花旗：华明装备-2025 年预期净利润适度增长，间接出口强劲

A c t i o n | 13 Apr 2025 18:44:11 ET │ 19 pages Huaming Power Equipment (002270.SZ) Moderate Net Profit Growth in 2025E with Strong Indirect Export CITI'S TAKE We keep our Buy rating on global top tap changer maker Huaming as (i) tap changer revenues will rise double digits from overseas and low single digit from domestics in 2025E; (ii) tap changer GP margin will be stable in 2025E with more sales from high margin products; and (iii) strong new orders from indirect exports in 2025E. Our 2025E net profit r ...