JP Morgan initiates coverage on WASION HOLDINGS with an "Overweight" rating and a target price of 35 yuan

AASTOCKS
2026.02.27 03:04

JP Morgan published a research report, initiating coverage on WASION HOLDINGS (03393.HK) with an "Overweight" rating and a target price of 35 HKD. WASION is a major manufacturer of low-voltage electrical equipment in China, with products including energy metering instruments, transformers, digital grid solutions, and AIDC (AI Data Center) products. Despite being in a cyclical metering business, the company is expected to achieve a compound annual growth rate of over 30% in earnings from 2020 to 2024, driven by overseas expansion, new product offerings, and good cost control.

Additionally, the company has significantly increased its exposure to AIDC electrical equipment by leveraging relationships with several Chinese data center operators that are expanding overseas. The firm predicts that WASION's data center equipment revenue will grow approximately threefold during the forecast period from 2025 to 2028. Along with the overseas expansion of other low-voltage electrical equipment businesses, this could translate into a high double-digit compound annual growth rate in earnings during the forecast period from 2026 to 2028, compared to a projected price-to-earnings ratio of about 16 times for the coming year

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