12月9日，ABB传动产品超级工厂项目在宁签约。代市长李忠军、ABB运动控制事业部传动产品业 务单元全球总裁侯思敏出席签约活动。 ABB集团是全球电气与自动化领域的技术领导企业，下设电气、运动控制、过程自动化、机器人与 离散自动化四大事业部。自进入中国市场以来，集团深耕可再生能源、智慧电力、智能制造等领域，形 成了研发、制造、销售、工程服务等全方位业务布局。 ABB传动产品超级工厂项目总投资约15亿元，主要从事工业运动控制产品研发与生产，着力打造 集研发创新、生产制造、客户应用体验于一体的绿色智能超级工厂。项目签约既是南京智能制造产业高 质量发展的重要成果，也传递出ABB集团对中国市场增长潜力的坚定信心。双方将以此为契机，密切沟 通协作，加快项目推进，携手实现双向赋能、共赢发展。 市领导林涛、蒋敏，ABB集团副总裁、ABB（中国）有限公司总经理康亮参加。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company reported a revenue of 1.884 billion yuan in the first half of 2025, representing a year-on-year growth of 36.39%, and a net profit attributable to shareholders of 243 million yuan, up 56.79% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 1.111 billion yuan, a year-on-year increase of 33.33% and a quarter-on-quarter increase of 43.60%, with a net profit of 137 million yuan, reflecting a year-on-year growth of 38.11% and a quarter-on-quarter growth of 30.34% [1]. - The company's gross margin for H1 2025 was 36.66%, a decrease of 1.89 percentage points year-on-year, while the net profit margin improved by 0.65 percentage points to 13.11% [1]. - The company has established a strong competitive barrier in the wind power converter sector and is expanding its market share through high-performance and reasonably priced products [2]. - The transmission business segment reported a revenue of 226 million yuan in H1 2025, with a gross margin of 47.71%, an increase of 8.26 percentage points year-on-year [2]. - The company is actively launching innovative power supply solutions across various applications, including high-voltage and special power systems [3]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 4.947 billion yuan, 5.945 billion yuan, and 7.052 billion yuan, with corresponding growth rates of 32.5%, 20.2%, and 18.6% [4]. - Net profit attributable to shareholders is projected to be 623 million yuan, 751 million yuan, and 899 million yuan for the years 2025, 2026, and 2027, with growth rates of 41.4%, 20.5%, and 19.8% respectively [4]. - The report anticipates earnings per share of 1.37 yuan, 1.65 yuan, and 1.98 yuan for the years 2025, 2026, and 2027, with corresponding price-to-earnings ratios of 27X, 22X, and 19X [4].