向不特定对象发行可转换公司债券摊薄即期回报、填补措施 及相关主体承诺（三次修订稿） 根据《国务院办公厅关于进一步加强资本市场中小投资者合法权益保护工 作的意见》（国办发[2013]110 号）、《国务院关于进一步促进资本市场健康发展的 若干意见》（国发[2014]17 号）和《关于首发及再融资、重大资产重组摊薄即期 回报有关事项的指导意见》（中国证券监督管理委员会公告[2015]31 号）等规定 的要求，为保障中小投资者利益，公司就本次公开发行可转换公司债券（以下简 称"本次发行"）对即期回报摊薄的影响进行了认真分析，并提出了具体的填补 回报措施，相关主体对公司填补回报措施能够得到切实履行作出了承诺，具体内 容如下： 一、本次发行摊薄即期回报对公司主要财务指标的影响 （一）财务指标计算的主要假设和前提 1、假设本次向不特定对象发行可转债方案于 2025 年 12 月底实施完毕，分 别假设所有可转换公司债券持有人于 2026 年 6 月底全部转股和 2026 年 12 月底 全部未转股两种情况，该完成时间仅用于计算本次发行对即期回报的影响，不构 成对实际完成时间承诺，最终以取得深圳证券交易所的同意审核意见、中国 ...

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-10-31 股票投资评级 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 7.64 | | --- | --- | | 总股本/流通股本（亿股）6.20 | / 5.16 | | 总市值/流通市值（亿元）47 | / 39 | | 52 周内最高/最低价 | 8.14 / 6.77 | | 资产负债率(%) | 31.5% | | 市盈率 | 18.80 | | 第一大股东 | 马孝武 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 长高电新(002452) 业绩超预期，看好新产品的持续开拓和华网业务的 进一步减亏 l 投资要点 事件：2025 年 10 月 28 日，公司发布 2025 年三季报。 2025Q1-3,公司营收 12.0 亿元，同比+6.2%；归母净利润 2.0 亿 元，同比+12.0%；其中 2025Q3 公司营收 4.7 亿元，同环比分别 +16.8%/+19.6%，归母净利润 1.0 亿，同环比分别+63.1%/+34 ...

Core Viewpoint - Fute Technology (301607.SZ) announced that a shareholder holding more than 5% of shares, Changgao Electric New, plans to reduce its holdings by up to 3.465 million shares, accounting for 2.23% of the company's total share capital, due to personal funding needs [1] Group 1 - The reduction period for Changgao Electric New's shareholding is set for three months, starting from 15 trading days after the announcement, specifically from November 21, 2025, to February 20, 2026 [1] - Additionally, a strategic placement asset management plan intends to reduce its holdings by up to 3.8855 million shares, representing 2.50% of the total share capital, also due to redemption demands from holders [1] - The reduction for the strategic placement asset management plan will occur during the same three-month period as Changgao Electric New's reduction [1]

Core Insights - The new energy sector is experiencing a significant rally, with stocks such as Sifang Co., Huatong Cable, Changgao Electric, and State Grid Yingda reaching their daily limit up, contributing to a 4% surge in the Electric Grid Equipment ETF and a 3% increase in the Huaxia New Energy ETF [1] Industry Developments - The "14th Five-Year Plan" emphasizes new energy and nuclear fusion as new economic growth points, aiming to increase the supply ratio of new energy and accelerate the construction of a new energy system [2] - Sunshine Power's Q3 earnings exceeded expectations, with a net profit of 4.147 billion yuan, a year-on-year increase of 57.04%. Ganfeng Lithium turned profitable in the first three quarters, while TCL Zhonghuan significantly reduced losses in Q3. The new energy sector is seen as a core area for profit recovery [2] - According to AVIC Securities, demand from data centers will continue to drive overseas electricity and energy storage needs, opening up new applications in the energy storage industry. The rapid development of AI and information technology is expected to sustain global electricity demand growth and raise new requirements for grid reliability and intelligence [2] Notable Products and Performance - The Huaxia New Energy ETF (159368), which tracks the New Energy Index, rose by 3.25%. Key holdings include CATL (global power battery provider), Inovance Technology (automation equipment leader), Sunshine Power (inverter leader), Yiwei Lithium Energy, and XINWANDA (lithium battery giant) [3] - The Electric Grid Equipment ETF (159326), which tracks the China Securities Electric Grid Equipment Theme Index, increased by 4.19%. Major holdings include NARI Technology (domestic smart grid leader), TBEA (core supplier of global ultra-high voltage equipment), and Suyuan Electric (power equipment R&D and manufacturing) [3]

Core Viewpoint - The concept of ultra-high voltage (UHV) is experiencing a significant upward trend, with several companies in the sector seeing substantial stock price increases [1] Company Performance - Changgao Electric, Sifang Co., and State Grid Yingda have reached their daily price limit increase [1] - China XD Electric, Shunma Power, TBEA, Siyuan Electric, and Hualing Cable have also shown notable price increases, indicating strong market interest in UHV-related stocks [1]

