<p><em>在深圳上市的公司已申请在更具国际化的香港进行第二次上市，旨在抓住投资者对电力设备股票的强烈兴趣</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/17073403/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-3-2026_10483_thebambooworks.com_-1024x668.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" width="1024" height="668" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/17073403/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-3-2026_10483_thebambooworks.com_-1024x668.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<h4><strong>关键要点：</strong></h4>
<ul>
<li>华明电力已申请在香港上市，报告称其电力设备部门的利润去年增长近 17%，受强劲需求推动</li>
<li>该公司在深圳上市的股票目前以溢价估值交易，而其未来的盈利能力可能取决于铜和铝的价格</li>
</ul>
<p>人工智能应用的爆炸性增长以及升级老旧全球电网基础设施的需求，正在为用于此类升级的电力设备创造强劲需求。这推动了香港上市制造商的股票上涨。为了抓住这一热潮，<strong>华明电力设备有限公司</strong>（002270.SZ）已提交了自己的 <strong>申请</strong>，以在市场上市，补充其在中国更注重国内市场的 A 股市场的现有上市。</p>
<p>电力是现代全球经济和日常生活的基础。为了满足来自越来越多设备的资源需求，尤其是对电力需求巨大的人工智能计算机，企业正在加大对输电和配电设备的投资，特别是变压器。特斯拉首席执行官埃隆·马斯克早在 2024 年就预测，变压器将成为电力建设中的下一个主要瓶颈，继芯片短缺之后。最近在欧洲和美国发生的大规模停电，主要是由于老旧电力设备造成的，证明了马斯克的预测是正确的。</p>
<p>华明生产分接开关——变压器的核心组件，与变压器的机械外壳、绝缘和油系统配置在一起，并与保护接口匹配。分接开关占变压器成本的 5% 到 25%。至关重要的是，历史上它们与 25% 到 30% 的变压器故障有关，使其可靠性成为电力供应商采购的首要标准。</p>
<h4><strong>全球第二大分接开关制造商</strong></h4>
<p>全球分接开关市场具有高进入壁垒，特别是由于进入每个买家的合格供应商名单的过程漫长而困难。资格认证过程通常包括严格的测试，包括在 12 个月内进行多达 300,000 次切换操作的耐久性试验，为新进入者创造了巨大的障碍。因此，全球市场由少数几家企业主导。</p>
<p>根据华明的上市文件中的第三方研究，全球分接开关行业在 2025 年预计产生约 107.3 亿元人民币（15.5 亿美元）的收入，预计到 2030 年这一数字将增长至 153.9 亿元人民币。推动这一增长的因素包括可再生能源电网整合和中国跨区域输电网络扩展，以及发达市场老旧资产的更换和新兴市场（中国以外）的电网建设和产能升级。</p>
<p>在 2024 年，全球前三大分接开关制造商的市场收入合计占 82.5%。一家德国公司在该领域占据主导地位，市场份额为 50.2%，华明以 17.9% 位居第二。一家瑞士公司以约 14.4% 的市场份额排名第三。</p>
<p>华明是中国唯一一家拥有完全整合的端到端生产设施的分接开关制造商。去年约 80% 的收入来自国内销售，其余来自海外。其三个业务板块，电力设备、数控设备和电站 EPC 业务，分别占去年收入的 86.6%、10.1% 和 1.2%。电力设备板块是公司最盈利的单位，去年贡献了 95.2% 的毛利润。</p>
<p>华明的收入在 2025 年同比增长 4.5%，达到 24.1 亿元人民币，得益于电力设备和数控设备板块的增长。电力设备板块尤其强劲，年增长 16.1%。这使得公司的总毛利润同比增长 16.6%，达到 13 亿元人民币。由于电力设备单位盈利能力的改善，公司毛利率上升了 5.6 个百分点，达到 53.9%。这种更高的效率帮助华明的净利润同比增长 16.7%，达到 7.2 亿元人民币。</p>
<h4><strong>原材料成本上升</strong></h4>
<p>尽管毛利率上升，投资者应注意华明面临的一个主要潜在风险因素是铜和铝的成本，这些是分接开关的关键原材料。</p>
<p>华明的原材料和组件成本从 2023 年的 6.39 亿元人民币上升到次年的 8.34 亿元人民币，随后在去年略微回落至 8.11 亿元人民币，从 2023 年总销售成本的 67.6% 稳步增长至 2025 年的 73%。在此期间，铜价稳步上涨至新高，而铝价也有所反弹。持续的价格上涨可能会对华明的利润率造成压力，特别是如果预计的全球铜需求激增实现。</p>
<p>华明在深圳上市的股票并不便宜，交易价格接近公司今年预测收益的 40 倍市盈率。类似的变压器公司 <strong>重庆机械与电气</strong>（2722.HK）交易价格远低于约 10 倍，而同行的电力设备股票 <strong>东方电气</strong>（1072.HK）和 <strong>哈尔滨电气</strong>（1133.HK）分别交易于 29 倍和 15.4 倍。这使得华明在深圳的股票明显位于同行的上游。</p>
<p>尽管如此，华明的股票仍可能因其在中国市场对产品的强劲需求以及在全球市场的巨大潜力而引起关注，目前全球市场仅占其销售的 20%。其在土耳其和印度尼西亚的现有工厂使其在提升全球市场份额方面具备良好条件。主要的警告是公司如何定价其股票。如果在香港上市的定价超过 25 倍的预期收益，而远低于其 A 股的 40 倍市盈率，这可能仍然是一个过度扩张。低于这个价格的任何定价可能会为投资者提供更具吸引力的选择。</p>
<p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

华明装备

