证券代码：002270 证券简称：华明装备 公告编号：〔2025〕080 号 华明电力装备股份有限公司 关于回购公司股份进展的公告 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。 华明电力装备股份有限公司（以下简称"公司"）于 2025 年 2 月 28 日召开 第六届董事会第十五次会议审议通过了《关于回购公司股份方案的议案》，公司 拟使用自有或自筹资金以集中竞价交易方式回购公司部分人民币普通股（A 股） 股份，用于实施员工持股计划或股权激励，回购价格不超过人民币 24.60 元/股， 回购的资金总额不低于 15,000 万元（含）且不超过 20,000 万元（含），具体回 购股份的数量及占总股本的比例以回购期满时实际回购数量为准，实施期限为 自公司董事会审议通过回购股份方案之日起不超过 12 个月，具体内容详见于 2025 年 3 月 1 日、2025 年 3 月 10 日在指定信息披露媒体《证券时报》《证券日 报》《上海证券报》《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn） 披露的《关于回购公司股份方案的公告》（公告编号：〔 ...

Group 1 - The company, Huaming Equipment (002270.SZ), announced a share buyback plan to repurchase 13.82 million shares, which represents 1.5421% of its total share capital [1] - The total amount for the share buyback is set at 221 million yuan, excluding transaction fees [1]

- The report indicates that the market's Alpha environment has improved, with increased cross-sectional volatility in major broad-based indices[1][12] - The volume timing signals for major broad-based indices as of October 31, 2025, suggest a bullish outlook[2][24] - The cross-sectional volatility of the CSI 300, CSI 500, and CSI 1000 index components has increased over the past week, indicating a better short-term Alpha environment[34][42] - The time-series volatility of the CSI 300, CSI 500, and CSI 1000 index components has also increased over the past week, suggesting an improved Alpha environment[42][45] - The moving average sentiment indicator shows that the CSI 300 index is in a positive sentiment range in the short term[32][36] - The momentum sentiment indicator, which uses a double smoothing method with different window periods, shows that the fast line is below the slow line, indicating a cautious market attitude[28][29] - The CSI 300 index's rising stock count ratio sentiment indicator is around 62%, indicating a mixed market sentiment[26][27] - The report highlights the importance of the "dividend + technology" theme, with dividends potentially having an advantage in terms of volatility[12][13] - The report tracks the net inflows of southbound funds, which amounted to HKD 274.91 billion for the week[3][72] - The report also monitors the ETF market, noting a net inflow of RMB 189.58 billion for equity ETFs during the week[3][77]

Summary of Key Points from the Conference Call Industry Overview - **Industry**: AI Infrastructure in China - **Projected AI Capex**: China’s AI capital expenditure (capex) is expected to reach RMB800 billion (approximately US$110 billion) by 2030, accounting for one-third of total AI capex in China [1][62] - **Global AI Capex**: Global AI-related capex is projected to exceed US$1.2 trillion by 2030, nearly tripling from 2025 levels [1][54] - **China's AI Capex Growth**: Expected to grow from RMB600-700 billion (US$85-95 billion) in 2025 to RMB2-2.5 trillion (US$280-350 billion) by 2030, with a CAGR of 25-30% [1][61] Power Demand and Data Centers - **Power Consumption**: China's data centers are projected to consume 277 TWh of electricity by 2030, up from 102 TWh in 2024, representing a CAGR of 18% [1][42] - **Global Data Center Power Demand**: Global data center power consumption is expected to grow 2.3 times from 416 TWh in 2024 to 946 TWh in 2030 [1][28] Opportunities in Power Supply - **Nuclear Power**: China's nuclear capacity is expected to grow from 60 GW in 2025 to 100 GW in 2030, accounting for 60% of global capacity under construction [2][29] - **Power Equipment Demand**: Strong demand for transformers and power equipment is anticipated due to grid upgrades and rising renewable energy investments [2][45] - **Energy Storage Systems (ESS)**: The global ESS market is expected to grow at a CAGR of 21% from 2024 to 2030, with significant growth in China [2][47] Cooling and Metals Demand - **Cooling Market Growth**: The liquid cooling market in China is expected to grow at a CAGR of 42% from 2025 to 2030, driven by the increasing power density of AI workloads [3][50] - **Copper and Aluminum Demand**: Direct AI use of copper is projected to reach approximately 1 million tons by 2030, accounting for 5-6% of total copper demand. Data centers are expected to drive 936 kt of copper demand by 2030 [3][49] Investment Recommendations - **Key Stocks**: - **Power Equipment**: Buy recommendations for Sieyuan, Jinpan, and Huaming due to expected growth in power equipment demand [2][45] - **Nuclear**: Buy CGN Mining and Doosan Enerbility for exposure to nuclear power growth [2][44] - **Cooling Solutions**: Buy AVC for liquid cooling solutions [3][50] - **Metals**: Buy Zijin Mining, CMOC, and Chalco for copper and aluminum exposure [3][49] Additional Insights - **Government Support**: Continued government spending and initiatives are expected to drive AI capex growth in China [1][61] - **Energy Security**: The link between AI leadership and energy security is emphasized, highlighting the need for reliable power sources [1][42] - **Technological Advancements**: Emerging technologies in cooling and power supply are expected to create further investment opportunities [2][48] This summary encapsulates the critical insights and projections regarding the AI infrastructure landscape in China, highlighting the expected growth in capital expenditure, power demand, and investment opportunities across various sectors.

