Xin Lang Cai Jing·2026-01-15 14:14Core Viewpoint - The transformer sector in the A-share market has become active, with notable stock price increases for companies like Sanbian Technology, Jinpan Technology, and Igor, driven by rising domestic and international demand for transformers, particularly in data centers and energy storage [2][3][12]. Market Activity - Sanbian Technology's stock price has seen consecutive limit-ups on January 13, 14, and 15, with a total increase of 59.5% in just half a month, raising its market capitalization from 3.9 billion to 6.221 billion [3][12]. - Jinpan Technology, a leading player in the dry-type transformer industry, has seen its market capitalization reach 44.571 billion after a nearly 10% increase over two days [4][12]. - Igor's stock price reached a historical high of 38.48 yuan per share after a significant increase, with its main products including new energy transformers and industrial control transformers [4][12]. Performance Overview - Jinpan Technology reported a revenue of 5.194 billion with a year-on-year growth of 8.25% and a net profit of 486 million, up 20.27% for the first three quarters of 2025 [4][13]. - TBEA achieved a revenue of 72.918 billion, a 0.84% increase, and a net profit of 5.484 billion, up 27.55% [4][13]. - Jiangsu Huachen, also in the transformer business, reported a revenue of 1.443 billion, a 37.46% increase, and a net profit of 72.2038 million, up 15.41% [4][13]. - In contrast, Sanbian Technology's revenue fell by 16.91% to 1.239 billion, with a net profit decline of 56.71% to 40.155 million [5][13]. - Igor's revenue increased by 17.32% to 3.808 billion, but its net profit decreased by 12.71% to 178 million [5][13]. Market Demand and Trends - The transformer market is experiencing a boom due to increased demand from both domestic and international markets, particularly driven by the upgrade of traditional power grids in Europe and the U.S. and the growth of renewable energy [6][14]. - The global transformer market is expected to see significant structural changes, with demand in the renewable energy sector growing at a rate exceeding the industry average [7][15]. - The demand for transformers in wind and solar power stations is particularly strong, with projections indicating that nearly 40% of new capacity from 2025 to 2030 will be directly related to renewable energy [7][15]. Future Opportunities - The rise of AI and data centers is creating new opportunities for the transformer market, with high-performance transformers becoming essential for energy conversion [8][16]. - The global data center transformer market is projected to grow from 9.2 billion in 2023 to 16.8 billion by 2032, with a compound annual growth rate of 6.92% [8][16]. - Companies are focusing on the application of transformers in data centers and AI computing power, with Igor expanding its product offerings in this area [9][17].