丨证券研究报告丨 [Table_Summary] 公司发布 2025 年三季报。公司 2025 前三季度营业收入 6.5 亿元，同比+15.0%；归母净利润 2.0 亿元，同比+21.3%；扣非净利润 1.8 亿元，同比+38.8%。单季度看，公司 2025Q3 营业收 入 2.3 亿元，同比+21.9%，环比+8.7%；归母净利润 0.6 亿元，同比+39.2%，环比-7.1%；扣 非净利润 0.6 亿元，同比+41.5%，环比-6.7%。 [Table_scode 公司研究丨点评报告丨西高院（ Msg1] 688334.SH） [Table_Title] 毛利率提升费用率下降，利润增速显著提升 报告要点 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 西高 ...

Summary of the Conference Call Company Overview - The company, 西高院, operates in the electrical equipment sector, focusing on services related to circuit breakers, transformers, converters, and the development of new energy and smart grid planning [2][3][4]. Industry Insights - The national grid investment is projected to exceed 650 billion yuan in 2025, with Southern Grid's investment at 175 billion yuan, reflecting a year-on-year growth of 14% in grid engineering investments [2][4]. - The average annual growth rate for the next three years is expected to be around 6% [2][4]. Financial Performance - The company has shown steady improvement in operational efficiency, with contract liabilities increasing from 160 million yuan in 2022 to 290 million yuan in 2025 [2][4]. - Revenue growth is reported at 15%, while net profit attributable to shareholders has increased by 21.28% [2][4]. - The overall gross margin improved from 52.7% to 56%, with an average dividend payout of 55% this year [2][4]. Business Development - The company is accelerating its new energy testing business, with cumulative revenue of nearly 40 million yuan in September and an order volume of 60 million yuan [2][9]. - Significant growth in metrology and certification services, with metrology revenue increasing by 50% year-on-year [2][10]. Research and Development - R&D expenses decreased by 8% year-on-year, but the company expects to meet its annual targets, having undertaken 8 national key projects, up from 6 last year [2][5][13]. - The company has established a new subsidiary in Xiamen, entering the energy storage battery and power battery testing market [5][24]. Subsidiary Performance - The performance of subsidiaries varies, with the Xiamen subsidiary aiming to break even this year due to its early-stage development in energy storage [11]. - The Qingdao marine subsidiary is expected to contribute 50 million yuan in revenue, but its profit contribution is limited due to high initial investment and associated costs [8]. Future Outlook - The company anticipates continued growth in orders due to collaboration on ultra-high voltage projects and significant government investment in power transmission and equipment upgrades [20]. - The demand for new energy testing services is expected to grow, driven by local power companies' research institutes [9]. Challenges and Opportunities - The 雅江 project presents both challenges and opportunities, requiring significant investment in testing capabilities to meet new technology demands [16]. - The company is also focusing on developing capabilities in solid-state battery testing, although it is currently limited to existing energy storage technologies [22][24]. Conclusion - Overall, 西高院 is positioned well within the electrical equipment industry, with strong financial performance, a robust order book, and strategic investments in new energy and testing capabilities, despite facing challenges in certain areas of its operations.

Group 1 - The company, Xigao Institute, is focusing on opportunities arising from the national "dual carbon" strategy and the construction of a new energy system, emphasizing grid investment upgrades and clean energy development [1] - The company is experiencing continuous business expansion and stable order growth, with an increase in contract liabilities due to a prepayment model [1] - In 2024, the company plans to invest CNY 84.8 million in R&D to address the demand for low-energy and low-emission technology iterations [1] - The company is pursuing high-end, intelligent, and green technology layouts, considering acquisitions of companies with specialized technical advantages to enhance competitiveness [1] - The company has implemented a market value management system to enhance investment value through various means [1] - The company completed the distribution of dividends for 2024 on June 6 [1] - The company is actively conducting research on key technologies for environmentally friendly electrical equipment to support the national "dual carbon" goals [1] - The ultra-high voltage testing market is expected to expand continuously in 2025, driven by policy support and large-scale investments, with accelerated technology iterations [1] - The company has diversified growth points, participating in cutting-edge project R&D and validation, and increasing investment in technology R&D and innovation [1] - The company is exploring quality targets, focusing on standards, testing, measurement, certification, and technical consulting [1] - For energy storage business, the company has developed a strategy centered on technological innovation and R&D investment [1] - The company has a clear technology development layout, focusing on intelligent development, sulfur hexafluoride elimination technology, online monitoring technology, and AI perception technology [1] - Some overseas clients are choosing to send products for testing at Xigao Institute, with controllable transportation costs and no plans for overseas factories [1] - Besides acquisitions, the company aims to enhance traditional testing capabilities and promote asset restructuring and capacity enhancement [1] Group 2 - Shanghai Xitai Investment Management Co., Ltd. is a newly emerging private equity fund manager in the Chinese market, established on July 9, 2014, with a registered capital of CNY 10 million [2] - The company specializes in secondary market stock investment management, providing customized product services for investors with different risk preferences [2] - The research team consists of highly qualified employees, with 80% holding graduate degrees, and core investment personnel have backgrounds in public funds with extensive experience in portfolio management [2] - The team has a proven ability to manage large-scale assets and adapt to various market environments, demonstrating resilience through market cycles [2]

