证券代码：002270 证券简称：华明装备 公告编号：〔2026〕028 号 华明电力装备股份有限公司 关于为下属全资公司提供担保的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、担保事项概述 （一）担保情况概述 1、2026 年 3 月 25 日，华明电力装备股份有限公司（以下简称"公司"或 "华明装备"）与交通银行股份有限公司上海静安支行（以下简称"交通银行"） 签署《保证合同》，公司拟为全资子公司上海华明电力设备制造有限公司（以下 简称"上海华明"）与交通银行在 2026 年 3 月 20 日至 2027 年 3 月 24 日期间签 订的全部授信业务合同（以下简称"主合同"）提供最高额保证担保，担保的最 高债权额为人民币壹亿元整。 （二）担保审议情况 法定代表人：肖毅 注册地点：上海市普陀区同普路 977 号 主营业务：一般项目：电力设施器材制造；机械电气设备制造；配电开关控 制设备制造；电力设施器材销售；机械电气设备销售；配电开关控制设备销售； 技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；货物进出口； 技术进出口。（除依法 ...

国浩律师（上海）事务所 法律意见书 国浩律师(上海)事务所 Grandall Law Firm (Shanghai) 中国 上海 山西北路 99 号苏河湾中心 25-28 楼，200085 25-28/F, Suhe Centre, 99 North Shanxi Road, Shanghai 200085, China 电话/TEL.: (+86)(21) 5234 1668 传真/FAX: (+86)(21) 5243 3320 国浩律师（上海）事务所 1 国浩律师（上海）事务所 法律意见书 一、本次年度股东会的召集、召开程序 关于华明电力装备股份有限公司 2025 年年度股东会的 法律意见书 致：华明电力装备股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）和《上市公司股东会规则》（以下 简称"《股东会规则》"）的规定，国浩律师（上海）事务所（以下简称"本所"） 接受华明电力装备股份有限公司（以下简称"公司"）董事会的聘请，指派林祯 律师、凌宇斐律师（以下简称"本所律师"）出席并见证公司于 2026 年 3 月 20 日下午 14: ...

证券代码：002270 证券简称：华明装备 公告编号：〔2026〕027 号 华明电力装备股份有限公司 关于 2025 年年度股东会决议的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无增加、变更、否决议案的情况； 2、本次股东会不涉及变更前次股东会决议。 一、会议召开和出席情况 1、会议召开情况 召开时间 现场会议：2026年03月20日下午14:30 网络投票时间：2026年03月20日 （1）通过深圳证券交易所交易系统进行网络投票的具体时间为：2026 年 03 月 20 日上午 9:15-9:25,9:30-11:30，下午 13:00-15:00； （2）通过深圳证券交易所互联网投票系统投票的具体时间为 2026 年 03 月 20 日 09:15-15:00 期间的任意时间。 （3）会议召开地点：上海市普陀区金沙江路1699号上海圣诺亚皇冠假日酒店 3楼诺亚3会议室 （4）会议召开方式：现场记名投票与网络投票相结合。 （5）召集人：华明电力装备股份有限公司（以下简称"公司"）董事会 （6）主持人：董事长肖毅先生 （ ...

