纵横研报
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#Customer Concentration

02Reports
·电力设备 ·内部研究

XJ Electric: A High-Margin HVDC Niche, But No Margin of Safety at Today's Price

XJ Electric is a state-controlled Chinese grid-equipment maker where a small HVDC converter-valve and DC control-and-protection segment, just 6.79% of 2025 revenue, delivered a 32.71% gross margin and lifted group profitability even as total 2025 revenue fell 12.27% to RMB 14.99 billion and Q1 2026 attributable profit dropped 46.50% on delivery-timing swings. Rating Hold: operating cash flow has consistently exceeded net profit and the HVDC option is real, but at RMB 20.20 the stock already sits in the acceptable-hold band with zero margin of safety against project-timing and customer-concentration risk, with the ideal buy zone at RMB 12.5 to 14.0.

000400.SHE XJ Electric Co., Ltd. #HVDC Converter Valves#UHV Grid Buildout#State Grid Tenders#Margin Mix Shift#Customer Concentration#Delivery Timing Risk
Hold
·电力设备 ·内部研究

Pinggao Electric: The Cleanest UHV Switchgear Play, But Orders Are Not Yet Revenue

Pinggao Electric is a state-backed specialist in high-voltage and ultra-high-voltage (UHV) switchgear, with 2025 revenue of CNY 12.52 billion and net profit of CNY 1.12 billion, riding State Grid's newly enlarged CNY 4 trillion 2026-2030 capex plan and fresh tender wins of about CNY 12.23 billion in March 2026 and CNY 20.92 billion in June 2026. Rating Hold: revenue is recognized only at customer sign-off, not at tender announcement, and 2025 operating cash flow fell to CNY 0.81 billion from CNY 3.01 billion in 2024 even as profit rose, so the current CNY 17.69 price already pays a fair cycle multiple with the ideal buy zone at CNY 12.5 to 14.5.

600312.SHG Henan Pinggao Electric Co., Ltd. #UHV Grid Buildout#State Grid Tenders#Revenue Recognition Lag#Working Capital Cycle#Customer Concentration#Smart Factory Capex
Hold