HUAMING(SZ:002270) Xin Lang Zheng Quan·2026-01-18 12:12Group 1 - The core viewpoint of the article highlights the recent institutional research conducted by Huaming Power Equipment Co., Ltd., which involved over 50 domestic and international institutions, focusing on the company's market demand, competitive landscape, and overseas business growth [1][2][6] Group 2 - Market demand in the domestic sector is primarily supported by stable investment in the power grid, while overseas markets show regional differentiation, with the U.S. experiencing rapid demand growth due to manufacturing return and AI development, while Europe and Southeast Asia exhibit more moderate growth [2][3] - The company's market share in domestic sales of tap changers is high, but in terms of sales revenue, high-end markets are still dominated by imported products, indicating a need for long-term accumulation to improve market share [2][3] Group 3 - The overseas business has seen significant growth due to a low base effect and an increase in market share, with indirect exports expected to grow rapidly starting in 2024, benefiting from the expansion of Chinese transformer manufacturers abroad [3][4] - As of Q3 2025, overseas revenue accounted for over 30% of total revenue, with direct and indirect exports being nearly equal, although direct exports maintain a higher gross margin [3][5] Group 4 - The company has established assembly and testing plants in Turkey and Indonesia, utilizing a light asset model to meet current demand, with plans to expand capacity in Saudi Arabia [4][5] - Europe is the largest overseas sales region, followed by Asia, with other regions showing rapid growth but contributing less to overall revenue [4] Group 5 - The company is confident in maintaining stable gross margins for its power equipment business due to revenue growth and economies of scale, despite rising sales expenses from overseas business development [5] - The long-term strategy focuses on domestic high-value product localization and overseas market share consolidation through localized operations [5][6] Group 6 - Institutional investors are particularly interested in the sustainability of overseas market demand, potential breakthroughs in the U.S. market, and progress in the ultra-high voltage sector [6] - The company has achieved batch operation of its direct current ultra-high voltage products, but high-end markets remain dominated by foreign manufacturers, indicating a need for time to build market presence [6]