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平高电气(600312)2025年三季报点评:超特高压GIS需求稳健增长 业绩基本符合市场预期
Xin Lang Cai Jing· 2025-10-22 08:25
Core Insights - The company reported a revenue of 8.44 billion yuan for Q1-3 of 2025, representing a year-on-year increase of 7%, with a net profit attributable to shareholders of 980 million yuan, up 14.6% year-on-year [1] - In Q3 of 2025, the company experienced a revenue decline of 3.6% year-on-year, totaling 2.74 billion yuan, while net profit was 320 million yuan, down 1.8% year-on-year [1] - The gross profit margin improved to 25.8% in Q3, an increase of 0.3 percentage points year-on-year, indicating steady enhancement in profitability [1] Revenue and Orders - The company faced revenue pressure in Q3 due to delayed project deliveries, with inventory reaching 2.5 billion yuan, primarily due to unfulfilled orders for 1000kV GIS [2] - The company has a backlog of approximately 39 1 million-volt intervals, with plans to deliver over 10 intervals in Q4, anticipating a peak in deliveries [2] - The bidding for the first five batches of transmission and transformation equipment by the State Grid increased by 10% year-on-year, indicating robust demand growth [2] Growth Opportunities - GIL (Gas Insulated Line) is emerging as a significant growth driver, with the company positioned as a leading supplier for major projects, including the Su Tong 1000kV GIL corridor [2] - The domestic distribution sector is expected to stabilize as price competition eases, while international business is poised for recovery amid strong overseas demand for electrical equipment [2] Financial Performance - The company maintained stable operating expenses of 880 million yuan for Q1-3, with an expense ratio of 10.4%, a slight decrease of 0.2 percentage points year-on-year [3] - Operating cash flow showed significant improvement, with a net inflow of 560 million yuan in Q3, up 116.3% year-on-year [3] - Contract liabilities grew rapidly, with inventory and contract liabilities at 2.51 billion yuan and 1.87 billion yuan respectively, reflecting a year-on-year increase of 9% and 46% [3] Profit Forecast - The company forecasts net profits attributable to shareholders for 2025-2027 to be 1.285 billion, 1.609 billion, and 1.946 billion yuan, representing year-on-year growth of 26%, 25%, and 21% respectively [3] - The current price corresponds to a PE ratio of 18x, 14x, and 12x for the respective years, maintaining a "buy" rating [3]