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][12]. Core Insights - The company has shown strong revenue growth, with 2024 revenue reaching 1.76 billion yuan, a year-on-year increase of 17.9%, and a net profit of 250 million yuan, up 45.7% year-on-year [3][4]. - The company is benefiting from the increasing investment in the power grid, with a reported investment of 95.6 billion yuan in the first quarter of 2025, a 24.8% increase year-on-year [4]. - New product launches, including the successful operation of the first 550kV GIS product, are expected to drive future growth, with new orders totaling 204 million yuan for this product line [5]. Financial Summary - Revenue projections for 2025-2027 are 2.11 billion yuan, 2.53 billion yuan, and 3.04 billion yuan respectively, with corresponding net profits of 370 million yuan, 460 million yuan, and 580 million yuan [6][10]. - The company's gross margin and net margin for 2024 are 38.9% and 14.3%, respectively, reflecting improvements in product mix [4][11]. - The company’s PE ratio is projected to decrease from 16.98 in 2024 to 7.44 by 2027, indicating increasing valuation attractiveness over time [10][11].

Group 1: Financial Performance - In Q1 2025, the company achieved a total revenue of 33,908.49 million CNY, with total operating costs of 31,071.54 million CNY, resulting in an operating profit of 4,012.08 million CNY and a net profit attributable to shareholders of 3,344.91 million CNY [3] - The proposed cash dividend for the 2024 fiscal year is 0.8 CNY per 10 shares, totaling 49,626,566.80 CNY, pending approval at the annual shareholders' meeting [6] Group 2: Strategic Focus and R&D - The company will focus on R&D in the field of power transmission and transformation equipment, with key projects including the development of 1000kV GIS and 35kV transformers [4] - Future R&D efforts will also include expanding the product line to cover various voltage levels and applications, emphasizing ultra-high voltage, green technology, and smart solutions [4] Group 3: Market Strategy and Customer Base - The company aims to diversify its customer base to mitigate risks associated with high concentration, currently serving major clients like State Grid and Southern Power Grid [2] - Plans to strengthen market presence in provincial and municipal power grid markets while expanding into external markets are in place [2] Group 4: Production and Expansion Plans - The company has three major production expansion projects scheduled, including a 1000kV GIS facility expected to start construction in June 2025 and be operational by the following year [8] - The company plans to optimize its business structure by consolidating underperforming subsidiaries and focusing on core competencies [5] Group 5: Market Position and Value Management - The company is committed to enhancing its market value through solid operational performance and effective investor relations management [8] - The company has received approval for a convertible bond issuance, with due diligence currently underway [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [6][12]. Core Insights - The company has shown strong revenue growth, with 2024 revenue reaching 1.76 billion yuan, a year-on-year increase of 17.9%, and a net profit of 250 million yuan, up 45.7% year-on-year [3][4]. - The company is benefiting from the increasing investment in the power grid, with a reported investment of 95.6 billion yuan in the first quarter of 2025, a 24.8% increase year-on-year [4]. - New product launches, including the successful operation of the first 550kV GIS product, are expected to drive future growth, with new orders totaling 204 million yuan for this product line [5]. Financial Performance - The company's gross margin and net margin improved to 38.9% and 14.3% respectively in 2024, reflecting a shift towards higher-margin products [4]. - The forecasted revenue for 2025-2027 is projected to be 2.11 billion, 2.53 billion, and 3.04 billion yuan respectively, with corresponding net profits of 370 million, 460 million, and 580 million yuan [6][10]. - The company’s PE ratio is expected to decrease from 16.98 in 2024 to 7.44 by 2027, indicating increasing profitability relative to its stock price [10].