Investment Rating - The report maintains an "Overweight" rating for the power equipment sector [6] Core Insights - The report highlights new opportunities in the photovoltaic industry driven by space solar power initiatives and rising prices of battery components [1][17] - It emphasizes the importance of supply-side reforms and technological advancements in creating long-term growth opportunities within the industry [1][19] - The report identifies key companies to watch in various segments, including supply chain price increases, new technology growth, and perovskite solar cell developments [1][19][21] Summary by Sections Photovoltaics - The price of multi-crystalline silicon n-type raw materials remains stable, with an average transaction price of 59,200 RMB per ton [17] - N-type battery cell prices have increased to 0.42 RMB per watt, with a price range of 0.40-0.43 RMB per watt [17] - The report notes that rising silver prices have led to increased component costs, with distributed component prices now ranging from 0.70 to 0.80 RMB per watt [17] - SpaceX and Tesla plan to achieve a combined solar manufacturing capacity of 200GW annually in the U.S. within three years, with 40GW dedicated to space solar power [1][18] - Key companies to focus on include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar for supply-side reform opportunities [1][19] Wind Power & Grid - The Netherlands will launch a 1GW offshore wind project tender in September 2026, with a subsidy budget of approximately 32.45 billion RMB [19][20] - Turkey plans to initiate its first offshore wind tender by the end of 2026, aiming for 5GW of installed capacity by 2035 [19][20] - Southern Power Grid has set a fixed asset investment of 180 billion RMB for 2026, focusing on new power system construction and strategic emerging industries [20] - Companies to watch include Goldwind, Yunda, Mingyang Smart Energy, and Sany Heavy Energy in the wind turbine sector [20] Hydrogen Energy - A ceremony for the operation of 300 hydrogen fuel heavy trucks was recently held, showcasing advancements in hydrogen energy technology [3][21] - The trucks are equipped with a 130kW fuel cell system and can achieve a range of over 600 kilometers [3][21] - Key companies in this sector include Shuangliang Energy, Huadian Heavy Industry, and Shenghui Technology [3][21] Energy Storage - The report forecasts that new energy storage installations in China will reach 58.6GW/175.3GWh in 2025, a year-on-year increase of 38%/60% [4][22] - The average bid price for 2-hour energy storage systems is projected to be 0.55 RMB/Wh in 2025, down 16.9% from 2024 [4][22] - Companies to focus on include Sungrow Power, Canadian Solar, and Kehua Data for large-scale energy storage opportunities [4][22] New Energy Vehicles - CATL launched the "Tianxing II" series solutions for light commercial vehicles, including the industry's first intelligent battery management application [5][27] - The solutions cater to various scenarios, including high-frequency urban distribution and extreme temperature conditions [5][27] - Key companies in the battery sector include CATL, Penghui Energy, and Guoxuan High-Tech [5][29]

