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]

证券研究报告：电力设备 | 公司点评报告 发布时间：2025-05-06 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） | 6.90 | | --- | --- | | 总股本/流通股本（亿股）6.20 | / 5.16 | | 总市值/流通市值（亿元）43 | / 36 | | 52 周内最高/最低价 | 8.98 / 6.63 | | 资产负债率(%) | 31.5% | | 市盈率 | 16.98 | | 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 分析师:侯若雪 SAC 登记编号:S1340524100002 Email:houruoxue@cnpsec.com 长高电新(002452) 新产品持续推出，有望充分受益电网景气度提升 电网投资景气度持续提升。2025年1-3月，电网工程完成投资956 亿元，同比增长 24.8%。我们认为随着风光渗透率的持续提升，电网 的安全风险持续累计，需要投资补强，同时电网具有逆周期属性，因 此电网景气度有望进一步提升。 ...

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%。 ...

Core Viewpoint - The company has approved a profit distribution plan for the fiscal year 2024, proposing a cash dividend of 0.8 yuan per 10 shares, totaling approximately 49.63 million yuan, without issuing bonus shares or capital reserve transfers [2][17][55]. Company Overview - The company focuses on the research, production, and sales of power transmission and transformation equipment, as well as services related to new energy power and energy storage [3]. - The main business includes high-voltage isolation switches, combination electrical appliances, transformers, circuit breakers, and power engineering design and EPC services, covering all provinces in China [3]. Business Model - The company operates an independent procurement, production, and sales system, with no significant changes in its business model during the reporting period [3]. - The procurement process involves a unified bidding system for most materials, ensuring stable supply through multiple qualified suppliers [5]. Production and Sales Model - The production model is primarily based on sales orders, with a combination of in-house production and outsourcing for less complex processes [6]. - The sales strategy relies heavily on bidding for major clients like the State Grid and Southern Power Grid, supplemented by direct negotiations for non-bid projects [8]. Financial Data - The company reported a net profit attributable to shareholders of approximately 252.10 million yuan for the fiscal year 2024, with retained earnings at the end of the year amounting to about 1.15 billion yuan [16][55]. - The proposed cash dividend distribution is based on a total share capital of 620,332,085 shares [17]. Important Matters - The company plans to repurchase shares using 80 million to 160 million yuan of its own funds, with a maximum repurchase price of 9.19 yuan per share [10]. - An employee stock ownership plan has been approved, involving up to 1.32 million shares, representing 2.13% of the total share capital [11][12]. Financing and Guarantees - The company has authorized a credit limit of up to 760 million yuan for loans and other credit facilities for 2025 [20]. - It plans to provide guarantees for subsidiaries totaling up to 345 million yuan, ensuring financial stability and operational efficiency [21][66].