Group 1 - The core point of the article highlights a significant increase in the ultra-high voltage index, which rose by 2.01% during the trading session [1] - Several constituent stocks performed exceptionally well, with notable gains including State Grid Yingda reaching a daily limit increase, Changgao Electric New rising by 9.16%, Jinpan Technology increasing by 6.63%, Sifang Co., Ltd. up by 6.57%, and China XD Electric rising by 6.07% [1]

Core Insights - The company reported a total revenue of 1.202 billion yuan for Q3 2025, ranking 47th among disclosed peers [1] - The net profit attributable to shareholders was 203 million yuan, with a net cash inflow from operating activities of 277 million yuan [1] Financial Metrics - The latest debt-to-asset ratio stands at 27.15% [3] - The gross profit margin is reported at 39.41%, with a return on equity (ROE) of 7.80% [4] - The diluted earnings per share (EPS) is 0.33 yuan [5] - The total asset turnover ratio is 0.34 times, ranking 61st among peers, showing a year-on-year decline of 1.25% [5] - The inventory turnover ratio is 1.78 times, ranking 65th among peers, with a year-on-year decrease of 1.17% [5] Shareholder Information - The number of shareholders is 36,600, with the top ten shareholders holding a total of 193 million shares, accounting for 31.16% of the total share capital [6] - The largest shareholder is Ma Xiaowu, holding 13.5 million shares [6]

Core Viewpoint - Changgao Electric New reported a revenue of 1.202 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 6.22% and a net profit of 203 million yuan, up 11.97% year-on-year [1] Financial Performance - The basic earnings per share for the reporting period was 0.33 yuan, with a weighted average return on equity of 8.10% [2] - The company's gross margin for the first three quarters was 39.41%, an increase of 3.33 percentage points year-on-year, while the net margin was 16.92%, up 0.92 percentage points from the previous year [2] - In Q3 2025, the gross margin reached 42.90%, a year-on-year increase of 6.15 percentage points and a quarter-on-quarter increase of 5.35 percentage points; the net margin was 20.80%, up 5.85 percentage points year-on-year and 2.46 percentage points quarter-on-quarter [2] Expense Analysis - Total expenses for the period were 250 million yuan, an increase of 40.32 million yuan year-on-year, with an expense ratio of 20.78%, up 2.27 percentage points from the previous year [2] - Sales expenses increased by 8.85% year-on-year, while management expenses decreased by 8.22%; R&D expenses surged by 78.66%, and financial expenses decreased by 42.91% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 36,600, a decrease of 2,005 from the end of the previous half-year, representing a decline of 5.20%; the average market value per shareholder increased from 111,800 yuan to 130,700 yuan, a growth of 16.87% [2] Company Overview - Changgao Electric New, established on April 23, 1998, and listed on July 20, 2010, is located in Changsha, Hunan Province. The company specializes in the R&D, production, and sales of power transmission and transformation equipment, power design, engineering services, and new energy power development [3] - The main business revenue composition includes: 93.65% from power transmission and transformation equipment, 4.80% from power survey design and engineering contracting, 0.89% from new energy generation, and 0.66% from other sources [3] - The company belongs to the electric power equipment industry, specifically in the power grid equipment and transmission and transformation equipment sector, and is associated with concepts such as ultra-high voltage, smart grid, solar energy, energy storage, and aerospace military industry [3]

Company Overview - Changgao Electric's market capitalization is 4.7 billion yuan [1] - The company held its 23rd meeting of the 6th board of directors on October 28, 2025, via telecommunication voting [1] Financial Performance - For the first half of 2025, Changgao Electric's revenue composition is as follows: - Power transmission and transformation equipment accounted for 93.65% - Power energy design and services and general contracting accounted for 4.8% - New energy generation accounted for 0.89% - Other industries accounted for 0.66% [1]

证券代码：002452 证券简称：长高电新 公告编号：2025-51 长高电新科技股份公司 第六届监事会第十九次会议决议公告 本公司及监事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏。 2025 年 10 月 29 日 审议通过了《关于审议公司 2025 年第三季度报告的议案》 经过认真审查，公司监事会认为：公司 2025 年第三季度报告真实客观地反 映了公司 2025 年三季度的财务状况和经营成果。监事会认为董事会编制和审议 公司 2025 年三季度报告的程序符合法律、行政法规和中国证监会的规定,报告内 容真实、准确、完整地反映了上市公司的实际情况，不存在任何虚假记载、误导 性陈述或者重大遗漏。 审议结果：3 票赞成；0 票反对；0 票弃权，全票通过。 二、备查文件 第六届监事会第十九次会议决议 特此公告 长高电新科技股份公司监事会 长高电新科技股份公司（下称"公司"）第六届监事会第十九次会议于 2025 年 10 月 28 日在公司总部大楼 17 楼会议室召开。公司于 2025 年 10 月 23 日以专 人送达的形式通知了全体监事，会议应到监事 3 名，实际到会监事 3 ...