%% %% 丨证券研究报告丨 公司研究丨点评报告丨平高电气（600312.SH） [Table_Title] 24Q3 业绩延续高增，毛利率进一步提升 | --- | --- | |-----------------------------|-------| | | | | 亿元，同比增长 5.88% ，归 | | 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BUD284 请阅读最后评级说明和重要声明 资料来源：Wind 相关研究 09-09 长》2024-05-19 平高电气（600312.SH） cjzqdt11111 2024-11-14 [Table_Title2] 24Q3 业绩延续高增，毛利率进一步提升 公司研究丨点评报告 [Table_Summary2] 事件描述 公司发布 2024 年三季度报告，前三季度公司实现营业收入 78.85 亿元，同比增长 5.88%，归 母净利润 8.57 ...

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 年第七十二批采购（输变电项目第五次变电设备（含电 缆）招标采购）中标公告""国家电网有限公司 2024 年第六十一批采购(特高压 项目第五次设备招标采购)中标公告""国家电网有限公司 2024 年第七十三批采 购（输变电项目第五次变电设备单一来源采购）成交公告""国家电网有限公司 2024 年新增第二十四批采购(输变电项目新增第二次变电设备招标采购)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 19.59 亿元，占 2023 年营业收入的 17.68%。 一、中标公告内容 股票代码：600312 股票简称：平高电气 公告编号：2024—042 项目为"国家电网有限公司 2024 年新增第二十四批采购(输变电项目新增第 二次变电设备招标采购)"，本次公司共计中标 1 个包 ...

平高电气2024 年第三季度业绩说明会召开实况 召开时间：2024 年 10 月 29 日 10：00-11:00 召开方式：网络互动 召 开 地点： 上海证券交易所路演中心（网址： http://roadshow.sseinfo.com） 参与人员：董事长孙继强，董事、总经理张国跃，独立董事 吕文栋、孙丽、何平林，总会计师、总法律顾问李亚军，董 事会秘书刘湘意 本次业绩说明会期间，共收到投资者现场提问 8 个，回 复 8 个，具体如下： 3. 请问如何看四季度和明年国内外输变电设备招标趋 势？公司今年前三季度国内招投标的市占率有多少提升？ 谢谢。 回复：尊敬的投资者您好！随着新型电力系统建设的深 入实施，预测 2024 年四季度和 2025 年将延续往年的输变电 设备招标趋势，2024 年前三季度公司坚持以客户需求为导向， 持续为客户创造价值，前三季度国内市场占有率稳中有升。 感谢您的关注！ 4. 请问公司到现在为止在手订单总金额有多少？是否 可以预计今年的营收目标是否可以达成？可否预计明年全 年的营收目标是多少亿？ 回复：尊敬的投资者您好，截止 3 季度末，公司在手订 单超 160 亿元，在手订单充沛。公 ...

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The company's revenue structure continues to improve, with a significant increase in performance. For the first three quarters of 2024, the company achieved a revenue of 7.885 billion yuan, a year-on-year increase of 5.9%, and a net profit attributable to shareholders of 857 million yuan, a year-on-year increase of 55.1% [3][4] - The company has seen a notable increase in high-value product deliveries, contributing to a substantial rise in net profit. The gross margin for Q3 2024 was 25.6%, up 4.2 percentage points year-on-year [3] - The company has a significant backlog of orders, indicating that annual performance is expected to continue to grow. The total investment in the national grid is projected to exceed 600 billion yuan in 2024, with ongoing projects expected to drive further growth [3][4] Financial Performance Summary - For Q3 2024, the company reported a revenue of 2.843 billion yuan, a year-on-year increase of 8.4%, and a net profit of 323 million yuan, a year-on-year increase of 47.7% [3] - The company’s gross margin for Q3 2024 was 25.6%, with a net profit margin of 12.19%, reflecting improvements in operational efficiency [3] - The company’s expense ratio for the first three quarters of 2024 was 10.5%, an increase of 1 percentage point year-on-year, but a decrease of 0.34 percentage points compared to the full year of 2023 [3] Order and Market Outlook - The company has seen a significant increase in pending orders, with expectations for continued high growth in annual performance. The backlog of orders is supported by ongoing national grid investments and upcoming project bids [3] - Major projects such as the Datong-Tianjin South and Gansu-Zhejiang are expected to enhance investment in the grid, with the National Grid announcing plans for substantial investment in 2024 [3] - The company is focusing on the development of distribution networks and international business, successfully expanding its market presence in over 70 countries [3]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][3] Core Views - The company, Pinggao Electric (600312), has demonstrated rapid growth in performance and is expected to benefit from the high prosperity of domestic power grid construction [2][3] - In Q3 2024, the company achieved a revenue of 7.9 billion yuan, a year-on-year increase of 6%, and a net profit attributable to shareholders of 860 million yuan, a year-on-year increase of 55% [3] - The company's profitability has significantly improved, with a gross profit margin of 24.3%, up 4.3 percentage points year-on-year, and a net profit margin of 11.7%, up 3.3 percentage points year-on-year [3] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 7.9 billion yuan, a year-on-year increase of 6%, and a net profit of 860 million yuan, a year-on-year increase of 55% [3] - In Q3 2024, the revenue was 2.84 billion yuan, a quarter-on-quarter decrease of 5% but a year-on-year increase of 8% [3] - The net profit for Q3 2024 was 320 million yuan, a quarter-on-quarter increase of 6% and a year-on-year increase of 48% [3] Market Outlook - The domestic power grid construction remains highly prosperous, with a reported investment of 398.2 billion yuan in the first three quarters of 2024, a year-on-year increase of 21.1% [3] - The company is positioned as a major supplier of power grid equipment and is expected to continue benefiting from the sustained high prosperity of the power grid sector [3] Earnings Forecast - The company is projected to achieve revenues of 12.3 billion yuan, 14 billion yuan, and 15.8 billion yuan for 2024, 2025, and 2026 respectively, with year-on-year growth rates of 11%, 13%, and 13% [3] - The net profit attributable to shareholders is expected to be 1.22 billion yuan, 1.5 billion yuan, and 1.74 billion yuan for the same years, with year-on-year growth rates of 49%, 23%, and 16% respectively [3]