Core Viewpoint - The power equipment industry is experiencing steady growth in revenue and profit, driven by high domestic grid investment and surging overseas demand, with new growth areas like supercapacitors and energy storage emerging as key focus points [2] Group 1: Industry Performance - The majority of power equipment companies reported steady growth in revenue and profit, with notable examples including State Grid and Southern Grid conducting multiple rounds of equipment tenders [2][3] - The China Electricity Council reported that grid investment reached 437.8 billion yuan in the first three quarters, a year-on-year increase of 9.9% [2] - The cumulative tender amount for transmission and transformation equipment by State Grid reached 68.188 billion yuan, up 22.9% year-on-year [2] Group 2: Company Highlights - Pinggao Electric reported a revenue of 8.436 billion yuan for the first three quarters, a year-on-year increase of 6.98%, with net profit rising 14.62% [3] - Siyuan Electric achieved a revenue of 5.33 billion yuan in Q3, a 25.68% increase year-on-year, and a net profit of 899 million yuan, up 48.73% [3] - Siyuan Electric's overseas revenue reached 2.86 billion yuan in the first half, a staggering 89% increase, with overseas orders growing faster than average [3] Group 3: Emerging Business Areas - Energy storage and supercapacitors are becoming significant growth drivers for power equipment companies, with Sunshine Power predicting a domestic energy storage installation of around 130 GWh this year [5] - Siyuan Electric's energy storage bid volume is expected to reach 2.4 GWh in 2024, placing it among the top ten in the country [5] - Guodian NARI has been deeply involved in the energy storage sector, contributing to the commissioning of new energy storage plants [5] Group 4: Future Outlook - Industry experts anticipate sustained high growth in the power sector, driven by policies promoting renewable energy and the need for stable grid infrastructure [7] - Wanlian Securities suggests continued investment in new power system facilities, emphasizing smart grids and new energy storage as key areas to watch [7]

Core Viewpoint - Huaming Equipment is a leading company in the transformer tap changer industry, with strong revenue and profit growth, particularly in overseas markets, and a solid financial position compared to industry peers [1][2][3][5][6]. Group 1: Company Overview - Established on August 19, 2002, and listed on September 5, 2008, Huaming Equipment is headquartered in Jinan, Shandong, with offices in Shanghai [1]. - The company specializes in the R&D, manufacturing, sales, and service of steel structure CNC complete processing equipment and transformer tap changers [1]. Group 2: Financial Performance - For Q3 2025, Huaming Equipment reported revenue of 1.815 billion yuan, ranking 13th among 29 companies in the industry, while the industry leader, TBEA, had revenue of 72.918 billion yuan [2]. - The net profit for the same period was 590 million yuan, placing the company 6th in the industry, with TBEA leading at 5.735 billion yuan [2]. Group 3: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 29.65%, lower than the industry average of 50.78%, indicating strong solvency [3]. - The gross profit margin was 55.44%, up from 49.89% year-on-year, significantly higher than the industry average of 22.99%, reflecting strong profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 6.53% to 27,000, while the average number of circulating A-shares held per shareholder increased by 6.98% to 33,200 [5]. - The second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 193 million shares, an increase of 36.596 million shares from the previous period [5]. Group 5: Growth Prospects - The company has seen a 45.43% year-on-year increase in overseas revenue, with total power equipment business revenue of 1.535 billion yuan in the first three quarters of 2025 [5]. - Huaming Equipment is expanding its overseas presence, with the opening of its international headquarters in Singapore in April 2025 and the commencement of operations at its factory in Indonesia in August 2025 [5]. - Profit forecasts have been raised, with expected net profits of 744 million, 886 million, and 1.037 billion yuan for 2025, 2026, and 2027, respectively [5][6].

