HPEC(600312) 长江商报· Chang Jiang Shang Bao·2025-05-12 00:27Core Viewpoint - Pinggao Electric has successfully won significant orders from the State Grid Corporation, with a total bid amount of approximately 1.751 billion yuan, representing 14.12% of the company's projected revenue for 2024 [1][2]. Group 1: Recent Bids and Financial Impact - The recent bid includes multiple projects, with the largest being 1.73 billion yuan for 30 packages of various electrical equipment [2]. - Since the beginning of 2025, Pinggao Electric has announced three successful bids, totaling 3.915 billion yuan [3][4]. - The company anticipates that the execution of these contracts will positively impact its future operations [2]. Group 2: Performance and Growth - In 2024, Pinggao Electric achieved a revenue of 12.402 billion yuan, a year-on-year increase of 11.96%, and a net profit of 1.023 billion yuan, up 25.43% [7]. - For the first quarter of 2025, the company reported a revenue of 2.510 billion yuan, a 22.82% increase year-on-year, and a net profit of 358 million yuan, reflecting a 55.94% growth [7]. - The gross profit margin reached 28.74% in Q1 2025, the highest in nearly nine years, with a net profit margin of 15.39%, an increase of 2.75 percentage points year-on-year [7]. Group 3: Research and Development - In 2024, the company invested 530 million yuan in R&D, accounting for 4.27% of its revenue, an increase of 0.51 percentage points year-on-year [6]. - The company has over 200 core technologies and has achieved more than 40 original innovations, receiving a national award for its key technologies in ultra-high voltage AC transmission [6]. Group 4: Shareholder Returns - In 2024, Pinggao Electric distributed a total dividend of 392 million yuan, with a payout ratio of 38.33% [8]. - Since its listing, the company has implemented 21 cash dividend distributions, totaling 3.442 billion yuan, with a cumulative payout ratio of 45.54% [8].