华明装备：公司海外增速来自于间接出口，也受益于中国变压器厂出海

Core Viewpoint - The company has experienced relatively high overseas growth in the past two years, primarily due to a low base from previous years, and the overall industry landscape has not fundamentally changed [1] Group 1: Overseas Growth - The company's overseas growth is significantly influenced by indirect exports, benefiting from the expansion of Chinese transformer manufacturers abroad, while direct export growth remains limited [1] - The current level of overseas revenue growth is affected by demand changes, base effects, and market share, and does not necessarily reflect the overall development level of the industry [1] - As the base changes, the current growth rate is not sustainable in the long term, but an increase in the proportion of overseas revenue can still support the company's overall performance despite a slowdown in growth [1] Group 2: Market Position - The company has seen a slight increase in market share, although competitors may have lower growth rates, their absolute revenue increments are higher than that of the company [1]