证券研究报告：电力设备 | 公司点评报告 发布时间：2025-09-05 股票投资评级 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | --- | | 最新收盘价（元） | 7.22 | | --- | --- | | 总股本/流通股本（亿股）6.20 | / 5.16 | | 总市值/流通市值（亿元）45 | / 37 | | 52 周内最高/最低价 | 8.65 / 6.77 | | 资产负债率(%) | 31.5% | | 市盈率 | 17.77 | | 第一大股东 | 马孝武 | 研究所 分析师:杨帅波 SAC 登记编号:S1340524070002 Email:yangshuaibo@cnpsec.com 长高电新(002452) 业绩不及预期，看好新产品持续开拓 l 投资要点 事件：2025 年 8 月 25 日，公司发布 2025 年半年报。 电网需求不及预期的风险；产能建设不及预期的风险；原材料价 格波动的风险。 n 盈利预测和财务指标 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 2025H1 公司营收 7.3 亿元，同比+0.4%；归母净利润 1.1 亿元， 同 比 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [6][12]. Core Insights - The company has shown strong revenue growth, with 2024 revenue reaching 1.76 billion yuan, a year-on-year increase of 17.9%, and a net profit of 250 million yuan, up 45.7% year-on-year [3][4]. - The company is benefiting from the increasing investment in the power grid, with a reported investment of 95.6 billion yuan in the first quarter of 2025, a 24.8% increase year-on-year [4]. - New product launches, including the successful operation of the first 550kV GIS product, are expected to drive future growth, with new orders totaling 204 million yuan for this product line [5]. Financial Summary - Revenue projections for 2025-2027 are 2.11 billion yuan, 2.53 billion yuan, and 3.04 billion yuan respectively, with corresponding net profits of 370 million yuan, 460 million yuan, and 580 million yuan [6][10]. - The company's gross margin and net margin for 2024 are 38.9% and 14.3%, respectively, reflecting improvements in product mix [4][11]. - The company’s PE ratio is projected to decrease from 16.98 in 2024 to 7.44 by 2027, indicating increasing valuation attractiveness over time [10][11].