Huaming Power Equipment's 1Q26 revenue was RMB530mn,up by 4.07%YoY.The power equipment business on its own declined by 1.28%YoY due to reduced deliveries for new energy projects and delivery schedule adjustments by certain customers.Attributable net profit(NP)was RMB163mn,down by 4.85%YoY.The company ranks first in China and second globally in the tap changer industry.As global grid investment enters an upward cycle,we believe the company's overseas expansion,maintenance services,and ultra-high voltage(UHV)business could continue driving rapid earnings growth.Meanwhile,backed by pronounced first-mover advantages,the company is poised to maintain its domestic leadership and high margin profile,while expanding overseas market share by leveraging China's superior manufacturing supply chain,in our view.Reiterate BUY.
Revenue dented by reduced new energy project deliveries
The company recorded 1Q26 revenue of RMB530mn,up by 4.07%YoY.By business unit,the power equipment business generated RMB442mn revenue,down by 1.28%YoY,due to reduced new energy project deliveries and customer delivery schedule adjustments.CNC equipment business revenue reached RMB74mn,a 53.3%YoY increase.Meanwhile,1Q26 attributable NP/recurring attributable NP were RMB163/143mn,down by 4.85/9.51%YoY,mainly due to the larger impact of share-based payment expenses,reduced FX gains,and increased overseas investment.Excluding share-based payment impacts,attributable NP grew by 3.6%YoY to RMB178m,while the recurring attributable NP edged down by 0.34%YoY to RMB158mn.
Gross and net margins remained high;expense ratio increased
For 1Q26,gross and net margins were 53.25%and 30.92%,down by 1.96pp and 3.38pp YoY.The overall expense ratio reached 22.05%,up by 5.22pp YoY,with the sales/administrative/financial/R&D expense ratios at 9.38/8.62/0.86/3.19%(+1.56/+1.53/+2.55/-0.42pp YoY).The increase in sales and administrative expenses was mainly due to greater overseas market investment,while the rise in the financial expense ratio was driven by foreign currency appreciation and higher interest expenses,in our view.
Earnings forecasts and valuation
Global grid investment has entered an upward cycle.Aging grid infrastructure,rising renewable energy penetration,and increasing electricity demand are driving new construction demand,while strong AIDC demand is tightening the supply of grid equipment resources.Benefiting from the dual drivers of direct and indirect overseas expansion,the company's overseas business is advancing rapidly.We maintain our 2026/2027/2028 attributable NP forecasts of RMB879/1,089/1,346mn.We value the stock at 41x 2026E PE,in line with its peers'average on Wind consensus,for our target price of RMB40.18.
Risks:Weaker grid investment than we expect,raw-material price hikes,international trade risks,forecast assumption risks.

　　公司发布2025年报和2026年一季报，经营业绩稳健
　　2025年公司实现营业收入24.27亿元，yoy+4.5%；归母净利润7.1亿元，yoy+15.5%；销售毛利率/净利率54.5%/29.7%，同比提高5.7pct/3.0pct。2026Q1公司实现营业收入5.30亿元，yoy+4.1%；归母净利润1.63亿元，yoy-4.9%。我们看好公司在行业中的竞争优势地位，公司有望充分受益于全球能源转型和电力需求增长，我们上调公司2026-2027盈利预测，并新增2028盈利预测，预计公司2026-2028年归母净利润为8.97/10.98/13.11亿元（原值8.93/10.39/-亿元），EPS为1.00/1.23/1.46元，对应当前股价PE为25.5/20.8/17.4倍，维持“买入”评级。
　　分接开关主业持续增长，国内电源电网投资持续增长，海外需求延续高景气