Summary of Huaming Power Equipment (002270.SZ) Conference Call Company Overview - **Company**: Huaming Power Equipment - **Ticker**: 002270.SZ - **Industry**: Power Grid Equipment Key Financial Highlights - **2025 Preliminary Results**: - Net profit increased by **15.3%** year-over-year (yoy) to **Rmb 708 million** - 4Q25 net profit rose by **5.6%** yoy to **Rmb 127 million** - Adjusted net profit (excluding employee incentive scheme) increased by **21.5%** yoy to **Rmb 746 million** in 2025, with **26.1%** growth in 4Q25 to **Rmb 152 million** - Recurrent net profit grew by **22.7%** yoy to **Rmb 714 million** in 2025, with **23.4%** growth in 4Q25 to **Rmb 135 million** - Results exceeded consensus estimates by **2-3%** [1][2][3] Revenue Breakdown - **Tap Changer Revenue**: - Total revenue from tap changers increased by **16%** yoy to **Rmb 2,100 million** in 2025 - Overseas sales accounted for **34%** of tap changer revenue, totaling **Rmb 713 million** (+47% yoy) - Domestic sales made up **66%**, totaling **Rmb 1,387 million** (+5% yoy) - 4Q25 tap changer revenue rose by **14%** yoy to **Rmb 565 million**, with overseas sales up **50%** yoy to **Rmb 227 million** [2][11] Margin and Cost Analysis - **Net Margin**: Expanded by **1.5 percentage points** yoy to **20.9%** in 4Q25 due to increased overseas sales and reduced electrical engineering sales - **CNC Machines Revenue**: Increased by **40%** yoy to **Rmb 244 million**, with export revenue surging by **233%** yoy - **Electrical Engineering Revenue**: Declined by **90%** yoy to **Rmb 29 million** as the company downsizes this low-margin segment [2][3] Market and Industry Insights - **State Grid Capex**: - State Grid plans to increase its capital expenditure to **Rmb 4 trillion** for the 15th five-year period (2026-2030), which is **40%** higher than the previous period - This growth is expected to exceed the overall PRC power grid capex growth of **5.9%** yoy [4][8] - **Domestic Revenue Contribution**: Huaming's domestic grid-related revenue accounted for **30%** of its total tap changer revenue in 2025 [8] Investment Outlook - **Rating**: Buy - **Target Price**: **Rmb 29.00/share**, based on a DCF model with a terminal growth rate of **4.0%** - **Expected Share Price Return**: **-9.2%** with a dividend yield of **1.8%** - **Market Capitalization**: **Rmb 28,616 million** (approximately **US$ 4,109 million**) [6][9][13] Risks - Key risks include: - Lower-than-expected overseas new orders - Lower-than-expected China grid capex - Higher-than-expected raw material costs [14] Conclusion - Huaming Power Equipment shows strong financial performance with significant growth in overseas sales and improved margins. The positive outlook from State Grid's increased capex and the company's strategic focus on high-margin products position it well for future growth. However, potential risks related to market conditions and operational costs should be monitored closely.

报告期，剔除股份支付影响后归属于上市公司股东的净利润为7.46亿元，同比增长21.48%，剔除股份支付影响后归属于上 市公司股东的扣除非经常性损益的净利润为7.14亿元，同比增长22.68%。截至本报告期末，公司资产总额52.78亿元，较期初增 长18.41%，归属于上市公司股东的所有者权益31.42亿元。 （编辑 张昕） 本报讯 （记者桂小笋）1月22日晚间，华明电力装备股份有限公司（以下简称"华明装备"）发布2025年度业绩快报。报告 显示，公司全年实现营业收入24.25亿元，同比增长4.43%；归属于上市公司股东净利润7.08亿元，同比增长15.29%；扣非后归 属于上市公司股东的净利润6.76亿元，同比增长16.15%。 分业务看，作为公司基本盘的电力设备业务表现亮眼，实现营业收入21亿元，首次突破20亿元大关，同比增长约16%。其 中，海外业务成为关键增长极，电力设备海外用户收入（含直接与间接出口）同比大幅增长约47%。此外，数控设备业务出口 表现亦不俗，出口收入同比大幅增长约233%。 ...

慧博云通：发行股份购买资产相关申请文件获深交所受理 1月23日，慧博云通(301316)发布公告称，公司拟通过发行股份的方式向乐山高新投资发展（集团）有 限公司等57名交易对方购买其合计持有的宝德计算机系统股份有限公司65.47%股份，并拟向公司实控 人余浩发行股份募集配套资金。1月22日，公司发行股份购买资产并募集配套资金申请文件获得深交所 受理。 明阳智能：拟购买德华芯片100%股权 股票复牌 1月23日，明阳智能(601615)发布公告称，公司拟通过发行股份及支付现金的方式向交易对方合计购买 德华芯片100%的股权，并向不超过35名符合中国证监会条件的特定投资者发行股份募集配套资金，标 的公司主要产品为半导体外延片、芯片、电源系统等。公司股票将于2026年1月23日（星期五）开市起 复牌。 三花智控：实控人等拟合计减持不超过0.2425%公司股份 1月23日，三花智控(002050)发布公告称，公司实控人、董事长张亚波、董事王大勇、董事倪晓明、董 事陈雨忠、董事会秘书胡凯程及财务总监俞蓥奎计划合计减持不超过0.2425%公司股份。 物产金轮：股东拟减持不超过3%公司股份 1月23日，物产金轮(00272 ...

