关于公司在西电集团财务有限责任公司 开展金融服务业务的风险评估报告 根据《上市公司监管指引第 8 号——上市公司资金往来、 对外担保的监管要求》《关于规范上市公司与企业集团财务 公司业务往来的通知》《上海证券交易所上市公司自律监管 指引第 5 号——交易与关联交易》等规则要求，河南平高电 气股份有限公司（以下简称"平高电气"或"公司"）通过 查验西电集团财务有限责任公司（以下简称"财务公司"）《金 融许可证》《企业法人营业执照》等证件资料，取得并审阅 财务公司的年度财务报告（经审计）及风险指标等，对财务 公司的经营资质、业务和风险状况进行了评估，具体情况报 告如下： 一、财务公司基本情况 西电集团财务有限责任公司是经国家金融监督管理总 局批准设立，由中国电气装备集团有限公司（持股 41%）、中 国西电电气股份有限公司（持股 40%）、许继电气股份有限公 司（持股 5.99%），河南平高电气股份有限公司（持股 5.99%）， 山东电工电气集团有限公司（持股 5.98%），中国西电集团有 限公司（持股 1.04%）出资的一家非银行金融机构。 注册资本金：36.55 亿元 企业类型：有限责任公司 金融许可证机构编码 ...

Financial Performance - The company's operating revenue for Q1 2024 was CNY 2,043,849,135.84, representing a year-on-year increase of 4.47%[4] - The net profit attributable to shareholders for Q1 2024 was CNY 229,834,284.13, reflecting a significant increase of 52.69% compared to the same period last year[4] - Basic earnings per share for Q1 2024 were CNY 0.1694, up by 52.75% from the previous year[4] - The net profit for Q1 2024 was CNY 258,442,957.54, an increase of 48.2% compared to CNY 174,443,194.96 in Q1 2023[21] - The total operating revenue for Q1 2024 was CNY 2,386,302,441.11, up from CNY 1,735,144,491.62 in Q1 2023, reflecting a growth of 37.5%[24] - The operating profit for Q1 2024 was CNY 302,793,058.97, compared to CNY 214,896,853.27 in Q1 2023, marking a growth of 40.8%[21] - The total comprehensive income for Q1 2024 was CNY 261,759,975.68, compared to CNY 180,777,219.91 in Q1 2023, indicating a growth of 45%[22] Cash Flow - The net cash flow from operating activities reached CNY 89,944,043.01, showing a remarkable increase of 138.37% year-on-year[4] - Cash flow from operating activities for Q1 2024 was CNY 89,944,043.01, significantly higher than CNY 37,732,757.59 in Q1 2023[24] - In Q1 2024, the net cash flow from investing activities was $1,176,928.72, a significant improvement from -$62,516,264.70 in Q1 2023[25] - The total cash outflow from financing activities decreased to $48,755,262.45 in Q1 2024 from $71,863,654.45 in Q1 2023[25] - The net increase in cash and cash equivalents for Q1 2024 was $46,067,007.82, contrasting with a decrease of -$72,889,294.94 in Q1 2023[25] - The cash outflow for debt repayment in Q1 2024 was $46,015,609.05, down from $67,207,643.55 in Q1 2023[25] - The total cash flow from financing activities resulted in a net cash flow of -$45,745,973.97 in Q1 2024, slightly improved from -$47,916,476.45 in Q1 2023[25] Assets and Liabilities - Total assets at the end of Q1 2024 amounted to CNY 20,413,041,890.35, an increase of 1.26% from the end of the previous year[6] - Total liabilities decreased slightly to ¥9,655,963,279.71 from ¥9,669,809,863.12, a reduction of 0.14%[18] - The company's equity attributable to shareholders increased to ¥10,264,483,740.88, reflecting a growth of 2.38%[18] - Cash and cash equivalents as of March 31, 2024, amounted to ¥5,074,541,131.47, up from ¥5,001,468,338.34 as of December 31, 2023, reflecting a growth of 1.46%[15] - Accounts receivable increased to ¥6,700,818,422.99 from ¥6,475,202,986.21, representing a rise of 3.48%[15] - Inventory as of March 31, 2024, was ¥1,923,912,040.93, compared to ¥1,426,172,007.76 at the end of 2023, indicating a significant increase of 34.93%[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 43,801, with the largest shareholder holding 41.42% of the shares[10] - The equity attributable to shareholders increased to CNY 10,264,483,740.88, marking a growth of 2.38% compared to the end of the last year[6] Expenses and Income - Research and development expenses increased to CNY 72,984,503.97 in Q1 2024, a rise of 40.6% from CNY 51,886,184.55 in Q1 2023[21] - The company reported a tax expense of CNY 46,404,141.06 for Q1 2024, up from CNY 36,875,189.12 in Q1 2023, reflecting a 25.5% increase[21] - Sales expenses for Q1 2024 were CNY 87,555,084.59, an increase of 11.0% from CNY 78,500,905.47 in Q1 2023[21] - The investment income for Q1 2024 was CNY 7,769,360.77, up from CNY 4,726,911.48 in Q1 2023, showing a growth of 64.4%[21] Other Information - The company reported non-recurring gains of CNY 2,211,784.08 for the period, primarily from government subsidies and other income[7] - The increase in net profit was mainly driven by revenue from key projects and significant improvements in operational efficiency[8] - The company did not apply new accounting standards or interpretations starting in 2024[25]

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 ...

第二条 对关联方金融业务风险的应急处置应遵循以下 原则办理： 关于公司在西电集团财务有限责任公司 开展金融服务业务的风险处置预案 为有效防范、及时控制和化解河南平高电气股份有限公 司（以下简称"平高电气"或"公司"）在西电集团财务有 限责任公司（以下简称"财务公司"）之间开展金融业务的 风险（以下简称"关联方金融业务风险"），维护资金安全， 根据《上市公司监管指引第 8 号—上市公司资金往来、对外 担保的监管要求》《关于规范上市公司与企业集团财务公司 业务往来的通知》《上海证券交易所上市公司自律监管指引 第 5 号—交易与关联交易》等有关规定，特制定本风险处置 预案（以下简称"本预案"）。 第一章 组织机构及职责 第一条 成立关联方金融业务风险预防处置领导小组， 由公司董事长任组长，领导小组成员包括公司总经理、财务 负责人、董事会秘书、财务部门负责人等，领导小组组长为 领导小组风险预防处置第一责任人。领导小组负责组织开展 对关联方金融业务风险的防范和处置工作，对关联方金融业 务风险，任何单位、个人不得隐瞒、缓报、谎报或者授意他 人隐瞒、缓报、谎报。 （一）统一领导，分级负责。关联方金融业务风险的应 急处置工作 ...

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 ...