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 10.35 CNY [1][7]. Core Insights - The company reported a revenue of 1.76 billion CNY for 2024, representing a year-on-year increase of 17.9%, and a net profit attributable to shareholders of 252 million CNY, up 45.7% year-on-year [1][3]. - In Q1 2025, the company achieved a revenue of 339 million CNY, reflecting a 33.6% year-on-year growth, with a net profit of 33 million CNY, a 12.5% increase year-on-year [1][3]. - The company’s gross margin for Q4 2024 was 44.1%, an increase of 10.3 percentage points year-on-year, while the overall gross margin for 2024 was 38.9%, up 4.0 percentage points year-on-year [7]. Financial Performance Summary - The company’s total revenue is projected to grow from 1.76 billion CNY in 2024 to 2.75 billion CNY by 2027, with a compound annual growth rate (CAGR) of approximately 15.7% [3][8]. - Net profit is expected to rise from 252 million CNY in 2024 to 491 million CNY in 2027, with a CAGR of about 16.2% [3][8]. - Earnings per share (EPS) are forecasted to increase from 0.41 CNY in 2024 to 0.79 CNY in 2027 [3][8]. Business Segment Analysis - The company’s core subsidiaries, including Changgao High Voltage Switch and Changgao Electric, reported significant revenue growth, with the high voltage switch segment growing by 30% [7]. - The company successfully expanded its product offerings, including the 500kV GIS products, with new orders totaling 204 million CNY in 2024 and expected deliveries of 150 million CNY in 2025 [7]. Investment Outlook - The company has a clear growth trajectory, supported by its established market position in electrical equipment and ongoing product development [7]. - The forecast for net profit in 2025 and 2026 is adjusted to 360 million CNY and 420 million CNY, respectively, reflecting the increased investment in new product development [7].

Group 1: Financial Performance - In 2024, the company achieved revenue of 1.76 billion CNY, a year-on-year increase of 17.86% [3] - The net profit attributable to the parent company for 2024 was 252 million CNY, up 45.66% year-on-year [3] - In Q1 2025, the company reported revenue of 339 million CNY, a growth of 33.57% compared to the same period last year [3] Group 2: R&D and Product Development - The company invested 94 million CNY in R&D in 2024, accounting for 5.34% of total revenue, marking the highest investment in history [3] - New products, including 363kV and 800kV combination electrical devices, received full type test reports by the end of the reporting period [3] - In 2025, the company plans to focus on the R&D of 1000kV combination electrical products [3] Group 3: Operational Strategy - The company aims to fully initiate three major production base construction projects in 2025 [3] - The strategy includes focusing on core business and gradually exiting loss-making segments [3] - The company plans to enhance production capacity and efficiency at its three production bases [3] Group 4: Subsidiary Performance - Subsidiary Longgao Electric achieved revenue of 880 million CNY in 2024, with a net profit of 158 million CNY, reflecting a year-on-year revenue growth of 21.46% [3] - Longgao Switch reported revenue of 460 million CNY, with a net profit of 110 million CNY, marking a 30.37% increase in revenue [3] - The engineering and design segment generated over 90 million CNY in revenue, while Huawang Electric Power reported a loss of over 25 million CNY [3][4] Group 5: Market and Competitive Landscape - The company secured approximately 50 million CNY in high-voltage orders in 2024, contributing significantly to profits [4] - The competitive landscape in the power distribution market is expected to benefit from centralized procurement strategies by the State Grid [5] - Despite price reductions in bids, the overall tender volume growth may offset the impact on profits [5]

证券代码：002452证券简称：长高电新 公告编号：2025-18 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。 登录新浪财经APP 搜索【信披】查看更多考评等级 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2.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)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第一季度报告是否经审计 □是 R否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 R否 （三） 主要会计数据和财务指标发生变动的情况及原因 （二） 非经常性损益项目和金额 R适用 □不适用 单位：元 其他符合非经常性损益定义的损益项目的具体情况 □适用 R不适用 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号——非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 R不适用 公司不存在 ...

