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]

Investment Rating - The investment rating for the company is "Outperform the Market" [4][12][15] Core Views - The company has experienced rapid profit growth, with a net profit increase of 55% year-on-year in the first three quarters, driven by an optimized shipment structure that significantly improved gross margins [5][7] - The demand for the main grid remains strong, with expectations for increased demand for ultra-high voltage AC during the "14th Five-Year Plan" period [5][11] - The company is well-positioned in the distribution network market, benefiting from recent policies aimed at upgrading distribution networks, which are expected to lead to a favorable investment cycle [2][11] Financial Performance Summary - In the first three quarters, the company achieved revenue of 7.885 billion yuan, a year-on-year increase of 5.88%, and a net profit of 857 million yuan, a year-on-year increase of 55.13% [5][7] - The gross margin for the first three quarters was 24.27%, up 4.29 percentage points year-on-year, while the net margin was 11.69%, up 3.33 percentage points year-on-year [5][7] - For the third quarter alone, revenue was 2.843 billion yuan, a year-on-year increase of 8.42%, and net profit was 323 million yuan, a year-on-year increase of 47.72% [7][11] Earnings Forecast and Financial Metrics - The company is expected to achieve net profits of 1.194 billion yuan, 1.539 billion yuan, and 1.838 billion yuan for the years 2024, 2025, and 2026, respectively [2][11] - The projected price-to-earnings (PE) ratios for 2024, 2025, and 2026 are 21, 17, and 14 times, respectively [2][11] - The company's return on equity (ROE) is projected to increase from 8.4% in 2023 to 14.4% in 2026 [3][13]

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].

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 7.885 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 5.88%, while the net profit attributable to the parent company reached 857 million yuan, up 55.13% year-on-year [5][6] - The growth in performance is attributed to steady increases in grid investment, ongoing construction of the grid, and the delivery of key projects [5][6] - The company is expected to benefit significantly from the ongoing construction of ultra-high voltage and main grid projects, which are accelerating due to national energy policies [6][8] Summary by Relevant Sections Financial Performance - In Q3 2024, the company reported a revenue of 2.843 billion yuan, an increase of 8.42% year-on-year, with a net profit of 323 million yuan, up 47.72% year-on-year [6][9] - The comprehensive gross margin for Q3 2024 was 25.58%, an increase of 4.16 percentage points year-on-year [6][9] - The company’s expense ratio for the first three quarters of 2024 was 12.52%, an increase of 1.60 percentage points year-on-year [6][9] Future Outlook - The company is projected to achieve a net profit of 1.2 billion yuan in 2024, with an expected EPS of 0.88 yuan [7][11] - The anticipated growth in net profit for 2024-2026 is 47.1%, 32.4%, and 20.3% respectively [7][11] - The company is expected to maintain a PE ratio of 25-30X, with a target price range of 22-26.4 yuan [8][11] Industry Context - The ongoing construction of ultra-high voltage projects is expected to drive the company's high-voltage switch business and overall performance growth [8][11] - Recent policies from the National Development and Reform Commission and the National Energy Administration are set to accelerate the development of distribution networks, which will further benefit the company [8][11]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's performance aligns with market expectations, with significant growth driven by the delivery of ultra/high voltage orders and improved profit margins due to cost reductions and product structure changes [1][2] - The company is expected to continue its high growth trajectory, with a projected increase in gross margin by 2-3 percentage points for the year [2] - The company has a strong order backlog and is well-positioned for stable growth, despite a slower start to the year in terms of new orders [2] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 7.89 billion yuan, up 5.9% year-on-year, and a net profit of 860 million yuan, up 55.1% year-on-year, with a gross margin of 24.3% [1] - The third quarter alone saw revenue of 2.84 billion yuan, an 8.4% increase year-on-year, and a net profit of 320 million yuan, a 47.7% increase year-on-year [1] - The company’s net profit forecast for 2024-2026 has been revised upwards, with expected net profits of 1.26 billion yuan, 1.64 billion yuan, and 1.94 billion yuan respectively, representing year-on-year growth rates of 55%, 30%, and 19% [2] Order and Market Outlook - The company anticipates a significant acceleration in order intake in the second half of 2024, with several key projects expected to commence [2] - The company is expanding its market presence outside its network and in the distribution market, which is expected to contribute to robust order growth for the year [2] Cost Management and Efficiency - The company has effectively controlled costs, with operating expenses for the first three quarters of 2024 amounting to 830 million yuan, a 17.3% increase year-on-year [2] - The company’s inventory and contract liabilities have increased significantly, indicating a strong pipeline of products awaiting delivery [2]

