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平高电气(600312):持续加强降本增效,毛利率有所提升

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a revenue of 5.7 billion yuan for the first half of 2025, representing a year-on-year increase of 13.0%. The net profit attributable to shareholders was 660 million yuan, up 24.6% year-on-year [3][4]. - In Q2 2025, the company achieved a revenue of 3.19 billion yuan, which is a 6.2% increase year-on-year and a 26.9% increase quarter-on-quarter. The net profit for the same quarter was 310 million yuan, reflecting a year-on-year increase of 0.9% but a quarter-on-quarter decrease of 14.5% [3][4]. - The company's gross margin for the first half of 2025 reached 24.72%, an increase of 1.35 percentage points year-on-year. However, the gross margin for Q2 2025 was 21.56%, showing a slight decline compared to the previous year [7]. Revenue Analysis - The high-voltage segment generated 3.264 billion yuan in revenue, a year-on-year increase of 7.6%. The medium and low-voltage segment and distribution network segment generated 1.596 billion yuan, up 14.6% year-on-year. The operation and maintenance services and other revenues reached 634 million yuan, increasing by 20.1% year-on-year. The international business segment saw a significant increase in revenue of 167 million yuan, up 284.5% year-on-year [7]. Cost and Margin Analysis - The company's gross margin improvement is attributed to cost reduction and efficiency enhancement initiatives. The gross margin for the high-voltage segment was 29.79%, up 2.20 percentage points year-on-year, while the medium and low-voltage segment's gross margin was 15.32%, down 0.53 percentage points year-on-year [7]. Expense Analysis - The total expense ratio for the first half of 2025 was 9.98%, an increase of 0.71 percentage points year-on-year. The sales expense ratio was 3.59%, down 0.18 percentage points, while the management expense ratio was 2.69%, down 0.15 percentage points. The R&D expense ratio increased to 4.20%, up 1.00 percentage points year-on-year [7]. Inventory and Contract Liabilities - As of the end of Q2 2025, the company's inventory was 2.24 billion yuan, a year-on-year increase of 21.1% and a quarter-on-quarter increase of 7.6%. Contract liabilities reached 1.715 billion yuan, up 40.0% year-on-year and 28.5% quarter-on-quarter, indicating strong growth potential [7]. Future Outlook - The ongoing promotion of ultra-high voltage projects and the Yashan hydropower project are expected to provide continuous incremental growth for the company. The projected net profit attributable to shareholders for 2025 is estimated to reach 1.34 billion yuan, corresponding to a PE ratio of approximately 16 times [7].