538.5 million yuan, with a year-on-year growth of 56.33%-62.36%[2] - The net profit for the same period last year was 333.48 million yuan, and the net profit after deducting non-recurring gains and losses was 331.68 million yuan[4] Factors Contributing to Profit Increase - The company achieved a significant increase in net profit due to accelerated construction of key grid projects and structural changes in revenue[4] - The company emphasizes continuous improvement in efficiency and effectiveness through lean management practices[4] Performance Forecast Reliability - There are no major uncertainties that could affect the accuracy of this performance forecast[4] - The data provided is preliminary and subject to final confirmation in the official 2024 semi-annual report[4]

今天电网会一个是给大家讲一讲我们对特罗亚的观点上周一早上我们也给大家做过一次分享今天也继续给大家讲讲这方面的情况另外一个就是讲讲频高电气的业绩可持续性我们会从电网的特罗亚非电网的特罗亚还有包括配网三个维度给大家解析一下为什么我们认为频高的业绩可持续性是很强的 那首先呢我们先看一下就是上周啊就是板块的表现呢是非常强的哎我们在周一的时候就给大家强调了啊我们觉得特克拉娜就是进入这个啊招标季节了那么到周四周五的时候有一些别的反应的东西呢在加成啊一个方面呢就是五月的投资额呢是高企的而如果我们看历史的数据呢应该是连续很长时间啊就是五月份的投资额呢都是创造这个历史新高 那说明什么呢就是电网这块的投资呢其实是在持续加强的这是第一个第二个呢就是国家电网公司呢在周四的时候呢召开这个就是呃特别是高质量推进的一个呃一个大会啊这个大会呢其实就几个方面啊一个方面呢讲讲就是说当前特别方面的一些情况啊包括可能存在的一些啊就是瓶颈和短板的地方另外一个呢就是讲讲未来的一些预期 因为我们中国的很多项目推进和项目建设呢都是以五年进化为准的啊我们十四五期间呢就是规划的是二十四交十四指啊这些项目呢都已经规划好了那么从去年开始一些项目呢就开始进入这个就是 ...

| | | | | | | | / 工业 | |------------------------------------------------------------------|--------------|-----------------------------|----------------------------------------------------------------------------------------------------|--------|----------------------------------------------------------------------|----------------|-----------------| | 平高电气 (600312) | | | | | 评级: | | 增持 | | | | | | | 目标价格: | 上次评级 : | 增持 25.54 | | | | | | | | 上次预测 : | 15.11 | | | | | | [ | 当前价格: Table_CurPrice] | | 19.45 | | ...

平高电气(600312.SH)深度报告 特高压如箭在弦,再论平高业绩持续性 2024 年 06 月 28 日 ➢ 业绩复盘:新一轮上行周期启动,往后延续性可期。复盘公司业绩表现来看, 我们判断其收入体量与特高压建设进度高度相关。上一轮启动周期在 2014-2016 年,国家能源局围绕《大气污染防治计划》集中批复一揽子特高压项目,对应公 司高压板块收入在 2014-2017 年保持高位。进入到 2021 年,国网"十四五" 特高压规划明确,2021-2023 年期间已有多条线路开工,且"十五五"仍有大量 特高压建设需求,我们预计公司即将进入业绩确认高峰,迎来新一轮的上升周期。 ➢ 特高压:需求接踵而至,建设强度升级。 "十四五"规划明确,线路开工有序推进:"十四五"期间规划建设"24 交 14 直",当前考虑到建设目标的完成进度,预计 2024 年和 2025 年国内将加大电 网工程投资力度,2024 年有望开工 4 直(甘肃-浙江、陕西-河南、陕北-安徽、 蒙西-京津冀),此外也有多条交流线路准备建设。 "十五五"强度不减,远期规划逐渐清晰:"十四五"期间规划建成投产风光大基 地总装机约 200GW,其中外送 ...

Investment Rating - The report assigns a "Buy" investment rating for Pinggao Electric (600312.SH) [2][8] Core Insights - The company is focused on high-voltage and ultra-high-voltage direct and alternating current switchgear, with a strong market position and a significant increase in new contracts by 44.2% year-on-year in 2023 [5][6] - The high-voltage business has shown steady growth, achieving revenue of 6.156 billion yuan in 2023, representing a year-on-year increase of 23.67% [6] - The ongoing electricity reform in China is expected to accelerate the construction of distribution networks, which will benefit the company due to its leading position in distribution network products [7] Summary by Sections Company Overview - Pinggao Electric specializes in high-voltage, ultra-high-voltage, and special high-voltage switchgear, having developed several high-end products including the world's first 550 kV high-speed circuit breaker and the first ±800 kV DC high-speed switch in China [5] Financial Performance - The company reported a revenue of 11.077 billion yuan in 2023, with a projected revenue of 13.228 billion yuan in 2024, reflecting a growth rate of 19.4% [9] - The net profit attributable to shareholders is expected to grow from 816 million yuan in 2023 to 1.090 billion yuan in 2024, indicating a growth rate of 33.6% [10] Market Position - The company maintains a leading market share in ultra-high voltage and distribution network segments across 14 provinces, with a notable increase in contract values in 17 provinces [6] - The report highlights the company's competitive advantages in high-voltage and ultra-high-voltage sectors, anticipating continued growth in revenue and earnings per share (EPS) from 0.80 yuan in 2024 to 1.27 yuan in 2026 [8][10]