长高电新(002452)：研发高支出业绩承压 布局GIL未来增量市场

Core Viewpoint - The company released its 2025 semi-annual report, achieving operating revenue of 732 million yuan in H1 2025, a year-on-year increase of 0.40%, while the net profit attributable to shareholders was 106 million yuan, a year-on-year decrease of 13.12%, significantly impacted by high R&D expenses [1][2] Financial Performance - In H1 2025, the company reported operating revenue of 732 million yuan, a slight increase of 0.40% year-on-year, and a net profit attributable to shareholders of 106 million yuan, down 13.12% year-on-year; the non-recurring net profit was 100 million yuan, down 11.37% year-on-year [2][3] - The subsidiary performance varied, with Changgao Electric experiencing a 16.34% decline in revenue due to delayed project progress, while Changgao Complete saw a revenue increase of 58.87% and net profit growth of 63.32% due to increased product deliveries [3] Industry Outlook - The power equipment industry is experiencing high demand, with national grid investments expected to exceed 650 billion yuan in 2025, and Southern Power Grid planning fixed asset investments of 175 billion yuan, setting new historical highs [1][4] - The demand for UHV construction remains strong, driven by external delivery from the Shagao Desert Base and the need for hydropower delivery from Southwest China [1][4] - The company holds a leading market position in products such as combination electrical devices and isolating switches, actively expanding into high-voltage products to capture industry growth opportunities [1][4][5] Product Development - The company is a major player in high-voltage isolating switches and is expanding its GIS product offerings across various voltage levels, achieving successful bids for 500kV combination electrical devices [5] - The company is investing 96 million yuan to establish a GIL assembly plant, enhancing its capabilities for R&D and production of GIL products in the 220-1000kV voltage range [5] Future Earnings Forecast - The company is projected to achieve net profits attributable to shareholders of 326 million yuan and 407 million yuan for 2025 and 2026, respectively, with price-to-earnings ratios of 14.1x and 11.3x [7]