China Power T&D Equipment_Concerns on price competition overdone
2025-03-03 10:45
28 February 2025 Equity Research Report China Power T&D Equipment Equities Concerns on price competition overdone The share prices of the five power equipment stocks we cover (Pinggao, Xuji, Nari, Huaming, Sieyuan) have dropped 1-18% YTD (vs CSI 300 index up 1%). We believe the correction is likely due to concerns on price cuts in the grid sector. The State Grid issued a notice (9 January 2025) to expand the scope of joint procurement in second-level regions. While the new policy could invite price cuts to ...