Investment Rating - Strong Buy (Maintained) [10][24] Core Views - The company's profitability improved significantly in Q1 2024, with gross margin reaching 35.3%, up 7.8 percentage points year-over-year and 1.5 percentage points quarter-over-quarter [10] - Net profit margin attributable to the parent company was 11.7%, up 2.7 percentage points year-over-year and 9.6 percentage points quarter-over-quarter [10] - Revenue in Q1 2024 increased by 11.6% year-over-year, driven by higher profit margins and a low base in Q1 2023 [10] - The company achieved a major breakthrough in 500kv gas-insulated switchgear (GIS) products, with a significant increase in orders from the State Grid [39] - The company's financial leverage continued to decline, with a debt-to-asset ratio of 28.7% in Q1 2024, down 5.1 percentage points year-over-year and 1.5 percentage points quarter-over-quarter [21] Financial Performance - Revenue in Q1 2024 was RMB 254 million, up 11.6% year-over-year but down 40.8% quarter-over-quarter [24] - Net profit attributable to the parent company in Q1 2024 was RMB 30 million, up 45.7% year-over-year [24] - Adjusted net profit attributable to the parent company in Q1 2024 was RMB 26 million, up 54.73% year-over-year [24] - The company's operating expenses ratio in Q1 2024 was 24.6%, up 4.6 percentage points year-over-year but down 0.9 percentage points quarter-over-quarter [21] Future Outlook - The company is expected to achieve net profits attributable to the parent company of RMB 310 million, RMB 379 million, and RMB 455 million in 2024, 2025, and 2026, respectively [24] - Earnings per share (EPS) are projected to be RMB 0.50, RMB 0.61, and RMB 0.73 in 2024, 2025, and 2026, respectively [24] - The target price is maintained at RMB 9.5, representing a potential upside from the current price of RMB 6.85 [20][24] Market Performance - The company's stock price underperformed the CSI 300 index over the past 12 months, with a decline of 34% compared to the index's decline of 18% [12]

长高电新科技股份公司 2024 年第一季度报告 □是 否 证券代码：002452 证券简称：长高电新 公告编号：2024-34 长高电新科技股份公司 2024 年第一季度报告 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。 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 1 长高电新科技股份公司 2024 年第一季度报告 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 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | | --- | --- | --- | --- | --- | | | | | （%） | | | 营业收入（元） | 253,864,579.92 | 227,434,508.89 | | 11.62% | | 归属于上 ...

湖南启元律师事务所 关于长高电新科技股份公司 2023年度股东大会的 本所出具本法律意见基于公司已作出如下承诺：所有提供给本所律师的文件 的正本以及经本所律师查验与正本保持一致的副本均为真实、完整、可靠。 为出具法律意见，我们依法审核了公司提供的下列资料： 1、刊登在中国证券监督管理委员会（以下简称"中国证监会"）指定媒体 报纸和巨潮资讯网（http://www.cninfo.com.cn/）上的关于公司召开 2023 年度股 东大会的通知公告； 电话：（0731）82953778 传真：（0731）82953779 网站：www.qiyuan.com 1 致：长高电新科技股份公司 法律意见书 湖南启元律师事务所接受长高电新科技股份公司（以下简称"公司"）的委 托，指派本所律师出席了公司 2023 年度股东大会（以下简称"本次股东大会"）， 对会议进行现场律师见证，并出具法律意见书。 湖南省长沙市芙蓉区建湘路 393 号世茂环球金融中心 63 层 410000 2、本次股东大会股权登记日的公司股东名册、出席现场会议的股东的到会 登记记录及相关资料； 3、出席会议股东或其代理人的资格、身份证明文件等。 根据中国 ...

