证券代码：002452 证券简称：长高电新 公告编号：2024-71 本次四个子公司上述中标金额合计人民币 13,071.18 万元，占公司 2023 年经审 计合并营业收入的 8.75%。签署正式合同后，其合同的履行预计将对公司 2025 年及 以后年度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 合同的执行期限以签订的正式合同为准，敬请广大投资者注意投资风险。 特此公告。 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。 2024 年 12 月 20 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 2024 年第八十五批采购（输变电项目第六次变电设备（含 电缆）招标采购）中标公告》《国家电网有限公司 2024 年第八十六批采购（输变电 项目第六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南长高电气有限公司、湖南长高高压 开关有限公司、湖南长高森源电力设备有 ...

Investment Rating - The report assigns an "Outperform" rating to Changgao Electric (002452 SZ) [1][6] Core Views - Changgao Electric is a leading manufacturer of switchgear equipment, benefiting from investments in both main and distribution grids [1] - The company is expected to benefit from the high growth in main grid investments during the "15th Five-Year Plan" period, driven by energy transition and large-scale base construction [1] - Distribution grid investments are expected to enter a new cycle, with switches and transformers being key areas for upgrades [2] - The company has a complete product portfolio for distribution grids and is expanding production capacity to meet future demand [2] Company Overview - Changgao Electric is a veteran in the isolation switch industry, with products covering main and distribution grids [1] - The company has three major production bases and plans to issue convertible bonds to further meet production needs [1] - In 2024, the company implemented an employee stock ownership plan [1] Main Grid Equipment Business - The "14th Five-Year Plan" period has seen rapid growth in power grid investments, with ultra-high voltage (UHV) and main grids being key focus areas [65] - National Grid's investment in 2024 is expected to exceed 600 billion yuan for the first time, with UHV and digitalization being major directions [65] - Gas-insulated switchgear (GIS) and isolation switches are core equipment for main grid construction, with 2023 centralized bidding scales of approximately 20 billion yuan and 1 6 billion yuan respectively [2] - The company has a 4% market share in GIS and 15% in isolation switches in National Grid's centralized bidding [2] - The company has achieved breakthroughs in 550kV GIS and is developing 363/750kV GIS products [2] Distribution Grid Equipment Business - Distribution grid investments are expected to enter a new cycle, driven by the clean, green, and intelligent transformation of power systems [2] - The company has a complete product portfolio for distribution grids, including oil-immersed/dry-type transformers, integrated pole-mounted circuit breakers, and environmentally friendly gas-insulated ring main units [2] - In 2024, the company's "Changgao Green Smart Distribution Industrial Park" project was established in Hengyang National High-Tech Zone [2] Financial Performance and Valuation - The company is expected to achieve net profits of 257 million yuan, 350 million yuan, and 436 million yuan in 2024-2026, with year-on-year growth rates of 49%, 36%, and 24% respectively [3] - Earnings per share (EPS) are projected to be 0 41 yuan, 0 56 yuan, and 0 70 yuan for 2024-2026, with corresponding P/E ratios of 18x, 13x, and 11x [3] - The report estimates a reasonable valuation range of 8 96-9 52 yuan, representing a 21%-29% premium over the current stock price [3] SWOT Analysis - Strengths: Strong technical expertise, stable equity structure, and coverage of both main and distribution grid demands [61] - Weaknesses: Limited overseas market expansion and drag from EPC business [61] - Opportunities: Rapid development of new energy driving UHV/main grid construction, distribution grid market reforms, and large-scale equipment renewal policies [61] - Threats: Intensified industry competition and potential underperformance in GIS and complete equipment market expansion [61]

证券代码：002452 证券简称：长高电新 公告编号：2024-70 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。 2024 年 11 月 5 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 2024 年第七十二批采购（输变电项目第五次变电设备（含 电缆）招标采购）中标公告》《国家电网有限公司 2024 年第七十三批采购（输变电 项目第五次变电设备单一来源采购）成交公告》《国家电网有限公司 2024 年新增第 二十四批采购（输变电项目新增第二次变电设备招标采购）的中标人名单》。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南长高电 气有限公司、湖南长高高压开关有限公司、湖南长高森源电力设备有限公司、湖南 长高成套电器有限公司分别在组合电器、隔离开关、开关柜三类产品招标中中标。 在上述招标项目中，四个子公司合计中标 22,699.70 万元。 一、中标公告主要内容 本次中标公示媒体是国家电网有限公司电子商务平台，招 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 10.2 yuan [1][3]. Core Insights - The company has achieved a revenue of 1.13 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 6.3%. The net profit attributable to the parent company reached 181 million yuan, up 10.4% year-on-year [1]. - The company has maintained high growth in order wins, with a cumulative bid amount of 1.2 billion yuan in the first five batches of national grid projects, a 26.3% increase compared to the same period last year [2]. - The third quarter of 2024 saw a decline in single-quarter performance, with revenue of 400 million yuan, down 2.6% year-on-year and 15.3% quarter-on-quarter. The net profit attributable to the parent company was 60 million yuan, down 24.5% year-on-year and 35.0% quarter-on-quarter [1][2]. Financial Summary - For 2024, the company is projected to achieve total revenue of 1.74 billion yuan, a year-on-year growth of 16.5%. The net profit attributable to the parent company is expected to be 283 million yuan, reflecting a significant increase of 63.6% [4]. - The earnings per share (EPS) for 2024 is estimated at 0.46 yuan, with a price-to-earnings (P/E) ratio of 16 times [4][3]. - The company’s gross margin for Q3 2024 was 35.5%, a decrease of 2.2 percentage points year-on-year, while the net profit margin was 13.9%, down 4.4 percentage points year-on-year [2].

