HPEC(SH:600312) Ge Long Hui·2025-10-23 08:12Core Insights - The report from Minsheng Securities indicates that Pinggao Electric achieved a net profit attributable to shareholders of 982 million yuan in the first three quarters of 2025, representing a year-on-year increase of 14.62% [1] - In Q3 2025, the company reported a net profit of 318 million yuan, showing a year-on-year decline of 1.83% but a quarter-on-quarter increase of 3.63% [1] Financial Performance - For the first three quarters of 2025, the company's inventory amount increased to 2.508 billion yuan, up from 2.240 billion yuan in the first half of 2025 and 2.301 billion yuan in the first three quarters of 2024, indicating a continuous growth trend [1] - The improvement in profitability and the sustained increase in inventory provide support for the company's future business growth [1] Business Outlook - The steady progress of the State Grid's ultra-high voltage project bidding is expected to benefit the company's related business segments [1] - The company is poised to benefit from the global power grid infrastructure cycle, with overseas and non-grid contributions continuing to provide incremental growth [1] - The recommendation rating for the company remains "recommended" [1]