股票代码：600312 股票简称：平高电气 公告编号：2024—049 河南平高电气股份有限公司 关于会计政策变更的公告 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： ● 本次会计政策变更是河南平高电气股份有限公司（以下简称"公司"）根 据财政部发布的相关企业会计准则解释进行的相应变更，无需公司董事会、监事 会和股东大会审议。 ● 本次会计政策变更不会对公司财务状况、经营成果和现金流量产生重大影 响，也不存在损害公司及股东利益的情况。 一、会计政策变更情况概述 1、会计政策变更的原因 部前期发布的《企业会计准则——基本准则》和各项具体企业会计准则、企业会 计准则应用指南、企业会计准则解释公告及其他相关规定。 2024 年 3 月，财政部编写并发行了《企业会计准则应用指南汇编 2024》，明 确了关于保证类质保费用的列报规定。企业保证类质量保证费用应计入"主营业 务成本"、"其他业务成本"等科目。由于上述变化，公司对原会计政策进行相 应变更，将保证类质量保证费用，从"销售费用"项目调整至"营业成本"项目 列报。 ...

重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 证券代码：600312 证券简称：平高电气 公告编号：2024-048 河南平高电气股份有限公司 关于召开 2024 年第三次临时股东大会的通知 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。 2024 年第三次临时股东大会 召开的日期时间：2024 年 12 月 26 日 14 点 30 分 召开地点：河南平高电气股份有限公司本部 (五) 网络投票的系统、起止日期和投票时间。 股东大会召开日期：2024年12月26日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 12 月 26 日 至 2024 年 12 月 26 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开 ...

股票代码：600312 股票简称：平高电气 公告编号：2024—046 河南平高电气股份有限公司 关于 2024 年第三季度利润分配方案的公告 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 ● 每 10 股分配比例：每 10 股派发现金红利 0.84 元（含税）。 ● 本次利润分配以实施权益分派股权登记日登记的总股本为基数，具体日 期将在权益分派实施公告中明确。 ● 在实施权益分派的股权登记日前公司总股本发生变动的，拟维持分配总额 不变，相应调整每股分配比例，并将在相关公告中披露。 ● 公司 2024 年第三季度利润分配方案尚需提交股东大会审议批准。 一、利润分配方案内容 河南平高电气股份有限公司（以下简称"公司"）2024 年第三季度归属于上 市公司股东的净利润为 323,434,449.57 元，截至 2024 年 9 月 30 日，公司合并报 表期末 未分配 利 润 为 3,534,937,724.06 元，母公司 未 分配利润为 3,061,864,512.12 元。以上数据未经审计。 如在本公告披露之 ...

股票代码：600312 股票简称：平高电气 编号：临 2024-047 河南平高电气股份有限公司 2025 年度日常关联交易预计公告 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。 ●本次日常关联交易事项尚需提交公司股东大会审议。 ●公司与关联方发生的日常关联交易是公司正常生产经营所需要，公司与关 联方的交易是在平等、互利基础上进行的，定价原则合理、公允，不会形成公司 对关联人的依赖，不会影响公司的独立性，公司按照相关法律法规规定履行审批 程序，不存在损害本公司和股东利益的情形。 一、日常关联交易基本情况 （一）日常关联交易履行的审议程序 1、董事会审议情况 2024 年 12 月 9 日，河南平高电气股份有限公司（以下简称"公司"）召开 第九届董事会第十一次临时会议，审议通过了《关于预计公司 2025 年度日常关 联交易的议案》，关联董事孙继强、张国跃、徐光辉、赵建宾、樊占峰、刘克民 回避表决，其他三位非关联董事吕文栋、孙丽、何平林以 3 票同意，0 票反对,0 票弃权审议通过了该议案。 2、监事会审议情况 2024 年 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is a leading enterprise in high-voltage switchgear, benefiting from accelerated ultra-high voltage construction and significant overseas market expansion, which is expected to drive continuous growth in performance [3][4] - The company reported a net profit attributable to shareholders of 8.57 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 55.13% [3] - The gross margin for Q3 2024 improved to 25.58%, up 3.21 percentage points from the previous quarter, attributed to the delivery of high-value-added products [3] Financial Performance - For Q3 2024, the company achieved revenue of 28.43 billion yuan, a year-on-year increase of 8.42%, and a net profit of 3.23 billion yuan, up 47.72% year-on-year [3] - The company expects net profits for 2024, 2025, and 2026 to be 11.22 billion yuan, 14.14 billion yuan, and 17.05 billion yuan, respectively, with corresponding P/E ratios of 21, 17, and 14 times [4] - Key financial indicators for 2023A to 2026E include revenue growth rates of 19.4%, 18.3%, 17.3%, and 13.3%, and net profit growth rates of 284.5%, 37.5%, 26.1%, and 20.5% [5] Market Position and Outlook - The company has won contracts worth 4.61 billion yuan in the first three rounds of ultra-high voltage equipment bidding, indicating strong performance in the sector [3] - The company is expected to continue benefiting from ongoing ultra-high voltage projects and the expansion of its overseas market presence [4]

