平高电气：收入结构持续改善，业绩持续高增

Investment Rating - The report maintains a "Buy" rating for the company [4][3] Core Views - The company's revenue structure continues to improve, with a significant increase in performance. For the first three quarters of 2024, the company achieved a revenue of 7.885 billion yuan, a year-on-year increase of 5.9%, and a net profit attributable to shareholders of 857 million yuan, a year-on-year increase of 55.1% [3][4] - The company has seen a notable increase in high-value product deliveries, contributing to a substantial rise in net profit. The gross margin for Q3 2024 was 25.6%, up 4.2 percentage points year-on-year [3] - The company has a significant backlog of orders, indicating that annual performance is expected to continue to grow. The total investment in the national grid is projected to exceed 600 billion yuan in 2024, with ongoing projects expected to drive further growth [3][4] Financial Performance Summary - For Q3 2024, the company reported a revenue of 2.843 billion yuan, a year-on-year increase of 8.4%, and a net profit of 323 million yuan, a year-on-year increase of 47.7% [3] - The company’s gross margin for Q3 2024 was 25.6%, with a net profit margin of 12.19%, reflecting improvements in operational efficiency [3] - The company’s expense ratio for the first three quarters of 2024 was 10.5%, an increase of 1 percentage point year-on-year, but a decrease of 0.34 percentage points compared to the full year of 2023 [3] Order and Market Outlook - The company has seen a significant increase in pending orders, with expectations for continued high growth in annual performance. The backlog of orders is supported by ongoing national grid investments and upcoming project bids [3] - Major projects such as the Datong-Tianjin South and Gansu-Zhejiang are expected to enhance investment in the grid, with the National Grid announcing plans for substantial investment in 2024 [3] - The company is focusing on the development of distribution networks and international business, successfully expanding its market presence in over 70 countries [3]