证券代码：002452 证券简称：长高电新 公告编号：2024-33 长高电新科技股份公司 2023 年年度股东大会决议公告 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。 一、重要提示 1、本次股东大会召开期间没有发生增加、否决或变更议案的情况。 2、本次股东大会以现场投票和网络投票相结合的方式召开。 二、会议召开情况 1、召开时间：2024 年 4 月 19 日 现场会议召开时间：2024 年 4 月 19 日 15：00 网络投票时间：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 4 月 19 日 9:15—9:25，9:30—11:30 和 13:00—15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为 2024 年 4 月 19 日上午 9:15 至 2024 年 4 月 19 日下午 15:00 期间的任意时间。 2、现场会议地点：湖南省长沙市望城经济技术开发区金星北路三段 393 号 公司总部大楼一楼多功能厅。 3、召开方式：现场会议与网络投票相结合的方式 4、召集人：公司董事会 5、现场会议主持人：董事长马孝武先 ...

一、募集资金的基本情况 证券代码：002452 证券简称：长高电新 公告编号：2024-32 长高电新科技股份公司 关于部分募集资金专户销户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 截至本公告日，公司本次非公开发行募集资金在银行账户的存放情况如下： 三、募集资金专户注销情况 1、经公司第六届董事会第七次会议和 2023 年第一次临时股东大会，审议通 过了《关于变更总部技术中心和区域运营中心建设项目募集资金用途的议案》， 同意将总部技术中心和区域运营中心项目剩余募集资金变更用途投入"金洲生产 基地三期建设项目"中。经公司董事会和股东大会授权，公司在中信银行股份有 限公司长沙分行开立募集资金专项账户用于金洲生产基地三期项目募集资金的 存放、管理和使用。公司将总部技术中心和区域运营中心建设项目账户的剩余募 集资金全部转入金洲生产基地三期项目专户中进行管理和使用。2024 年 1 月 10 日，公司与保荐机构光大证券股份有限公司、中信银行股份有限公司长沙分行签 署了《募集资金专户存储三方监管协议》。具体内容详见公司于 2023 年 12 月 11 日在巨 ...

证券代码:002452 证券简称:长高电新 公告编号:2024-31 长高电新科技股份公司 二、其他事项说明 公司回购股份的时间、回购股份价格及集中竞价交易的委托时段符合《深圳 证券交易所上市公司自律监管指引第 9 号——回购股份》第十七条、第十八条的 相关规定。 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。 重要内容提示： 长高电新科技股份公司（以下简称"公司"）于 2024 年 2 月 7 日召开第六 届董事会第九次会议，审议通过了《关于回购公司股份方案的议案》，同意公司 使用不低于人民币 8,000 万元（含）且不超过人民币 16,000 万元（含）的自有 资金以集中竞价交易方式回购公司已发行的人民币普通股（A 股）股票，用于员 工持股计划或股权激励，回购价格不超过 9.19 元/股，实施期限为自公司董事会 审议通过本次回购方案之日起 6 个月内。具体内容详见公司于 2024 年 2 月 8 日 在巨潮资讯网（www.cninfo.com.cn）披露的《关于回购公司股份方案的公告》 （公告编号：2024-14）。 根据《上市公司股份回购规则》《深圳证券 ...

行业投资评级 研究所： 证券分析师： 证券分析师： 联系人： [Table_Title] 盈利能力提升，550kV 组合电器贡献新增量 ——长高电新（002452）2023 年年报点评 2023Q4，公司实现营收 4.29 亿元，环比+3.83%，同比+1.05%；归母净 利润 0.09 亿元，环比-88.50%，同比+135.03%；毛利率 33.84%，环比 -3.88pct，同比+2.93pct；净利率 1.85%，环比-17.35pct，同比+9.58pct。 表现 1M 3M 12M 550kV 组合电器等新产品获突破，贡献新增长点。2023 年，长高电 气研发的 550kV GIS 在国家电网集中招标首次投标即实现中标；长 高森源研发的 10kV 硅钢配电变压器在省配网实现中标、10kV 非晶 合金变压器通过国网资格审查，具备了投标资格，同时实现了订单 零的突破；长高成套研发生产的 35kV 充气柜和 KYN61 柜在 2023 年国网总部集招中取得中标，中标金额排名前列。报告期内，受益 于产品结构的改变及盈利能力提升，长高电气/长高成套/长高森源净 利润分别同比+204.44%、39.99%和 ...

