HTSC·2026-02-09 03:05Investment Rating - The industry rating for electrical equipment is maintained as "Overweight" [8] Core Insights - The new standard for electric meters has led to a price rebound, with expected price increases of over 20% in the upcoming bidding rounds, indicating a recovery in profitability for the industry [2][5] - The introduction of the new standard and the demand for supplementary bidding in 2026 are expected to result in high overall demand for electric meters, benefiting leading companies with technological advantages [4][5] Summary by Sections Price Trends - The bidding prices for electric meters in the third batch of 2025 saw significant increases, with A, B, C, D, and high-end smart meters rising by 55%, 46%, 37%, 111%, and 53% respectively compared to the second batch [2] - The new bidding process has set clear price limits for various types of electric meters, with expected price increases of over 20% compared to the previous batch [2][3] Demand Outlook - The total bidding volume for electric meters in 2025 was 66.47 million units, with a low actual bidding volume of 49.52 million units, indicating strong replenishment demand for 2026 [4] - The historical trend shows that new standards typically lead to increased demand in subsequent bidding rounds, suggesting a potential for rapid growth in 2026 [4] Company Recommendations - Companies recommended for investment include Samsung Medical, Oriental Electronics, and Juhua Technology, which are expected to gain higher market shares due to their technological advantages in the early stages of the new standard implementation [5][11]