华明装备：从去年开始，公司更大的海外增速来自于间接出口

Core Viewpoint - The company indicates that its products in the power equipment or transformer sector are among the weakest links in terms of elasticity, primarily serving the demand from large infrastructure and industrial development cycles [1] Company Performance - The company’s products are mainly applied in transformers rated at 35kV and above, with demand growth historically driven by the Chinese market [1] - Since last year, the Chinese market has remained stable, and overseas market growth is not expected to cause disruptive demand changes in the short term [1] - The company has experienced relatively high overseas growth in the past two years, primarily due to a low base from previous periods [1] - Despite competitors having lower growth rates, their absolute revenue increments are higher than that of the company [1] - The company has seen a slight increase in market share [1] Overseas Market Dynamics - The significant overseas growth for the company since last year has been attributed to indirect exports, benefiting from the expansion of Chinese transformer manufacturers abroad, while direct export growth remains limited [1] - The current growth level of overseas revenue is influenced by a combination of demand changes, base effects, and market share, and does not necessarily reflect the overall development level of the industry [1] - The sustainability of the current growth rate is questionable as it is unlikely to persist long-term due to base changes; however, an increase in the proportion of overseas revenue can still support the company's overall performance [1]