中化新网讯 近日，由平高电气（600312）联合中国电科院、国网安徽电力等自主研制的世界首台550千 伏全氟异丁腈环保气体绝缘金属封闭输电管道(GIL)在安徽安庆500千伏荣升变电站工程成功投运。 据悉，该项目温室效应较六氟化硫下降97%，且实现与常规550千伏六氟化硫气体绝缘输电线路"同尺 寸、同参数、同性能"，兼容六氟化硫及六氟化硫/氮气混合气体，对存量电站换气改造及新建电站建设 提供优质方案，推动了我国电网输变电设备环保化升级迈向更高水平。 该项目采用福建省三明市海斯福化工有限责任公司全氟异丁腈环保气体与二氧化碳混合后作为输电线路 设备的绝缘介质，由平高电气联合中国电科院、国网安徽电力等单位协同攻关，成功攻克了基于全氟异 丁腈环保气体的输电线路设备绝缘、升温等核心技术，研制出550千伏全氟异丁腈环保气体GIL设备。 2024年11月，生态环境部公开了第11批新化学物质环境管理常规登记证审批结果，海斯福公司获得全氟 异丁腈的常规登记证批准。 ...

Summary of Conference Call Records Industry Overview: Power Equipment Key Points on Domestic and International Demand - The acceleration of ultra-high voltage (UHV) project approvals is expected, with multiple AC lines approved in the second half of the year, significantly higher than the first half. The total investment for the Shaanxi to Henan and Nanjing to Sichuan projects exceeds 30 billion yuan [1] - The investment budget for distribution networks is projected to grow by approximately 5% in 2025, focusing on smart technology, replacement of old equipment, and energy-saving renovations. Investment in grid intelligence is expected to increase by 60% year-on-year [1][5] - The European power market is seeing substantial investment in grid upgrades, with the EU planning to invest 584 billion euros by 2030, with one-third for transmission and two-thirds for distribution [1][7] Core Insights and Arguments - The approval of UHV projects is expected to increase from 2-3 AC lines in 2024 to 4-5 in 2025, indicating a significant growth trajectory [4] - The regional joint procurement in the distribution network sector has pressured the gross margins of leading companies by about 10 percentage points, but it has also increased market share for companies like XJ Electric, Samsung Medical, and Oriental Electronics [5] - The demand for low-voltage transformers and UHV equipment in Europe is rising, with Chinese manufacturers having advantages in conversion efficiency and power density [8] Company-Specific Developments - **Pinggao Electric**: New order growth of approximately 15% in the first half of 2025, with a significant increase in UHV GIS delivery expected from 2026 [11] - **China XD Electric**: Improved gross margins through cost management, with a projected delivery of 30-40 billion yuan in UHV projects for the year [12] - **XJ Electric**: Anticipates a significant increase in delivery volume for UHV products in 2026, with current orders exceeding 3 billion yuan [13] - **Siyuan Electric**: Actively expanding in the North American data center market, with a projected net profit growth of about 30% for 2025 [15] - **Samsung Medical**: Achieved a 124% year-on-year increase in overseas distribution network orders, with a projected net profit growth of 10-15% [16] - **Huaming Equipment**: European market contributes 50% of overseas revenue, with a projected net profit growth of about 15% [17] - **Guodian NARI**: Strong performance in the low-carbon energy sector, with expected revenue growth of 14-15% [18] - **Sifang Co.**: Domestic business exceeded expectations, with a 15% growth in main network orders [19] Other Important Insights - The focus on smart grid investments is expected to reshape the competitive landscape in the distribution network sector, benefiting leading companies in the medium term [5] - The North American market is experiencing tight supply for transformers and switches, creating significant opportunities for domestic companies [9] - The overall trend in the power equipment industry indicates a shift towards intelligent and sustainable solutions, aligning with global energy transition goals [10]