Investment Rating - The industry investment rating is maintained as "Positive" [4] Core Insights - The report highlights the exacerbation of the "AI electricity shortage" in North America, leading to significant opportunities for Chinese power equipment companies to expand internationally. The approval of $75 billion in grid construction projects by regional grid operators and commitments from seven major tech giants to self-supply power are expected to substantially increase the demand for transformers and other power equipment. Meanwhile, domestic production capacity in North America is limited, with suppliers' production schedules extending up to two years, reinforcing the positive outlook for Chinese companies [2][3][7]. Summary by Sections Industry Overview - The report discusses the anticipated surge in electricity demand driven by AI data centers, with projections indicating that by 2035, the electricity consumption of data centers in the U.S. will rise from 3.5% in 2024 to 8.6% of total national electricity consumption, marking the fastest growth among all sectors [7]. Investment Recommendations - The report recommends focusing on Chinese power equipment companies that are well-positioned to benefit from the North American market's expansion. Specific companies mentioned include: - Suyuan Electric (002028, not rated) - Jinpan Technology (688676, not rated) - Igor (002922, not rated) - Anke Intelligent Electric (300617, not rated) - Shima Power (603530, not rated) - Huaming Equipment (002270, not rated) [3]. Market Dynamics - The report notes that the approval of $75 billion in transmission expansion projects by U.S. regional grid operators is a critical driver for increased demand for power equipment. The projects include the construction of 765 kV ultra-high voltage lines, expanding the total mileage to 10,000 miles, which is four times the current mileage [7].

证券代码：002270 证券简称：华明装备 公告编号：〔2026〕026 号 华明电力装备股份有限公司 https://www1.hkexnews.hk/app/sehk/2026/108266/documents/sehk26030 600646.pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行上市的 相关信息而作出。本公告以及本公司刊登于香港联交所网站的申请资料均不构 成也不得视作对任何个人或实体收购、购买或认购公司本次发行的 H 股股票的 要约或要约邀请。 关于向香港联合交易所有限公司递交 H 股发行上市的申请并 刊发申请资料的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 华明电力装备股份有限公司（以下简称"公司"）已于 2026 年 3 月 6 日向 香港联合交易所有限公司（以下简称"香港联交所"）递交了发行 H 股股票并在 香港联交所主板挂牌上市（以下简称"本次发行上市"）的申请，并于同日在香 港联交所网站刊登了本次发行上市的申请资料。本次发行上市的相关申请资料 为公司按照香港证券及期货事务监察委员会（以下简称"香港证监会" ...

Core Viewpoint - The electric grid equipment sector in the A-share market has seen significant growth, driven by strong capital inflows and favorable government policies, indicating a robust investment opportunity in this industry [2][4][22]. Group 1: Market Performance - As of March 6, 2026, the electric grid equipment sector has experienced a notable surge, with over 50 stocks doubling in value since the low in April 2025, and 15 stocks increasing by over 200% [2][4]. - On March 6, 2026, the sector attracted a net inflow of 7.632 billion yuan, marking it as the strongest capital-absorbing direction in the market [2][12]. - The electric grid equipment theme index's turnover rate reached 6.55% on March 6, 2026, a significant increase from 4.37% in late February [12]. Group 2: Policy and Investment Drivers - The 2026 Government Work Report emphasizes the construction of a new power system, accelerating smart grid development, and expanding green electricity applications, providing a clear direction for the electric grid equipment industry [4]. - The State Grid announced a fixed asset investment of 4 trillion yuan for the 14th Five-Year Plan, a 40% increase from the previous plan, with an average annual investment of 800 billion yuan [4][5]. - The total investment for the 14th Five-Year Plan is expected to approach 1 trillion yuan, with the combined investment from both major grids exceeding 5 trillion yuan, ensuring strong demand support for the industry [4][5]. Group 3: Global Market Trends - The global electric grid investment is projected to reach 390 billion USD in 2024 and exceed 400 billion USD in 2025, with an estimated total of 12 trillion USD from 2025 to 2030 [9][10]. - The U.S. is entering a new investment cycle in its power system, with significant demand for electricity driven by AI industries, making it challenging to complete grid construction in the short term [7][14]. - The overseas market is experiencing a shortage of high-voltage electrical equipment, with delivery times extending significantly, creating opportunities for Chinese manufacturers to capture market share [8][14]. Group 4: Company Performance and Opportunities - Companies with high overseas revenue and clear international orders, such as Siyi Electric and Sifang Co., have outperformed the sector average, with some stocks reaching historical highs [13][18]. - The export of transformers from China is expected to reach 9.036 billion USD in 2025, with a year-on-year growth of 34.83%, indicating a strong international demand [14][18]. - The domestic electric equipment industry is operating at full capacity, with major manufacturers in Guangdong and Jiangsu reporting high-value orders extending to 2027 [20]. Group 5: Future Outlook - The electric grid equipment sector's growth is supported by multiple factors, including policy, demand, and performance, with a high likelihood of sustained prosperity over the next 5-10 years [22]. - However, the sector's high valuation and significant recent gains raise concerns about potential corrections if unfavorable conditions arise, such as delays in overseas orders or rising raw material prices [22].