Financial Performance - The company's operating revenue for Q1 2025 was CNY 339,084,914.96, representing a 33.57% increase compared to CNY 253,864,579.92 in the same period last year[5]. - Net profit attributable to shareholders was CNY 33,449,095.44, up 12.54% from CNY 29,721,794.82 year-on-year[5]. - The net profit margin for the quarter was 9.86%, compared to 11.69% in the same quarter last year, indicating a slight decrease in profitability[5]. - Total comprehensive income attributable to the parent company was CNY 33,499,824.76, an increase from CNY 29,721,794.82 in the previous period, representing an increase of approximately 12.0%[21]. - Basic and diluted earnings per share increased to CNY 0.0539 from CNY 0.0482, reflecting a growth of 14.0%[21]. Cash Flow - The net cash flow from operating activities surged to CNY 113,030,817.45, a remarkable increase of 1,000.47% compared to CNY 10,271,152.56 in the previous year[5]. - The net cash generated from operating activities increased by 102.76% year-on-year, amounting to CNY 102.76 million[11]. - The company reported a significant increase in cash inflow from investment activities, totaling CNY 146,405,572.05, a 19,214.19% increase compared to the previous year[10]. - Cash inflow from operating activities totaled CNY 471,108,038.87, compared to CNY 371,588,964.43 in the prior period, indicating a growth of approximately 27.0%[21]. - Cash outflow for purchasing goods and services was CNY 173,973,876.91, down from CNY 230,620,580.66, a decrease of about 24.5%[21]. - Net cash flow from investing activities was CNY 26,679,979.70, a recovery from a negative CNY 27,438,500.43 in the previous period[22]. - Cash and cash equivalents at the end of the period increased to CNY 1,076,648,303.32 from CNY 655,292,085.85, representing a growth of approximately 64.3%[22]. - Cash inflow from investment activities was CNY 146,405,572.05, compared to CNY 758,020.84 in the previous period, indicating a substantial increase[22]. - Cash outflow for financing activities decreased significantly to CNY 1,818,372.86 from CNY 86,867,748.39, reflecting a reduction of over 97.9%[22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,581,978,162.13, reflecting a 1.69% increase from CNY 3,522,447,313.23 at the end of the previous year[5]. - Total liabilities rose to ¥1,128,286,218.12, compared to ¥1,111,199,715.97, marking an increase of 1.5%[18]. - The company's equity attributable to shareholders reached ¥2,451,428,965.81, an increase from ¥2,409,090,825.06, reflecting a growth of 1.8%[18]. Expenses - Research and development expenses rose significantly by 189.47% to CNY 43,210,784.90, primarily due to increased testing costs at subsidiaries[10]. - Total operating costs amounted to ¥310,715,354.84, up 34.8% from ¥230,589,813.47 in the prior period, with operating costs specifically rising to ¥214,590,622.03 from ¥164,181,030.26[19]. - The company experienced a 558.14% increase in other operating expenses, primarily due to debt restructuring costs incurred by a subsidiary[10]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,070, with no preferred shareholders[13]. - The largest shareholder, Ma Xiaowu, holds 13.59% of the shares, totaling 84,298,440 shares[13]. Strategic Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[20].

长高电新（002452）公告，2025年第一季度营收为3.39亿元，同比增长33.57%；净利润为3344.91万 元，同比增长12.54%。 ...

