9月24日，在黔江区马喇镇的贡米有机绿色示范基地，层层梯田环绕山间，金黄色的稻 浪随风起伏。伴随着机器的轰鸣声，几台大型收割机在稻田里开足马力，收割、脱粒、秸秆 还田，一气呵成，田野间呈现出一派丰收景象。 粮食安全是"国之大者"，是国家安全的重要基础。从春播到秋收，从烘干到加工，粮食 生产需要稳定可靠的电力保障。重庆黔江供电公司践行"人民电业为人民"企业宗旨，持续改 造配电网，出动无人机照明，加强线路安全隐患排查，以稳定可靠的电力供应与贴心服务， 守护着粮食生产的每一个环节，照亮粮食安全之路。 持续改造配电网 服务高标准农电建设 近年来，黔江区大力推进农田水利和高标准农田建设 为保障国家粮食安全奠定坚实基 础。为满足当地高标准农田建设用电需求，黔江供电公司主动对接相关部门，精准掌握项目 用电需求，全面推进农村电网改造升级，优化农业生产供电服务，为粮食生产提供坚强的电 力保障。 9月10日，在黔江区水市镇新安村，连片的高标准农田颇为壮观，现代化灌溉设备确保 了水稻生长期间的可靠供水。"以前这片地是传统农田，靠人工灌溉，不仅费时费力，而且 遇到干旱时，抽水设备电压不稳，总怕'掉链子'。"新安村种粮大户陈姚庆说，" ...

Core Viewpoint - The company held an online performance briefing on September 19, 2025, where it discussed its financial results and future strategies with investors [1] Financial Performance - The company's incubation business revenue reached 194 million yuan, a year-on-year increase of 67.43% [1] - Other products, including vehicle power supplies and inductors, accounted for 7.84% of total revenue in the first half of 2025 [1] - Overall revenue grew by 20.16% year-on-year, despite significant increases in costs, including a 30.20% rise in R&D expenses and a 43.53% increase in sales expenses [1] Business Development - The company is focusing on the data center transformer market, expanding its product range from phase-shifting transformers to epoxy-encapsulated dry transformers and oil-immersed transformers [1] - The company has begun to expand its sales regions from domestic markets to overseas markets, including Japan [1] R&D and Product Development - The company is developing a 35KV/10MVA solid-state transformer prototype, with plans to send samples for testing in Q4 2025 [2] - The company aims to create more reliable and energy-efficient products and solutions for the data center business [2] Manufacturing and Capacity - The U.S. factory is gradually coming online, with a planned annual production capacity of 21,000 distribution transformers [2] - The Mexican facility has completed main construction and is set to produce new energy transformers with an annual capacity of 6,000 units [2] - The domestic facility in Jizhou, Jiangxi, has been completed and is operating at a good capacity utilization rate [2] Market Outlook - The company acknowledges a decline in gross margin due to falling product prices and rising raw material costs, but it reported a 3.28% increase in gross margin from Q1 to Q2 2025 [2] - The company plans to invest more resources in expanding its power supply business in Panama and believes that the growing global electricity demand presents opportunities for the power equipment manufacturing industry [2]

Core Viewpoint - The company is focusing on the development of solid-state transformers, which are currently in the research and development phase [1] Group 1: Product Development - The company has been emphasizing the development of various transformer products, including phase-shifting transformers, dry-type transformers, oil-immersed transformers, and distribution transformers [1] - The company plans to allocate more resources to actively explore key product categories in the market [1]

Core Insights - The company reported a revenue of 193 million yuan for H1 2025, representing a year-on-year increase of 16.10% [1] - The net profit attributable to shareholders was 5 million yuan, compared to a breakeven in H1 2024 [1] - The company is focusing on the AIDC sector and has made advancements in solid-state transformer (SST) solutions [2] Financial Performance - In Q2 2025, the company achieved a revenue of 104 million yuan, showing a year-on-year growth of 13.02% and a quarter-on-quarter increase of 18.51% [1] - The gross margin for Q2 2025 decreased to 22.29%, down approximately 4 percentage points from Q1 2025, while the core product gross margin remained above 30% for H1 2025 [1] - The company’s core product, transformers, generated 193 million yuan in revenue, accounting for about 80% of total revenue [1] Strategic Initiatives - The company is actively investing in the AIDC field and has initiated research and development for SST-compatible transformers [2] - The storage business has shown significant improvement, with a revenue increase of 1509.13% year-on-year in H1 2025, and the losses from the storage subsidiary have been reduced to 11.12 million yuan [2] - The company anticipates that the storage business will become a new positive profit growth point as it continues to scale and improve efficiency [2] Future Projections - Revenue projections for 2025-2027 are estimated at 498 million, 587 million, and 694 million yuan, with corresponding growth rates of 32.2%, 17.8%, and 18.3% [3] - Net profit projections for the same period are 58 million, 94 million, and 113 million yuan, with growth rates of 219.3%, 63.0%, and 19.8% [3] - The company maintains a "recommended" rating based on its strategic positioning in the data center sector and its technological advantages in special transformers [3]

