Mingyang Electric reported 2Q26 revenue of RMB1.6bn (-26.43% YoY), attributable NP of RMB63mn (-67.78% YoY), and ex-nonrecurring attributable NP of RMB61mn (-68.23% YoY). The revenue decline mainly reflected slower construction activity in the new energy sector. Against the industry downturn, the company accelerated its expansion into new growth drivers. It is developing overseas markets through a dual strategy of direct sales and partner-led exports, while establishing an early presence in power distribution for computing infrastructure. The company secured a sizable order for prefabricated HVDC power modules from a leading internet company, completing its coverage of the UPS, HVDC, and SST technology roadmaps. We expect profitability to recover steadily as the order and revenue mix improves. Maintain BUY.
Given the sharp decline in new energy demand, we revise down our 2026–28E attributable NP forecasts by 18.37%/12.03%/13.62% to RMB609mn /RMB848mn/RMB1.0bn. This implies attributable NP of RMB522mn in 2H26, supported by rapid growth in overseas orders in 1H26 and their stronger profitability. As of August 25, comparable companies were trading at an average of 23x 2026E PE based on Wind consensus. We apply 23x 2026E PE and derive a target price of RMB44.62 (previously RMB71.40, based on 30x 2026E PE). Maintain BUY.

　　事件：2026年8月25日，公司发布2026年半年报。2026年上半年公司实现营业收入25.6亿元，同比下降26.4%；归母净利润为8716万元，同比下降71.6%；扣非归母净利润为8237万元，同比下降72.7%；经营现金流净额为-5.16亿元，同比增长29.7%。此外，26H1公司计提信用及资产减值准备合计0.53亿元。上半年收入和利润降幅较为明显，主要原因在于国内新能源电源侧投资增速出现阶段性回落，公司相关领域订单获取和收入确认受到一定影响。
　　单季度来看，26Q2公司实现营业收入16.0亿元，同比下降26.4%；归母净利润为6256万元，同比下降67.8%；扣非归母净利润为6081万元，同比下降68.2%。
　　盈利水平方面，26年上半年公司毛利率、净利率分别为18.87%、3.41%，同比分别下降2.11pct、5.41pct；销售期间费用率为13.09%，同比提升4.39pct。26Q2公司毛利率为19.55%，同比-0.96pct，环比+1.8pct；净利率为3.92%，同比-5.03pct，环比+1.36pct。
　　从收入结构上看：1）分产品：2026H1公司输配电及控制设备收入24.33亿元，毛利率18.38%；机电集成业务收入0.52亿元，毛利率6.66%。2）分市场：2026H1公司境内收入23.10亿元，毛利率19.03%；境外收入2.48亿元，毛利率17.47%。
　　海外电力设备业务与国内数据中心业务两大增长引擎有望发力：报告期内，公司在北美、南美、欧洲、东南亚等多个区域市场获得规模化订单，成功切入北美顶级客户供应链，在数据中心、电力升级等新兴领域取得重大项目突破，海外市场订单依托直销体系实现突破性增长。此外，公司依托预制舱式电力模块、HVDC预制舱、一体机等高端产品深度切入数据中心赛道，HVDC预制舱精准适配高压直流供电等新型配电架构，契合数据中心供配电系统向高功率密度、高可靠、绿色低碳升级的方向。
　　投资建议：考虑到全球新能源和数据中心等行业需求旺盛，公司有望凭借技术成本优势和海外前瞻布局，实现产品结构升级和全球化布局，我们预计公司2026-2028年实现营收73.14/88.98/108.36亿元，归母净利润分别为5.25/8.16/10.16亿元，现价对应PE为21/13/11X，维持“推荐”评级。
　　风险提示：原材料价格大幅波动，行业需求不及预期，海外政策变化的风险等。

　　明阳电气发布中报业绩：26Q2实现营收15.96亿元（yoy-26.43%），归母净利润0.63亿元（yoy-67.78%），扣非归母净利润0.61亿元（yoy-68.23%）。收入下滑主要受新能源项目建设放缓影响，公司逆势加速布局新赛道，依托直销+配套双出海战略拓展海外市场，同时卡位算力配电赛道，斩获头部互联网企业HVDC预制舱大额订单，实现UPS/HVDC/SST全技术路线布局。伴随订单、收入结构优化，公司盈利能力有望稳步修复，维持公司“买入”评级。
　　行业周期扰动业绩下滑，海外布局带动费率上行
