Group 1: Company Performance - Wens Foodstuff's April chicken sales revenue was 2.543 billion yuan, a year-on-year decrease of 5.01% [1] - Wens Foodstuff sold 10.381 million chickens in April, a year-on-year increase of 10.87% [1] - Wens Foodstuff's average chicken selling price was 11.24 yuan/kg, a year-on-year decrease of 14.91% [1] - Zhongtong Bus's April vehicle sales volume was 1,046 units, a year-on-year decrease of 4.04% [1][2] - Kemin Food's April pig sales revenue reached 70.9048 million yuan, a year-on-year increase of 16.04% [3] - Muyuan Foods sold 6.573 million pigs in April, a year-on-year increase of 51.80% [5] - Muyuan Foods' pig sales revenue was 12.595 billion yuan in April, a year-on-year increase of 53.42% [5] - Xiamen Airport's April passenger throughput was 2.3881 million, a year-on-year increase of 7.73% [24] - Daqin Railway's April cargo transport volume was 30.62 million tons, a year-on-year increase of 0.99% [26] - Shaanxi Coal's April coal production was 14.24 million tons, a year-on-year decrease of 1.78% [28] Group 2: Industry Overview - Wens Foodstuff operates in the agriculture, forestry, animal husbandry, and fishery industry, specifically in pig farming [1] - Zhongtong Bus operates in the automotive industry, focusing on commercial vehicles [2] - Kemin Food operates in the food and beverage industry, specifically in food processing [3] - Muyuan Foods is also in the agriculture, forestry, animal husbandry, and fishery industry, focusing on pig farming [5] - Xiamen Airport is part of the transportation industry, specifically in airport operations [24] - Daqin Railway operates in the coal industry, focusing on coal mining and transportation [26] - Shaanxi Coal is also in the coal industry, focusing on coal mining and related services [28]

本次中标公示媒体是国家电网有限公司电子商务平台，招标人是国家电网有限 公司，详细内容请查看国家电网有限公司电子商务平台。 二、中标对公司的影响和本次中标的意义 本次四个子公司上述中标金额合计人民币 23,498.55 万元，占公司 2024 年经审 计合并营业收入的 13.35%。签署正式合同后，其合同的履行预计将对公司 2025 年的 经营业绩产生积极影响，且不影响公司的独立性。 三、中标风险提示 证券代码：002452 证券简称：长高电新 公告编号：2025-19 长高电新科技股份公司 关于子公司在国家电网中标的公告 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。 2025 年 5 月 7 日，国家电网有限公司电子商务平台（https://ecp.sgcc.com.cn）发 布了《国家电网有限公司 2025 年第二十三批采购（输变电项目第二次变电设备（含 电缆）招标采购）中标公告》《国家电网有限公司 2025 年第二十四批采购（输变电 项目第二次变电设备单一来源采购）成交公告》。长高电新科技股份公司（以下简称 "公司"）100%纳入合并报表范围内的子公司湖 ...

Core Viewpoint - Changgao Electric New Technology Co., Ltd. has won multiple bids from the State Grid Corporation of China, which is expected to positively impact the company's performance in 2025 [1] Group 1: Bidding Details - The State Grid Corporation of China announced the results of its 23rd and 24th procurement batches for 2025, which included bids for substation equipment [1] - Changgao Electric's subsidiaries, including Hunan Changgao Electric Co., Ltd., Hunan Changgao High Voltage Switch Co., Ltd., Hunan Changgao Senyuan Power Equipment Co., Ltd., and Hunan Changgao Complete Electrical Equipment Co., Ltd., won bids in three product categories: combined electrical appliances, isolating switches, and switchgear [1] Group 2: Financial Impact - The total amount of the bids won by Changgao Electric is 235 million yuan, which accounts for 13.35% of the company's audited consolidated revenue for 2024 [1] - The signing of formal contracts is anticipated to have a positive effect on the company's operating performance in 2025 [1]

Core Insights - The company, Changgao Electric, has been a pioneer in the ultra-high voltage (UHV) industry in China for nearly 20 years, evolving from AC to DC transmission technologies and achieving significant advancements in product development and engineering installation [1][2][3] Group 1: Technological Advancements - Changgao Electric's UHV technology has developed in sync with China's UHV engineering applications, leading to innovations such as the world's first 8000A UHV DC isolating switch and the world's first ±1100kV UHV DC isolating switch [1][2] - The company has transitioned from traditional product development methods to digital simulation technologies, significantly enhancing R&D speed and reducing costs [2][3] Group 2: Market Position and Strategy - The company is positioned to capitalize on the increasing investments in the energy sector, particularly in the construction of clean energy bases in Northwest and Southwest China, with plans for numerous UHV projects in the coming years [2][3] - Changgao Electric is accelerating the application of Gas Insulated Switchgear (GIS) in the UHV field, which offers advantages such as reduced footprint and enhanced reliability [3] Group 3: Financial Performance - The latest financial report indicates that Changgao Electric achieved a revenue of 1.76 billion yuan and a net profit of 252 million yuan in 2024, marking a threefold increase compared to ten years ago [3]

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 ...