·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.
Hold