Hexing(SH:603556) Jing Ji Guan Cha Wang·2026-02-12 09:22Core Viewpoint - The company HaiXing Electric (603556) is experiencing a recovery in performance, but its stock price is volatile due to multiple factors including structural differentiation in performance, short-term fluctuations in capital, technical pressure, valuation adjustments, and mixed industry policies alongside competitive pressures [1]. Financial Performance - In Q3 2025, the company reported a revenue of 1.445 billion yuan, a year-on-year increase of 25.12%, and a net profit attributable to shareholders of 336 million yuan, up 30.21%. This performance significantly outperformed the overall results for the first three quarters, which saw a revenue decline of 1.19% and a net profit drop of 7.48% [2]. Capital Situation - Since February 2026, there has been a net outflow of main funds, with notable outflows of 6.9885 million yuan on February 2 and 6.4358 million yuan on February 11. However, a net inflow of 15.16 million yuan was observed on February 12 amid a market rebound. The fluctuation in capital has contributed to stock price volatility, with a range of 10.86% from February 2 to 12 and a turnover rate fluctuating between 0.62% and 1.18% [3]. Valuation - As of February 12, the stock price was below the middle band of the Bollinger Bands at 38.97 yuan, with a negative MACD histogram value of -0.781 and a KDJ indicator in the oversold range (K value of 19.1), indicating short-term technical weakness. However, the current price-to-earnings ratio (TTM) is 19.58, which is lower than the industry average for power grid equipment, suggesting potential for valuation recovery [4]. Industry Policy and Environment - The State Grid's "14th Five-Year" investment plan amounts to 4 trillion yuan, a 40% increase from the previous plan, with clear demand in areas such as ultra-high voltage and smart grid. However, intense competition in domestic grid bidding has led to a decline in gross margin by 6.08 percentage points to 39.89% in the first three quarters of 2025, and the renewable energy business is still in the cultivation phase, accounting for about 3% of revenue, limiting short-term profit growth [5]. Business Progress - The company's overseas electricity business is gradually recovering, with positive developments such as the commissioning of a smart water meter factory in South Africa and orders for transformers in Central Asia. However, overseas revenue accounts for over 60%, and fluctuations in exchange rates (with a foreign exchange loss of 129 million yuan in 2024) and geopolitical risks continue to disrupt performance. The stock price volatility is attributed to the need to verify the sustainability of performance recovery, short-term capital divergence, technical pressure, and intensified industry competition. In the long term, the benefits of grid investment policies and the expansion of overseas business still provide supportive logic [6].