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 40.18 [5]. Core Insights - The company has experienced rapid growth in overseas business, particularly in the export of tap changers, which reached RMB 714 million in 2025, a year-on-year increase of 47% [2]. - The maintenance business is also showing strong growth, with revenue growth close to 30% in 2025, and order growth exceeding revenue growth [2]. - The CNC business has made significant strides in overseas markets, with revenue of RMB 244 million in 2025, a 40% increase year-on-year, and overseas revenue growing by 230% [2]. Summary by Sections Overseas Business - The export scale of tap changers reached RMB 714 million in 2025, with direct exports at RMB 367 million (up 34%) and indirect exports at RMB 347 million (up 64%) [2]. - Europe accounts for over half of direct exports, while Asia contributes about 30%, and the Americas and Africa together make up around 20% [2]. Maintenance Business - The maintenance business for on-load tap changers is expected to grow close to 30% in 2025, with order growth outpacing revenue growth [2]. - The maintenance business has a stronger profitability profile, with a gross margin higher than the company's overall margin, which is expected to further enhance overall profitability [2]. CNC Business - The company plans to adjust its equity structure and introduce a new team by the end of 2024, focusing on higher-margin overseas markets [2]. - Revenue from the CNC business is projected to reach RMB 244 million in 2025, with overseas revenue at RMB 112 million (up 230%) and domestic revenue at RMB 132 million [2]. Profitability and Cost Structure - The company's pricing strategy is stable, and the cost structure is diversified, minimizing the impact of any single raw material price increase [3]. - The average gross margin for overseas tap changers is 5-10 percentage points higher than domestic margins, indicating a positive trend in profitability as overseas revenue increases [3]. Capacity and Delivery - Domestic capacity for tap changers is 20,000 units, with additional capacities in Turkey and Indonesia [3]. - The current delivery cycle for overseas tap changers is 2-3 months, with potential for capacity expansion through increased shifts and automation [3]. Financial Forecast and Valuation - The company is expected to benefit from a global upturn in power grid investments, with projected net profits of RMB 879 million, RMB 1.089 billion, and RMB 1.346 billion for 2025, 2026, and 2027 respectively [4]. - The estimated EPS for the same years is projected to be RMB 0.98, RMB 1.22, and RMB 1.50 [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating expected investment returns will exceed the market benchmark by over 20% in the next 6-12 months [6]. Core Insights - The company achieved a revenue of 2.427 billion yuan in 2025, representing a year-on-year increase of 4.5%. The net profit attributable to shareholders was 710 million yuan, up 15.54% year-on-year, while the net profit after deducting non-recurring items was 671 million yuan, reflecting a 15.27% increase [1][6]. - The gross profit margin improved to 54.49%, an increase of 5.69 percentage points, and the net profit margin rose to 29.65%, up 2.96 percentage points year-on-year [1][6]. - The company continues to focus on its core power equipment and CNC equipment businesses, with significant growth in both areas. The power equipment business revenue reached 2.102 billion yuan, a 16.05% increase, while CNC equipment revenue surged by 39.86% to 244 million yuan [1][2]. Summary by Relevant Sections Financial Performance - In 2025, the company reported a total revenue of 2.427 billion yuan, with a net profit of 710 million yuan and a net profit margin of 29.65% [1][4]. - The company’s power equipment revenue accounted for 86.63% of total revenue, while CNC equipment revenue increased to 10.07% [2]. Market Position and Strategy - The company maintains a leading position in the domestic market for tap changers and is expanding its presence in the ultra-high voltage and special high voltage sectors, where it is increasing its market share against predominantly imported products [2]. - The company’s overseas business is growing steadily, with direct and indirect export revenues reaching 714 million yuan, a 47.37% increase year-on-year, accounting for 33.9% of total revenue [3]. Future Projections - The report forecasts net profits for 2026, 2027, and 2028 to be 835 million yuan, 1.021 billion yuan, and 1.264 billion yuan respectively, with growth rates of 17.7%, 22.2%, and 23.9% [3][4]. - The expected earnings per share (EPS) for the same years are projected to be 0.93 yuan, 1.14 yuan, and 1.41 yuan [3].