Group 1 - Shenjian Co., Ltd. reported a net profit of 33.65 million yuan for 2024, a year-on-year increase of 32.29%, with a proposed cash dividend of 0.5 yuan per 10 shares [1] - Jingce Electronics experienced a net loss of 97.60 million yuan in 2024, transitioning from profit to loss, despite a revenue increase of 5.59% to 2.565 billion yuan [1] - Jingwei Co., Ltd. reported a net profit of 35.54 million yuan for 2024, a decrease of 36.76%, with a proposed cash dividend of 1.00 yuan per 10 shares [1][2] Group 2 - Minsheng Health achieved a net profit of 91.83 million yuan in 2024, a year-on-year increase of 7.24%, with a proposed cash dividend of 1.00 yuan per 10 shares [2] - Zhongshe Co., Ltd. reported a net profit of 10.16 million yuan for 2024, a decline of 76.24%, with a proposed cash dividend of 0.2 yuan per 10 shares [3] - Keyuan Smart reported a net profit of 252 million yuan for 2024, a year-on-year increase of 56.64%, with a proposed cash dividend of 0.4 yuan per 10 shares [4] Group 3 - Beilu Pharmaceutical reported a net profit of 14.54 million yuan for Q1 2025, a year-on-year increase of 26.13%, with revenue of 283 million yuan [5] - Wangsu Technology achieved a net profit of 192 million yuan for Q1 2025, a year-on-year increase of 38.54%, with revenue of 1.235 billion yuan [6] - Keyuan Pharmaceutical reported a net profit of 23.08 million yuan for Q1 2025, a year-on-year increase of 7.25%, despite a revenue decline of 23.98% [7] Group 4 - Guangting Information reported a net profit of 24.03 million yuan for Q1 2025, turning from loss to profit, with revenue of 134 million yuan [9] - Zhaori Technology reported a net loss of 1.23 million yuan for Q1 2025, with revenue of 35.23 million yuan [11] - Huakai Yibai reported a net loss of 15.09 million yuan for Q1 2025, despite revenue growth of 35.08% to 2.292 billion yuan [13] Group 5 - Xinhongye reported a net profit of 34.43 million yuan for Q1 2025, a year-on-year increase of 20.43%, with revenue of 755 million yuan [15] - Huning Co., Ltd. reported a net profit of 3.61 million yuan for Q1 2025, a year-on-year decrease of 45.68%, with revenue of 64.51 million yuan [16] - Camel Co., Ltd. reported a net profit of 237 million yuan for Q1 2025, a year-on-year increase of 51.89%, with revenue of 4.136 billion yuan [17] Group 6 - Hengtong Co., Ltd. reported a net profit of 42.55 million yuan for Q1 2025, a year-on-year increase of 51.62%, with revenue of 313 million yuan [19] - Changqing Technology reported a net profit of 35.38 million yuan for Q1 2025, a year-on-year decrease of 23.80%, with revenue of 246 million yuan [21] - Libaba Co., Ltd. reported a net profit of 34.72 million yuan for Q1 2025, a year-on-year increase of 9.91%, with revenue of 419 million yuan [22] Group 7 - Shouxiangu reported a net profit of 58.37 million yuan for Q1 2025, a year-on-year decrease of 24.32%, with revenue of 171 million yuan [24] - Bojun Technology announced a stock issuance application accepted by the Shenzhen Stock Exchange [24] - Dayou Energy announced the full resumption of production at its Gengcun coal mine, with an annual production capacity of 3.6 million tons [25] Group 8 - Deyang Co., Ltd. successfully acquired land use rights for industrial land in Ningbo for 45.80 million yuan [27] - Tianyu Pharmaceutical's subsidiary received a drug registration certificate for an injectable product [29] - Xingwang Yuda signed a strategic cooperation agreement with the Jilin Province Bionic Robot Innovation Center [30] Group 9 - Lifang Pharmaceutical received approval for clinical trials of a new drug [32] - Zai Sheng Technology reported a net profit of 33.56 million yuan for Q1 2025, a year-on-year increase of 3.69%, with revenue of 324 million yuan [34] - Jinxin Technology reported a net profit of 319,920 yuan for Q1 2025, turning from loss to profit, with revenue of 563 million