HPEC(600312) 东吴证券·2025-04-11 14:32Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q1 performance exceeded market expectations, with high-pressure projects gradually entering peak season [2][8] - The high-pressure segment benefits from the delivery of ultra-high voltage AC lines, significantly improving profitability [8] - The mid-to-low voltage segment is expected to accelerate revenue growth due to policy support and infrastructure expansion [8] - The international business segment is adjusting its strategy to focus on high-end environmental products in overseas markets [8] - The company has revised down its net profit forecasts for 2025 and 2026 due to ongoing adjustments in the international segment, but maintains a positive outlook for domestic grid construction [8] Financial Summary - Total revenue for 2023 is projected at 11,077 million yuan, with a year-on-year growth of 19.44% [1] - Net profit attributable to the parent company for 2023 is expected to be 815.71 million yuan, reflecting a significant year-on-year increase of 284.47% [1] - The earnings per share (EPS) for 2023 is estimated at 0.60 yuan, with a price-to-earnings (P/E) ratio of 29.54 [1] - The company anticipates total revenue of 12,402 million yuan for 2024, with a year-on-year growth of 11.96% [1] - The projected net profit for 2024 is 1,023.17 million yuan, representing a year-on-year increase of 25.43% [1] - The EPS for 2024 is expected to rise to 0.75 yuan, with a P/E ratio of 23.55 [1]