平高电气：高压GIS优势企业，特高压、主网建设加速赋能高增

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][26]. Core Views - The company is expected to achieve significant growth in its performance, with a projected net profit of 5.2-5.4 billion yuan for the first half of 2024, representing a year-on-year increase of 55.9%-61.9% [8][21]. - The company maintains a leading position in the high-voltage GIS sector and is poised to benefit from the accelerated construction of ultra-high voltage and main grid projects in China [15][17]. - The report highlights the improvement in the company's distribution network and international business, which are expected to contribute to performance growth [21][23]. Summary by Sections 1. High-Voltage GIS Sector Advantages - The company is projected to maintain high growth in 2024, with a significant increase in net profit due to the acceleration of key grid projects and structural changes in revenue [8][11]. - The company has strengthened its management practices, leading to improved efficiency and profitability [8][11]. 2. Consolidation of Leading Position - The company has solidified its market leadership, with new contracts increasing by 44.20% in 2023, and it leads in the bidding for ultra-high voltage projects [15][17]. - The company’s market share in the national grid's bidding segments is substantial, with a winning bid amount of 40.62 billion yuan, accounting for 23.6% of the total [15][17]. 3. Improvement in Distribution Network and International Business - The distribution network segment has shown significant growth, with a revenue contribution of approximately 27% and a gross margin of 16.7%, up 5.3 percentage points year-on-year [21][23]. - The international business has seen a remarkable turnaround, with revenue increasing by 261.1% in 2023, and the gross margin turning positive at 9.2% [23][25]. 4. Investment Recommendations - The company is expected to benefit from the increasing demand for supporting grid investments due to large-scale domestic renewable energy construction [26][30]. - Revenue projections for 2024-2026 are 129.94 billion, 153.24 billion, and 178.83 billion yuan, with year-on-year growth rates of 17.3%, 17.9%, and 16.7% respectively [26][30].