HPEC(SH:600312) Zheng Quan Shi Bao Wang·2025-04-10 12:25Core Viewpoint - The company reported significant growth in both revenue and net profit for 2024, driven by strong performance in the high-voltage equipment sector and ongoing innovation [1][2]. Group 1: Financial Performance - The company's revenue reached 12.402 billion yuan, a year-on-year increase of 11.96% [1] - Net profit attributable to shareholders was 1.023 billion yuan, reflecting a year-on-year growth of 25.43% [1] - The company plans to distribute a cash dividend of 2.89 yuan per 10 shares (tax included) [1] - In Q1 2025, the company achieved revenue of 2.510 billion yuan, up 22.82% year-on-year, and net profit of 358 million yuan, a substantial increase of 55.94% [4] Group 2: Business Segments - The high-voltage segment generated revenue of 7.698 billion yuan, a remarkable increase of 25.06% year-on-year, supported by the acceleration of ultra-high voltage projects under the national "dual carbon" goals [2] - The distribution network segment showed steady performance with revenue of 3.242 billion yuan, up 11.43% year-on-year, aided by optimized order structures and advancements in smart manufacturing [2] - International business faced a decline in revenue due to exchange rate fluctuations, but the company is expanding into the European high-end market, with eight products certified by Italy's TCA [2] Group 3: Research and Development - The company invested 550 million yuan in R&D, a 5.06% increase, focusing on overcoming critical technology challenges [3] - Achievements include 16 internationally leading results and four technologies recognized as major equipment in the national energy sector [3] - The company has successfully developed several first-of-their-kind products in the high-voltage switchgear field, contributing to industry advancements [3] - The R&D capitalization ratio reached 20.93%, indicating that some technologies are entering the commercialization phase [3] Group 4: Industry Outlook - The company is well-positioned to benefit from ongoing industry expansion, with the State Grid planning to invest over 650 billion yuan by 2025 in cross-regional transmission projects [4] - The company aims to solidify its leading position in the market by focusing on four key areas: high voltage, distribution networks, operation and maintenance, and renewable energy [4] - The revenue target for 2025 is set between 12.5 billion and 13.5 billion yuan, further reinforcing its industry leadership [4]