Company Overview - Pinggao Electric Co., Ltd. is located in Pingdingshan, Henan Province, established on July 12, 1999, and listed on February 21, 2001 [2] - The company specializes in the research, design, manufacturing, sales, installation, testing, maintenance, and service of power transmission and distribution equipment and its core components [2] - Core business includes the development and manufacturing of medium, high, ultra-high, and extra-high voltage AC and DC switchgear [2] Financial Performance - For the first half of 2025, Pinggao Electric achieved operating revenue of 5.696 billion yuan, a year-on-year increase of 12.96% [2] - The net profit attributable to shareholders was 666.5 million yuan, representing a year-on-year growth of 24.59% [2] - Cumulative cash dividends since the A-share listing amount to 3.533 billion yuan, with 754 million yuan distributed in the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders increased to 63,700, up by 35.72% from the previous period [2] - The average circulating shares per person decreased by 26.32% to 21,315 shares [2] - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 82.9833 million shares, a decrease of 78.7281 million shares from the previous period [3] Market Performance - On September 3, Pinggao Electric's stock price fell by 2.00%, trading at 15.18 yuan per share, with a total market capitalization of 20.598 billion yuan [1] - Year-to-date, the stock price has declined by 20.31%, with a 5-day drop of 5.42%, a 20-day drop of 4.65%, and a 60-day drop of 1.58% [1] - The net outflow of main funds was 37.0492 million yuan, with large orders showing a buy of 45.3344 million yuan and a sell of 66.7972 million yuan [1]

25H1 利润率维持高位，Q2 略有波动。公司25 年H1 毛利率24.72%（同比+1.2pcts），费用率9.98%（同 比+0.55pcts），净利率12.6%（同比+1.19pcts）。 公司2025H1 营业收入、归母净利润、扣非净利润56.96、6.65、6.61 亿元，同比增长12.96%、24.59%、 24.24%。2025 年Q2 实现营业收入、归母净利润、扣非净利润31.85、3.06、3.05 亿元，同比增长 6.23%、0.88%、0.33%。 25Q2 业绩稳步增长。公司2025 年H1 营业收入、归母净利润、扣非净利润56.96、6.65、6.61 亿元，同 比增长12.96%、24.59%、24.24%。2025 年Q2 实现营业收入、归上净利润、扣非净利润31.85、3.06、 3.05 亿元，同比增长6.23%、0.88%、0.33%。 公司H1 收入结构改善，高压产品占比达78%，特高压、超高压占比提升，毛利率持续改善。25Q2 毛利 率21.56%（同比-0.81pcts），费用率9.41%（同比+0.65pcts），净利率10.4%（同比-0.17pcts）。Q2 利 ...

Group 1 - Insurance capital has been actively investing in A-share companies, with 368 companies appearing in the top ten circulating shareholders list by the end of Q2 [1][3] - China Life Insurance increased its holdings in CITIC Bank and China Telecom by 259 million shares and 205 million shares respectively, and also added over 150 million shares in China State Construction [1][3] - The insurance sector's investment strategy focuses on long-term value, emphasizing factors such as long-term competitiveness, sustainable profitability, and shareholder return capabilities [3][4] Group 2 - The total stock balance of life and property insurance companies reached 3.07 trillion yuan by the end of Q2, with a net increase of 640.6 billion yuan in the first half of the year [4] - The net increase in Q2 alone was 251.3 billion yuan, marking a record high with an 8.8% increase [4] - The acceleration of insurance capital entering the market is driven by favorable policies and the internal demand for long-term investments amid low interest rates and an "asset shortage" environment [4]

Performance - The company reported a revenue of 5.696 billion yuan for H1 2025, representing a year-on-year growth of 12.96% [1] - The net profit attributable to shareholders for H1 2025 was 666 million yuan, an increase of 24.59% year-on-year, while the net profit excluding non-recurring items was 661 million yuan, up 24.24% year-on-year [1] - In Q2 2025, the company achieved a revenue of 3.185 billion yuan, with a year-on-year growth of 6.23%, and a net profit attributable to shareholders of 306 million yuan, reflecting a growth of 0.88% year-on-year [1] - The high-voltage segment maintained a stable revenue share, with overall gross margin improving to 24.72%, an increase of 1.19 percentage points year-on-year [1] Segment Performance - Revenue from the high-voltage segment reached 3.264 billion yuan, growing by 7.58% year-on-year, with a gross margin of 29.79%, up by 2.20 percentage points [1] - The distribution network segment generated 1.596 billion yuan in revenue, increasing by 14.57% year-on-year, with a gross margin of 15.32%, down by 0.53 percentage points [1] - The international segment saw significant growth, with revenue of 167 million yuan, up 288.37% year-on-year, and a gross margin of 9.68%, an increase of 63.64 percentage points [1] - The operation and maintenance segment contributed 634 million yuan in revenue, growing by 20.08% year-on-year, with a gross margin of 24.32%, down by 1.26 percentage points [1] Investment Outlook - Given the acceleration in ultra-high voltage and main network construction, the company is positioned as a leading player in the ultra-high voltage sector, with expected continuous growth in performance [2] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 1.395 billion yuan, 1.618 billion yuan, and 1.844 billion yuan, respectively, corresponding to PE ratios of 15, 13, and 12 times [2]

