Investment Rating - The investment rating for Pinggao Electric is maintained at OUTPERFORM [3][9]. Core Views - The financial performance of Pinggao Electric has exceeded expectations, with a revenue of 11.077 billion yuan in 2023, representing a year-on-year growth of 19.44%, and a net profit of 816 million yuan, up 284.6% year-on-year [11][12]. - The construction of UHV (Ultra High Voltage) lines is experiencing a significant boom, with new contracts signed increasing by 44.20% year-on-year [14][15]. - The gross profit margin has shown steady improvement, reaching 21.57% in 2023, an increase of 3.79% compared to the previous year [12][13]. Financial Performance Summary - **Revenue and Net Profit**: In 2023, the company achieved a revenue of 11,077 million yuan and a net profit of 816 million yuan. The revenue for Q1 2024 was also 11,077 million yuan, with a net profit of 230 million yuan, up 52.69% year-on-year [11][12]. - **Gross Profit Margin**: The comprehensive gross profit margin for 2023 was 21.57%, with the high-voltage segment at 22.9% and the medium and low voltage distribution segment at 16.74% [12][13]. - **Expense Management**: The company's expenses were 1,297 million yuan in 2023, with a three-rate of 11.71%, down 0.86 percentage points year-on-year, indicating effective cost management [13][14]. Market Outlook - The UHV construction is expected to continue with "4 DC and 2 AC" projects in 2024, maintaining strong demand in the electrical equipment market [14][15]. - The revenue forecast for 2024-2026 is projected at 13.15 billion yuan, 15.46 billion yuan, and 17.99 billion yuan, respectively, with corresponding net profits of 1.17 billion yuan, 1.41 billion yuan, and 1.67 billion yuan [15]. Target Price Adjustment - The target price has been raised from 15.65 yuan per share to 20.10 yuan per share based on the DCF model [15].

证券代码：600312 证券简称：平高电气 公告编号：2024-020 河南平高电气股份有限公司 2023 年年度股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 59 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 743,668,300 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 54.8055 | (四) 表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次会议符合《公司法》和《公司章程》的规定，会议的召开及议案表决合 法有效，会议由公司董事会召集，经半数以上董事推举，由董事、总经理朱 (一) 股东大会召开的时间：2024 年 05 月 29 日 (二) 股东大会召开的地点：河南平高电气股份有限公司本部 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 琦琦先生主持 ...

北京市众天律师事务所 关于河南平高电气股份有限公司 2023年年度股东大会的 平高电气 2023 年年度股东大会法律意见 北京市众天律师事务所 @@ 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 一、本次股东大会的召集、召开程序 法律意见 众天证字[2024]PG-002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2023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 ...

股票简称：平高电气 股票代码：600312 编号：2024—021 河南平高电气股份有限公司 第九届董事会第九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")第九届董事会第九次临时会 议于 2024 年 5 月 24 日以电子邮件、手机短信发出会议通知，并于 2024 年 5 月 29 日以现场方式召开，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 票弃权审议通过了《关于选举公司第九 届董事会董事长的议案》： 根据《公司法》《公司章程》和《董事会议事规则》的规定，经与会董事审 议，选举孙继强先生为公司第九届董事会董事长（简历见附件）。 二、会议以 9 票赞成，0 票反对，0 票弃权审议通过了《关于调整公司第九 届董事会专门委员会委员的议案》： 根据《公司法》《公司章程》的规定，经与会董事审议，同意对公司第九届 董事会提名委员会、薪酬与考核委员会 ...

