华泰证券研报指出，华明装备在分接开关行业位居国内第一、全球第二。全球电网投资进入上行周期， 认为公司后续在出海、检修业务与特高压业务的带动下，业绩有望保持快速增长（预计25-27年 CAGR18.7%）。同时，公司在显著的先发优势之下，有望保持国内龙头地位与较高的毛利率水平；同 时依托中国制造产业链优势进一步提升海外市场份额。首次覆盖华明装备并给予"买入"评级，给予公司 26年30.4倍PE，目标价29.5元。 ...

Financial Performance - In Q3 2025, the company achieved revenue of approximately 2.013 billion CNY, with a net profit attributable to shareholders of 694 million CNY, representing a year-on-year growth of 15.12% [6] - For the first three quarters of 2025, the net profit attributable to shareholders was 581 million CNY, a year-on-year increase of 17.66% [7] - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares, totaling approximately 179 million CNY [7] Revenue Breakdown - The power equipment business generated revenue of 1.535 billion CNY in the first three quarters, a year-on-year increase of 16.51%, with overseas revenue reaching 486 million CNY, up 45.43% [7] - Domestic revenue was 1.049 billion CNY, reflecting a growth of 6.7% [7] - Overseas revenue accounted for over 31% of the company's revenue from the busbar switch business [7] Market Dynamics - The company noted that the growth in overseas revenue is influenced by several factors, including a low base, gradual market share increase, and stable overseas demand [10] - The company expressed confidence in the sustainability of overseas revenue growth despite potential fluctuations in copper prices and year-end procurement rhythms [11] Strategic Initiatives - The company is focusing on localizing its overseas operations, with established assembly and testing plants in Turkey and Indonesia, which have proven successful in capturing local market share [45] - Future plans include enhancing the sales and service teams in Europe and exploring opportunities in the Middle East and the U.S. markets [17] Competitive Landscape - The company maintains a competitive edge in delivery speed and product stability, with 80% of components produced in-house [46] - The pricing strategy remains stable, with no significant changes in domestic pricing, while overseas prices are generally higher due to market conditions [41] Industry Outlook - The company anticipates that the demand for transformers and related equipment will continue to grow, driven by infrastructure investments and the expansion of renewable energy projects [36] - The company is cautious about predicting significant changes in demand trends, emphasizing the need for a comprehensive understanding of market dynamics [11]