英文华明装备- 2025年全球中国峰会要点

Asia Pacific Equity Research26 May 2025JPMORGANwww.jpmorganmarkets.comHuaming Equipment - AGlobal China Summit 2025 TakeawaysOverweight002270.SZ, 002270 CHPrice (26 May 25):Rmb15.27Price Target (Dec-25):Rmb19.00Utilities and EnvironmentalStephen Tsui, CFA AC(852) 2800-8592stephen.tsui@jpmorgan.comVicky Hsia(852) 2800 3752vicky.hsia@jpmorgan.comVento Suen(852) 2800-8546vento.suen@jpmorgan.comAlan Hon(852) 2800-8573alan.hon@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) LimitedConversations with management during our plant visit to Huaming’s manufacturing plants and our JPM Global China Summit reinforce our confidence in the company. The key takeaways include: (1) Management targets at least 30-35% overseas revenue growth this year on strong indirect exports (a doubling of revenue in FY24) and increasing marketing efforts in Asia/Europe/Middle East; (2) While there is limited progress on the tap changer sales to US regulated utilities, the comp