New Stock Preview | Huaming Power Equipment: Global Leader in Disconnecting Switches, Steady Performance Growth.

Huaming Power Equipment, the world's second largest manufacturer of tap changers, holds the top position in China with an 80% market share and has been steadily growing. The company (002270.SZ) is accelerating its dual listing on the A+H markets. Recently, Huaming Power Equipment submitted listing applications to the Hong Kong Stock Exchange's main board, with J.P. Morgan Securities (Far East) Limited and HAITONG INT'L as its joint sponsors. The company is a leading global manufacturer of transformer tap changers, with a 17.9% market share according to Frost & Sullivan data based on revenue in 2024, ranking second globally and first in China. The company offers a wide range of tap changers and related solutions, serving both traditional and high-growth end markets with steady growth in performance. From 2023 to 2025, the company's revenue increased from 1.945 billion yuan to 2.412 billion yuan, and net profit increased from 551 million yuan to 720 million yuan, with compound annual growth rates of 11.36% and 14.3%, and net profit margins of 28.3%, 26.8%, and 29.8% during this period. As of December 2025, the company had cash and equivalents of 1.166 billion yuan. Tap changers are an essential and crucial component of power transformers, allowing them to benefit from the development of the power industry being driven by the demands of the new energy industry, energy storage systems, AI data centers, and other end markets. As a leader in the industry, Huaming Power Equipment is also expected to benefit fully. Steady growth in core business and strong profitability Founded in 1995, Huaming Power Equipment has 28 direct and indirect subsidiaries. The company went public on the A-share market in 2015 and has since become a leading global player in the tap changer industry, with business operations in 120 countries and regions. The company's main business segments include power equipment, NC equipment, and power engineering. The power equipment and NC equipment businesses are the core of the company's operations, with business revenues continuing to grow. In 2025, the two main businesses accounted for 86.6% and 10.1% of the revenue...