Summary of Huaming Equipment - A Conference Call Company Overview - **Company**: Huaming Equipment - **Industry**: Power Equipment and Utilities - **Market Position**: Largest manufacturer of tap changers for transformers in China with a market share exceeding 60% [11][16] Key Takeaways 1. **Order Growth**: The company has received significant orders from US datacenters and renewable power plants, indicating a positive trend that is expected to continue due to rising demand in these sectors [2][8] 2. **International Revenue**: The EU represents half of Huaming's overseas revenue, contributing to over 45% growth in international sales during the first nine months of the year [2][8] 3. **Middle East Expansion**: Plans to establish a plant in the Middle East to meet local requirements for indigenizing the transformer supply chain, anticipating increased sales in this region by 2027 [2][8] 4. **Domestic Demand**: While domestic growth is modest, there is an uptick in demand from the State Grid, with targets to secure orders for ultra-high voltage (UHV) transformers [2][8] 5. **Valuation and Price Target**: The price target for June 2026 has been raised from Rmb24 to Rmb28, reflecting a revised P/E multiple of approximately 28x due to improved earnings prospects [12][17] Financial Highlights - **Earnings Estimates**: Adjusted net income estimates for 2025 and 2026 have been increased by 3-6% to account for strong overseas momentum and a larger addressable market for tap changers [8][11] - **Revenue Growth**: Projected revenue growth rates are 18.4% for FY24, 5.0% for FY25, and 13.1% for FY26 [20] - **Margins**: Anticipated EBITDA margins are expected to improve from 32.3% in FY24 to 39.5% in FY27 [20] Risks and Challenges 1. **Domestic Revenue Growth**: Potential slower-than-expected growth in domestic revenue due to high base effects from State Grid's transformer tenders [18] 2. **Overseas Demand**: Risks associated with slower-than-expected growth in overseas transformer demand [18] 3. **Cost Fluctuations**: Vulnerability to fluctuations in exchange rates and freight costs, which could impact profitability [18] Additional Insights - **Operational Expenses**: An increase in operational expenses in Q3 was attributed to share incentive expenses and higher SG&A costs related to overseas expansion [8] - **Cash Flow Stability**: Despite a year-over-year decline in cash flow, management noted stable receivables collection from both domestic and international operations [8] - **Market Dynamics**: The tap changer manufacturing market has high barriers to entry, with gross margins exceeding 50%, positioning Huaming favorably for sustained growth [11][16] Conclusion - **Investment Rating**: The company maintains an Overweight (OW) rating, supported by its strong market position, growth prospects in international markets, and strategic expansion plans [11][16]

