HPEC(SH:600312) Xin Lang Cai Jing·2025-11-10 05:51Core Viewpoint - 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%, while the net profit for Q3 2025 was 318 million yuan, showing a year-on-year decline of 1.83% [1] Financial Performance - The company's R&D expenditure for the first three quarters was 376 million yuan, reflecting a year-on-year growth of 26.2% [1] - Contract liabilities for the first three quarters amounted to 1.868 billion yuan, an increase of 46.32% year-on-year, indicating strong future performance support [1] Technological Advancements - The company, in collaboration with State Grid Shaanxi Electric Power, Xi'an Jiaotong University, and China Electric Power Research Institute, developed the world's first 800 kV 80 kA circuit breaker, successfully completing all type tests at the State Grid (Changzhou) Electrical Equipment Testing Center [1] - This significant achievement positions China as a global leader in the high-voltage large-capacity circuit breaker sector, providing critical technical support for the management of short-circuit current exceeding standards in 750 kV power grids [1] Market Outlook - With the acceleration of UHV and main grid construction, the company, as a leading enterprise in the UHV sector, is expected to achieve sustained growth in performance [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated at 1.395 billion yuan, 1.620 billion yuan, and 1.846 billion yuan, respectively, with corresponding P/E ratios of 19, 16, and 14 times [1]