HPEC(SH:600312) Ge Long Hui A P P·2025-11-10 05:58Core 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, an increase of 26.2% year-on-year [1] - Contract liabilities for the first three quarters amounted to 1.868 billion yuan, reflecting a year-on-year growth of 46.32%, which is expected to support future performance growth [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 marks China's global leadership in the high-voltage large-capacity circuit breaker field and provides critical technical support for the management of short-circuit current exceeding standards in 750 kV power grids [1] Market Outlook - With the acceleration of ultra-high voltage and main network construction, the company, as a leading enterprise in the ultra-high voltage sector, is expected to achieve sustained performance growth [1] - Projected net profits attributable to shareholders for 2025, 2026, and 2027 are estimated to be 1.395 billion yuan, 1.620 billion yuan, and 1.846 billion yuan, respectively, corresponding to price-to-earnings ratios of 19, 16, and 14 times [1]