Investment Rating - The report assigns a "Buy" rating for the company, expecting a relative increase of over 15% compared to the CSI 300 index within the next six months [18]. Core Insights - The company's gross profit margin has significantly improved, with a notable increase in the high-voltage segment driving performance. The gross profit margin reached 24.27% in the first three quarters of 2024, up by 4.29 percentage points year-on-year [3]. - The company reported a revenue of 78.85 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 5.88%. The net profit attributable to shareholders was 8.57 billion yuan, a substantial increase of 55.13% year-on-year [3]. - The acceleration in revenue growth is attributed to the delivery of key projects, with the third quarter of 2024 showing a revenue of 28.43 billion yuan, up 8.42% year-on-year [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 8.57 billion yuan, with a year-on-year growth of 55.13%. The net profit excluding non-recurring items was 8.48 billion yuan, also reflecting a growth of 54.91% [3]. - The company’s operating cash flow per share was 0.67 yuan, and the return on equity (ROE) was 8.23% [3]. - The company’s total assets reached 22.13 billion yuan by the end of 2024, with a debt-to-asset ratio of 49.35% [3]. Market Outlook - The report highlights that the company is well-positioned to benefit from the increasing investment in the power grid and the acceleration of ultra-high voltage construction projects. The expected net profits for 2024, 2025, and 2026 are projected to be 12.63 billion yuan, 15.29 billion yuan, and 18.15 billion yuan, respectively [6]. - The report notes that the investment in power grid projects in China reached 398.2 billion yuan in the first three quarters of 2024, marking a year-on-year increase of 21.1% [6].

Investment Rating - The report maintains an "OUTPERFORM" rating for the company [2][12]. Core Insights - The company achieved a revenue of Rmb 7.885 billion in the first three quarters of 2024, representing a year-on-year increase of 5.88%. The net profit attributable to the parent company was Rmb 857 million, a year-on-year increase of 55.13% [6][256]. - The gross profit margin significantly increased to 24.27% in the first three quarters, up 4.29 percentage points year-on-year [6][256]. - The company is a leading supplier of GIS equipment, benefiting from the high-speed construction of the power grid, with power grid investment expected to approach Rmb 600 billion in 2024 [7][259]. - The report forecasts operating revenues for 2024-2026 to be Rmb 13.15 billion, Rmb 15.46 billion, and Rmb 17.99 billion, respectively, with corresponding net profits of Rmb 1.17 billion, Rmb 1.41 billion, and Rmb 1.67 billion [8][260]. Financial Summary - Revenue projections for the company are as follows: Rmb 11,077 million for 2023, Rmb 13,146 million for 2024, Rmb 15,462 million for 2025, and Rmb 17,985 million for 2026, with growth rates of 19%, 19%, 18%, and 16% respectively [5][254]. - Net profit is projected to grow significantly, with estimates of Rmb 816 million for 2023, Rmb 1,174 million for 2024, Rmb 1,409 million for 2025, and Rmb 1,666 million for 2026, reflecting growth rates of 285%, 44%, 20%, and 18% respectively [5][254]. - The diluted EPS is expected to increase from Rmb 0.60 in 2023 to Rmb 1.23 in 2026 [5][254].

Investment Rating - The report maintains a "Buy" rating for Pinggao Electric (600312.SH) [6] Core Views - The company reported a revenue of 7.885 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 5.88%. The net profit attributable to shareholders reached 857 million yuan, up 55.13% year-on-year [3][4] - The revenue growth in Q3 was 8.42% year-on-year, with a net profit increase of 47.72% [3][4] - The gross profit margin for the first three quarters was 24.27%, an increase of 4.29 percentage points year-on-year, while Q3 gross profit margin reached 25.58%, up 4.17 percentage points year-on-year [4][5] - The company’s inventory at the end of Q3 was 2.3 billion yuan, indicating a significant delivery capacity in the future [5] Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 7.885 billion yuan, a 5.88% increase year-on-year, and a net profit of 857 million yuan, a 55.13% increase year-on-year [3] - The gross profit margin improved to 24.27%, with a notable increase in Q3 gross profit margin to 25.58% [4][5] Cost and Expenses - The expense ratio for the first three quarters was 10.54%, up 1.03 percentage points year-on-year, with Q3 expense ratio at 12.52% [5] - The increase in expenses was primarily due to higher management and R&D costs, reflecting the company's focus on high-quality development strategies [5] Market Outlook - The report anticipates continued growth in the company's high-voltage product orders, supported by increased investment in national grid projects, which reached 398.2 billion yuan in the first three quarters of 2024, a 21.1% year-on-year increase [4][5] - The forecasted net profit for 2024 and 2025 is expected to be 1.167 billion yuan and 1.663 billion yuan, respectively, with corresponding valuations of 22.1 and 15.5 times [5]

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 ...