　　公司26H1实现营收25.58亿元（yoy-26.38%），归母净利润0.87亿元（yoy-71.55%），扣非归母净利润0.82亿元（yoy-72.65%）主要系受行业周期波动影响，新能源业务规模减少所致。26H1公司分别实现毛、净利率为18.87%、3.41%，同比-2.11、-5.41pct，主要系原材料成本高位以及产能利用率较低拖累毛利率；叠加海外拓展当期费用较高，进一步压低净利率。公司26H1整体费用率为13.09%，同比+4.39pct。其中，销售、管理、财务、研发费用率分别为5.48%、3.97%、0.16%、3.48%，同比变化+2.00、+1.63、+0.35、+0.41pct，销售费用上涨系公司为推进海外业务开展人员薪酬增加所致，管理费用受合并范围内子公司业务规模增长，人员薪酬增加影响。
　　出海业务双轮发力，26H1实现多点突破
　　电力设备出海是公司后续业绩的核心增长引擎。公司建立间接出海+全球化布局双轮驱动战略，一方面与阳光电源、明阳智能、上能电气等国内新能源头部企业合作出海，另一方面积极推进产品全球化认证，直销业务加速推进。2026年上半年公司海内外分别实现营收23.10、2.48亿元，占比90.30%、9.7%。公司H1在北美、南美、东南亚等多个区域市场获得规模化订单，成功切入北美顶级客户供应链，在数据中心、电力升级等新兴领域取得重大项目突破，直销体系叠加马来西亚产能为后续放量筑牢基础。同时，公司手握500kV超高压装备自研量产能力，当前海外主变供应格局更为紧张，主变产品有望助力公司加速开拓海外市场。
　　全线布局UPS、HVDC、SST，有望带来弹性
　　根据公司公众号5月19日公示，公司成功中标国内头部互联网企业HVDC高压直流预制舱大额订单，将采用全预制化设计，交付周期较传统方案缩短30%以上。此前，明阳电气凭借预制化、模块化、低能耗的技术优势，相继推出MyPower数据中心电力模块等创新产品和解决方案，已快速切入头部互联网企业供应链，并实现批量交付。目前，公司已成功实现UPS、HVDC、SST三大技术路线的全线布局，不仅在传统UPS设备领域拥有深厚的技术积淀，更于2019年就研制出固态变压器（SST）样机，HVDC预制舱中标，进一步丰富了公司数据中心产品矩阵。
　　盈利预测与估值
　　考虑到新能源领域需求大幅下滑，我们下调公司26-28年归母净利润（-18.37%、-12.03%、-13.62%）至6.09/8.48/10.19亿元，对应26H2实现归母净利润5.22亿元，主要系公司H1海外订单高增，盈利能力更强，对H2业绩有望带来较强支撑。截至8月25日，可比公司26年Wind一致预期平均PE为23X，我们给予26年23XPE，目标价44.62元（前值71.40元，对应26年30XPE），维持“买入”评级。
　　风险提示：海外业务拓展不及预期，市场竞争加剧，数据中心业务推进不及预期，产能扩张不及预期。

　　8月25日，公司披露26年半年报，26H1实现营收25.6亿元，同比-26.4%，归母净利0.9亿元，同比-71.6%，毛利率18.9%，同比-2.1pct。26Q2实现营收16亿元，同比-26.4%，归母净利0.6亿元，同比-67.8%，毛利率19.6%，同比-1.0pct,业绩下滑主要系国内新能源行业阶段性调整，传统主业订单受到影响。
　　下游光伏、风电新增装机阶段性调整，公司传统业务承压。国内风光新增装机在经历前期高增后，受消纳、电价等因素影响，投资节奏放缓，26H1公司输配电及控制设备业务收入24.3亿元，同比-26.9%，下半年随着基数效应减弱，公司主业有望迎来拐点。
　　海外业务实现突破，全球化战略初步兑现。公司在北美、南美、欧洲、东南亚等多个区域市场获得规模化订单，成功切入北美顶级客户供应链，26H1境外营业收入达2.5亿元（接近25年全年水平）。受益全球电力设备供需错配、变压器交付周期普遍延长至两到三年，海外业务有望持续突破突破、贡献新增长。
　　深度受益AI算力扩张，机电集成业务成为第二增长曲线。AI算力需求爆发式增长带动数据中心建设提速，对供配电系统提出了更高要求，26H1公司机电集成业务（预计主要为预制舱式电力模块、一体机等产品）收入达到0.5亿。随着全球AIDC建设进入高景气周期，公司有望持续受益下游客户资本开支增长。
　　费用增长支撑战略投入，看好数据中心&海外业务加速兑现。
　　26H1公司销售/管理/研发费用率分别为5.5%/4.0%/3.5%,分别同比+2.0/+1.6/+0.4pct。销售/管理费用增长主要系公司推进海外业务开展、合并范围内子公司业务规模增长，人员薪酬增加所致；随着海外、数据中心等高附加值业务收入占比不断提升，公司收入结构和整体盈利能力有望迎来改善。
　　考虑到公司产品矩阵进一步完善，下游多场景持续拓展，预计公司26-28年实现归母净利润6.2/9.6/12.0亿元，同增6/54/25%。公司股票现价对应PE估值为19/12/10倍，维持“买入”评级。
　　新能源装机&电网投资下滑、数据中心&海外拓展不及预期等。

Mingyang Electric has secured asizeable HVDC prefabricated cabin order from aleading domestic internet company and has now achieved full-line deployment across the three major technical routes of UPS,HVDC,and SST.Through adual-engine strategy combining indirect and direct overseas expansion,the company’s overseas business is advancing rapidly.The company added RMB8.5bn of new orders in 2025 and targets RMB10.5bn of new orders in 2026.Meanwhile,the profitability of direct overseas sales is notably higher than that of domestic business,and the overall gross margin could in our view continue improving alongside revenue mix optimization.We expect sustained rapid earnings growth and maintain our BUY rating.
Overseas orders to grow strongly amid tight supply