Financial Performance - In Q3 2025, the company achieved revenue of approximately 2.013 billion CNY, with a net profit attributable to shareholders of 694 million CNY, representing a year-on-year growth of 15.12% [6] - For the first three quarters of 2025, the net profit attributable to shareholders was 581 million CNY, a year-on-year increase of 17.66% [7] - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling approximately 179 million CNY [7] Revenue Breakdown - The power equipment business generated revenue of 1.535 billion CNY in the first three quarters, a year-on-year increase of 16.51%, with overseas revenue reaching 486 million CNY, up 45.43% [7] - Domestic revenue was 1.049 billion CNY, reflecting a growth of 6.7% [7] - Overseas revenue accounted for over 31% of the company's revenue from the busbar switch business [7] Market Dynamics - The company noted that the growth in overseas revenue is influenced by several factors, including a low base, gradual market share increase, and stable overseas demand [10] - The company expressed confidence in the sustainability of overseas revenue growth despite potential fluctuations in copper prices and year-end procurement rhythms [11] Strategic Initiatives - The company is focusing on localizing its overseas operations, with established assembly and testing plants in Turkey and Indonesia, which have proven successful in capturing local market share [45] - Future plans include enhancing the sales and service teams in Europe and exploring opportunities in the Middle East and the U.S. markets [17] Competitive Landscape - The company maintains a competitive edge in delivery speed and product stability, with 80% of components produced in-house [46] - The pricing strategy remains stable, with no significant changes in domestic pricing, while overseas prices are generally higher due to market conditions [41] Industry Outlook - The company anticipates that the demand for transformers and related equipment will continue to grow, driven by infrastructure investments and the expansion of renewable energy projects [36] - The company is cautious about predicting significant changes in demand trends, emphasizing the need for a comprehensive understanding of market dynamics [11]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][27][31] Core Views - The company has shown steady growth in the first three quarters, with a significant increase in profitability driven by a higher proportion of high-margin export business and a reduction in low-margin power engineering business [2][6][19] - The company's revenue from power equipment reached 1.535 billion yuan, up 16.51% year-on-year, with overseas revenue growing by 45.43% [2][23] - The company is expanding its overseas operations, with new facilities in Singapore and Indonesia, and has established a presence in Turkey, the US, and Brazil, indicating a strong potential for continued export growth [2][23] Summary by Sections Financial Performance - In the first three quarters, the company achieved revenue of 1.815 billion yuan, a year-on-year increase of 6.87%, and a net profit of 581 million yuan, up 17.66% [6][19] - The gross profit margin for the first three quarters was 55.44%, an increase of 5.55 percentage points year-on-year, while the net profit margin was 32.51%, up 3.14 percentage points [6][19] - For Q3, the company reported revenue of 694 million yuan, a year-on-year increase of 20.13%, and a net profit of 213 million yuan, up 18.51% [19] Revenue Breakdown - The company's revenue from power equipment business was 1.535 billion yuan in the first three quarters, with domestic revenue at 1.049 billion yuan (up 6.7%) and overseas revenue at 486 million yuan (up 45.43%) [2][23] - The export revenue from tap changers accounted for 32% of total revenue, reflecting an ongoing optimization of the revenue structure [2][23] Profit Forecast - The profit forecast for the company has been adjusted upwards, with expected net profits of 744 million yuan, 886 million yuan, and 1.037 billion yuan for 2025, 2026, and 2027 respectively [3][27] - The current stock price corresponds to a price-to-earnings ratio (PE) of 33, 27, and 23 for the years 2025, 2026, and 2027 [3][27] Valuation Metrics - The projected revenue for 2023 is 1.961 billion yuan, with a growth rate of 14.6%, and net profit is expected to reach 542 million yuan, reflecting a growth rate of 50.9% [4][29] - The company is expected to maintain a strong return on equity (ROE) of 16.2% in 2023, increasing to 26.7% by 2027 [4][29]

Core Viewpoint - Huaming Equipment's stock rose by 5.37% to 25.88 CNY per share, with a trading volume of 181 million CNY and a market capitalization of 23.194 billion CNY as of October 29 [1] Company Overview - Huaming Electric Equipment Co., Ltd. is located at 977 Tongpu Road, Putuo District, Shanghai, established on August 19, 2002, and listed on September 5, 2008 [1] - The company's main business includes R&D, manufacturing, and sales of steel structure CNC complete processing equipment, transformer on-load tap changers, no-load tap changers, and other power transmission and transformation equipment [1] - Revenue composition: Power equipment 85.50%, CNC equipment 9.90%, Others 2.47%, Power engineering 2.13% [1] Fund Holdings - According to data, one fund under Jianxin Fund holds a significant position in Huaming Equipment [2] - Jianxin CSI 1000 Index Enhanced A (006165) held 653,500 shares in the third quarter, accounting for 0.96% of the fund's net value, ranking as the sixth-largest holding [2] - The fund has generated an estimated floating profit of approximately 862,600 CNY today [2] Fund Manager Performance - Jianxin CSI 1000 Index Enhanced A (006165) is managed by Ye Letian and Zhao Yunyu [3] - Ye Letian has a cumulative tenure of 13 years and 226 days, with a total fund size of 7.488 billion CNY and a best return of 328.03% during his tenure [3] - Zhao Yunyu has a cumulative tenure of 6 years and 350 days, managing a fund size of 1.574 billion CNY, with a best return of 186.27% during his tenure [3]