Changgao Electric Group 长高电气
11 significant filings since 30 May 2026: 4 on buyback, 2 on major contract or bid won and 1 on pledge released, and 4 other kinds. The latest, on 24 Sep 2026: 关于实际控制人及一致行动人可转换公司债券解除质押的公告. On 9 Jul 2026 the company said it expects net profit for the period ending 30 Jun 2026 to rise by 421.27% to 449.70% from the same period a year earlier.
自 30 May 2026 起有 11 份重大公告：buyback 4 份、major contract or bid won 2 份、pledge released 1 份，另有 4 类。最新一份（24 Sep 2026）：关于实际控制人及一致行动人可转换公司债券解除质押的公告。9 Jul 2026 公司预告截至 30 Jun 2026 的净利润较上年同期上升 421.27% 至 449.70%。
As of 25 Sep 2026 截至2026年9月25日
Changgao Electric Group, listed in 2010, operates in the grid equipment industry. The company reported higher attributable net profit in 2025 at RMB342.6m, up from RMB252.1m in 2024, despite a revenue decline to RMB1.67bn from RMB1.76bn. Profit margins remained healthy, with a net margin of 20.6% and ROE of 13.7%. Operating cash flow per share improved to RMB0.58 in 2025 from RMB0.55 in 2024, and cash flow exceeded net profit at 1.04x. The first half of 2026 showed a sharp rise in profit, though operating cash flow per share was RMB0.00. The company's shares are controlled by 马孝武, who holds 13.59%. A recent filing reported the release of pledged convertible bonds by the actual controller. Receivables remain high, taking 211 days to collect.
长高电气于2010年上市，属于电网设备行业。2025年归属于母公司股东的净利润为3.43亿元，高于2024年的2.52亿元，尽管营业收入从17.60亿元下降至16.65亿元。盈利水平保持良好，净利率为20.6%，净资产收益率为13.7%。每股经营现金流从2024年的0.55元上升至2025年的0.58元，经营现金流与净利润之比为1.04倍。2026年上半年归母净利润大幅增长，但每股经营现金流为0.00元。公司实际控制人为马孝武，其持股比例为13.59%。近期公告显示实际控制人及其一致行动人解除可转换公司债券质押。应收账款周转天数为211天，处于较高水平。
| Flag 标记 | Risk 风险 | Mechanism 影响机制 |
|---|---|---|
| Receivables take over 180 days to collect 应收账款周转天数超过180天 | Receivables take over 180 days to collect. 应收账款周转天数超过180天。 | Long collection periods increase the risk of cash flow strain and bad debt. At 211 days, receivables could tie up working capital and delay reinvestment or debt servicing. This may affect liquidity despite reported profit growth. 回款周期过长可能增加现金流压力和坏账风险。211天的周转天数意味着营运资金被占用，可能延迟再投资或偿债，即使利润增长，流动性仍可能受影响。 |
- Change in attributable net profit for the full year 2026 compared to 2025.
2026全年归属于母公司股东的净利润较2025年的变动情况。 - Operating cash flow per share for the period ending 31 Dec 2026.
截至2026年12月31日的每股经营现金流。 - Receivable days at the end of 2026.
2026年末的应收账款周转天数。
- Company: Changgao Electric Group 长高电气, Shenzhen Stock Exchange 002452; industry Grid Equipment; listed 20 Jul 2010.
公司：长高电气，深圳证券交易所 002452；行业：电网设备；上市日期：2010年7月20日。 - Close on 24 Sep 2026 RMB11.59; close on 24 Sep 2025 RMB7.64, RMB7.56 in today's terms; one-year change, adjusted for distributions and share changes +53.4%.
2026年9月24日收盘价11.59元；2025年9月24日收盘价7.64元（前复权7.56元）；一年涨跌幅（复权）+53.4%。 - 52-week range in today's terms, adjusted for distributions and share changes RMB7.37 to RMB13.83.
52周区间（前复权）7.37元至13.83元。 - In the last 12 months 2 trading days closed 9% or more above or below the day before (all days, not only this year). The 2 most recent of them: 29 Oct 2025 +9.9%; 24 Jun 2026 +10.0%. No two of the 2 fell on consecutive trading days.
