Investment Rating - The report maintains a "Buy" rating for Huaming Power Equipment, indicating a positive outlook for the company's performance [6][27]. Core Insights - Huaming is expected to experience moderate net profit growth of 3% in 2025, driven by strong overseas revenues, while the 2026 net profit is projected to decrease by 1% due to lower domestic revenues [27]. - The company anticipates double-digit growth in overseas tap changer revenues in 2025, with indirect export revenue growth outpacing direct exports [2][9]. - Domestic tap changer revenues are expected to grow at a low single-digit rate of 0-5% in 2025, influenced by steady growth in the grid business and limited upside from non-grid sectors [3][20]. Revenue and Profit Forecast - Total revenue is projected to increase from Rmb2,322 million in 2024 to Rmb2,518 million in 2025, reflecting an 8.4% growth [33]. - The gross profit margin is expected to stabilize around 50.4% in 2025, with a slight increase in the contribution from high-margin products [2][31]. - The net profit forecast for 2025 is Rmb690 million, with an expected net profit margin of 27.4% [26][33]. Financial Metrics - The report outlines key financial metrics, including a projected P/E ratio of 18.6x and a P/B ratio of 4.0x for 2025, indicating that the stock is relatively inexpensive compared to its earnings potential [6][33]. - The expected dividend yield is 4.0%, with a payout ratio of 75% in 2025 [6][33]. Market Dynamics - Huaming's overseas revenue is expected to double from Rmb274 million in 2023 to Rmb549 million by 2027, highlighting the company's growth strategy in international markets [2]. - The company is almost immune to US tariff risks, as its revenue from the US is minimal, primarily from non-grid customers [4][11]. Strategic Initiatives - Huaming plans to repurchase shares worth Rmb150-200 million before February 2026, reflecting confidence in its financial position [3][22]. - The company is considering building a production line in the US to meet local demand, despite challenges posed by investment restrictions [12][18].

Summary of Conference Call Notes Company and Industry Overview - The conference call discusses the performance of a company in the electrical equipment industry, specifically focusing on its revenue from various business segments including circuit breakers, numerical control equipment, and power engineering services [1][2][3]. Key Financial Highlights - The company reported total revenue of approximately 2.32 billion in the previous year, with circuit breaker revenue growing by 11.4% year-over-year and numerical control equipment increasing by 8% [1]. - Power engineering services saw significant growth, with revenue rising from 120 million to nearly 290 million, marking a substantial increase [1]. - The overall gross profit margin was impacted by the rapid growth in power engineering services, which did not contribute significantly to profit despite high revenue [2][3]. Domestic and International Performance - Domestic sales of circuit breakers remained stable, with a slight growth of less than 2%, while international sales, particularly direct exports, experienced a 41% increase, reaching approximately 485 million [2][3]. - The company noted that overseas business has become a key driver for performance, with direct exports showing slower growth compared to indirect exports [3][10]. Market Dynamics and Future Outlook - The company anticipates a stable domestic market environment, with expectations of maintaining a steady performance in the coming years [6][7]. - The electrical equipment industry is facing challenges due to fluctuations in raw material prices and economic conditions, but the company remains optimistic about its growth trajectory [4][6]. - The company is focusing on localizing its overseas operations, with successful projects in Turkey, Brazil, and Indonesia, which are expected to enhance sales and brand recognition [12][13]. Competitive Landscape - The competitive landscape in the overseas market remains stable, with the company slightly improving its market share despite ongoing competition [21]. - The company is strategically positioned to leverage opportunities in regions like the Middle East, where significant infrastructure investments are planned [23]. Gross Margin and Cost Management - The gross margin has not seen significant improvement despite revenue growth, attributed to the need for higher revenue scales to achieve economies of scale [17][19]. - The company aims to maintain stable expense ratios, with ongoing efforts to improve cost management and operational efficiency [20]. Additional Insights - The company is cautious about its operations in Russia due to ongoing sanctions and geopolitical tensions, indicating a strategic withdrawal from certain business activities in that region [14][15]. - The company is optimistic about the potential for growth in the Middle East, particularly in Saudi Arabia, where large-scale investments in power infrastructure are planned [23]. This summary encapsulates the key points discussed during the conference call, highlighting the company's performance, market dynamics, and strategic outlook for the future.

