Core Viewpoint - Samsung Medical (601567) has achieved full coverage of its main products for smart distribution, focusing on various innovative equipment and expanding its international market presence [1] Group 1: Product Development - The company has launched a range of smart distribution products including transformers, ring main units, environmentally friendly gas cabinets, smart distribution terminals, integrated equipment for primary and secondary systems, complete sets of high and low voltage switchgear, and smart pre-installed substations [1] - The company has achieved full coverage of its main products for distribution at 35kV and below [1] Group 2: International Market Expansion - Samsung Medical is focusing on key markets in Europe, the Middle East, and Latin America, continuously breaking through with grid customers [1] - The company has successfully won transformer orders in Greece, Mexico, Brazil, and Hungary [1]

本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 证券代码：601567 证券简称：三星医疗 公告编号：临2026-004 宁波三星医疗电气股份有限公司 关于为子公司提供担保的进展公告 重要内容提示： 担保对象及基本情况 | | 被担保人名称 | Ningbo | Sanxing Electric 下简称"三星瑞典"） | (Sweden) AB（以 | | --- | --- | --- | --- | --- | | | 本次担保金额 | 8.34 | 万欧元（约 68.35 | 万人民币） | | 担保对象 | 实际为其提供的担保余额 | 2,402.53 | 万元（含本次担保） | | | | 是否在前期预计额度内 | 是 | □否 □不适用：_________ | | | | 本次担保是否有反担保 | □是 | 否 | □不适用：_________ | 累计担保情况 | 对外担保逾期的累计金额（万元） | 0 | | --- | --- | | 截至本公告日上市公司及其控股 子公司对外担保总额（万元） | 975, ...

三星医疗公告称，因全资子公司三星瑞典投标业务需要，公司近日向中国银行申请开立8.34万欧元（约 68.35万元）保函，担保期限至2030年2月28日。截至公告日，公司对其实际担保余额达2402.53万元。公 司累计对外担保总额97.54亿元，占2024年度净资产的80.73%，无逾期担保情况。该担保事项已履行必 要审批程序，风险总体可控。 ...

Investment Rating - The industry rating for electrical equipment is maintained as "Overweight" [8] Core Insights - The new standard for electric meters has led to a price rebound, with expected price increases of over 20% in the upcoming bidding rounds, indicating a recovery in profitability for the industry [2][5] - The introduction of the new standard and the demand for supplementary bidding in 2026 are expected to result in high overall demand for electric meters, benefiting leading companies with technological advantages [4][5] Summary by Sections Price Trends - The bidding prices for electric meters in the third batch of 2025 saw significant increases, with A, B, C, D, and high-end smart meters rising by 55%, 46%, 37%, 111%, and 53% respectively compared to the second batch [2] - The new bidding process has set clear price limits for various types of electric meters, with expected price increases of over 20% compared to the previous batch [2][3] Demand Outlook - The total bidding volume for electric meters in 2025 was 66.47 million units, with a low actual bidding volume of 49.52 million units, indicating strong replenishment demand for 2026 [4] - The historical trend shows that new standards typically lead to increased demand in subsequent bidding rounds, suggesting a potential for rapid growth in 2026 [4] Company Recommendations - Companies recommended for investment include Samsung Medical, Oriental Electronics, and Juhua Technology, which are expected to gain higher market shares due to their technological advantages in the early stages of the new standard implementation [5][11]

Group 1 - The core viewpoint of the report indicates that the power industry is expected to undergo high-quality development due to accelerated marketization and ongoing reforms in the electricity system in China, particularly in the context of the "dual carbon" strategy [2] - The report highlights that the investment in the power grid is anticipated to increase, with significant growth in transformer exports to the U.S. and other countries in the first nine months of 2025 [4] - The report emphasizes the importance of gas turbines as a primary solution for addressing electricity shortages in the U.S., with Chinese companies expected to expand their presence in international markets [4] Group 2 - The report notes that the construction of ultra-high voltage (UHV) power lines is likely to accelerate due to the rising demand for green electricity, despite a slowdown in construction during the latter part of the 14th Five-Year Plan [3] - The investment in distribution networks is expected to become a key focus during the 15th Five-Year Plan, as the reliability of power supply is challenged by the rapid growth in peak electricity load [3] - The profitability of wind power equipment is projected to continue improving, with domestic companies accelerating their international expansion, supported by high bidding volumes and rising prices [5]