No offer or invitation will be made to the public in Hong Kong until after a prospectus of the Company has been registered with the Registrar of Companies in Hong Kong in accordance with the Companies (Winding Up and Miscellaneous Provisions) Ordinance (Chapter 32 of the Laws of Hong Kong). If an offer or an invitation is made to the public in Hong Kong in due course, prospective investors are reminded to make their investment decisions solely based on the Company's prospectus to be registered with the Regi ...

Core Insights - The report from CICC highlights the challenges faced by overseas data centers, particularly the "difficulty in finding electricity," with waiting times for congested power grids in some regions of Europe and the U.S. reaching up to 7 years. This situation is influencing capital flows, with Nordic, Southern European, and emerging markets attracting attention from large developers. In the U.S. and Europe, self-supply of electricity is shifting from optional to essential in certain FLAP-D market areas, prompting exploration of various new power supply solutions. The supply-demand imbalance overseas presents an accelerated opportunity for Chinese manufacturers to expand internationally and capture high-elasticity market opportunities. The report suggests focusing on three investment directions: on-site power supply (such as gas turbines), grid equipment, and solid-state transformers (SST) [1]. Power Supply Side - On-site power supply is becoming a mainstream solution, with gas turbines expected to see a rise in both order volume and price by 2025. Leading overseas manufacturers are experiencing supply tightness, with delivery times exceeding 3 years, creating market breakthrough opportunities for Chinese manufacturers. Dongfang Electric's G50 gas turbine achieved its first export last year. Additionally, various forms such as SOFC, SMR, and geothermal systems each have unique characteristics. The combination of self-supply and grid solutions is viewed as a highly feasible direction for the future [1]. Grid Side - The global electricity cycle is witnessing a significant increase in China's transformer exports. As AIDC scales up to the hundred-megawatt level and requires dedicated substations, slow approval processes have historically hindered effective development of transmission in Europe and the U.S., leading to a supply gap in core equipment like transformers. By 2025, China's transformer export value is expected to reach a new high, with Chinese companies that possess complete industrial chains and rapid delivery capabilities likely to continue expanding their market presence [2]. Data Center Side - Solid-state transformers (SST) are expected to facilitate AIDC's integration with the power grid. SSTs can adapt to scenarios requiring coordinated computing and electricity, working alongside energy storage systems to provide auxiliary services such as peak shaving and frequency regulation. SSTs leverage power electronics technology for rapid response and active control, mitigating the impact of AI model training on the power grid. Chinese manufacturers with strong grid understanding and market channel capabilities are anticipated to stand out in this area [3]. Recommended Companies - The report recommends focusing on strong overseas-capable grid equipment companies, including: - Siyuan Electric (002028.SZ) - Igor (002922.SZ) - Mingyang Electric (301291.SZ) - Jinpan Technology (688676.SH) - Huaming Equipment (002270.SZ) - China XD Electric (601179.SH) - TBEA (600089.SH) Additionally, companies like Sifang Co. (601126.SH) and Dongfang Electric (600875.SH) are expected to see export breakthroughs [4].