特变电工：估值被低估的变压器制造商，在华市场份额领先

Ac t i o n | 08 Feb 2026 18:22:40 ET │ 19 pages TBEA Co (600089.SS) An Under-valued Transformer Maker with Leading PRC Market Share CITI'S TAKE We reiterate our Buy rating on TBEA for (i) strong transformer demand both from China and overseas; (ii) potential turnaround of its polysilicon business and (iii) more profit from gold sales. In 1H25, its segmental gross profits were 29% from coal sales, 28% from electrical equipment, 19% from electricity sales and 5% from gold sales. Our 2026-27E net profits are + ...