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平高电气(600312):持续加强降本增效,毛利率有所提升
Changjiang Securities· 2025-08-25 23:30
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].
平高电气(600312):业绩持续高增,高压板块贡献显著
Changjiang Securities· 2025-05-06 23:30
Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a 2024 annual revenue of 12.4 billion yuan, representing a year-on-year increase of 12.0% - The net profit attributable to shareholders for 2024 was 1.02 billion yuan, up 25.4% year-on-year - The non-recurring net profit for 2024 was 990 million yuan, reflecting a 23.0% year-on-year increase - For Q4 2024, the revenue was 4.52 billion yuan, showing a year-on-year increase of 24.4% and a quarter-on-quarter increase of 58.8% - The net profit attributable to shareholders for Q4 2024 was 170 million yuan, down 36.9% year-on-year and down 48.6% quarter-on-quarter - The non-recurring net profit for Q4 2024 was 140 million yuan, down 44.4% year-on-year and down 54.3% quarter-on-quarter - In Q1 2025, the revenue was 2.51 billion yuan, up 22.8% year-on-year, with a net profit of 360 million yuan, up 55.9% year-on-year [2][4][5]. Financial Performance - The high-voltage segment contributed significantly to the company's revenue, with 2024 annual revenue of 7.698 billion yuan, a year-on-year increase of 25.1% - The medium and low-voltage segment revenue was 3.242 billion yuan, up 11.4% year-on-year - The operation and maintenance services and other revenue totaled 1.164 billion yuan, down 0.9% year-on-year - The international business segment revenue was 204 million yuan, down 71.8% year-on-year - The overall gross margin for 2024 was 22.36%, an increase of 0.97 percentage points year-on-year - The gross margin for the high-voltage segment was 25.53%, up 2.66 percentage points year-on-year [9][10]. Future Outlook - The company expects to achieve a revenue of 12.5 to 13.5 billion yuan in 2025, representing a year-on-year growth of approximately 1% to 9% - The estimated net profit attributable to shareholders for 2025 is projected to be 1.467 billion yuan, corresponding to a valuation of about 15 times [9][10].