然而，我们认为利 摩根大通 华明装备-A 目标价 33块钱 首次点评：2025财年业绩低于预期，主因股权激励及税费上升 我们的首次点评：华明归母净利润同比增长15%至7.08亿元人民币，低于市场一致预期3%-4%。 这一差距主要源于更高的股权激励费用（该计划于4月25日公布，详见备注）。 核心趋势方面，海外有载分接开关业务保持稳健，第四季度收入同比大幅增长约50%。 摩根大通 华明装备-A 目标价 33块钱 首次点评：2025财年业绩低于预期，主因股权激励及税费上升 我们的首次点评：华明归母净利润同比增长15%至7.08亿元人民币，低于市场一致预期3%-4%。 这一差距主要源于更高的股权激励费用（该计划于4月25日公布，详见备注）。 核心趋势方面，海外有载分接开关业务保持稳健，第四季度收入同比大幅增长约50%。 然而，我们认为利润不及预期可能为部分投资者提供获利了结的契机，因华明股价今年以来/过去一年已上涨 28%/88%（深证成指+7%/+41%）。 因此，我们预计明日市场开盘后股价将出现负面反应。 主要积极因素 根据我们的测算，第四季度海外电气设备收入同比增长约50%至超过2.2亿元人民币，显示出公司有载 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002270 证券简称：华明装备公告编号：〔2026〕003号 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。 特别提示： 本公告所载2025年度的财务数据仅为初步核算数据，未经会计师事务所审计，与年度报告中披露的最终 数据可能存在差异，请投资者注意投资风险。 一、2025年度主要财务数据和指标 单位：万元 2025年度，公司实现营业收入24.25亿元，同比增长4.43%；实现归属于上市公司股东的净利润7.08亿 元，同比增长15.29%；实现扣除非经常性损益后的归属于上市公司股东的净利润6.76亿元，同比增长 16.15%。主要系公司核心业务--电力设备实现营业收入21亿元，同比增长约16%，首次突破20亿元，其 中电力设备业务海外用户收入（直接加间接出口）同比增长约47%。公司数控设备业务实现营业收入 2.44亿元，同比增长约40%，其中出口收入同比增长约233%。公司电力工程业务营业收入0.29亿元，同 比减少约90%。 报告期，剔除股份支付影响后的归属于上市公司股东的净利润为7.46亿元，同比 ...

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002270 证券简称：华明装备 公告编号：〔2026〕003号 ■ 注：以上数据为合并财务报表数据。 二、经营业绩和财务状况情况说明 2025年度，公司实现营业收入24.25亿元，同比增长4.43%；实现归属于上市公司股东的净利润7.08亿 元，同比增长15.29%；实现扣除非经常性损益后的归属于上市公司股东的净利润6.76亿元，同比增长 16.15%。主要系公司核心业务--电力设备实现营业收入21亿元，同比增长约16%，首次突破20亿元，其 中电力设备业务海外用户收入（直接加间接出口）同比增长约47%。公司数控设备业务实现营业收入 2.44亿元，同比增长约40%，其中出口收入同比增长约233%。公司电力工程业务营业收入0.29亿元，同 比减少约90%。 华明电力装备股份有限公司 2025年度业绩快报 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。 特别提示： 本公告所载2025年度的财务数据仅为初步核算数据，未经会计师事务所审计，与年度报告中披露的最终 数据可能存在差异，请投资者注意投资风险。 一 ...

证券日报网讯 1月22日，华明装备发布2025年度业绩快报称，公司2025年实现营业收入为242，514.11万 元，同比增长4.43%；归属于上市公司股东的净利润为70，824.42万元，同比增长15.29%。 （文章来源：证券日报） ...

中证智能财讯华明装备（002270）1月22日晚间披露2025年业绩快报，公司实现营业收入24.25亿元，同比增长4.43%；归母净利润7.08亿元，同比增长 15.29%；扣非净利润6.76亿元，同比增长16.15%；基本每股收益0.7828元，加权平均净资产收益率为22.08%。以1月22日收盘价计算，华明装备目前市盈率 （TTM）约为40.4倍，市净率（LF）约9.55倍，市销率（TTM）约11.73倍。 以本次披露业绩快报数据计算，公司近年市盈率（TTM）图如下所示： 资料显示，公司核心业务为电力设备业务，主要为变压器分接开关的研发、生产、销售和全生命周期的运维检修；此外还有电力工程业务，主要为新能源电 站的承包、设计施工运维；以及数控机床业务，成套数控设备、激光设备的研发、生产和销售。 据公告，公司核心业务电力设备实现营业收入21亿元，同比增长约16%，首次突破20亿元，其中电力设备业务海外用户收入（直接加间接出口）同比增长约 47%。公司数控设备业务实现营业收入2.44亿元，同比增长约40%，其中出口收入同比增长约233%。公司电力工程业务营业收入0.29亿元，同比减少约 90%。 数据显示，20 ...