河南平高电气股份有限公司 2024 年度"提质增效重回报"行动方案 河南平高电气股份有限公司（以下简称"平高电气"或 "公司"）积极落实党中央、国务院决策部署，遵循国资委、 证监会的相关指导要求，为持续推动公司高质量发展和投资 价值提升，切实履行上市公司责任，维护全体股东利益，共 同促进资本市场平稳健康发展，制定了 2024 年度"提质增效 重回报"行动方案，具体举措如下： 一、追求卓越一流，进一步提升核心竞争力 公司坚持以习近平新时代中国特色社会主义思想为指 导，锚定世界一流长远奋斗目标，外抓市场开拓、内抓提质 增效，质量变革、效率变革、动力变革成效明显。2023 年获 评国家级绿色供应链管理企业，荣获第二十届全国质量奖。 公司装备制造产业"基本盘"更加巩固。高压业务实现营业 收入 61.56 亿元，同比增长 23.67%，盈利能力、核心竞争力、 行业引领力持续提升。配电网业务深入实施"四个狠抓一个 强化"工作方案，整体毛利率同比提升 5.26 个百分点，子公 司天津平高获评国家级专精特新"小巨人"企业。优化智慧 运检业务布局，加快布局交/直流开关设备平台及数字孪生 建设等高端市场，光伏清扫机器人产品已顺利 ...

河南平高电气股份有限公司 2023 年年度股东大会 会议资料 $$=0=\left[{\exists i}{\notin}\exists{\bigwedge}\right]=+i{\bigwedge}{\exists}$$ | | | | 1.公司 | 2023 | 年度董事会工作报告 | | - | 1 - | | --- | --- | --- | --- | --- | --- | | 2.公司 | 2023 | 年度监事会工作报告 | | - | 16 - | | 3.公司 | 2023 | 年度财务决算报告 | | - | 21 - | | 4.公司 | 2024 | 年度财务预算报告 | | - | 28 - | | 5.公司 | 2023 | 年度利润分配预案 | | - | 30 - | | 6.公司 | 2023 | 年年度报告及报告摘要 | | - | 31 - | | 7.公司未来三年股东回报规划（2024-2026 | 年） | - | 32 - | | | | 8.关于公司（母公司）2024 | 年度向银行申请综合授信的议案 | - | 37 - | | | | 9.关于公司与西电集 ...

Investment Rating - The investment rating for Pinggao Electric is "Buy" and is maintained [4]. Core Views - The company reported a strong performance in Q1 2024, with revenue reaching 2.044 billion yuan, a year-on-year increase of 52.69%. The net profit attributable to the parent company was 230 million yuan, up 52.69% year-on-year, and the non-recurring profit was 228 million yuan, reflecting a 49.11% increase [5][6]. Summary by Sections Revenue Performance - In Q1 2024, the company achieved a revenue of 2.044 billion yuan, representing a year-on-year growth of 52.69%. The net profit attributable to the parent company was 230 million yuan, with a year-on-year increase of 52.69%, and the non-recurring profit was 228 million yuan, up 49.11% [5][6]. Profitability - The comprehensive gross margin for Q1 2024 reached 25.22%, an increase of 4.44 percentage points year-on-year. The overall expense ratio rose to 11.06%, up 1.11 percentage points year-on-year. The net profit margin improved to 12.64%, reflecting a year-on-year increase of 3.72 percentage points. The operating net cash flow was 90 million yuan, a 137% increase year-on-year [6]. Future Outlook - The company is expected to benefit from multiple growth drivers, including high-voltage main networks, medium and low-voltage distribution networks, and overseas business expansion. The ongoing construction of ultra-high voltage projects is anticipated to sustain revenue growth from high-grade products. The medium and low-voltage distribution network is expected to see significant growth due to the increasing pressure on domestic distribution networks. The overseas market is also projected to grow due to energy transition and infrastructure upgrades [6]. Financial Projections - For 2024, the company is projected to achieve a net profit of approximately 1.1 billion yuan, corresponding to a PE ratio of about 18.8 times. The revenue is expected to grow to 12.961 billion yuan in 2024, with a gross profit of 2.914 billion yuan [10].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7][25] Core Views - The company's performance has shown rapid growth, with Q1 2024 results exceeding market expectations. In 2023, the company achieved a revenue of 11.077 billion yuan, a year-on-year increase of 19.44%, and a net profit attributable to shareholders of 816 million yuan, up 284.47% year-on-year [6][12][24] - The high-voltage segment has seen a year-on-year increase in shipments, with revenue reaching 6.2 billion yuan, a 24% increase. The company has also improved its inventory management, reducing overall inventory by approximately 5.97% compared to the beginning of the period [17][19] - The company has made significant strides in international markets, achieving a revenue of 724 million yuan from international operations, a year-on-year increase of 261.10%. The company has successfully entered the EU high-end market with its medium-voltage ring network cabinet products [21][23] Summary by Sections 1. Main Points - The company has consistently achieved rapid growth in performance, with Q1 2024 results surpassing market expectations. In 2023, the company reported a revenue of 11.077 billion yuan, a 19.44% increase year-on-year, and a net profit of 816 million yuan, up 284.47% year-on-year [6][12] - The high-voltage segment's revenue reached 6.2 billion yuan in 2023, a 24% increase year-on-year, while the distribution network segment saw a slight decline in revenue [17][19] - The company has successfully expanded into international markets, with a significant increase in revenue from overseas operations [21][23] 2. Investment Recommendations - The company is positioned as a leader in high-voltage and medium-voltage equipment, with expected revenues of 13.418 billion yuan, 15.676 billion yuan, and 18.099 billion yuan for 2024, 2025, and 2026, respectively [24][25]

