HPEC(SH:600312) Chang Jiang Shang Bao·2025-09-11 23:36Core Viewpoint - Pinggao Electric is establishing two wholly-owned subsidiaries with an investment of 900 million yuan to enhance its market competitiveness and technical service capabilities in the power transmission and distribution equipment sector [1][2]. Group 1: Company Strategy and Market Expansion - The company aims to stimulate operational vitality and improve operational efficiency through the establishment of the subsidiaries, which will help expand market reach and enhance core competitiveness and profitability [2]. - Pinggao Electric has a strong order reserve, having won bids for projects worth 5.365 billion yuan, accounting for 43.3% of its total revenue in 2024 [3]. - The company is shifting its international business strategy from low-margin EPC models to high-value single machine exports, achieving a significant increase in international revenue, which reached 167 million yuan, a year-on-year growth of 285% [3]. Group 2: Financial Performance - The company reported a revenue of 5.696 billion yuan in the first half of 2025, representing a year-on-year increase of 12.96%, and a net profit of 665 million yuan, up 24.59% year-on-year [1][4]. - The overall profitability has improved, with the comprehensive gross margin increasing by 1.35 percentage points to 24.72%, and the net profit margin rising by 1.19 percentage points to 12.6% [4]. - The high-voltage segment, including ultra-high voltage, generated revenue of 3.264 billion yuan, accounting for 57.3% of total revenue, with a year-on-year growth of 7.55% [4]. Group 3: Research and Development - The company has consistently increased its R&D investment, with a total of 2.253 billion yuan spent on R&D from 2020 to the first half of 2025 [5].