Investment Rating - The report maintains a "Buy" investment rating for the company [2] Core Insights - The company is a leading player in the high-voltage switchgear industry, focusing on the research, manufacturing, sales, and service of high, ultra-high, and extra-high voltage AC and DC switchgear equipment. Its products meet international standards and are widely used in key power projects in China [6][13] - The demand for gas-insulated switchgear (GIS) is expected to grow significantly due to high-intensity domestic power investments during the "14th Five-Year Plan" period, which will drive the need for advanced electrical equipment [28][39] - The company has a strong market position in the GIS sector, with a market share exceeding 35% in the extra-high voltage GIS segment. Its products are also expanding into international markets, particularly in Europe and North America, driven by global energy transition trends [9][39] Summary by Sections Company Overview - The company, Henan Pinggao Electric Co., Ltd., is a key enterprise in China's electrical equipment industry, primarily engaged in the development and manufacturing of high-voltage switchgear and related equipment. It has a strong technological foundation and a wide range of products that are essential for major national power projects [13][14] Market Demand and Growth - The report highlights that the demand for GIS is closely linked to the growth of the power generation and transmission sectors, with significant investments expected in the construction of extra-high voltage transmission lines and overseas markets [28][39] - The "14th Five-Year Plan" anticipates substantial investments in clean energy and power infrastructure, which will further enhance the demand for GIS and related equipment [39][40] Financial Performance and Projections - The company has shown consistent revenue growth, with projected revenues increasing from 110.77 billion yuan in 2023 to 209.13 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.93% [7] - Net profit is expected to rise from 8.16 billion yuan in 2023 to 20.63 billion yuan in 2027, indicating a robust growth trajectory [7] Competitive Landscape - The GIS market is characterized by high technical barriers and a concentrated competitive landscape, with only a few companies, including Pinggao Electric, capable of meeting the stringent requirements for extra-high voltage equipment [9][30] - The company is well-positioned to benefit from the ongoing expansion of the extra-high voltage market, supported by its strong technological capabilities and established market presence [9][30]

据国网安徽建设公司芜湖GIL管廊工程项目执行经理孙明刚介绍，位于安徽省芜湖市境内的芜湖GIL管 廊工程，是甘肃——浙江±800千伏特高压直流输电工程的重要组成部分，隧道全长3600米，是目前内 地在建直径最大的电力管廊工程。 在长江江底挖掘隧道并敷设气体绝缘金属封闭输电线路，相较于地面高架方案，该地下管道敷设方式可 高效节约空间资源，不干扰长江航道通行，且输电稳定性不受地形、气候等外界因素影响。 "皖美电力号"盾构机由国网安徽建设公司、中铁十四局等单位联合研制。 中新网广州12月30日电 (蔡敏婕 刘福昌)"皖美电力号"盾构机30日在广州下线，将应用于国家电网穿越 长江的芜湖GIL(气体绝缘输电线路)管廊工程。 "皖美电力 号"盾构机在广州下线。中新网记者 蔡敏婕 摄 "针对穿越复杂地层的掘进需要，盾构机配备常压滚齿刀互换、主驱动伸缩、同步双液注浆等多项前沿 技术。"郭建豪表示，盾构机还配置掘进姿态智能控制、刀具磨损智能检测、超前地质预报等多项智能 化管控系统，以保障盾构机安全高效掘进。 号"盾构机在广州下线。中铁十四局 供图 记者看到，该盾构机刀盘涂装围绕该工程"四度七彩，首皖甘浙"品牌标识，以手挽手为主体 ...