　　分接开关技术壁垒高，竞争格局稳定，公司作为国内第一、全球第二的行业龙头，全面持续受益于全球能源转型与电力需求增长。公司电力设备业务2025年实现收入21.02亿元，yoy+16.05%；2026Q1实现收入4.42亿元，yoy-1.28%。2025年全国电网工程投资6395亿元，yoy+5.1%；十五五期间国家电网计划投资4万亿，较十四五增长40%。2025年全年新增风电、光伏装机分别为120GW、317GW。变压器出海延续高景气，2025年我国出口变压器445.20亿元，yoy+49%；2026Q1出口变压器121.50亿元，yoy+42.7%。2025年，公司在欧洲、巴西、北美等多个地区实现快速增长，电力设备直接、间接出口7.14亿元，同比增长47.4%。
　　国内高端市场有望持续实现突破，海外市场布局有望开花结果
　　公司是国内首先掌握特高压分接开关制造技术的企业，打破了国外企业的垄断。2025年，公司的换流变分接开关实现从第一台到第一批的跨越，在±800kV陇东-山东直流工程批量投运，高技术壁垒为持续开拓国内外高端电力装备市场提供核心支撑。公司持续深化东南亚、欧美及中东等市场的本土化战略，随着土耳其工厂、印尼工厂、新加坡团队等布局的稳步落地，公司海外业务有望持续突破。
　　风险提示：电网投资不及预期、电源投资不及预期、宏观及政策风险、海外市场开拓不及预期、海外投资环境变化风险、财务及汇率风险。

　　公司26Q1实现营收5.3亿，同比增长4.07%，其中电力设备业务受新能源项目发货减少、部分客户调整交付节奏影响同比下降1.28%；归母净利润1.63亿元，同比减少4.85%。公司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，我们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。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。维持“买入”评级。
　　营收受新能源项目发货减少、部分客户调整交付节奏影响
　　公司26Q1实现营收5.3亿，同比增长4.07%，其中电力设备业务受新能源项目发货减少、部分客户调整交付节奏影响，实现营收4.42亿，同比下降1.28%；数控设备业务实现营收0.74亿，同比增长53.3%。公司26Q1实现归母净利润1.63亿元，同比减少4.85%，实现扣非归母净利润1.43亿元，同比减少9.51%，主要是确认股份支付费用影响较大，同时受到汇兑收益减少和海外投入增加等因素影响。剔除股份支付影响后的归母净利润为1.78亿元，同比增长3.6%，剔除股份支付影响后扣非归母净利润为1.58亿元，同比减少0.34%。
　　毛净利率维持高位，费用率有所提升
　　26Q1实现毛、净利率53.25%、30.92%，同比-1.96、-3.38pct。公司26Q1期间费用率22.05%，同比+5.22pct，其中销售、管理、财务、研发费用率分别为9.38%、8.62%、0.86%、3.19%，同比+1.56、+1.53、+2.55、-0.42pct，销售、管理费用提升主要系加大海外市场投入所致；财务费用率提升主要系外币升值和利息支出增加所致。
　　公司出海业务高速迈进，直接+间接双轮驱动
　　公司2025年电力设备、数控设备、电力工程业务分别实现营业收入21.02、2.44、0.29亿元，同比+16.05%、+39.86%、-89.93%，电力工程下滑主要系公司主动对毛利率较低的业务进行战略性收缩。电力设备方面，公司深度绑定国内大型变压器厂商，凭借技术、成本和交付等优势分享全球市场红利，同时积极推进全球化布局，新加坡区域总部成立、印尼工厂正式投产、土耳其工厂稳定运营等，在欧洲、巴西、北美等多个地区实现快速增长，全年电力设备出口收入7.14亿元，同比增长47.37%，其中直接出口3.67亿元（+34%yoy）、间接出口3.47亿元（+64%yoy）。随海外出口规模持续扩大，海外业务利润率亦有望随之提升。同时，公司2025年数控设备业务实现营业收入2.44亿，同比增长39.86%，其中出口实现营业收入1.12亿，同比增长229.8%，公司数控设备品牌和质量在国际市场上获得了高度认可。
　　盈利预测与估值
　　全球电网投资进入上行周期，电网老旧+新能源占比提升+用电量提升带来新建需求，叠加AIDC需求高增进一步抢占电网设备供应资源，公司直接出海+间接出海双轮驱动，海外业务高速迈进，我们维持26-28年归母净利润为8.79、10.89、13.46亿元。可比公司26年Wind一致预期PE均值41倍，给予公司26年41倍PE，维持目标价为40.18元。
　　风险提示：电网投资力度不及预期，原材料价格上涨，国际贸易风险，测算结果不及预期风险。

Huaming Power Equipment(Huaming)attended our 2026 Spring Investment Summit(SIS)on 4-5 March.At the summit,the company indicated that in 2025,overseas revenue from tap changers increased rapidly,maintenance service orders grew at asolid pace,and CNC equipment registered strong overseas revenue growth.Regarding profitability,diversified raw-material costs mean that price hikes for asingle material remain manageable.We think that the company’s profitability could continue to improve as overseas revenue accounts for arising share.
Core highlights
1.Tap changer exports:In 2025,Huaming’s tap changer exports amounted to RMB714mn(+47%YoY),comprising direct exports of RMB367mn(+34%YoY)and indirect exports of RMB347mn(+64%YoY).For direct exports,Europe accounted for over 50%,Asia represented c30%,and South America,North America,and Africa collectively contributed c20%.We think that direct and indirect exports could jointly sustain overseas revenue growth.
2.Maintenance services:On-load tap changers need regular maintenance based on in-service years or switching frequency requirements.This segment’s revenue growth approached 30%in 2025,with orders growing at afaster pace than revenue.As orders continue to expand,Huaming plans to allocate more human resources and optimize staffing arrangements,which we expect to further boost revenue growth.Maintenance services offer ahigher GPM than the company’s overall level,and we think that this segment could further enhance profitability.
