① Among the winning bids of the State Grid announced by several listed companies tonight, Pinggao Electric is at the top with a quota of nearly 1 billion yuan. ② Company executives revealed to the Financial Federation reporter that in terms of domestic power grid business, orders carried over from last year to this year were around 10 billion yuan.
Financial Services Association, March 12 (Reporter Liang Xiangcai) The State Grid has increased its investment unabated. Among several listed companies that announced tonight that they have won the State Grid quota, Pinggao Electric is in the lead with an order of nearly 1 billion yuan.
An executive of Yupinggao Electric revealed to the Financial Federation reporter that in terms of the company's domestic power grid business, the number of on-hand orders transferred from last year to this year was about 10 billion yuan. Currently, the overall capacity utilization rate is at a high level compared to previous years, roughly in the 80%-90% range. The company has made plans in advance in terms of production capacity, which can fully meet current order production needs.
This evening, Pinggao Electric (600312.SH) announced that the company and its subsidiaries won a total of 955 million yuan in the first and second batch of procurement for the State Grid in 2024, accounting for 10.3% of 2022 revenue.
Also, in the first series of tenders after the Spring Festival last year, Pinggao Electric won 2,067 billion yuan in the State Grid bid amount, accounting for 22.29% of revenue in 2021. According to the bid announcement at the time, in addition to winning the first and second batch of purchases in 2023, the company also won the bid for the first equipment procurement for the UHV project that year, with a bid amount of 1,113 billion yuan.
Regarding this change in the tender amount, a relevant person from Pinggao Electric told the Finance Association reporter that the total bid amount for the first batch of the State Grid in 2024 was 12.341 billion yuan, a decrease of about 220 million yuan from the first batch of 12.561 billion yuan last year. Although the overall amount of foreign tenders from China Online has been reduced, the total amount of bids won by the company (with the exception of UHV) has actually increased compared to last year. According to the announcement, with the exception of UHV, the company won a bid of 952 million yuan for the State Grid during the same period last year, compared to 955 million yuan this year.
Some industry insiders told the Financial Federation reporter that looking at the moment, the State Grid's standard package has been split somewhat compared to the previous one, and there are more overall packages, but the items included in each package have been appropriately reduced. The increase in the UHV sector is expected to increase this year compared to last year.
As of press release, according to incomplete statistics from the Financial Federation reporter, several other companies announced that they had won the State Grid order tonight. Among them, China Xidian (601179.SH) won the bid amount of 1,1333.9 billion yuan, accounting for 6.29% of 2022 revenue of 18.06 billion yuan; Changgao Dianxin (002452.SZ) won the bid amount of 266 million yuan, accounting for 21.72% of 2022 revenue; and Oriental Tower (002545.SZ) won the bid amount of about 110 million yuan, accounting for 3.02% of 2022 revenue.
It is worth noting that in the future, domestic UHV investment is expected to increase year by year. Some brokerage agencies predict that in 2024-2026, domestic UHV investment amounts are expected to be 115.2 billion yuan, 125.1 billion yuan, and 138.1 billion yuan respectively, with year-on-year growth rates of 55%, 9%, and 11%, respectively.
According to reports, Pinggao Electric is one of the top three domestic high voltage switchgear manufacturers. Its main business is high voltage switching business, distribution network switching business, domestic and foreign power engineering general contracting business, and switch product operation and maintenance business.