Summary of Conference Call Notes Industry Overview - The conference call primarily discusses the electric power equipment industry, focusing on domestic and overseas market dynamics, investment trends, and company performance. Key Points Impact of Tariffs - Some companies, such as Dongfang Electric and Sifang Electric, have minimal business exposure in the U.S., making the impact of tariffs on their overall performance negligible [1][31] - The fluctuations in the electric power equipment sector due to tariffs are considered a setback rather than a significant risk [32] Domestic Market Conditions - The domestic market is experiencing high investment growth, with State Grid's investment in the first quarter showing a year-on-year increase of 28% [2] - The high investment growth is attributed to both the continuation of last year's investment momentum and a low base from the previous year [2][3] - For the entire year, State Grid's fixed asset investment growth is expected to remain high at around 12% [2][3] Overseas Market Opportunities - The overseas market, particularly in Southeast Asia and Africa, presents significant growth potential [3] - The Middle East, especially Saudi Arabia, is highlighted as a key market with substantial investment plans, including a seven-year investment plan of 950 billion RMB [4] Investment Trends in Specific Sectors - The ultra-high voltage (UHV) sector is projected to see rapid growth, with a first-quarter investment of nearly 20% growth and a total investment of around 20 billion RMB [5][6] - The company plans to initiate multiple UHV projects, including six DC and five AC lines, with significant progress expected in the second quarter [6][7] Company Performance and Financial Metrics - Companies in the sector are expected to see a 40% increase in profits, with specific companies like Pinggao Electric and Xuji Electric projected to achieve similar growth rates [11][16][18] - The overall profitability of the power equipment sector is improving, with companies focusing on cost management and efficiency [14][10] New Business Opportunities - New business segments, such as the replacement of components in UHV stations and the development of infrastructure for hydropower transmission, are expected to contribute to revenue growth [12][13] - The company is also focusing on enhancing its product offerings and expanding into new markets, particularly in Europe and the Middle East [31][32] Valuation and Investment Recommendations - The current valuations of key companies in the sector are considered low, with some trading at around 16-18 times earnings, suggesting potential for upside [16][30] - The overall sentiment is positive, with recommendations to invest in the electric power equipment sector due to its high growth potential and low valuations [32] Additional Insights - The conference highlighted the importance of strategic management in improving profit margins and operational efficiency [14] - There is a notable shift towards domestic production capabilities, reducing reliance on foreign technology and products [9][10] - The company is actively pursuing international certifications to facilitate market entry in regions like South America and the Middle East [21][23] This summary encapsulates the key discussions and insights from the conference call, providing a comprehensive overview of the electric power equipment industry's current landscape and future prospects.

4月15日晚华明装备（002270）公告，拟出售全资子公司贵州长征电气有限公司(简称"长征电气")100% 股权。此次交易由华明制造与遵义华明通过上海股权托管交易中心进行，交易价格尚未确定，最高评估 值为1986万元。 华明装备表示，出售的原因主要是长征电气面临复杂的诉讼事项，可能对公司财务数据产生不确定性影 响，公司希望通过出售规避潜在法律风险并优化资产结构。 华明装备在日前接受投资者调研时表示，回顾2021年至2023年，国内新能源、电动汽车产业链蓬勃发 展，有力带动了全社会工业投资与电力投资，但当前产业发展已进入周期末端，电动车行业景气度尚 可，新增投资仍在持续，但风电光伏等上下游投资规模已开始缩减。网内来看去年电网行业保持了相对 稳定且景气度较高的增长态势，近年来的电网投资规划和招标数据无一不体现了电网投资的趋势仍然在 保持。 在海外市场方面，去年华明装备实现营收约4.85亿元，同比增长超过40%。主要客户包括国内多个变压 器厂商。华明装备表示，未来将继续关注海外市场的布局，特别是在东南亚和欧洲的拓展。此外，公司 对于美国市场的影响表示乐观，认为目前的关税并未对业务造成太大压力。 此外华明装备还表示， ...