<p>华明装备有限公司已在香港申请进行二次上市，旨在利用日益增长的电力设备需求和投资者兴趣。该公司报告称，去年利润增长近 17%，主要得益于其电力设备部门。然而，其盈利能力可能受到铜和铝价格波动的影响。华明是领先的分接开关制造商，80% 的收入来自国内销售。尽管成本上升，该公司的毛利率有所改善，但其股票的估值相较于同行仍然较高</p>

<p><em>The Shenzhen-traded company has filed for a second listing in more internationally focused Hong Kong, seeking to tap soaring investor interest in power equipment stocks</em></p>
<div class="lb-trans"><p><em>在深圳上市的公司已申请在更具国际化的香港进行第二次上市，旨在抓住投资者对电力设备股票的强烈兴趣</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/17073403/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-3-2026_10483_thebambooworks.com_-1024x668.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/03/17073403/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_17-3-2026_10483_thebambooworks.com_-1024x668.jpeg"/></p>
<p><em>image credit: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><h4><strong>Key Takeaways:</strong></h4>
<div class="lb-trans"><h4><strong>关键要点：</strong></h4>
</div><ul>
<li>Huaming Power has filed to list in Hong Kong, reporting its profit climbed nearly 17% last year on strong demand for its power equipment segment</li>
<li>The company's Shenzhen-listed stock currently trades at a premium valuation, while its future profitability could hinge on copper and aluminum prices</li>
</ul>
<div class="lb-trans"><ul>
<li>华明电力已申请在香港上市，报告称其电力设备部门的利润去年增长近 17%，受强劲需求推动</li>
<li>该公司在深圳上市的股票目前以溢价估值交易，而其未来的盈利能力可能取决于铜和铝的价格</li>
</ul>
</div><p>The explosion of AI applications and associated need to upgrade aging global grid infrastructure to feed them is creating strong demand for power equipment used for such upgrades. That's charged up shares of Hong Kong-listed manufacturers in the space. Aiming to tap into the frenzy, <strong>Huaming Power Equipment Co. Ltd.</strong> (002270.SZ) has submitted its own <strong>application</strong> to list in the market, complementing its existing listing on China's more domestically focused A-share market in Shenzhen.</p>
<div class="lb-trans"><p>人工智能应用的爆炸性增长以及升级老旧全球电网基础设施的需求，正在为用于此类升级的电力设备创造强劲需求。这推动了香港上市制造商的股票上涨。为了抓住这一热潮，<strong>华明电力设备有限公司</strong>（002270.SZ）已提交了自己的 <strong>申请</strong>，以在市场上市，补充其在中国更注重国内市场的 A 股市场的现有上市。</p>
</div><p>Electricity underpins the modern global economy and daily life. To meet rising demand for the resource from a growing array of devices, especially power-hungry AI computers, companies are ramping up investments in transmission and distribution equipment, particularly transformers. Tesla CEO Elon Musk predicted as early as 2024 that transformers would become the next major bottleneck in the power buildup after chip shortages. Recent large-scale blackouts across Europe and the U.S., largely caused by aging power equipment, have proven Musk's forecast correct.</p>
<div class="lb-trans"><p>电力是现代全球经济和日常生活的基础。为了满足来自越来越多设备的资源需求，尤其是对电力需求巨大的人工智能计算机，企业正在加大对输电和配电设备的投资，特别是变压器。特斯拉首席执行官埃隆·马斯克早在 2024 年就预测，变压器将成为电力建设中的下一个主要瓶颈，继芯片短缺之后。最近在欧洲和美国发生的大规模停电，主要是由于老旧电力设备造成的，证明了马斯克的预测是正确的。</p>
