研报掘金丨华泰证券：首予特变电工“买入”评级，目标价33.31元

Core Viewpoint - Huatai Securities research report indicates that TBEA Co., Ltd. is entering a phase of business prosperity in 2026, with the power transmission and transformation business expected to benefit significantly from the global shortage of high-voltage equipment, leading to accelerated overseas expansion [1] Group 1: Business Segments - The power transmission and transformation segment is anticipated to fully benefit from the global high-voltage equipment shortage [1] - The gold business is expected to see both volume and price increases [1] - The coal and polysilicon sectors are showing signs of turning points [1] Group 2: Financial Outlook - The company is projected to have strong upward profit elasticity for the years 2026-2027 [1] - The initial coverage of TBEA Co., Ltd. has been initiated with a "Buy" rating [1] - The target price is set at 33.31 yuan, corresponding to a 2026 price-to-earnings ratio of 22X [1]