机构持仓方面，截止2025年6月30日，西高院十大流通股东中，中国中金财富证券有限公司位居第六大 流通股东，持股128.43万股，为新进股东。 责任编辑：小浪快报 资料显示，西安高压电器研究院股份有限公司位于陕西省西安市莲湖区西二环北段18号，成立日期2001 年10月17日，上市日期2023年6月19日，公司主营业务涉及公司主营业务为提供电气领域检验检测服务 与其他技术服务,其中检验检测服务包括交、直流高压和超高压开关、±500千伏以上直流输电设备、800 千伏以上交流长距离输电设备等智能电网领域的关键输配电设备,其他技术服务包括计量服务、认证服 务、技术研究与技术咨询。其中,检测服务为公司的核心业务,经过多年的积累,公司在电气设备检测服务 领域具备领先的技术和经验优势。主营业务收入构成为：检测服务94.70%，技术研究与技术咨询、计 量及认证服务3.51%，其他(补充)1.79%。 截至6月30日，西高院股东户数1.22万，较上期增加1.18%；人均流通股12834股，较上期增加0.87%。 2025年1月-6月，西高院实现营业收入4.20亿元，同比增长33.71%；归母净利润1.33亿元，同比增长 33 ...

Summary of Key Points Core Viewpoint - The company, Xi'an High Voltage Electrical Research Institute Co., Ltd., is changing the implementation subjects and locations of certain fundraising projects to enhance efficiency and align with market demands while maintaining the total investment amount unchanged [1][6]. Fundraising Basic Information - The company has received approval from the China Securities Regulatory Commission for its initial public offering, issuing 79.144867 million shares at a price of RMB 14.16 per share, raising a total of RMB 1,120.6913 million. After deducting issuance costs of RMB 60.9083 million, the net amount raised is RMB 1,059.7830 million [1][2]. Fundraising Investment Project Details - The total investment for the fundraising projects is RMB 910 million, with the entire amount allocated to two main projects: the new electric equipment detection capability enhancement project and the key technology research and testing base for new environmentally friendly transformers [2][5]. Changes in Implementation Subjects and Locations - The company plans to add Xi'an High Voltage Electrical Research Institute (Xiamen) Co., Ltd. as a new implementation subject and change the project locations to Xiamen. This change aims to leverage local resources and enhance collaboration with industry needs [3][4][5]. Reasons for Changes - The changes are driven by the need for long-term project development and market analysis. Xiamen is identified as a hub for new energy enterprises, which will facilitate better integration with industry demands and local academic resources [4][5]. Impact of Changes - The changes will not affect the total investment amount or the business direction of the fundraising projects. They are expected to improve project execution efficiency and align with the company's strategic goals [6][7]. Fundraising Management Post-Change - The company will establish a dedicated account for the new implementation subject to manage and utilize the raised funds effectively [6]. Review Procedures - The changes have been approved by the company's board and supervisory committee and will be submitted for shareholder approval. The supervisory committee supports the changes, stating they will enhance fundraising efficiency without harming shareholder interests [6][7]. Sponsor's Verification Opinion - The sponsor, China International Capital Corporation, has verified that the changes comply with relevant regulations and will not adversely affect the fundraising projects [7].