</div><p>Huaming produces tap-changers – core transformer components that are configured with the transformer's mechanical shell, insulation, and oil systems, and also matched with protection interfaces. Tap-changers account for 5% to 25% of a transformer's cost. Crucially, they have been implicated in 25% to 30% of transformer failures historically, making their reliability a paramount purchasing criterion for power suppliers.</p>
<div class="lb-trans"><p>华明生产分接开关——变压器的核心组件，与变压器的机械外壳、绝缘和油系统配置在一起，并与保护接口匹配。分接开关占变压器成本的 5% 到 25%。至关重要的是，历史上它们与 25% 到 30% 的变压器故障有关，使其可靠性成为电力供应商采购的首要标准。</p>
</div><h4><strong>Global number two in tap-changers</strong></h4>
<div class="lb-trans"><h4><strong>全球第二大分接开关制造商</strong></h4>
</div><p>The global tap-changer market features high barriers to entry, particularly due to the long and difficult process of entering each buyer's list of qualified suppliers. The qualification process typically entails rigorous testing, including durability trials of up to 300,000 switching operations over 12 months, creating substantial hurdles for new entrants. As a result, the global market is dominated by a handful of players.</p>
<div class="lb-trans"><p>全球分接开关市场具有高进入壁垒，特别是由于进入每个买家的合格供应商名单的过程漫长而困难。资格认证过程通常包括严格的测试，包括在 12 个月内进行多达 300,000 次切换操作的耐久性试验，为新进入者创造了巨大的障碍。因此，全球市场由少数几家企业主导。</p>
</div><p>According to third-party research in Huaming's listing document, the global tap-changer industry generated estimated revenue of 10.73 billion yuan ($1.55 billion) in 2025, and the figure is expected to grow to 15.39 billion yuan by 2030. Drivers of that growth include renewable energy grid integration and cross-regional transmission network expansion in China, alongside replacement of aging assets in developed markets and grid construction and capacity upgrades in emerging markets outside China.</p>
<div class="lb-trans"><p>根据华明的上市文件中的第三方研究，全球分接开关行业在 2025 年预计产生约 107.3 亿元人民币（15.5 亿美元）的收入，预计到 2030 年这一数字将增长至 153.9 亿元人民币。推动这一增长的因素包括可再生能源电网整合和中国跨区域输电网络扩展，以及发达市场老旧资产的更换和新兴市场（中国以外）的电网建设和产能升级。</p>
</div><p>In 2024, the world's top three tap-changer manufacturers commanded a combined 82.5% of the market by revenue. A German company dominated the field with 50.2%, followed by Huaming at 17.9%. A Swiss firm ranked third with about 14.4%.</p>
<div class="lb-trans"><p>在 2024 年，全球前三大分接开关制造商的市场收入合计占 82.5%。一家德国公司在该领域占据主导地位，市场份额为 50.2%，华明以 17.9% 位居第二。一家瑞士公司以约 14.4% 的市场份额排名第三。</p>
</div><p>Huaming is China's sole tap-changer manufacturer with fully integrated, end-to-end production facilities. About 80% of its revenue came from domestic sales last year, with the rest from overseas. Its three segments, power equipment, CNC equipment, and its power station EPC business, accounted for 86.6%, 10.1%, and 1.2% of its revenue last year, respectively. The power equipment segment is the company's most profitable unit, contributing 95.2% of its gross profit last year.</p>
