丨证券研究报告丨 公司研究丨点评报告丨平高电气（600312.SH） [Table_Title] 业绩持续高增，高压板块贡献显著 %% %% 报告要点 [Table_Summary] 公司发布 2024 年年报和 2025 年一季报。公司 2024 年全年营业收入 124.0 亿元，同比+12.0%； 归母净利润 10.2 亿元，同比+25.4%；扣非净利润 9.9 亿元，同比+23.0%。单季度看，公司 2024Q4 营业收入 45.2 亿元，同比+24.4%，环比+58.8%；归母净利润 1.7 亿元，同比-36.9%， 环比-48.6%；扣非净利润 1.4 亿元，同比-44.4%，环比-54.3%。公司 2025 一季度营业收入 25.1 亿元，同比+22.8%；归母净利润 3.6 亿元，同比+55.9%；扣非净利润 3.6 亿元，同比+56.2%。 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 ...

证券代码：002452 证券简称：长高电新 长高电新科技股份公司 投资者关系活动记录表 编号：2025 - 02 | 投资者关系活动类别 | ☐特定对象调研 ☐分析师会议 | | --- | --- | | | ☐媒体采访 业绩说明会 | | | ☐新闻发布会 ☐路演活动 | | | ☐现场参观 | | | ☐其他（请文字说明其他活动内容） | | 参与单位名称及人员姓名 | 线上参与长高电新（002452）2024年年度报告网上业绩说明会的全 | | | 体投资者 | | 时间 | 2025年05月06日 15:00-17:00 | | 地点 | 价值在线（https://www.ir-online.cn/）网络互动 | | 上市公司接待人员姓名 | 总经理 马晓 | | | 董事会秘书 林林 | | | 独立董事 喻朝辉 | | | 财务总监 刘云强 | | | 1.公司2025年量化的经营目标是什么？控股股东持股比例较 | | 投资者关系活动主要内容 | 低，是否有过考虑增持公司股票？公司是否有国际化战略？公司客 | | | 户主要为国家电网、南方电网，主要客户过于集中，有潜在风险， | | 介绍 | ...

4 月26 日，公司发布2025 年一季报，2025 年一季度实现实现营收32.3 亿元，同比+21.4%；归母净利润 4.5 亿元，同比+22.9%；扣非归母净利润4.4 亿元，同比+28.1%，业绩符合预期。 业绩简评 经营分析 国内电网投资创新高，变压器出口维持高景气。 1）国内：2025 年一季度，国家电网完成固定资产投资超900 亿元，同比增长近三成，创历史同期新 高。2025 年国网第一批次输变电设备招标152 亿元，同比+23%，创近四年新高，高电压等级产品需求 激增。公司中标10.5 亿元，其中750kvGIS 超预期中标3.5亿元，持续巩固并提升网内市场中标份额、积 极发展发电、轨道交通、石化、冶金等网外业务。 盈利能力基本稳定、费用管控良好。 25Q1 公司综合毛利率30.3%，同比-0.4pct，净利率14.4%，同比+0.8pct，基本保持稳定。费用方面， 25Q1 公司销售/管理/研发费用率分别为5.0%/2.8%/7.9%，同比持平/-0.2/-0.1pct，费用管控良好。 盈利预测、估值与评级 公司发展战略明确、业务规划清晰，在国内电网投资加速、海外电力设备需求持续景气背景下，预 ...

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][12]. Core Views - The company reported a revenue of 3.23 billion RMB in Q1 2025, a year-on-year increase of 21.4%, and a net profit of 450 million RMB, up 22.9% year-on-year, aligning with expectations [2]. - Domestic investment in the power grid reached a historical high, with the State Grid completing fixed asset investments exceeding 90 billion RMB, a nearly 30% year-on-year increase [3]. - The company has a robust order backlog, with contract liabilities reaching 2.84 billion RMB, a 19.91% increase from the beginning of the year, and aims for new orders of 26.8 billion RMB in 2025, a 25% year-on-year increase [4]. - The company's gross margin stood at 30.3%, with a net margin of 14.4%, indicating stable profitability and effective cost control [5]. - The company is expected to achieve net profits of 2.6 billion RMB, 3.2 billion RMB, and 3.97 billion RMB for the years 2025, 2026, and 2027 respectively, with growth rates of 27%, 24%, and 23% [6]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 3.23 billion RMB, a year-on-year increase of 21.4%, and a net profit of 450 million RMB, up 22.9% [2]. Operational Analysis - Domestic power grid investment reached over 90 billion RMB in Q1 2025, a nearly 30% increase year-on-year, with the company winning contracts worth 1.05 billion RMB [3]. - Transformer exports amounted to 1.82 billion USD in Q1 2025, a 39% year-on-year increase, benefiting from strong demand in international markets [3]. Order Backlog and Targets - The company reported contract liabilities of 2.84 billion RMB, a 19.91% increase from the start of the year, with a target of 26.8 billion RMB in new orders for 2025 [4]. Profitability and Cost Control - The company maintained a gross margin of 30.3% and a net margin of 14.4%, with stable expense ratios for sales, management, and R&D [5]. Profit Forecast and Valuation - The company is projected to achieve net profits of 2.6 billion RMB, 3.2 billion RMB, and 3.97 billion RMB for 2025, 2026, and 2027, with corresponding PE ratios of 22, 18, and 14 [6].