核心观点 公司发布2025 年半年度报告，2025H1 实现营业收入7.32 亿元，同比增长0.40%，设备交付相对企稳。 2025H1 归母净利润1.06 亿元，同比下降13.12%，预计受到高额研发费用影响较大。电力设备行业景气 度较高，预计2025 年国家电网投资超6500 亿元，南方电网计划固定资产投资1750 亿元，再创历史新 高；沙戈荒大基地外送以及西南水电外送需求的带动下，特高压建设刚性且持续。得益于行业较高景气 度，公司作为一线企业，组合电器、隔离开关等产品位居行业前列，并积极拓展高电压产品等，丰富产 品类别，把握行业上行机会，并积极布局GIL 未来增量市场。 事件 公司发布2025 年半年度报告，2025 年上半年实现营业收入7.32 亿元，同比增长0.40%，归母净利润1.06 亿元，同比下降13.12%；扣非归母净利润1.00 亿元，同比下降11.37%。 简评 H1 交付相对企稳，研发费用投入较多 1）①预计2025 年电网投资延续较高景气度，国家电网将聚焦优化主电网、补强配电网建设等。2025 年 1-7 月电网投资完成额为3315 亿元，同比增长12.5%。预计2025 年国家电网 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][11]. Core Views - The company's performance in the first half of 2025 was below expectations, with revenue of 730 million yuan, a year-on-year increase of 0.4%, and a net profit attributable to shareholders of 110 million yuan, a year-on-year decrease of 13.1% [4]. - The decline in profit is attributed to delays in product delivery cycles, while increased R&D expenses have impacted profitability [4]. - The investment climate for the power grid sector is improving, with a 12.5% year-on-year increase in completed investments in power grid projects from January to July 2025 [5]. - The company continues to secure orders and expand its product offerings, including successful bids for its 550kV GIS in national grid procurement [5]. Summary by Sections Company Overview - The latest closing price is 7.22 yuan, with a total market capitalization of 4.5 billion yuan and a circulating market capitalization of 3.7 billion yuan [3]. Financial Performance - In the first half of 2025, the company's gross margin was 37.2%, and net margin was 14.4%, with a rise in sales expense ratio to 6.4% and an increase in R&D expense ratio to 8.4% [4]. - The company forecasts revenues of 2.09 billion yuan, 2.50 billion yuan, and 3.00 billion yuan for 2025, 2026, and 2027 respectively, with net profits of 360 million yuan, 460 million yuan, and 560 million yuan for the same years [6][9]. Market Outlook - The report highlights the ongoing development of new products, including 750kV GIS and energy-efficient transformers, which are expected to contribute positively to future revenue growth [5][6].

融券方面，长高电新8月29日融券偿还0.00股，融券卖出0.00股，按当日收盘价计算，卖出金额0.00元； 融券余量100.00股，融券余额742.00元，超过近一年70%分位水平，处于较高位。 分红方面，长高电新A股上市后累计派现3.90亿元。近三年，累计派现1.05亿元。 资料显示，长高电新科技股份公司位于湖南省长沙市望城经济技术开发区金星北路三段393号，成立日 期1998年4月23日，上市日期2010年7月20日，公司主营业务涉及输变电一二次设备的研发、生产和销 售,电力设计和工程服务以及新能源电力开发。主营业务收入构成为：输变电设备产品93.65%，电力勘 察设计和工程总包业务4.80%，新能源发电0.89%，其他0.66%。 责任编辑：小浪快报 8月29日，长高电新涨0.00%，成交额7802.55万元。两融数据显示，当日长高电新获融资买入额554.10 万元，融资偿还674.05万元，融资净买入-119.94万元。截至8月29日，长高电新融资融券余额合计2.64 亿元。 截至7月31日，长高电新股东户数3.98万，较上期增加2.08%；人均流通股12948股，较上期减少2.04%。 2025年1 ...

Group 1 - The State Intellectual Property Office of China has granted a patent to Changgao Electric New Technology Co., Ltd. and Hunan Changgao High Voltage Switch Co., Ltd. for a device titled "A Directly Inserted Ground Switch Contact with Buffering and Guiding Functions" with the authorization announcement number CN 110890233 B, applied for on November 2019 [1] - Changgao Electric New Technology Co., Ltd. was established in 1998 and is located in Changsha City, primarily engaged in technology promotion and application services, with a registered capital of 620.332085 million RMB [1] - The company has invested in 25 enterprises, participated in 339 bidding projects, holds 30 trademark registrations, and has 365 patent registrations, along with 32 administrative licenses [1]