Group 1 - The power industry is expected to achieve high-quality development as it enters a year of comprehensive marketization, driven by the "dual carbon" strategy and accelerated reforms in the electricity system [3][7][8] - The electricity market reform is set to fully unfold in the 15th Five-Year Plan, with significant policies introduced in the final year of the 14th Five-Year Plan that will have far-reaching impacts [3][11][12] - The core idea of the electricity reform is to reflect the different values of power sources (energy value, capacity value, adjustment value, and clean value) in market pricing, which has been historically dominated by energy value due to the predominance of coal power [8][10] Group 2 - The reform is expected to accelerate the construction of ultra-high voltage (UHV) and distribution networks, with UHV construction likely to speed up again as green electricity demand rises [3][16][24] - The investment in distribution networks has been low, with a continuous decline in the investment ratio, but this is expected to change as the demand for reliable power supply increases [28][34][41] - The introduction of capacity pricing for UHV and distribution networks is anticipated to stabilize project returns and promote the development of related projects [26][41] Group 3 - The surge in AI investments is projected to significantly increase electricity demand in the U.S., with OpenAI planning to deploy over 250GW of computing power by 2033, which could lead to a substantial electricity shortfall [45][49] - The U.S. electricity demand has been stagnant, but projections indicate that by 2030, peak load could approach 1000GW, driven largely by data centers [49][51] - The anticipated increase in electricity demand from AI investments presents a significant opportunity for companies involved in power generation and distribution [45][49] Group 4 - The profitability of wind turbine manufacturers is expected to improve, with domestic companies accelerating their international expansion as domestic bidding volumes remain high and prices trend upward [3][4] - Companies such as Goldwind Technology, Yunda Co., Mingyang Smart Energy, and Sany Heavy Industry are recommended for investment due to their competitive advantages in cost and market position [3][4]

Core Viewpoint - Samsung Medical (601567) experienced a decline of 3.78% in stock price, closing at 23.68 yuan on February 5, 2026, with significant net outflows from retail investors and a modest net inflow from institutional investors [1][2]. Financial Performance - For the first three quarters of 2025, Samsung Medical reported a main revenue of 11.08 billion yuan, a year-on-year increase of 6.19%, while the net profit attributable to shareholders was 1.528 billion yuan, a decrease of 15.85% [5]. - The company's gross profit margin stood at 28.46%, with a net profit margin of 13.6% [5]. Market Activity - On February 5, 2026, the stock had a trading volume of 186,900 hands and a total transaction amount of 447 million yuan [1]. - The net inflow of institutional funds was 15.6021 million yuan, accounting for 3.49% of the total transaction amount, while retail investors saw a net outflow of 10.4082 million yuan, representing 2.33% of the total [1][2]. Financing and Margin Trading - On February 5, 2026, the financing balance was 306 million yuan, with a net financing purchase of 1.7974 million yuan [3]. - The margin trading balance stood at 307 million yuan, with a short selling volume of 14,900 shares [3]. Industry Comparison - Samsung Medical's total market capitalization is 33.275 billion yuan, significantly higher than the industry average of 13.548 billion yuan [5]. - The company ranks 6th in the industry with a price-to-earnings ratio of 16.33, compared to the industry average of 146.91 [5].

Core Viewpoint - The State Grid has announced a fixed asset investment plan for the "14th Five-Year Plan" period, with a total investment expected to reach 4 trillion yuan, representing a 40% increase compared to the previous period. This indicates a clear high-growth trend in China's power grid investments, leading to unprecedented market expectations for the "power grid cycle" [2]. Investment Dimensions - The power system can be divided into generation, transmission, transformation, distribution, and consumption. The investment in power grid projects can be categorized into three dimensions: trunk network/super high voltage, smart grid/digitalization, and distribution and consumption equipment [10]. - Trunk network/super high voltage investments focus on primary equipment for physical transmission channels, characterized by large single amounts and long construction cycles, typically requiring 2-2.5 years from approval to operation [10]. - Smart grid/digitalization investments pertain to secondary equipment, which includes control systems and automation, with shorter delivery cycles of 0.5-1 year and more stable revenue driven by both new line construction and upgrades of existing networks [11]. - Distribution and consumption side investments target distributed energy access and end-users, characterized by fragmented orders and fast turnover, with profits recognized in line with annual grid construction progress [11]. Company Analysis - Group A companies, such as Pinggao Electric and China XD Electric, exhibit strong cyclical performance linked to super high voltage construction, with profits closely tied to specific project completion timelines [13]. - Group B, represented by State Grid NARI, shows strong certainty and anti-cyclicality in its performance, driven by the increasing complexity of the power grid and technological premiums rather than direct dependence on grid investment fluctuations [15]. - Group C focuses on the end of the power grid, emphasizing access and consumption, with companies like Samsung Medical experiencing accelerated profit growth due to the shift from urbanization-driven to consumption-driven investments, particularly in response to the rapid growth of distributed solar energy [17]. New Power System Cycle - The current "14th Five-Year Plan" power grid cycle differs from previous ones, with its driving factors shifting from "scale expansion" to "reconstruction of the power grid under a new power system." The main challenge has evolved to system stability and capacity for renewable energy integration [20]. - It is anticipated that a significant portion of the 4 trillion yuan investment will be allocated to addressing the randomness and volatility of renewable energy sources. Key factors influencing the industry include cost fluctuations of raw materials, technological upgrades, investment policies, and supply-demand dynamics [20].