证券代码：002452 证券简称：长高电新 公告编号：2024-69 长高电新科技股份公司 关于全资子公司之间吸收合并的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 一、吸收合并概述 为进一步规划公司业务发展，优化公司管理结构，提高运营效率，长高电新 科技股份公司（以下称"公司"）于 2024 年 10 月 25 日召开第六届董事会第十六 次会议，审议通过了《关于审议子公司之间吸收合并的议案》，同意由全资子公 司湖南长高高压开关有限公司（以下简称"长高开关"）吸收合并全资子公司湖 南长高智能电气有限公司（以下简称"长高智能"）和湖南长高矿山机电设备有 限公司（以下简称"长高矿机"）。本次吸收合并完成后，长高开关存续，长高智 能和长高矿机将依法注销，长高智能和长高矿机的全部资产、负债、权益、业务、 人员等均由长高开关承继。 本次吸收合并不构成关联交易，也不构成《上市公司重大资产重组管理办法》 规定的重大资产重组情形。根据《公司章程》规定，本次吸收合并无需提交公司 股东大会审议。 二、吸收合并双方基本情况 （一）吸收合并方基本情况 1、公司名称 ...

证券代码：002452 证券简称：长高电新 公告编号：2024-67 长高电新科技股份公司 第六届董事会第十六次会议决议公告 本公司及董事会全体成员保证公告内容真实、准确和完整，并对公告中的虚 假记载、误导性陈述或者重大遗漏承担责任。 长高电新科技股份公司（以下称"公司"）第六届董事会第十六次会议于 2024 年 10 月 25 日以通讯表决的方式召开。公司于 2024 年 10 月 17 日以专人送达及 电子邮件、微信等形式通知了全体董事，本次董事会会议应出席董事 9 人，亲自 出席董事 9 人，公司监事及高级管理人员列席会议。本次会议对出席人数、召集 召开程序、议事内容均符合《中华人民共和国公司法》及《公司章程》的要求。 公司董事长马孝武先生为本次董事会主持人。 一、与会董事对本次会议审议的全部议案进行讨论，并以表决票表决的方式， 进行了审议表决： 1、审议通过了《关于审议公司 2024 年第三季度报告的议案》； 同意公司按照定期报告编制的相关格式指引及要求，根据公司财务部门提交 的 2024 年三季度财务报表编制的《2024 年第三季度报告》。 表决结果：9 票赞成，0 票反对，0 票弃权，一致通过。 ...