证券代码：002452 证券简称：长高电新 公告编号：2025-39 长高电新科技股份公司 关于变更保荐机构后重新签署募集资金三方监管协议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 长高电新科技股份公司（以下简称"公司"）于 2025 年 7 月 31 日披露了《关 于变更持续督导保荐机构及保荐代表人的公告》（公告编号：2025-33），因公 司聘请华泰联合证券有限责任公司（以下简称"华泰联合证券"）担任公司向不特 定对象发行可转换公司债券的保荐机构，由原保荐机构光大证券股份有限公司履 行的对公司 2021 年非公开发行尚未使用完毕的募集资金持续督导工作由华泰联 合证券承接。 鉴于公司募集资金持续督导机构发生变更，为保证募集资金持续督导工作的 正常进行，保护投资者权益，根据《上市公司监管指引第 2 号——上市公司募集 资金管理和使用的监管要求》《深圳证券交易所股票上市规则》《深圳证券交易 所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关法律法规以 及公司《募集资金管理制度》的相关规定，公司、华泰联合证券与中信银行股份 有限公司长沙分 ...

据证券之星公开数据整理，近期长高电新（002452）发布2025年中报。截至本报告期末，公司营业总收 入7.32亿元，同比上升0.4%，归母净利润1.06亿元，同比下降13.12%。按单季度数据看，第二季度营业 总收入3.93亿元，同比下降17.32%，第二季度归母净利润7206.32万元，同比下降21.44%。本报告期长 高电新公司应收账款体量较大，当期应收账款占最新年报归母净利润比达364.85%。 本次财报公布的各项数据指标表现一般。其中，毛利率37.17%，同比增4.11%，净利率14.43%，同比减 12.95%，销售费用、管理费用、财务费用总计9550.65万元，三费占营收比13.04%，同比增5.43%，每股 净资产4.0元，同比增9.73%，每股经营性现金流0.19元，同比增1007.81%，每股收益0.17元，同比减 14.31% 现金及现金等价物净增加额变动幅度为45.02%,原因:本期经营活动产生净现金同比增加13,156.69万元、 投资活动产生净现金同比减少4,126.55万元、筹资活动产生净现金同比减少2,882.51万元、本期汇率变动 产生收益同比增加38.9万元。 证券之星价投 ...

Core Viewpoint - The company has approved its 2025 semi-annual report and related documents, confirming that the financial status and operational results are accurately reflected [4][8]. Group 1: Company Overview - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period [3]. - There are no preferred shareholders or changes in preferred shareholder holdings reported for the period [3]. Group 2: Financial Data and Reports - The company plans not to distribute cash dividends, issue bonus shares, or convert reserves into share capital [2]. - The board of directors unanimously approved the 2025 semi-annual report and its summary, with all nine attending members voting in favor [4]. - The supervisory board also unanimously approved the 2025 semi-annual report and its summary, confirming the report's authenticity and compliance with regulations [8][10].

Core Viewpoint - The supervisory board of Changgao Electric New Technology Co., Ltd. has approved the company's 2025 semi-annual report, confirming its accuracy and compliance with regulations [1][2]. Group 1 - The sixth supervisory board meeting was held on August 23, 2025, with all three supervisors present [1]. - The supervisory board concluded that the 2025 semi-annual report accurately reflects the company's financial status and operational results [1][2]. - The procedures for preparing and reviewing the semi-annual report were deemed compliant with legal and regulatory requirements [1]. Group 2 - The resolution to approve the semi-annual report was passed unanimously with 3 votes in favor, and no votes against or abstentions [2]. - The decision and related documents will be available for review [2].

Group 1 - The company held the 21st meeting of the 6th Board of Directors on August 23, 2025, with all 9 directors present, complying with relevant laws and regulations [1][2] - The board unanimously approved the preparation of the 2025 semi-annual report based on the financial department's submission and the company's operational performance for the first half of 2025 [1][2] - The voting results were 9 votes in favor, 0 against, and 0 abstentions, indicating full agreement among the board members [2] Group 2 - The semi-annual report summary will be published in major financial newspapers including Securities Times, China Securities Journal, Shanghai Securities Journal, and Securities Daily [2] - The full text and summary of the semi-annual report will be available on the official website of the company [2]

Core Viewpoint - Changgao Electric New announced the approval of multiple proposals, including the full text and summary of the 2025 semi-annual report, during the 21st meeting of the sixth board of directors [2] Group 1 - The company held its 21st meeting of the sixth board of directors on August 25 [2] - The meeting resulted in the approval of the proposal regarding the 2025 semi-annual report [2]