关于拟出售贵州长征电气有限公司 100%股权的公告 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。 证券代码:002270 证券简称:华明装备 公告编号：〔2025〕028 号 华明电力装备股份有限公司 特别提示： 1、华明电力装备股份有限公司（以下简称"公司"）全资子公司上海华明电 力设备制造有限公司（以下简称"华明制造"）与遵义华明电力设备制造有限公司 （以下简称"遵义华明"）拟通过上海股权托管交易中心公开询价后协议交易转让 全资下属公司贵州长征电气有限公司（以下简称"长征电气"或"标的公司"） 100%股权； 2、本次交易的受让方、交易对价尚未确定； 3、本次交易无需提交股东大会审议。本次交易不构成《上市公司重大资产重 组管理办法》规定的重大资产重组； 4、由于本次交易将通过公开询价后协议交易方式进行，本次交易尚存在不确 定性，本次交易存在无法出售的风险，敬请广大投资者注意投资风险。 一、交易基本情况 鉴于长征电气目前存在的诉讼事项较为复杂且存在不确定性，可能对公司财务 数据造成不确定性影响，为规避潜在法律风险、优化资产结构，经审慎研究，公司 于 202 ...

证券代码:002270 证券简称:华明装备 公告编号：〔2025〕027 号 华明电力装备股份有限公司 1、公司第六届董事会第十七次会议决议 关于第六届董事会第十七次会议决议的公告 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。 一、董事会会议召开情况 华明电力装备股份有限公司（以下简称"公司"）第六届董事会第十七次会 议通知于 2025 年 4 月 11 日以邮件、短信或专人送达的方式送达各位董事及其他 会议参加人，本次会议于 2025 年 4 月 14 日在上海市普陀区同普路 977 号以现 场加通讯表决方式召开。 本次会议应出席的董事 9 人，实际出席会议的董事 9 人。本次会议由董事长 肖毅先生召集、主持,公司监事、部分高级管理人员列席了本次会议。本次会议 的召开符合《中华人民共和国公司法》及《华明电力装备股份有限公司章程》等 有关规定。 二、董事会会议审议情况 经与会董事认真讨论，会议审议以下议案： 1、以 9 票赞成，0 票反对，0 票弃权审议通过了《关于拟出售贵州长征电气 有限公司 100％股权的议案》。 具体内容详见公司指定信息披露媒体《证券时 ...

华明装备（002270）公告，全资子公司上海华明电力设备制造有限公司与遵义华明电力设备制造有限公 司拟通过上海股权托管交易中心公开询价后协议交易转让全资下属公司贵州长征电气有限公司100%股 权。本次交易的受让方、交易对价尚未确定，最终成交价格将由公司与受让方在公平协商的基础上确 定。本次交易预计不会对公司财务状况和经营成果产生重大影响。 ...

