Ge Long Hui A P P·2025-11-28 07:40Core Viewpoint - The report from China Merchants Securities indicates that Siyuan Electric's North American AI data center construction is starting, which may lead to significant order overflow due to the shorter construction cycle compared to the power grid and the relatively open supply chain [1] Group 1: North American Market Opportunities - The company is expected to benefit from order overflow as high-voltage transformer capacity from suppliers in Europe, the US, and Japan is insufficient [1] - Besides transformers, the company has strong competitiveness in switchgear and current transformer businesses, which may allow it to penetrate the data center sector and drive scalable development in North America [1] - The North American data center represents a crucial breakthrough for the company in entering the North American market, potentially becoming a significant growth driver for overseas business in the coming years [1] Group 2: Revenue and Profitability Outlook - The investment in North America, along with rising infrastructure investments in Europe and the Middle East, presents substantial potential for increasing the company's overseas revenue share and profitability [1] - The domestic business continues to expand steadily, contributing to overall growth [1] - The earnings forecast for 2026-2027 has been raised to 4.5 billion and 6 billion yuan, respectively, while maintaining a "strong buy" rating [1]