登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002452 证券简称：长高电新 公告编号：2025-40 长高电新科技股份公司关于参加2025年湖南辖区上市公司投资者网上集体 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。 为进一步加强与投资者的互动交流，长高电新科技股份公司（以下简称"公司"）将参加由湖南证监局、 湖南省上市公司协会与深圳市全景网络有限公司联合举办的"资本聚三湘 楚光耀新程一一2025年湖南辖 区上市公司投资者网上集体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站（https://rs.p5w.net），或关注微信 公众号：全景财经，或下载全景路演APP，参与本次互动交流。公司与投资者线上互动时间为2025年9 月19日（星期五）15:40-17:00。届时，公司高管将在线就公司2024年至2025半年度业绩、公司治理、发 展战略、经营状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交 流，欢迎广大投资者踊跃参与！ 特此公告。 20 ...

证券代码：002452 证券简称：长高电新 公告编号：2025-40 为进一步加强与投资者的互动交流，长高电新科技股份公司（以下简称"公 司"）将参加由湖南证监局、湖南省上市公司协会与深圳市全景网络有限公司联 合举办的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网上集 体接待日暨半年度业绩说明会"活动，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP，参 与本次互动交流。公司与投资者线上互动时间为 2025 年 9 月 19 日（星期五） 15:40-17:00。届时，公司高管将在线就公司 2024 年至 2025 半年度业绩、公司治 理、发展战略、经营状况、融资计划、股权激励和可持续发展等投资者关心的问 题，与投资者进行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告。 长高电新科技股份公司董事会 2025 年 9 月 15 日 长高电新科技股份公司 关于参加 2025 年湖南辖区上市公司投资者网上集体接待日 暨半年度业绩说明会活动的公告 本公司及董事会全体成员 ...

Core Viewpoint - The company released its 2025 semi-annual report, achieving operating revenue of 732 million yuan in H1 2025, a year-on-year increase of 0.40%, while the net profit attributable to shareholders was 106 million yuan, a year-on-year decrease of 13.12%, significantly impacted by high R&D expenses [1][2] Financial Performance - In H1 2025, the company reported operating revenue of 732 million yuan, a slight increase of 0.40% year-on-year, and a net profit attributable to shareholders of 106 million yuan, down 13.12% year-on-year; the non-recurring net profit was 100 million yuan, down 11.37% year-on-year [2][3] - The subsidiary performance varied, with Changgao Electric experiencing a 16.34% decline in revenue due to delayed project progress, while Changgao Complete saw a revenue increase of 58.87% and net profit growth of 63.32% due to increased product deliveries [3] Industry Outlook - The power equipment industry is experiencing high demand, with national grid investments expected to exceed 650 billion yuan in 2025, and Southern Power Grid planning fixed asset investments of 175 billion yuan, setting new historical highs [1][4] - The demand for UHV construction remains strong, driven by external delivery from the Shagao Desert Base and the need for hydropower delivery from Southwest China [1][4] - The company holds a leading market position in products such as combination electrical devices and isolating switches, actively expanding into high-voltage products to capture industry growth opportunities [1][4][5] Product Development - The company is a major player in high-voltage isolating switches and is expanding its GIS product offerings across various voltage levels, achieving successful bids for 500kV combination electrical devices [5] - The company is investing 96 million yuan to establish a GIL assembly plant, enhancing its capabilities for R&D and production of GIL products in the 220-1000kV voltage range [5] Future Earnings Forecast - The company is projected to achieve net profits attributable to shareholders of 326 million yuan and 407 million yuan for 2025 and 2026, respectively, with price-to-earnings ratios of 14.1x and 11.3x [7]

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].

Summary of Key Points Core Viewpoint - Longgao Electric New Technology Co., Ltd. has shown mixed financial performance with a slight increase in revenue but a decrease in net profit, alongside notable trading activity in its stock. Group 1: Financial Performance - For the first half of 2025, the company achieved operating revenue of 732 million yuan, representing a year-on-year growth of 0.40% [2] - The net profit attributable to shareholders was 106 million yuan, reflecting a year-on-year decrease of 13.12% [2] Group 2: Stock Trading Activity - On August 29, the stock price of Longgao Electric New remained unchanged at 0.00%, with a trading volume of 78.03 million yuan [1] - The financing buy-in amount for the day was 5.54 million yuan, while the financing repayment was 6.74 million yuan, resulting in a net financing buy of -1.20 million yuan [1] - As of August 29, the total balance of margin trading was 264 million yuan, accounting for 5.73% of the market capitalization, indicating a high level compared to the past year [1] Group 3: Shareholder Information - As of July 31, the number of shareholders increased to 39,800, up by 2.08% from the previous period [2] - The average number of circulating shares per shareholder decreased by 2.04% to 12,948 shares [2] Group 4: Dividend Information - Since its A-share listing, the company has distributed a total of 390 million yuan in dividends, with 105 million yuan distributed over the past three years [3]

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 ...

Financial Performance - The company reported total revenue of 732 million yuan for the first half of 2025, a year-on-year increase of 0.4% [1] - The net profit attributable to shareholders was 106 million yuan, a decrease of 13.12% compared to the previous year [1] - In Q2 2025, total revenue was 393 million yuan, down 17.32% year-on-year, and net profit was 72.06 million yuan, down 21.44% [1] - The gross margin improved to 37.17%, an increase of 4.11% year-on-year, while the net margin decreased to 14.43%, down 12.95% [1] - Total expenses (selling, administrative, and financial) amounted to 95.51 million yuan, accounting for 13.04% of revenue, an increase of 5.43% year-on-year [1] Cash Flow and Assets - Operating cash flow per share increased significantly to 0.19 yuan, a year-on-year increase of 1007.81% [1] - The company’s cash and cash equivalents increased by 45.02%, driven by a rise in operating cash flow [3] - The accounts receivable balance was 920 million yuan, representing a decrease of 3.73% year-on-year, but accounts receivable to net profit ratio reached 364.85% [1][5] Investment and R&D - R&D expenses increased by 75.08% due to higher testing costs for new products at the subsidiary [2] - The company’s return on invested capital (ROIC) was 9.94%, indicating average capital returns [4] - The company has a strong position in the industry, particularly in isolation switches, where it ranks among the top three in national tenders [5] Market Position and Competitors - The company is positioned well in the market, with a strong reputation, especially in isolation switches, compared to competitors like XJ Electric and Pinggao Electric [5] - The company’s product offerings are expanding, particularly in the 500 kV and 800 kV product lines, showcasing its R&D capabilities [5]

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].