Group 1 - Overseas institutions conducted research on 118 listed companies in the past 10 days, with Huaming Equipment being the most focused, receiving attention from 71 overseas institutions [1] - A total of 326 companies were researched by institutions, with securities companies leading at 303, followed by fund companies at 268 [1] - The average stock price of companies researched by overseas institutions fell by 6.30% over the past 10 days, with the best performer being Lanshi Heavy Industry, which saw a cumulative increase of 43.98% [1][3] Group 2 - Among the companies that received attention from overseas institutions, 78 reported annual performance, with Jiangbolong and Zhongji Xuchuang showing significant net profit growth [1] - 22 companies released annual performance forecasts, with 11 expecting profit increases, 2 expecting profits, 3 expecting profit declines, and 2 expecting losses [1] - The highest net profit growth forecast was from Zhongwei Semiconductor, with an expected year-on-year increase of 715.08% [1] Group 3 - The companies with the most overseas institution research included Huaming Equipment (71 institutions), and Huichuan Technology (70 institutions) [3] - The stock price performance of companies under research varied, with 90 stocks declining, the largest drop being from Juxing Technology at 24.21% [4] - The report includes detailed stock price changes and the number of overseas institutions involved for various companies, highlighting the competitive landscape in sectors like machinery, pharmaceuticals, and electronics [2][4]

Core Viewpoint - The company has shown solid growth in revenue and profit for 2024, with a focus on maintaining stability in its core electric equipment business while expanding its overseas market presence [2][4]. Financial Performance - In 2024, the company reported a revenue of 2.322 billion, representing an 18.41% year-on-year increase [2]. - The net profit attributable to shareholders was 614 million, up 13.25% year-on-year [2]. - The net profit after deducting non-recurring items was 582 million, reflecting a 15.79% increase [2]. Business Segments - The electric equipment segment generated 1.811 billion in revenue, with an 11.47% year-on-year growth, although its revenue share decreased [2]. - The gross profit margin for the electric equipment business remained stable, while the gross margin for numerical control equipment slightly declined [2]. - The overseas business saw significant growth, achieving approximately 485 million in revenue, with a year-on-year increase of over 40% [2]. Domestic Market Insights - The domestic electric equipment business experienced modest growth, attributed to the end of a previous investment peak in the new energy sector [2]. - The company remains optimistic about domestic growth due to recent economic stimulus policies [3]. Overseas Market Strategy - The company is focusing on localizing its overseas operations, including establishing sales teams in France and Italy, and expanding its presence in Southeast Asia with Singapore as a hub [3][4]. - The indirect export growth has doubled, indicating an increase in market share and recognition among overseas clients [3]. Supply Chain and Production - The company has achieved over 80% self-sufficiency in component manufacturing, mitigating the impact of tariffs on production costs [3]. - There are no immediate plans for significant capacity expansion domestically, as current production capabilities are deemed sufficient [4]. Future Outlook - The company maintains a long-term growth strategy despite potential global economic challenges, emphasizing the importance of overseas market expansion [3][4]. - The focus will be on enhancing production efficiency and optimizing processes rather than pursuing aggressive scale expansion [4].

华明装备 20250412 摘要 • 华明装备 2024 年国内收入中非电网业务占比更高，但电网业务占比正逐步 接近。电力工程收入增加，但受减值损失影响，利润贡献下降。数控业务 收入增长不足 10%，毛利下降，亏损扩大。风机开关业务毛利率稳定，收 入增长约 11.47%，海外业务表现突出，直接和间接出口总额同比增长 41%， 间接出口翻倍。 • 华明装备将海外业务作为重要发展方向，直接和间接出口比例提升至 26.7%。欧洲是主要出口市场，占比超过 50%，东南亚次之。公司在土耳其 和印尼设有工厂，旨在巩固当地市场，而非解决产能不足问题。2024 年间 接出口收入约 2.1 亿元，欧洲占比最高，其次是东南亚，毛利率与直接出 口相比无明显差距，部分项目甚至更高。 • 华明装备认为配网改造市场并非其擅长领域，产品不适用于配网设备。公 司关注美国主网变压器市场，但该市场由三大企业主导，公司将努力寻找 突破口，扩大份额和影响力。不建议寻找纯美国本地企业作为合作伙伴， 倾向于与其他地区的合作方合作，避免与变压器厂直接合作。 • 华明装备预计 2025 年整体收入将增长，间接出口增速最快，其次是直接出 口，然后是国内收入。 ...