3.CNC equipment:Huaming adjusted equity stakes and onboarded anew team at end-2024 in order to focus on overseas markets with higher profit margins.In 2025,this segment’s revenue was RMB244mn,up by 40%YoY,including overseas revenue of RMB112mn(+230%YoY)and domestic revenue of RMB132mn.As the overseas revenue share rose quickly,this segment’s GPM improved by 7.1pp YoY to 21.4%in 2025.
4.GPM and costs:The company’s overall pricing strategy remains relatively stable.Various raw materials are dispersed across the cost mix,and significant price hikes for asingle material should not materially raise overall costs.For tap changers,the average GPM in overseas markets is 5-10pp above the domestic level.As overseas revenue accounts for arising proportion,we think that the company’s profitability could remain healthy.
5.Production capacity and delivery:Domestic tap changer capacity is 20,000 units/year(12,000 units/year in Shanghai and 8,000 units/year in Zunyi).Overseas capacity includes 2,000 units/year in Turkey and 300-500 units/year in Indonesia.Capacity can be further expanded through increased shift scheduling and automation improvements.Currently,the lead time for tap changer exports is 2-3 months.
Earnings forecasts and valuation
Global grid investment is entering an upcycle,driven by ageing grids,a rising share of new energy,and increasing electricity consumption.In addition,AIDCs’massive power demand further tightens grid equipment supply.Direct and indirect exports support Huaming’s rapid overseas expansion.We maintain our attributable net profit forecasts for 2026/2027/2028 at RMB879/1,089/1,346mn,with EPS of RMB0.98/1.22/1.50.We maintain our valuation at 41x 2026E PE,for our target price of RMB40.18(unchanged).
Risks:weaker grid investment than we expect;raw-material price hikes;international trade risks;forecast assumption risks.

Huaming Power Equipment(Huaming)has reported 2025 revenue of RMB2,427mn(+4.50%YoY)and an attributable net profit(NP)of RMB710mn(+15.54%YoY),with earnings growth staying robust.The company ranks No.1 in China and No.2 globally in the on-load tap changer(OLTC)market.As the global power grid investment enters an upcycle,we think that Huaming is well positioned to sustain rapid earnings growth,driven by overseas expansion,maintenance services,and ultra-high-voltage(UHV)businesses.Backed by pronounced first-mover advantages,the company is poised to maintain its domestic leadership and arelatively high GPM,while further expanding overseas market share by leveraging China’s superior manufacturing supply chain,in our view.Maintain BUY.
Rapid overseas expansion driven by direct+indirect exports
In 2025,power equipment/CNC equipment/electricity engineering generated revenues of RMB2,102/244/29mn(+16.05/+39.86/-89.93%YoY).The sharp decline in electricity engineering revenue resulted from the company’s strategic withdrawal from low-GPM segments.In the power-equipment sector,the company maintains close ties with major domestic transformer manufacturers and accesses global market opportunities through advantages in technology,cost,and delivery.It is actively pursuing globalization:the Singapore regional headquarters has been established,the Indonesia plant has commenced operations,and the Turkey plant is running steadily.It has recorded rapid revenue growth across Europe,Brazil,North America and other regions.For 2025,power equipment export revenue was RMB714mn(+47.37%YoY),with direct exports contributing RMB367mn(+34%YoY)and indirect exports contributing RMB347mn(+64%YoY).As exports continue to scale up,overseas profit margins could improve accordingly.For 2025,CNC equipment revenue was RMB244mn(+39.86%YoY),with exports contributing RMB112mn(+229.8%YoY).Huaming’s CNC equipment brand and quality have gained strong recognition in international markets.
UHV market share to continue rising
According to State Grid Corporation of China,fixed-asset investment during the 15th Five-Year Plan(FYP)period could reach RMB4tn,up by 40%vs the 14th FYP period.In our view,domestic OLTC demand could accelerate in line with grid investment.In May 2025,Huaming’s CHVT converter transformer OLTC was commissioned in batches at the Longdong±800kV converter station,breaking the monopoly of overseas suppliers.Assuming an average of four UHV DC projects per year during the 15th FYP period and Huaming’s market share rising to 60%,related revenue could reach RMB220mn,an 18%uplift vs RMB1.19bn of domestic power equipment revenue(excluding maintenance)in 2024.Given the significantly higher GPM of UHV products compared with conventional products,profit upside should exceed revenue growth.
Earnings forecasts and valuation
Global grid investment is entering an upcycle,driven by ageing grids,a rising share of new energy,and increasing electricity consumption.In addition,AIDCs’massive power demand further tightens grid equipment supply.Direct and indirect exports support Huaming’s rapid overseas expansion.We raise our attributable NP forecasts for 2026/2027 by 1.51/5.92%to RMB879/1,089mn(previous:RMB866/1,028mn)and add our 2028 forecast of RMB1,346mn.We value the stock at 41x 2026E PE,in line with its peers’average on Wind consensus,for our target price of RMB40.18(previous:RMB29.50,based on 30.4x 2026E PE).
Risks:weaker grid investment than we expect;raw-material price hikes;international trade risks;forecast assumption risks.