Group 1: Core Business and Financial Performance - The company is a leading comprehensive service provider in the electrical field, focusing on inspection, testing, measurement, certification, and technical consulting for smart grid construction [1] - In 2024, the company achieved a revenue of 798 million yuan, a year-on-year increase of 5.73%, and a net profit attributable to shareholders of 229 million yuan, a year-on-year increase of 20.78% [1] Group 2: Expansion into New Energy and International Markets - The company established a new energy laboratory and energy storage testing facility, achieving leading domestic testing capabilities in the new energy sector, with R&D investment of 84.79 million yuan in 2024, a year-on-year increase of 20.98% [2] - The company made significant breakthroughs in overseas business, completing orders from countries such as Russia, Indonesia, Brazil, and the UAE, with overseas revenue of 8.67 million yuan in 2024, a year-on-year increase of 153.80% [2] Group 3: Market Potential and Growth in UHV Testing - The company is positioned as a potential leader in the UHV testing field, with high technical content and significant capital investment, and is expected to maintain high growth rates in this area [2] - The market for UHV testing is projected to grow significantly due to increased demand from downstream electrical equipment suppliers as the State Grid accelerates UHV construction during the 14th Five-Year Plan period [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company is expected to achieve a total revenue of 800 million yuan in 2024, representing a year-on-year increase of 5.7%. The net profit attributable to the parent company is projected to be 230 million yuan, up 20.8% year-on-year, while the net profit excluding non-recurring items is expected to reach 190 million yuan, reflecting a 41.7% increase [3][11]. - For the first quarter of 2025, the company anticipates a revenue of 210 million yuan, which is a 12.1% year-on-year growth, with a net profit of 60 million yuan, also up 12.1% year-on-year, and a net profit excluding non-recurring items of 60 million yuan, indicating a 34.6% increase [3][11]. Financial Performance - In 2024, the company's total revenue from testing services is expected to be 738 million yuan, a 5.4% increase year-on-year, while revenue from technical research and consulting is projected to be 35 million yuan, up 14.98% [11]. - The overall gross margin for 2024 is projected to be 52.72%, with the fourth quarter gross margin reaching 55.41%. The gross margin for testing services is expected to be 54.74%, an increase of 4.63 percentage points year-on-year, while the gross margin for technical research and consulting is expected to be 39.39%, up 8.51 percentage points [11]. - The company’s operating cash flow for 2024 is expected to reach 482 million yuan, a 54.3% increase year-on-year, with the fourth quarter cash flow reaching 170 million yuan, up 117.5% year-on-year [11]. Market Position and Strategy - The company completed the acquisition of Henan High Voltage Electrical Research Institute in 2024, enhancing its overall competitiveness and market share. It aims to consolidate its leading position in the high-voltage electrical field domestically while actively expanding into emerging application areas [11]. - The company has successfully completed overseas orders from countries such as Russia, Indonesia, Brazil, and the UAE, showcasing its strong international presence [11].

Group 1: Fund Overview - Chunhou Xinrui A (Fund Code: 008186) is a mixed fund under Chunhou Fund, established on February 12, 2020, with a total management scale of 2.398 billion [1] - The fund is managed by Xue Lili and Chen Wen, focusing on in-depth research of corporate fundamentals to identify companies with long-term growth potential and valuation advantages [1] - As of April 18, 2025, the fund achieved a one-year return of 11.59%, outperforming the benchmark growth rate of 10.11% and the CSI Mixed Fund Index return of 4.84% [1] Group 2: Long-term Performance - Over the past five years, the fund's return reached 103.72%, significantly exceeding the performance benchmark of 4.00% and the CSI Mixed Fund Index return of 7.85% [1] - The fund ranks in the top 5 among similar mixed funds in terms of long-term returns as of April 18, 2025 [1] Group 3: Risk Management - The maximum drawdown of the fund over the past three years was 29.80%, which is better than the average level of similar mixed funds [1] - The maximum drawdown recovery period was 246 days, ranking in the top 15 among similar mixed funds [1] Group 4: Fund Size and Shareholder Structure - As of December 31, 2024, the fund's size reached 946 million [1] - The latest announcement shows that the fund's share count was 468 million as of December 31, 2024 [1] - According to the 2024 annual report, the institutional shareholder ratio of the fund reached 39.60% [1] Group 5: Company Research - On April 14, 2025, Chunhou Fund conducted research on the listed company Xigao Institute [2] - The research included an overview of the company's 2024 annual and 2025 Q1 operational status, core technologies, market expansion, business development, and market capitalization management [3] Group 6: R&D Investment and Achievements - Xigao Institute increased its R&D investment to 84.7979 million in 2024 and 20.9005 million in Q1 2025, focusing on low-energy and low-emission technology [3] - The company achieved three national-level technological achievements in 2024, with two reaching international leading levels and one at an international advanced level [3] Group 7: Future Development and Acquisitions - Xigao Institute aims to enhance its core competitiveness through external acquisitions, focusing on companies with strong professional capabilities and technological advantages [3] - The company plans to build a comprehensive service platform covering the entire power transmission and transformation equipment industry chain [3] Group 8: International Business Expansion - In 2024, Xigao Institute made significant breakthroughs in overseas business, participating in international power exhibitions and establishing recognition in the Middle East [3] - The company became the only recognized laboratory by Saudi Electricity Company and received direct recognition from Dubai Electricity and Water Authority for high-voltage GIS test reports [3] Group 9: New Energy Testing Business - Xigao Institute established a new energy testing center and achieved domestic leadership in testing capabilities for new energy [3] - The company aims to support the healthy development of the new energy industry and address challenges in grid operation optimization and safety [3]