Core Viewpoint - Samsung Medical's inventory increase is primarily influenced by customer project demands and delivery schedules, with a focus on raw materials, work-in-progress, and finished goods [2] Group 1: Inventory Management - The company's inventory consists mainly of raw materials, work-in-progress, and finished goods [2] - The increase in inventory is attributed to a combination of customer project requirements and delivery rhythm [2] Group 2: Financial Management - The rise in short-term and long-term loans is driven by the company's operational management needs [2] - Samsung Medical has established a refined management system and automated risk control management system across various operational aspects, including sales orders, procurement payments, inventory management, sales collections, asset management, and fund management [2]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **grid and electrical equipment** sector, particularly in the context of global investment trends and structural demand drivers across regions including **China, ASEAN, the US, and the EU** [2][3][10]. Core Insights and Arguments - **Structural Upcycle**: Analysts believe the current upcycle in grid equipment is structural rather than cyclical, supported by high manufacturing utilization and multi-year order visibility across **APAC** [3][10]. - **Investment Needs**: Global grid investment reached approximately **$450 billion** in 2025, but this is still below the estimated **$1 trillion** needed annually by 2050 to meet demand [4]. - **Aging Infrastructure**: About **45%** of global grid assets are over **20 years old**, with significant replacement needs emerging, particularly in the US where the average transformer is around **40 years old** [4][10]. - **OEM Backlogs**: Equipment suppliers are experiencing unprecedented demand, with average selling prices for transformers increasing by approximately **75%** since 2019, and high-voltage cable costs nearly doubling [5][10]. Regional Developments - **China**: The 15th Five-Year Plan mandates a record investment of **RMB 4 trillion** by 2030, a **40%** increase from previous plans, focusing on high-voltage expansion to support renewable energy [7]. - **ASEAN**: Leaders have agreed to accelerate the ASEAN Power Grid, aiming to double cross-border capacity by 2040, supported by an **$800 billion** financing initiative [7]. - **US**: Federal programs, including a **$65 billion** grid modernization fund, are pushing utilities to enhance and expand networks [7]. - **Europe**: The European Commission has introduced a new Grid Package requiring **€584 billion** in transmission investment by 2030 [7]. Capacity and Constraints - Manufacturing capacity for grid equipment is tight across APAC, with Japan operating at nearly **100%** utilization. Expansion plans are in place, but skilled labor shortages and input constraints remain significant challenges [12]. - Orderbooks are strong, particularly in Korea, where companies report **30%** year-over-year growth in orderbooks, with lead times extending to **3-4 years** [13]. Pricing Dynamics - Anticipated price increases in China due to potential tariff adjustments in the 2026 regulatory cycle are expected to support average selling price hikes and margin expansion [14]. - Japan's Hitachi aims to increase EBITDA margins from **13-15%** to **16-20%** by FY30, indicating a focus on disciplined pricing and higher-value products [14]. Demand Drivers - Demand is driven by a multi-year structural grid upgrade cycle across APAC, with significant needs for replacement and modernization of aging infrastructure, as well as the integration of digital automation and smart grid technologies [15][16]. Investment Recommendations - Companies positioned at the core of structural grid equipment demands, such as **NARI Technology**, **Hitachi**, and **Hyundai Electric**, are highlighted as key beneficiaries of the ongoing investment cycle [18][19]. - NARI Technology is particularly noted for its alignment with China's domestic grid investment priorities, with expectations of sustained pricing uplift and market share gains [18]. Conclusion - The combination of aging infrastructure, rising demand from renewable energy, and the need for modernization and digitalization in grid systems suggests a robust growth outlook for the grid equipment sector across APAC, with favorable pricing power and earnings durability anticipated [10][11].