摩恩电气股价波动加剧，全年业绩预告显著改善

Stock Performance - The stock price of Moen Electric increased by 2.07% on February 12, 2026, closing at 10.35 yuan per share, with a trading volume of 81.11 million yuan and a turnover rate of 1.80%, resulting in a total market capitalization of approximately 4.561 billion yuan [2] - Year-to-date, the stock has risen by 2.17%, but it has declined by 17.20% and 19.95% over the past 20 and 60 days, respectively [2] Financial Performance - For the first three quarters of 2025, the company reported operating revenue of 1.238 billion yuan, representing a year-on-year increase of 28.02%, while the net profit attributable to shareholders decreased by 40.00% to 7.0508 million yuan [3] - The gross margin was 8.91%, and the net margin was 1.43%, with negative cash flow from operating activities [3] - A profit forecast released on January 6, 2026, estimates the net profit attributable to shareholders for 2025 to be between 653 million and 733 million yuan, indicating a year-on-year growth of 41% to 59%, with non-recurring net profit expected to grow by 41% to 60% [3] Corporate Governance and Shareholder Structure - In July 2025, the company announced that its subsidiary, Moen New Energy, plans to transfer two production lines for 35 million yuan [4] - As of September 30, 2025, the number of shareholders decreased by 22.18% compared to the previous period, with institutional shareholder Jinyuan Shun'an Yuanqi Flexible Allocation Mixed Fund entering the top ten circulating shareholders [4] - In September 2025, a shareholder was forced to reduce their holdings due to the disposal of pledged shares [4] Valuation - As of November 26, 2025, the company's price-to-earnings ratio was 364.32 times, and the price-to-book ratio was 6.19 times [5] - The power grid equipment sector is influenced by the "14th Five-Year" investment plan [5]