Investment Rating - The report maintains a "Recommended" rating for the company [5] Core Views - The company achieved a revenue of 5.696 billion yuan in H1 2025, representing a year-on-year increase of 12.96%, and a net profit attributable to shareholders of 666 million yuan, up 24.59% year-on-year [1] - The gross margin improved to 24.72% in H1 2025, an increase of 2.36 percentage points compared to 2024, while the net margin rose to 12.60%, up 3.58 percentage points year-on-year [1] - The international subsidiary significantly reduced its losses, with a loss of 15.03 million yuan in H1 2025, down from a loss of 163 million yuan in 2024 [1] - The company’s inventory and contract assets increased significantly, reaching 2.24 billion yuan and 480 million yuan respectively, with year-on-year growth of 21.43% and 46.20% [3] Revenue and Profit Forecast - The company is expected to achieve revenues of 13.823 billion yuan, 15.458 billion yuan, and 17.176 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 11.5%, 11.8%, and 11.1% [3][4] - The net profit attributable to shareholders is projected to be 1.359 billion yuan, 1.624 billion yuan, and 1.891 billion yuan for the same years, with growth rates of 32.8%, 19.5%, and 16.4% [3][4] Business Segment Performance - The high-voltage segment generated revenue of 2.291 billion yuan in H1 2025, a year-on-year increase of 4.3%, while the medium and low-voltage segment saw revenue of 1.352 billion yuan, up 15.33% [2] - The international business segment achieved a remarkable revenue growth of 125.58%, reaching 151 million yuan [2] - The operation and maintenance service segment reported revenue of 480 million yuan, reflecting a year-on-year growth of 22.12% [2] Market Position and Strategy - The company is actively enhancing its market marketing and transformation in the high-voltage core segment, with significant growth in bidding amounts for the power grid market [2] - The company has secured multiple contracts with major state-owned enterprises and has made inroads into international markets, including winning a contract for high-voltage mobile transformers in Saudi Arabia [2]

Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating robust operational efficiency and market demand [1][2][4]. Revenue Summary - In the first half of 2025, the company achieved revenue of 5.7 billion yuan, a year-on-year increase of 13.0% [1]. - The high voltage segment generated revenue of 3.264 billion yuan, up 7.6% year-on-year; the medium and low voltage and distribution network segment brought in 1.596 billion yuan, up 14.6%; the operation and maintenance services and other revenues totaled 634 million yuan, up 20.1%; and international business revenue reached 167 million yuan, a remarkable increase of 284.5% [2]. Profitability Summary - The net profit attributable to shareholders for the first half of 2025 was 660 million yuan, reflecting a year-on-year growth of 24.6% [1]. - The gross margin for the first half of 2025 was 24.72%, an increase of 1.35 percentage points year-on-year; however, the gross margin for Q2 2025 was 21.56%, showing a decline of 0.55 percentage points year-on-year and 7.18 percentage points quarter-on-quarter [2]. Cost and Expense Summary - The total expense ratio for the first half of 2025 was 9.98%, an increase of 0.71 percentage points year-on-year, with R&D expenses rising significantly [3][4]. - In Q2 2025, the total expense ratio was 9.41%, up 0.91 percentage points year-on-year [3]. Inventory and Future Outlook - As of the end of Q2 2025, inventory stood at 2.24 billion yuan, a year-on-year increase of 21.1% and a quarter-on-quarter increase of 7.6% [4]. - Contract liabilities reached 1.715 billion yuan, up 40.0% year-on-year and 28.5% quarter-on-quarter, indicating strong growth potential [4]. - The ongoing development of ultra-high voltage projects and the Yashan hydropower project is expected to provide continuous growth for the company, with a projected net profit of 1.34 billion yuan for 2025, corresponding to a PE ratio of approximately 16 times [4].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 5.7 billion yuan for the first half of 2025, representing a year-on-year increase of 13.0%. The net profit attributable to shareholders was 660 million yuan, up 24.6% year-on-year [3][4]. - In Q2 2025, the company achieved a revenue of 3.19 billion yuan, which is a 6.2% increase year-on-year and a 26.9% increase quarter-on-quarter. The net profit for the same quarter was 310 million yuan, reflecting a year-on-year increase of 0.9% but a quarter-on-quarter decrease of 14.5% [3][4]. - The company's gross margin for the first half of 2025 reached 24.72%, an increase of 1.35 percentage points year-on-year. However, the gross margin for Q2 2025 was 21.56%, showing a slight decline compared to the previous year [7]. Revenue Analysis - The high-voltage segment generated 3.264 billion yuan in revenue, a year-on-year increase of 7.6%. The medium and low-voltage segment and distribution network segment generated 1.596 billion yuan, up 14.6% year-on-year. The operation and maintenance services and other revenues reached 634 million yuan, increasing by 20.1% year-on-year. The international business segment saw a significant increase in revenue of 167 million yuan, up 284.5% year-on-year [7]. Cost and Margin Analysis - The company's gross margin improvement is attributed to cost reduction and efficiency enhancement initiatives. The gross margin for the high-voltage segment was 29.79%, up 2.20 percentage points year-on-year, while the medium and low-voltage segment's gross margin was 15.32%, down 0.53 percentage points year-on-year [7]. Expense Analysis - The total expense ratio for the first half of 2025 was 9.98%, an increase of 0.71 percentage points year-on-year. The sales expense ratio was 3.59%, down 0.18 percentage points, while the management expense ratio was 2.69%, down 0.15 percentage points. The R&D expense ratio increased to 4.20%, up 1.00 percentage points year-on-year [7]. Inventory and Contract Liabilities - As of the end of Q2 2025, the company's inventory was 2.24 billion yuan, a year-on-year increase of 21.1% and a quarter-on-quarter increase of 7.6%. Contract liabilities reached 1.715 billion yuan, up 40.0% year-on-year and 28.5% quarter-on-quarter, indicating strong growth potential [7]. Future Outlook - The ongoing promotion of ultra-high voltage projects and the Yashan hydropower project are expected to provide continuous incremental growth for the company. The projected net profit attributable to shareholders for 2025 is estimated to reach 1.34 billion yuan, corresponding to a PE ratio of approximately 16 times [7].

Core Insights - The stock price of Pinggao Electric (600312) closed at 16.27 yuan on August 25, 2025, with an increase of 0.74% and a trading volume of 373,600 shares, amounting to a transaction value of 607 million yuan [1] - The company reported a total revenue of 5.696 billion yuan for the first half of 2025, representing a year-on-year growth of 12.96%, and a net profit attributable to shareholders of 666 million yuan, up 24.59% year-on-year [1] Financial Performance - Total revenue for the first half of 2025: 5.696 billion yuan, a 12.96% increase year-on-year [1] - Net profit attributable to shareholders: 666 million yuan, a 24.59% increase year-on-year [1] - Non-recurring net profit: 661 million yuan, a 24.24% increase year-on-year [1] - Current ratio: 1.588, Quick ratio: 1.381, Debt-to-asset ratio: 49.02% [1] Company Background - Pinggao Electric Co., Ltd. was established in 1999 and is located in Pingdingshan City, primarily engaged in the manufacturing of electrical machinery and equipment [2] - The company has a registered capital of 1.356921309 billion yuan and the same amount in paid-in capital [1] - The legal representative of the company is Sun Jiqiang [1] Investment and Intellectual Property - The company has made investments in 17 enterprises and participated in 5,000 bidding projects [2] - It holds 2 trademark registrations and 1,951 patents, along with 229 administrative licenses [2]