长高电新：设备板块不断突破，工程板块逐渐改善

Investment Rating - The investment rating for the company is "Buy - A" with a 6-month target price of 7.50 CNY [4][8]. Core Views - The company reported a revenue of 729 million CNY for the first half of 2024, representing a year-on-year growth of 11.99%, and a net profit attributable to the parent company of 121 million CNY, up 42.84% year-on-year [1][2]. - The equipment segment showed steady growth, with revenue from power transmission and transformation equipment reaching 690 million CNY, a year-on-year increase of 12.22%. The gross margin for this segment improved to 38.21%, up 2.90 percentage points year-on-year [2][3]. - The engineering segment's revenue for the first half of 2024 was 28 million CNY, reflecting a year-on-year growth of 14.32%, aided by reduced operating costs [2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved revenue of 475 million CNY, a year-on-year increase of 12.19%, and a net profit of 92 million CNY, up 41.95% year-on-year [1]. - The company expects revenues of 1.93 billion CNY, 2.62 billion CNY, and 3.46 billion CNY for 2024, 2025, and 2026 respectively, with growth rates of 29.1%, 35.7%, and 32.2% [7][9]. Market Position and Orders - The company secured significant orders from the State Grid, totaling 261 million CNY, 222 million CNY, 271 million CNY, and 233 million CNY across four bidding rounds [3]. - New product lines, including 500kV combined electrical appliances, have contributed to a strengthened product portfolio and improved market position [3]. Valuation Metrics - The company is projected to have a PE ratio of 24 times for comparable companies in 2024, while the company itself is given a PE of 15 times, leading to a target price of 7.50 CNY [8][10].