证券研究报告 | 2024年10月26日 平高电气（600312.SH） 优于大市 业绩快速增长，主网、配网与发电共同提供成长持续性 前三季度净利润同比+55%，出货结构优化大幅提高毛利率。前三季度公司实 现营收 78.85 亿元，同比+5.88%；归母净利润 8.57 亿元，同比+55.13%；扣 非净利润 8.48 亿元，同比+54.91%。前三季度毛利率 24.27%，同比+4.29pct； 净利率 11.69%，同比+3.33pct；公司毛利率大幅提升主要系 1000/750kV 高 电压等级 GIS 出货占比提升引起。 三季度业绩环比大幅提升，毛利率环比提升。三季度公司实现营收 28.43 亿， 同比+8.42%，环比-5.18%；归母净利润 3.23 亿，同比+47.72%，环比+6.49%； 扣非净利润 3.16 亿元，同比+46.45%，环比+3.85%。三季度公司销售毛利率 25.58%，同比+4.17pct，环比+3.21pct；净利率 12.19%，同比+3.06pct，环 比+1.62pct。 主网需求持续性无虞，"十五五"特高压交流需求有望提升。2024 年 4 月， 国家电网公司陆 ...

我们非常高兴的邀请到了频道电器的董秘和刘总来跟大家沟通一下公司三季度的情况公司也是在昨天晚上发布了完整的三季报之前也是做过业绩预告整体来讲还是符合预期整体的公司表现还是非常出色的在三季度也实现了接近50%左右的增长 整体来看的话我们还是觉得后续无论是从行业基本面来看还是公司的订单和业绩来看都是非常有保障的那么今天会议主要分为两个部分第一部分我们先请刘总来介绍一下公司三季度以及近期的一些基本面情况等刘总介绍完毕之后我们安排提问的环节好的那刘总我现在先把时间交给您那您可以开始谢谢 大家好这边也感谢服务员现在我是屏高电气董秘宾相议现在由我来介绍一下三级报的三级报的情况屏高电气三级报的情况这边有几个外呼还估计还没有呼到这边就慢一点有可能时间的一个问题我现在开始说一下 前三季度昨天晚上我们也是发布了评高均气也是发布了相应的业绩情况前三季度公司实现收入是78.85亿从期增长了4.38亿增幅是5.9%将近6 实现规模性利润8.57亿元较从期增加了3.05亿元增幅是55.24%就是从整个一至九月份的情况来看公司的整体的增幅是55.24%刚才朱岳说的主要是单季的这一部分我再来说一下从单季来看公司实现收入是28.43 小同期增长 ...

Investment Rating - The investment rating for Pinggao Electric (600312.SH) is maintained at "Buy" [2][3]. Core Views - The company reported a strong performance in Q3 2024, with revenue of 28.43 billion yuan, a year-on-year increase of 8.4%, and a net profit of 3.23 billion yuan, up 47.7% year-on-year [2][3]. - The company continues to enhance its profitability, with gross and net profit margins improving to 24.3% and 11.7%, respectively, during the first three quarters of 2024 [3]. - The ongoing high demand for ultra-high voltage products and supportive policies for distribution network development are expected to drive future growth [4]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 78.85 billion yuan, representing a 5.9% year-on-year growth, and a net profit of 8.57 billion yuan, which is a 55.1% increase year-on-year [2]. - The earnings per share (EPS) for 2024-2026 are projected to be 0.86, 1.16, and 1.28 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 22.0, 16.4, and 14.9 [2]. Product Development - The company has successfully delivered high-value ultra-high voltage products, with significant improvements in quality and efficiency due to lean management practices [3]. - Notable product developments include the world's first ±408 kV DC converter switch and a 550 kV tank-type filter group circuit breaker [3]. Market Outlook - The investment in power grid projects reached 398.2 billion yuan in the first nine months of 2024, a 21.1% increase year-on-year, indicating a robust market environment [4]. - The National Energy Administration has introduced policies to accelerate the development of distribution networks, which is expected to further enhance market opportunities for the company [4].

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 平高电气（600312）公司季报点评 2024 年 10 月 22 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |---------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 21 日收盘价（元） ] | 19.57 | | 52 周股价波动（元） | 10.22-22.90 | | 总股本 / 流通 A 股（百万股） | 1357/1357 | | 总市值 / 流通市值（百万元） | 26555/26555 | | 相关研究 | | | [Table_ReportInfo] 《前三季度业绩快速增长，深度受益特高压及 | | | 主网建设持续推进》 2024.10.15 | | | 《盈利能力稳步提升，有望深度受益特高压及 | | | 主网建设持续推进》 2024.09.06 | | | 《一季度业绩快速增长，有望深 ...

证券研究报告·公司点评报告·电网设备 平高电气（600312） 超/特高压订单陆续交付，业绩符合市场预期 2024 年 10 月 22 日 买入（维持） | --- | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|-------|----------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 9274 | 11077 | | 12627 | 14812 | 16305 | | 同比（ % ） | 0.01 | 19.44 | | 13.99 | 17.30 | 10.08 | | 归母净利润（百万元） | 212.17 | 815.71 | | 1,262.98 | 1,636.69 | 1,939.91 | | 同比（ % ） | 199.78 | 284.47 | | 54.83 | 29.59 | 18.53 | ...