长高电新（002452）2023 年报点评 强推（维持） 事项： 业绩显著修复，盈利能力提升，财务稳健。23 年外部环境改善，公司营收与 利润水平显著修复，全年综合毛利率 34.44%，同比提升 3.15pcts，期间费用率 18.27%，同比下降 1.74pcts；经营性现金流正流入 2.53 亿元，同比提升 11.2%， 资产负债率 30.23%，同比下降 5.15pcts，账面货币资金 7.83 亿元。 23 年度减值风险进一步释放。23 年公司计提资产减值损失 0.44 亿元、计提信 用减值损失 0.12 亿元，其中资产减值损失主要有对子公司（湖北省华网电力 工程有限公司）计提的 2595.04 万元商誉减准备，本次计提后该子公司（湖北 华网工程）的商誉账面价值已经为 0，后续再无继续减值风险；另外公司对淳 化风电项目合同资产计提 1630.96 万元减值准备，公司关于淳化风力发电项目 的应收账款和合同资产合计余额在经过 22、23 年计提后仅剩 4272.6 万元，后 续若按账龄计提，对公司整体业绩影响较小。 风险提示：电网招标或开工不及预期；公司新产品市场推广不及预期；原材料 涨价削弱公司盈利。 ...

Financial Performance - The company's operating revenue for 2023 reached ¥1,493,382,897.55, representing a 22.12% increase compared to ¥1,222,900,130.75 in 2022[22]. - The net profit attributable to shareholders for 2023 was ¥173,076,512.15, a significant increase of 198.57% from ¥58,050,599.47 in 2022[23]. - The net cash flow from operating activities for 2023 was ¥252,941,946.10, reflecting an 11.20% increase from ¥227,460,613.74 in 2022[23]. - The basic earnings per share for 2023 was ¥0.2790, up 198.40% from ¥0.0936 in 2022[23]. - The total assets at the end of 2023 were ¥3,241,125,614.56, a slight decrease of 0.45% from ¥3,254,980,104.24 at the end of 2022[23]. - The net assets attributable to shareholders increased by 7.65% to ¥2,259,339,573.43 at the end of 2023, compared to ¥2,099,088,026.81 at the end of 2022[23]. - The company reported a quarterly revenue of ¥429,014,506.60 in Q4 2023, contributing to a total annual revenue of ¥1,493,382,897.55[28]. - The company's total revenue for 2023 reached approximately 17.46 billion, an increase from 15.54 billion in the previous year, reflecting a growth of 12.2%[30]. - The revenue from power transmission and transformation equipment reached ¥1,384,754,083.80, accounting for 92.73% of total revenue, with a year-on-year growth of 24.40%[64]. - The company achieved a total operating revenue of ¥1,493,382,897.55 in 2023, representing a year-on-year increase of 22.12% compared to ¥1,222,900,130.75 in 2022[64]. Dividend Distribution - The company plans to distribute a cash dividend of 0.7 CNY per 10 shares (including tax) to all shareholders, based on a total share base of 607,149,885 shares after deducting repurchased shares[4]. - The net profit attributable to shareholders for 2023 was CNY 173,076,512.15, with the distributable profit at CNY 938,224,482.09 after statutory reserves[175]. - The cash dividend distribution accounted for 100% of the total profit distribution amount[175]. Risk Management - The company acknowledges various risks including industry, market, and material price fluctuation risks that may impact profitability[4]. - The company has established a comprehensive risk management framework to address potential financial and operational risks[4]. - The company recognizes industry risks related to changes in national policies and investment delays, which could impact economic benefits[117]. - The company is implementing strategies to mitigate risks from raw material price fluctuations by adjusting sales prices in line with market trends[118]. - The company is addressing management risks associated with rapid growth by ensuring that management practices evolve with the company's scale[120]. - The company is exploring partnerships with large state-owned enterprises to mitigate funding risks associated with large-scale renewable energy projects[122]. Research and Development - The company is committed to enhancing its product offerings and technological advancements in the energy sector[4]. - The company has invested 9.675 billion in major power source projects, marking a year-on-year increase of 30.1%[36]. - The company applied for 53 invention patents and 51 utility model patents in 2023, with 11 invention patents and 44 utility model patents granted[50]. - The company has established 5 national-level and 5 provincial-level innovation R&D centers, enhancing its core competitiveness[48]. - The company is focusing on R&D for new products, including 363kV GIS, 550kV GIL, and 750kV GIS, to enhance product competitiveness and meet market demands[113]. - The company is advancing the CGIS-12(Z)/T2500-31.5 project, which has completed type testing and is entering small batch production, enhancing product