近12个月共有2个交易日收盘涨跌幅达9%及以上（为全部交易日，不限于今年）。其中最近2个：2025年10月29日 +9.9%；2026年6月24日 +10.0%。其中任意两个交易日均不相邻。 - Market capitalisation RMB7.19bn; P/E TTM 8.8; price to book 2.31x.
总市值71.90亿元；市盈率（TTM）8.8；市净率2.31倍。 - Revenue 2025 RMB1.67bn; 2024 RMB1.76bn; change -5.4%.
营业收入2025年16.65亿元；2024年17.60亿元；同比-5.4%。 - Attributable net profit 2025 RMB342.6m; 2024 RMB252.1m; change +35.9%.
归属于母公司股东的净利润2025年3.43亿元；2024年2.52亿元；同比+35.9%。 - Net profit excluding non-recurring items, 2025 change +0.4%.
2025年扣除非经常性损益后的净利润同比+0.4%。 - Basic EPS 2025 RMB0.55; 2024 RMB0.41.
基本每股收益2025年0.55元；2024年0.41元。 - Operating cash flow per share 2025 RMB0.58; 2024 RMB0.55; operating cash flow to net profit 1.04x.
每股经营现金流2025年0.58元；2024年0.55元；经营现金流与净利润之比1.04倍。 - 2025 gross margin 38.8%; net margin 20.6%; ROE 13.7%.
2025年毛利率38.8%；净利率20.6%；净资产收益率13.7%。 - At 30 Jun 2026: liabilities to assets 33.7%; current ratio 5.71; quick ratio 4.92; receivable days 211; inventory days 196.
截至2026年6月30日：资产负债率33.7%；流动比率5.71；速动比率4.92；应收账款周转天数211；存货周转天数196。 - Period to 30 Jun 2026 (six months, not comparable with the full years above): revenue RMB761.7m, change +4.0%; attributable net profit RMB581.8m, change +451.4%; operating cash flow per share RMB0.00.
截至2026年6月30日的报告期（六个月，不可与上述全年数据直接比较）：营业收入7.62亿元，同比+4.0%；归母净利润5.82亿元，同比+451.4%；每股经营现金流0.00元。 - Pre-announcement of 9 Jul 2026 for the period to 30 Jun 2026: attributable net profit change +421% to +450%.
2026年7月9日发布的截至2026年6月30日业绩预告：归母净利润同比+421%至+450%。 - In the 12 months to 25 Sep 2026: 1 distinct filing classed critical, high or as a lift; by class: 1 filing classed Pledge Released. One filing can fall in more than one class, and several filings can concern one matter, such as the notice and the result of one auction.
截至2026年9月25日的近12个月：被归为重大、较高级别或解除类的公告共1份；按类别：归为解除质押的公告1份。同一公告可属多个类别，同一事项亦可有多份公告，例如同一拍卖的提示公告与结果公告。 - 24 Sep 2026, Pledge Released (medium): filing titled 《关于实际控制人及一致行动人可转换公司债券解除质押的公告》.
2026年9月24日，解除质押：公告《关于实际控制人及一致行动人可转换公司债券解除质押的公告》。 - Ownership: actual controller 马孝武; largest holder at 30 Jun 2026: 马孝武, 13.59%.
股权：实际控制人：马孝武；2026年6月30日第一大股东：马孝武，持股13.59%。 - Latest distribution: ex-date 29 May 2026, cash RMB0.09 per share.
最近一次分配：除权除息日2026年5月29日，每股现金0.09元。 - Aurelian Grade B, score 77.6 of 100, graded within a peer group of 143 companies in its industry; no rank among peers is given.
金源评级B，得分77.6（满分100），于行业同业143家中评定；未提供其在同业中的排名。 - Not held for this report: receivable ageing, litigation case amounts, the order book, the auditor's opinion and key audit matters, segment revenue.
本报告未掌握：应收账款账龄、诉讼案件金额、在手订单、审计意见及关键审计事项、分部收入。