Changgao NEET(SZ:002452) Chang Jiang Shang Bao·2025-05-09 00:03Core Viewpoint - Changgao Electric New has achieved significant success in securing contracts from the State Grid, with a total of approximately 4.43 billion yuan in projects won in 2024, indicating strong growth potential for the company [1][3][6]. Group 1: Contract Wins - On May 7, Changgao Electric New announced that its subsidiaries won a total of 235 million yuan in State Grid procurement projects, accounting for 13.35% of the company's audited consolidated revenue for 2024 [1][3]. - In March, the company reported winning contracts worth 208 million yuan from the State Grid, bringing the total for the year to approximately 443 million yuan [1][4]. - The contracts won are expected to positively impact the company's operating performance in 2025 [5]. Group 2: Financial Performance - In the first quarter of 2025, Changgao Electric New reported a revenue of 339 million yuan, a year-on-year increase of 33.57%, and a net profit of 33.45 million yuan, up 12.54% [10]. - The company achieved record high performance in 2024, with total revenue of 1.76 billion yuan, a growth of 17.86%, and a net profit of 252 million yuan, increasing by 45.66% [9][10]. - Research and development expenses for the first quarter of 2025 reached 43.21 million yuan, a significant increase of 189.47% year-on-year, representing 12.74% of revenue [2][10]. Group 3: R&D and Innovation - Changgao Electric New has a strong focus on research and development, with 89 invention patents and 331 utility model patents as of December 31, 2024 [9]. - The company invested 94 million yuan in R&D in 2024, which accounted for 5.34% of its revenue [9]. - The number of R&D personnel increased by 6.12% to 312 in 2024, reflecting the company's commitment to innovation [9]. Group 4: Market Position and Products - Changgao Electric New is one of the largest manufacturers of high-voltage isolating switches in China, covering voltage levels from 12kV to 1100kV [9]. - The company has maintained a leading market share in the State Grid construction projects, with its products being used in major national infrastructure projects [9]. - The company has expanded its product offerings in the power equipment manufacturing sector, focusing on transmission and distribution equipment [6].