competitiveness and profit growth potential[76]. - The company has successfully developed 18 new products, with 8 classified as internationally leading and 10 as internationally advanced[50]. - The company aims to improve product competitiveness through the development of a new series of high-voltage outdoor transformers, with a focus on meeting market demand and enhancing product variety[75]. Market Expansion and Strategy - The company plans to expand its business scope to include various import and export activities, as well as the construction and operation of electric vehicle charging facilities[21]. - The company aims to strengthen its marketing capabilities and expand into new markets, including the southern grid and overseas markets, to diversify its order sources[112]. - The company has adjusted its marketing strategy to enhance its presence in the distribution network market, focusing on city-level markets rather than provincial markets[101]. - The company plans to redirect the remaining funds from the headquarters technology center and regional operation center project, totaling RMB 16.6963 million, to the Jinzhou Production Base Phase III project[101]. Corporate Governance - The company has a strong commitment to corporate governance, with independent directors overseeing key decisions[141]. - The company’s governance structure has been strengthened, ensuring compliance with regulatory requirements and enhancing transparency[127]. - The total pre-tax remuneration for directors, supervisors, and senior management amounted to CNY 3.17 million[148]. - The remuneration decision process involves the compensation and assessment committee, which submits proposals to the board and shareholders[146]. - The company has established a strict review process for remuneration payments, ensuring compliance with the approved compensation plan[146]. - The board approved the use of idle funds to purchase structured deposits from banks[150]. Environmental Management - The company has implemented a comprehensive environmental management system, achieving ISO 14001 certification covering all main business areas[196]. - The company has adhered to environmental protection policies and industry standards for pollutant emissions[186]. - The company has established a risk management process for potential environmental incidents, including a detailed emergency response plan[197]. - The company conducted maintenance on its wastewater treatment facilities to ensure stable compliance with discharge standards[187]. - The company has a valid pollution discharge permit effective from August 1, 2023, to July 31, 2026[186]. Employee Management - The total number of employees at the end of the reporting period was 1,814, with 171 in the parent company and 1,643 in major subsidiaries[157]. - The professional composition includes 1,050 production personnel, 120 sales personnel, 457 technical personnel, 29 financial personnel, and 158 administrative personnel[157]. - The company aims to establish a salary system that balances internal equity and market competitiveness, linking compensation to performance and contributions[158][160]. - The total hours of outsourced labor amounted to 468,160 hours, with total payments for outsourced labor reaching CNY 11,749,980[171]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 25% based on new product launches and market expansion strategies[126]. - The company plans to raise 780 million CNY through a public offering of convertible bonds to support high-quality development and fund three key projects[112]. - The company aims to strengthen its technical capabilities and R&D through the establishment of a national-level technology platform and testing center[101].

本报告仅供 Choice 东方财富 使用，请勿传阅。 设备业务稳健增长，工程板块减亏向好 设备业务发展稳健，增长潜力持续释放： | --- | --- | |------------------------|----------------| | | 证券研究报告 | | | 输变电设备 | | 投资评级 | 买入 -A | | | 维持评级 | | 6 个月目标价 | 7.50 元 | | 股价 (2024-03-27) | 6.33 元 | | | | | 交易数据 | | | 总市值(百万元 | ) 3,926.70 | | 流通市值(百万元 | ) 3,265.68 | | 总股本 (百万股) 620.33 | | | 流通股本(百万股 | ) 515.90 | | 12 个月价格区间 | 4.44/7.63 元 | 本报告仅供 Choice 东方财富 使用，请勿传阅。 2024 年 03 月 27 日 长高电新(002452.SZ) 公司发布 2023 年年度报告，公司实现营业收入 14.93 亿元，同比增 长 22.12%，实现归属于母公司的净利润 1.73 亿元，同比增长 198.57%。 公司 ...