HPEC(SH:600312) KAIYUAN SECURITIES·2024-09-01 01:30Investment Rating - The investment rating for Pinggao Electric (600312.SH) is maintained as "Buy" [2][6] Core Views - The company reported a robust growth in operating performance for H1 2024, achieving a revenue of 5.042 billion yuan, a year-on-year increase of 4.5%, and a net profit attributable to shareholders of 534 million yuan, up 60% year-on-year [6] - The gross profit margin and net profit margin improved to 23.5% and 11.4%, respectively, marking the highest profitability since 2017 [6] - The company continues to invest in R&D and market expansion, leading to significant improvements in profit quality [6] - The forecast for net profit attributable to shareholders for 2024-2026 is set at 1.172 billion, 1.569 billion, and 1.731 billion yuan, with corresponding EPS of 0.86, 1.16, and 1.28 yuan, indicating a PE ratio of 21.3, 15.9, and 14.4 times at the current stock price [6] Summary by Sections Financial Performance - In H1 2024, the company achieved a revenue of 5.042 billion yuan, a 4.5% increase year-on-year, and a net profit of 534 million yuan, reflecting a 60% growth [6] - The gross profit margin was 23.5%, and the net profit margin was 11.4%, both showing significant year-on-year improvements [6] - The company maintained a period expense ratio of 9.4%, which is a 0.7 percentage point increase year-on-year [6] Market and Industry Outlook - The construction of ultra-high voltage and main grid projects continues to thrive, with several key projects initiated in 2023 and 2024, indicating a strong market demand [7] - The State Grid's procurement for transmission and transformation equipment reached 43.336 billion yuan in the first three batches of 2024, a year-on-year increase of 8.4% [7] - The development of the distribution network is receiving policy support, with the National Energy Administration launching an action plan for high-quality development from 2024 to 2027 [7] Business Segments - The high-voltage segment generated a revenue of 3.034 billion yuan in H1 2024, with a gross margin of 27.6%, an increase of 4.7 percentage points compared to the previous year [8] - The company successfully secured contracts worth 3.139 billion yuan for ultra-high voltage projects in 2023, with deliveries expected in 2024 [8] - The international business is expanding, with successful entries into the EU high-end market for specific electrical products [8]