Investment Rating - The report maintains a "Buy" rating for Pinggao Electric (600312) [1] Core Views - The company's performance aligns with market expectations, with significant revenue and profit growth driven by the delivery of ultra/high voltage orders [1][2] - The company is expected to see continued high growth due to the delivery of high-margin projects and effective cost management [2] - The overall bidding process for ultra/high voltage projects is anticipated to accelerate in the second half of the year, contributing to robust order growth [2] - The company has a strong order backlog and effective cost control measures, which support steady performance growth [2] Summary by Relevant Sections Earnings Forecast and Valuation - Total revenue is projected to grow from 11,077 million in 2023A to 12,627 million in 2024E, reflecting a year-on-year increase of 13.99% [1] - Net profit attributable to shareholders is expected to rise from 1,263 million in 2024E to 1,940 million in 2026E, with a year-on-year growth of 54.83% in 2024E [1] - The latest diluted EPS is forecasted to increase from 0.60 in 2023A to 0.93 in 2024E [1] Key Financial Metrics - The company’s gross margin is expected to improve by 2-3 percentage points in 2024, supporting high-quality performance growth [2] - The operating expenses for Q1-Q3 2024 were 830 million, up 17.3% year-on-year, with a cost control strategy in place [2] - The company’s total assets are projected to grow from 20,159 million in 2023A to 24,281 million in 2024E [8] Market Data - The closing price of the stock is 19.57, with a market capitalization of approximately 26,554.95 million [5] - The price-to-earnings ratio (P/E) is projected to decrease from 32.55 in 2023A to 21.03 in 2024E [9]

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company is expected to benefit from the growth in grid investment during the "14th Five-Year Plan" period and the accelerated construction of ultra-high voltage systems. Additionally, the company's external and overseas business expansion is anticipated to contribute to performance growth [2]. - For the years 2024 to 2026, the company is projected to achieve revenues of 13.01 billion, 15.34 billion, and 18.13 billion yuan, with growth rates of 17.5%, 17.9%, and 18.2% respectively. The net profit attributable to shareholders is expected to be 1.21 billion, 1.57 billion, and 1.89 billion yuan, with growth rates of 48.4%, 30.1%, and 20.2% respectively [2][3]. Financial Performance Summary - In the first three quarters of 2024, the company achieved a revenue of 7.885 billion yuan, a year-on-year increase of 5.88%. The net profit attributable to shareholders was 857 million yuan, up 55.13% year-on-year [1]. - The gross margin for the first three quarters of 2024 was 24.27%, an increase of 4.29 percentage points year-on-year, while the net profit margin was 11.69%, up 3.33 percentage points year-on-year [1]. - The company has maintained a stable market share in domestic bidding and successfully entered the high-end EU market, with significant growth in the production of 1100 kV and 800 kV combination electrical appliances [1].

单位：元币种：人民币 1/11 河南平高电气股份有限公司 2024 年第三季度报告 证券代码：600312 证券简称：平高电气 河南平高电气股份有限公司 2024 年第三季度报告 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： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存在虚假 记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息的真实、 准确、完整。 第三季度财务报表是否经审计 □是 √否 审计师发表非标意见的事项 □适用 √不适用 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | |------------------------|------------------|--------------------------------------|------------------|---------------- ...