Core Insights - The company reported a total revenue of 800 million yuan for 2024, representing a year-on-year increase of 5.7% [1] - The net profit attributable to shareholders for 2024 was 230 million yuan, up 20.8% year-on-year, while the net profit excluding non-recurring items was 190 million yuan, reflecting a 41.7% increase [1] Revenue Breakdown - In 2024, the revenue from testing services was 738 million yuan, a year-on-year increase of 5.4%, while revenue from technical research and consulting was 35 million yuan, up 14.98% [2] - Domestic revenue for 2024 was 765 million yuan, increasing by 5.09% year-on-year, whereas overseas revenue, including Hong Kong, Macau, and Taiwan, was 9 million yuan, showing a significant increase of 153.8% [2] Profitability Metrics - The overall gross margin for 2024 was 52.72%, with a quarterly gross margin of 55.41% in Q4 2024 [3] - The gross margin for testing services was 54.74%, up 4.63 percentage points year-on-year, while the gross margin for technical research and consulting was 39.39%, an increase of 8.51 percentage points [3] - The gross margin for domestic operations was 53.85%, up 4.55 percentage points, and for overseas operations, it was 71.45%, reflecting a substantial increase of 19.75 percentage points [3] Cost and Expenses - The total expense ratio for 2024 was 23.90%, an increase of 1.60 percentage points year-on-year, with the sales expense ratio at 2.37%, management expense ratio at 11.79%, R&D expense ratio at 10.62%, and financial expense ratio at -0.88% [3] - In Q1 2025, the total expense ratio was 21.74%, up 1.31 percentage points year-on-year [3] Cash Flow and Financial Health - The contract liabilities at the end of Q1 2025 reached 315 million yuan, a year-on-year increase of 58.1% and a quarter-on-quarter increase of 11.7% [4] - The asset-liability ratio at the end of Q1 2025 was 18.17%, up 5.53 percentage points year-on-year [4] - The operating net cash flow for 2024 was 482 million yuan, a year-on-year increase of 54.3%, with Q4 2024 showing a significant increase of 117.5% [4] - In Q1 2025, the operating net cash flow was 132 million yuan, reflecting a year-on-year increase of 14.3% [5] Strategic Developments - The company completed the acquisition of Henan High Voltage Electrical Research Institute in 2024, enhancing its competitiveness and market share [5] - The company aims to consolidate its leading position in the domestic high-voltage electrical sector while actively expanding into emerging application areas and strengthening international collaborations [5] - The projected net profit attributable to shareholders for 2025 is expected to reach 283 million yuan, corresponding to a PE ratio of approximately 18 times [5]

Company and Industry Summary Company Overview - The company, established in 1958, is a key project under China's E5 plan and serves as a high-pressure power transmission equipment testing and research base [1][2] - The company has participated in all major domestic projects and is involved in 39 ultra-high voltage direct current transmission lines [2] Financial Performance - For 2024, the company expects to achieve a revenue of 798 million yuan, with net profit exceeding 200 million yuan, representing a year-on-year growth of 20.78% [2] - The gross profit margin increased by 4.92 percentage points, and the balance of advance payments for testing services rose to 282 million yuan [2] - In Q1 2024, the company reported revenue of approximately 200 million yuan, a 12.1% increase year-on-year, with net profit also growing by 12.1% [3] R&D Investment - The company has maintained a strong growth trend in R&D investment, which has outpaced revenue growth [4][5] - Currently, the company is involved in eight national-level R&D projects and around 30 provincial-level projects, focusing on new product development and technological advancements [7] Market Position and Strategy - The company holds a market share of over 35% in the ultra-high voltage testing market and has become the first CNAS-accredited greenhouse gas verification institution in the construction industry [3] - The company plans to continue its growth through both organic development and strategic acquisitions, aligning with national energy and power development goals [8][9] International Expansion - The company is exploring international markets, particularly in regions like Indonesia, Egypt, Brazil, and the UAE, with a focus on the Belt and Road Initiative [11][12] - The company has not faced significant trade friction despite global uncertainties and is actively participating in international exhibitions to promote its services [11][12] New Energy Sector - The company is expanding into the new energy sector, focusing on testing for large-capacity photovoltaic systems and energy storage solutions [21][22] - The new energy market is currently facing challenges such as overcapacity and price wars, but the company sees opportunities in ensuring the safety and compatibility of new energy systems with existing power grids [22][23] Competitive Advantages - The company has established a strong reputation in the industry, with unique capabilities in testing and certification that differentiate it from competitors [25][26] - It has a significant role in setting industry standards and has a strong international presence, which enhances its competitive edge [26] Future Outlook - The company is optimistic about its growth prospects, particularly in overseas markets and the new energy sector, and aims to exceed industry growth rates [32] - The focus on integrating R&D with market needs and expanding service offerings in emerging sectors is expected to drive future performance [32]