Major Announcements - Zhaoyi Innovation plans to use 500 million CNY of A-share fundraising to increase capital in its wholly-owned subsidiaries for the implementation of the DRAM project [1] - Haiguang Information's mid-2025 profit distribution plan includes a cash dividend of 0.09 CNY per share, totaling 209 million CNY [2] - *ST Biology has terminated the major asset restructuring plan to acquire 51% of Hunan Huize Biomedical Technology Co., Ltd. [3] - Fosun Pharma intends to spin off its subsidiary Fosun Antigen for independent listing on the Hong Kong Stock Exchange [4] - Jingchen Co. has set the inquiry transfer price at 82.85 CNY per share for the transfer of 13.1 million shares [5] Performance Forecasts - Zhaoyi Innovation expects a net profit of approximately 1.61 billion CNY for 2025, a year-on-year increase of about 46% [9] - Longying Precision anticipates a net profit decrease of 17.70% to 29.36% for 2025, estimating between 545 million CNY and 635 million CNY [9] - Ruichuang Micro-Nano forecasts a net profit of around 1.1 billion CNY for 2025, representing a 93% increase [10] - Nanjing Bank projects a net profit of 21.81 billion CNY for 2025, an 8.08% increase year-on-year [11] - Zhongyuan Co. expects a net profit increase of 80% to 105% for 2025, estimating between 139 million CNY and 158 million CNY [12] - Qiangyi Co. anticipates a net profit increase of 57.87% to 71.17% for 2025, estimating between 368 million CNY and 399 million CNY [13] - Liard expects a net profit of 300 million CNY to 380 million CNY for 2025, turning from a loss of 889 million CNY in the previous year [14] - Daheng Technology forecasts a net profit of approximately 106 million CNY for 2025, also turning from a loss [16] - Dongfeng Co. anticipates a net loss of 390 million CNY to 480 million CNY for 2025 [17] - Qing Song Co. expects a net profit increase of 137.73% to 201.74% for 2025, estimating between 130 million CNY and 165 million CNY [18] - SIRUI Co. forecasts a net profit of 165 million CNY to 184 million CNY for 2025, turning from a loss [19] - Shengmei Shanghai expects a revenue increase of 18.91% to 22.47% for 2025, estimating between 6.68 billion CNY and 6.88 billion CNY [20] - Yijun Co. anticipates a net loss of 11 million CNY to 14 million CNY for 2025 [21] - Saint Yuan Environmental Protection expects a net profit increase of 31.79% to 59.24% for 2025, estimating between 240 million CNY and 290 million CNY [22] - Lijun Co. forecasts a net profit decrease of 45.05% to 60.03% for 2025, estimating between 4.8 million CNY and 6.6 million CNY [23] - Xingqi Eye Medicine expects a net profit increase of 95.82% to 121.56% for 2025, estimating between 662 million CNY and 749 million CNY [25] - Beidou Star expects a net loss of 230 million CNY to 290 million CNY for 2025, reducing losses compared to the previous year [26] - Yiling Pharmaceutical anticipates a net profit of 1.2 billion CNY to 1.3 billion CNY for 2025, turning from a loss of 725 million CNY [27] - Zhijiang Bio forecasts a net loss of 32 million CNY to 47 million CNY for 2025, reducing losses compared to the previous year [28] - Yema Battery expects a net profit decrease of 58% to 70% for 2025, estimating between 45.83 million CNY and 64.17 million CNY [29] - Yunmei Energy anticipates a net loss of 410 million CNY to 470 million CNY for 2025 [30] - Yingfang Micro expects a net loss of 69 million CNY to 97 million CNY for 2025 [31] - Guanghua Technology forecasts a net profit of 85 million CNY to 120 million CNY for 2025, turning from a loss [33] Share Buybacks - Hengyi Petrochemical plans to repurchase shares worth 500 million CNY to 1 billion CNY [34] - Yunyi Electric plans to repurchase shares worth 100 million CNY to 150 million CNY [34] - Xidun Pharmaceutical plans to repurchase shares worth 25 million CNY to 50 million CNY [35]