The overseas shortage of power equipment continues,supporting robust export growth for China’s transformer industry.China’s transformer exports amounted to USD9.04/3.26bn in 2025/4M26,up by 34.9/31.3%YoY.The company has established adual-engine strategy combining indirect overseas expansion and globalized deployment.It partners with leading domestic new energy companies such as Sungrow,Ming Yang Smart Energy,and Sineng Electric to expand overseas;in addition,it is actively advancing global product certification and accelerating direct overseas sales.The company’s overseas business expansion has progressed smoothly,with ongoing investment in overseas capacity deployment such as in Malaysia.Overseas orders have grown rapidly,and the company has already secured direct sales orders from North America,Peru,Vietnam,and other regions,with profitability significantly exceeding that of domestic orders.We think that as the revenue contribution from direct overseas sales continues rising,the company's overall profitability is poised to improve further.
Mature main transformer technology supports overseas expansion
The company possesses mature main transformer technology with proven operating experience,and its highest product voltage level can reach 500kV.According to the company’s official Weixin article on 30 April,the industry’s first 252kV vacuum switching clean-air insulated environmentally friendly GIS equipment,jointly developed by the company with Inner Mongolia Power Group,Xi'an Jiaotong University,and other parties,was successfully connected to the grid and put into operation at the Fuyong Substation in Inner Mongolia in asingle attempt.Currently,the overseas supply landscape for main transformers is even tighter,and we expect the company’s main transformer products to help accelerate overseas market expansion.
Earnings forecasts and valuation
Considering the significant slowdown in demand from the new energy sector since 2H25,resulting in YoY earnings decline in 4Q25 and 1Q26,we lower our revenue growth forecasts for 2026/2027 and cut our attributable NP forecasts by 25.19/18.55%to RMB746/965mn.We introduce our 2028 attributable NP forecast of RMB1,180mn,with EPS of RMB2.38/3.08/3.76 for 2026/2027/2028,respectively.Given the company’s rapid overseas business expansion and full-line deployment across UPS,HVDC,and SST products,we value the stock at 30x 2026E PE,in line with its peers’average on Wind consensus as of 19 May,for our target price of RMB71.40(previous:RMB64.0,based on 20x 2026E PE).BUY.
Risks:Overseas business expansion falling short of our expectations,intensified competition,slower progress in data center business than we expect,and slower capacity expansion than we expect.