yuan [36] Group 10 - Huayin Electric reported a net profit of 75.67 million yuan for Q1 2025, a year-on-year increase of 894.61%, with revenue of 2.307 billion yuan [37] - Xinghua Co., Ltd. reported a net loss of 95.51 million yuan for Q1 2025, with revenue of 840 million yuan [38] - Heren Technology reported a net loss of 384,410 yuan for Q1 2025, with revenue of 78.40 million yuan [40] Group 11 - Fenda Technology reported a net profit of 40.45 million yuan for Q1 2025, a year-on-year increase of 84.07%, with revenue of 760 million yuan [41] - Tongda Co., Ltd. reported a net profit of 25.49 million yuan for 2024, a year-on-year decrease of 69.15%, with revenue of 6.201 billion yuan [43] - Zhonghe Holdings reported a net profit of 283 million yuan for 2024, a year-on-year decrease of 54.69%, with a proposed cash dividend of 0.3 yuan per 10 shares [44] Group 12 - Jiantou Energy reported a net profit of 531 million yuan for 2024, a year-on-year increase of 181.59%, with a proposed cash dividend of 1.3 yuan per 10 shares [44] - Guanghua Technology reported a net loss of 205 million yuan for 2024, with revenue of 2.589 billion yuan [45] - Huajin Technology reported a net profit of 29.26 billion yuan for 2024, a year-on-year increase of 8.1%, with a proposed cash dividend of 9 yuan per 10 shares [46] Group 13 - Yingke Medical reported a net profit of 1.465 billion yuan for 2024, a year-on-year increase of 282.63%, with a proposed cash dividend of 1.00 yuan per 10 shares [46] - Solar Energy reported a net profit of 1.225 billion yuan for 2024, a year-on-year decrease of 22.38%, with a proposed cash dividend of 0.56 yuan per 10 shares [46] - Dongfang Electric reported a net profit of 318 million yuan for 2024, a year-on-year decrease of 50.62%, with a proposed cash dividend of 0.32 yuan per 10 shares [47] Group 14 - Tianneng Heavy Industry reported a net loss of 262 million yuan for 2024, with revenue of 3.273 billion yuan [48] - Gangyan High-tech reported a net profit of 249 million yuan for 2024, a year-on-year decrease of 22.08%, with a proposed cash dividend of 1.00 yuan per 10 shares [48] - Shihua Machinery reported a net profit of 96.88 million yuan for 2024, a year-on-year increase of 5.35%, with revenue of 8.037 billion yuan [49] Group 15 - Gongtong Pharmaceutical reported a net loss of 27.59 million yuan for 2024, with revenue of 537 million yuan [51] - Zhongjing Electronics reported a net loss of 87.43 million yuan for 2024, with revenue of 2.932 billion yuan [53] - Yudai Development reported a net loss of 114 million yuan for 2024, with revenue of 388 million yuan [55] Group 16 - Zhenhua Technology reported a net profit of 970 million yuan for 2024, a year-on-year decrease of 63.83%, with a proposed cash dividend of 1.8 yuan per 10 shares [56] - Jierong Technology reported a net loss of 298 million yuan for 2024, with revenue of 1.357 billion yuan [58] - Changgao Electric New reported a net profit of 252 million yuan for 2024, a year-on-year increase of 45.66%, with a proposed cash dividend of 0.8 yuan per 10 shares [60] Group 17 - Shibao Detection announced a plan to acquire 81% of Zhonghuan Lianshu for 52.65 million yuan [61] - Jiangsu Boyun announced a plan to reduce its shareholding by up to 3% [62] - Jingfeng Mingyuan announced a plan to acquire 100% of Yichong Technology for 3.283 billion yuan [63]

公募基金方面，本期较上一期持股增加的公募基金共计3个，包括泰康科技创新一年定开混合、华商新 锐产业混合、泰康颐享混合A，持股增加占比达0.10%。本期较上一季度持股减少的公募基金共计7个， 主要包括前海开源公用事业股票、华商研究精选混合A、华商万众创新混合A、华商研究回报一年持有 混合A、华商科技创新混合等，持股减少占比达0.70%。本期较上一季度新披露的公募基金共计61个， 主要包括华安安信消费混合A、华安精致生活混合A、华夏成长混合A、华安汇嘉精选混合A、华安聚嘉 精选混合A等。本期较上一季未再披露的公募基金共计6个，主要包括富国天惠成长混合(LOF)A/B、集 合-中金新锐A、淳厚信睿A、易米远见价值一年定开混合A、汇丰晋信慧嘉债券A等。 2025年4月24日，长高电新(002452.SZ)发布2024年年度报告。截至2025年4月23日，共有75个机构投资 者披露持有长高电新A股股份，合计持股量达6851.40万股，占长高电新总股本的11.04%。其中，前十 大机构投资者包括长高电新科技股份公司-2024年员工持股计划、长高电新科技股份公司-2024年员工持 股计划、湖南玖玥泉私募股权基金管理有限公司 ...