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 11.08 billion yuan in 2023, representing a year-on-year increase of 19.44%, while the net profit attributable to the parent company surged by 284.47% to 816 million yuan [5][7]. - The company is expected to benefit significantly from the accelerated construction of ultra-high voltage projects, with high voltage segment revenue reaching 6.155 billion yuan, up 23.67% year-on-year [6][8]. - The company’s overseas revenue increased by 261.10% to 724 million yuan, indicating a substantial improvement in profitability [8]. Financial Performance Summary - In 2023, the company reported a comprehensive gross margin of 21.38%, an increase of 3.79 percentage points year-on-year [5]. - The company plans to distribute a cash dividend of 2.12 yuan per 10 shares (including tax) [5]. - The company’s operating expenses ratio decreased to 10.88% in 2023, down 1.10 percentage points year-on-year [5]. Future Projections - For 2024, the company is projected to achieve a revenue of 13.088 billion yuan, with a net profit of 1.2 billion yuan, reflecting a year-on-year growth of 47.1% [7][12]. - The expected earnings per share (EPS) for 2024 is 0.88 yuan, with a projected price-to-earnings (P/E) ratio of 25-30 times, leading to a reasonable price range of 22 yuan to 26.4 yuan [8][12]. Market Trends - The ongoing development of flexible, intelligent, and digital transformation in distribution networks is anticipated to drive rapid growth in the company’s distribution business [8]. - The global investment in power grids is expected to exceed 600 billion USD by 2030, which will likely enhance the company’s international market presence [8].

一、中标公告内容 项目为"国家电网有限公司 2024 年第十六批采购（输变电项目第二次变电设 备（含电缆）招标采购）"，本次共计中标 28 个包，金额合计 7.90 亿元，产品 为组合电器、断路器、隔离开关、避雷器、开关柜、互感器。公司及子公司河南 平芝高压开关有限公司（以下简称"平芝公司"）、上海平高天灵开关有限公司 （以下简称"上海平高"）、天津平高智能电气有限公司（以下简称"天津平高"）、 河南平高通用电气有限公司（以下简称"通用电气"），合营公司平高东芝(廊坊) 避雷器有限公司（以下简称"平高东芝（廊坊）"）中标金额分别为 45,904 万元、 17,450 万元、5,768 万元、4,242 万元、2,676 万元、2,983 万元。 项目为"国家电网有限公司 2024 年第十七批采购（输变电项目第二次变电设 备单一来源采购）"，本次共计中标 20 个包，金额合计 2,792 万元，产品为组合 电器和开关柜。公司及子公司平芝公司、上海平高、天津平高、通用电气中标金 额分别为 2,088 万元、188 万元、456 万元、34 万元、26 万元。 项目为"国家电网有限公司 2024 年第十八批采购（输 ...