HPEC(SH:600312) Guoxin Securities·2024-04-13 16:00Investment Rating - The report maintains a "Buy" rating for Pinggao Electric (600312.SH) [4][13] Core Views - The company achieved significant revenue growth of 19.4% year-on-year, reaching 11.08 billion yuan in 2023, with a remarkable net profit increase of 284.5% to 816 million yuan [5][12] - The fourth quarter of 2023 continued the high growth trend, with revenue of 3.63 billion yuan, a year-on-year increase of 15.4% and a quarter-on-quarter increase of 38.31% [12] - New contracts signed in 2023 increased by 44.2%, reinforcing the company's leading position in the power grid market [12] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 11.08 billion yuan, a 19.4% increase from the previous year, and a net profit of 816 million yuan, up 284.5% [5][12] - The gross profit margin for the year was 21.38%, an increase of 3.79 percentage points year-on-year [5][12] - The fourth quarter saw a net profit of 263 million yuan, a staggering increase of 682.2% year-on-year [12] Business Segments - The high-voltage segment generated revenue of 6.155 billion yuan, a 23.67% increase, while the international segment saw a dramatic revenue increase of 261.1% to 724 million yuan [12] - The company successfully developed several industry-leading products, including the world's first 550 kV high-speed circuit breaker [12] Future Outlook - The report projects net profits for 2024, 2025, and 2026 to be 1.1 billion, 1.348 billion, and 1.634 billion yuan respectively, reflecting a positive growth trajectory [13] - The current stock price corresponds to a price-to-earnings ratio (PE) of 19 for 2024, indicating a favorable valuation [13]