Financial Performance - The company's operating revenue for Q3 2024 was ¥402,473,763.37, a decrease of 2.60% compared to the same period last year[2]. - The net profit attributable to shareholders for Q3 2024 was ¥59,596,004.64, down 24.54% year-on-year[2]. - The net profit after deducting non-recurring gains and losses was ¥56,072,878.18, a decrease of 25.79% compared to the previous year[2]. - The basic earnings per share for Q3 2024 was ¥0.0968, reflecting a decline of 23.96% year-on-year[2]. - Total revenue for the third quarter reached ¥1,131,746,201.16, an increase of 6.3% compared to ¥1,064,368,390.95 in the same period last year[14]. - The company's net profit margin improved, with net profit attributable to shareholders reaching ¥1,076,766,259.92, compared to ¥938,224,482.09 in the previous year, marking a growth of 14.8%[13]. - The net profit for Q3 2024 was CNY 181,061,408.87, an increase of 11.5% compared to CNY 162,916,417.88 in Q3 2023[15]. - Operating profit for Q3 2024 reached CNY 213,826,384.73, up from CNY 199,220,549.88 in the same period last year, reflecting a growth of 7.9%[15]. - The total comprehensive income attributable to the parent company was CNY 181,079,057.17, compared to CNY 162,916,417.88 in Q3 2023, marking an increase of 11.1%[15]. - Earnings per share for Q3 2024 were CNY 0.2952, up from CNY 0.2644 in Q3 2023, representing a growth of 11.5%[15]. Cash Flow and Investments - The net cash flow from operating activities for Q3 2024 was ¥246,060,911.12, representing a significant increase of 102.84% year-on-year[5]. - The net cash flow from investment activities improved by 81.15% year-on-year, amounting to CNY -45,699,412.28, due to decreased expenditures on structured deposit financial products[6]. - Cash inflow from financing activities increased by 196.63% to CNY 59,305,374.20, mainly from employee stock subscription payments[6]. - Cash outflow from financing activities rose by 144.44% to CNY 153,701,651.76, driven by increased cash dividends and stock repurchase expenditures[6]. - The net increase in cash and cash equivalents was CNY 105,900,334.83, a 164.66% improvement, attributed to higher cash generated from operating and investment activities[6]. - Cash flow from operating activities generated CNY 1,354,496,233.45, compared to CNY 1,208,344,110.49 in Q3 2023, indicating a year-over-year increase of 12.1%[16]. - The company reported a net cash flow from financing activities of -CNY 94,396,277.56, worsening from -CNY 42,886,687.64 in the previous year[17]. - Cash and cash equivalents at the end of Q3 2024 totaled CNY 865,291,209.14, an increase from CNY 503,300,088.34 at the end of Q3 2023[17]. Assets and Liabilities - The total assets at the end of Q3 2024 amounted to ¥3,354,712,245.35, an increase of 3.50% from the end of the previous year[2]. - The total liabilities increased to ¥1,018,553,241.53 from ¥979,655,856.73, showing a rise of 4.0%[12]. - The equity attributable to shareholders at the end of Q3 2024 was ¥2,334,009,680.33, up 3.30% from the previous year[2]. - The company’s equity attributable to shareholders increased to ¥2,334,009,680.33 from ¥2,259,339,573.43, reflecting a growth of 3.3%[13]. - The company reported a significant increase in accounts payable, which rose to ¥480,274,342.18 from ¥425,075,916.18, a growth of 12.9%[12]. Expenses - Management expenses for Q3 2024 rose to ¥83,547,891.52, a 30.65% increase compared to the same period last year[5]. - Operating costs for the quarter were ¥946,992,912.18, up from ¥872,596,075.63, reflecting a year-over-year increase of 8.5%[14]. - Research and development expenses for the quarter were ¥53,055,299.97, compared to ¥42,862,485.01 in the previous year, an increase of 23.5%[14]. - The company incurred a total operating expense of CNY 1,108,435,322.33, slightly up from CNY 1,087,038,228.62 in Q3 2023[16]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 32,922, with the largest shareholder holding 13.59% of shares[7]. - The employee stock ownership plan subscribed for 13,182,200 shares at a price of CNY 3.361 per share, totaling CNY 44,305,374.20 in subscription payments[9]. - The company repurchased shares amounting to CNY 80.01 million during the reporting period, which contributed to the increase in cash outflows from financing activities[6]. Market Strategy - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[18].

证券代码： 002452 证券简称：长高电新 长高电新科技股份公司投资者关系活动记录表 编号：2024-09 | --- | --- | --- | --- | --- | --- | |-----------------------|----------------------------------------|-----------------------------------------------------------------------|--------------------------------------------------------|----------------------------------|-----------------------| | | | | | | | | | | | | | | | 投资者关系活动 | □ 特定对象调研 | □ 分析师会议 | | | | | 类别 | □ 媒体采访 | □ 业绩说明会 | | | | | | □ 新闻发布会 □ 现场参观 | □ 路演活动 | | | | | 参与单位名称及 | √ 其他 （湖南辖区 投资者网上提 ...

证券代码：002452 证券简称：长高电新 公告编号：2024-66 长高电新科技股份公司 关于参加湖南辖区 2024 年度投资者网上集体接待日活动的公告 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。 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"湖南辖区 2024 年度投资者网上集体接待日"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，活动时间为 2024 年 10 月 10 日（星期四）14:00-17:00。届时 公司高管将在线就公司 2023 年至 2024 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 2024 年 9 月 28 日 ...

证券代码：002452 证券简称：长高电新 公告编号：2024-65 下，直接占用本协议项下授信额度。长高电气就本次授信与招行长沙分行签订了《最高 额不可撤销担保书》（编号：731XY240910T00007401），最高额担保金额 1000 万元，长 高弘瑞少数股东郭周平、郭乔林按照其在长高弘瑞的持股比例向长高电气提供反担保。 长高电新科技股份公司（以下简称"公司"）分别于 2024 年 3 月 25 日和 2024 年 4 月 19 日召开第六届董事会第十次会议和 2023 年年度股东大会，审议通过了《关于审议 2024 年度为子公司提供担保额度预计的议案》，根据子公司业务发展需要，为提高决策 效率，公司拟为全资、控股子公司的日常经营事项提供合计不超过人民币 62,400 万元的 担保额度，其中向资产负债率为 70%以上（含）的控股子公司提供的担保额度为 2,000 万元，向资产负债率低于 70%的控股子公司提供的担保额度合计不超过 60,400 万元。 对于 70%以上纳入合并报表范围（含 70%）的子公司，可以提供全额担保，但少数股东 须提供相应的反担保。上述担保额度包含了公司对子公司和孙公司以及子公 ...