Core Insights - The article emphasizes the transformation of Foshan's manufacturing sector, particularly in Lishui Town, as it aims to accelerate the development of new productive forces through traditional industry upgrades, emerging industry growth, and future industry cultivation [1][2]. Group 1: Industrial Development - Lishui Town has over 8,000 industrial enterprises, with industrial output exceeding 100 billion yuan for eight consecutive years, indicating a robust industrial base [2]. - In the past three years, Lishui has launched 30 industrial projects with a total investment of 33.1 billion yuan, with over 67% allocated to strategic emerging industries [1][11]. - The establishment of an electricity industry alliance in Lishui aims to enhance technological innovation and support the integration of AI across various sectors [3][6]. Group 2: Investment and Projects - Key projects in Lishui include the new headquarters of Paiya Windows and the listing headquarters of Delong Magnetic Electric, reflecting a trend of significant investment in high-end manufacturing [7][10]. - The local government has streamlined land supply and project approval processes, enhancing the business environment and attracting investments [11][12]. - Lishui plans to focus on 60 major projects in 2024, with a total investment exceeding 33 billion yuan, targeting new materials, healthcare, high-end equipment manufacturing, and electronic information [5][12]. Group 3: Energy and Power Supply - The demand for stable and sufficient electricity is critical for the growth of AI and data centers, which are expanding rapidly in Lishui [3][6]. - Lishui's electricity supply is projected to reach 4.57 billion kWh in 2024, marking a year-on-year increase of 7.43% [5]. - The local electricity industry is evolving towards high-end, intelligent, and green solutions, aligning with the broader goals of Foshan's industrial upgrade [6][12].

Investment Rating - The report initiates coverage on Samsung Medical with a "Buy" rating and a target price of RMB 30.00 [1][4][5]. Core Insights - The company is a leading domestic manufacturer of medium and low voltage electrical equipment, primarily producing distribution transformers and smart meters. Despite a 25% decline in stock price year-to-date, the report anticipates a recovery in smart meter demand starting in 2026 due to a new replacement cycle. Additionally, strong overseas demand for distribution transformers may mitigate cyclical risks [1][12][45]. - The report projects a 27% CAGR for EPS from 2025 to 2027, with a 16% growth rate expected in 2025. The current stock price corresponds to a 9x PE for 2026E, below the historical average of 13.4x. The company maintains a stable dividend payout ratio of 55%, with expected dividend yields of 5-6% for 2025-2026 [1][4][12]. Summary by Sections Smart Meter Concerns - The report acknowledges concerns regarding smart meter demand in 2024 due to high base effects but expects a rebound in 2026. Historical data indicates that new standards typically lead to a drop in demand in the year of implementation, followed by growth in subsequent years. The company is also positioned to benefit from increasing market share in overseas smart meter and distribution transformer markets [2][13][16]. Medical Services Profitability - Approximately 20% of the company's revenue comes from rehabilitation hospitals. The average length of hospital stays in tertiary hospitals has decreased significantly, indicating a rising demand for rehabilitation services. The company’s bed occupancy rate is below the national average, suggesting potential for improvement in profitability [3][31]. Valuation - The report employs a Sum-of-the-Parts (SOTP) valuation method, arriving at a 12-month target price of RMB 30.00. The power equipment segment is valued at 11.5x forward PE, while the healthcare services segment is valued at 18x, aligning with industry averages. The target price implies a 12.4x PE for 2026E, with an expected EPS CAGR of 23% from 2024 to 2027 [4][46]. Revenue Growth Projections - The report forecasts a 26% CAGR for power equipment revenue from 2024 to 2027, driven by strong growth in distribution equipment (38% CAGR) and smart meters (8% CAGR). The overall revenue growth for the power equipment segment is expected to be supported by a 26% increase in orders [8][23][24]. Dividend and Cash Position - The company is in a net cash position, which supports its ability to pay dividends. The report anticipates a stable dividend payout ratio of at least 45% from 2025 to 2027, with an average payout ratio of 54% from 2020 to 2024 [38][41].

Group 1: Overseas Market Expansion - The company aims to expand its overseas market through the establishment of a sales subsidiary in Shanghai and the introduction of overseas sales teams [3] - A dedicated R&D, manufacturing, and service team has been formed to cater to overseas customer needs, ensuring quick response and quality service [3] - A joint venture, Yimei Fei Transformer (Jiangsu) Co., Ltd., was established in 2025 with a major client to specifically target the European market [3] Group 2: Shareholder Interests - The company prioritizes the interests of shareholders, especially minority shareholders, by enhancing corporate governance and internal control systems [3] - The 2024 annual distribution plan includes a cash dividend of RMB 1.42 per 10 shares, totaling RMB 19,977,387.86, based on a total share capital of 140,685,830 shares after buyback [3] - In 2025, the company plans to cancel 1.8043 million repurchased shares to improve earnings per share and net asset return, thereby stabilizing and increasing market value [3] Group 3: Current Overseas Business Regions - The company's products are exported directly or indirectly to Europe, the Americas, Africa, and Southeast Asia [4] Group 4: Profit Growth Points - The company focuses on the power equipment manufacturing sector, aiming to become a leading provider of energy-saving power equipment globally [4] - Efforts will be made to expand into overseas markets, particularly in Europe, Southeast Asia, and the Americas, while also strengthening domestic market partnerships [4] - Continuous investment in technology and product development will enhance the sales scale of key products such as distribution transformers and renewable energy transformers [4] Group 5: Industry Development Outlook - Global electricity demand is on the rise, coupled with the need for upgrading aging power grids, leading to increased investment in power grid infrastructure [5] - Several countries have announced plans for power grid infrastructure development, which will drive demand for transformers and other power equipment [5] - The overall demand for the power equipment manufacturing industry is expected to maintain strong growth due to increased investment and capacity shortages in certain regions [5]