平高电气：业绩超预期，高压产品贡献利润增长

Investment Rating - The investment rating for Pinggao Electric is "Buy" and is maintained [4]. Core Views - The company reported a strong performance in Q1 2024, with revenue reaching 2.044 billion yuan, a year-on-year increase of 52.69%. The net profit attributable to the parent company was 230 million yuan, up 52.69% year-on-year, and the non-recurring profit was 228 million yuan, reflecting a 49.11% increase [5][6]. Summary by Sections Revenue Performance - In Q1 2024, the company achieved a revenue of 2.044 billion yuan, representing a year-on-year growth of 52.69%. The net profit attributable to the parent company was 230 million yuan, with a year-on-year increase of 52.69%, and the non-recurring profit was 228 million yuan, up 49.11% [5][6]. Profitability - The comprehensive gross margin for Q1 2024 reached 25.22%, an increase of 4.44 percentage points year-on-year. The overall expense ratio rose to 11.06%, up 1.11 percentage points year-on-year. The net profit margin improved to 12.64%, reflecting a year-on-year increase of 3.72 percentage points. The operating net cash flow was 90 million yuan, a 137% increase year-on-year [6]. Future Outlook - The company is expected to benefit from multiple growth drivers, including high-voltage main networks, medium and low-voltage distribution networks, and overseas business expansion. The ongoing construction of ultra-high voltage projects is anticipated to sustain revenue growth from high-grade products. The medium and low-voltage distribution network is expected to see significant growth due to the increasing pressure on domestic distribution networks. The overseas market is also projected to grow due to energy transition and infrastructure upgrades [6]. Financial Projections - For 2024, the company is projected to achieve a net profit of approximately 1.1 billion yuan, corresponding to a PE ratio of about 18.8 times. The revenue is expected to grow to 12.961 billion yuan in 2024, with a gross profit of 2.914 billion yuan [10].