<div class="lb-trans"><p>华明是中国唯一一家拥有完全整合的端到端生产设施的分接开关制造商。去年约 80% 的收入来自国内销售，其余来自海外。其三个业务板块，电力设备、数控设备和电站 EPC 业务，分别占去年收入的 86.6%、10.1% 和 1.2%。电力设备板块是公司最盈利的单位，去年贡献了 95.2% 的毛利润。</p>
</div><p>Huaming's revenue rose 4.5% year-on-year to 2.41 billion yuan in 2025, buoyed by growth in the power equipment and CNC equipment segments. The power equipment segment was especially strong, growing 16.1% annually. That lifted the company's total gross profit by 16.6% to 1.3 billion yuan for the year. Aided by improved profitability in the power equipment unit, the company's gross margin climbed 5.6 percentage points to 53.9%. That greater efficiency helped Huaming's net profit rise 16.7% to 720 million yuan for the year.</p>
<div class="lb-trans"><p>华明的收入在 2025 年同比增长 4.5%，达到 24.1 亿元人民币，得益于电力设备和数控设备板块的增长。电力设备板块尤其强劲，年增长 16.1%。这使得公司的总毛利润同比增长 16.6%，达到 13 亿元人民币。由于电力设备单位盈利能力的改善，公司毛利率上升了 5.6 个百分点，达到 53.9%。这种更高的效率帮助华明的净利润同比增长 16.7%，达到 7.2 亿元人民币。</p>
</div><h4><strong>Rising raw material costs</strong></h4>
<div class="lb-trans"><h4><strong>原材料成本上升</strong></h4>
</div><p>Despite its rising gross margin, investors should note a major potential risk factor for Huaming lies in the costs of copper and aluminum that are key raw materials for tap-changers.</p>
<div class="lb-trans"><p>尽管毛利率上升，投资者应注意华明面临的一个主要潜在风险因素是铜和铝的成本，这些是分接开关的关键原材料。</p>
</div><p>Huaming's raw material and component costs rose from 639 million yuan in 2023 to 834 million yuan the next year, before easing slightly to 811 million yuan last year, growing steadily from 67.6% of total cost of sales in 2023 to 73% in 2025. Copper prices rose steadily to new highs over that period, while aluminum also rebounded. Continued price hikes could pressure Huaming's margins, especially if an anticipated global boom in copper demand materializes.</p>
<div class="lb-trans"><p>华明的原材料和组件成本从 2023 年的 6.39 亿元人民币上升到次年的 8.34 亿元人民币，随后在去年略微回落至 8.11 亿元人民币，从 2023 年总销售成本的 67.6% 稳步增长至 2025 年的 73%。在此期间，铜价稳步上涨至新高，而铝价也有所反弹。持续的价格上涨可能会对华明的利润率造成压力，特别是如果预计的全球铜需求激增实现。</p>
</div><p>Huaming's Shenzhen-listed shares aren't cheap, trading at a price-to-earnings (P/E) multiple of nearly 40 times the company's forecast earnings for this year. Similar transformer play <strong>Chongqing Machinery &amp; Electric</strong> (2722.HK) trades far lower at about 10 times, while peer power equipment stocks <strong>Dongfang Electric</strong> (1072.HK) and <strong>Harbin Electric</strong> (1133.HK) trade at 29 times and 15.4 times. That leaves Huaming's Shenzhen shares squarely at the upper end of its peer group.</p>
<div class="lb-trans"><p>华明在深圳上市的股票并不便宜，交易价格接近公司今年预测收益的 40 倍市盈率。类似的变压器公司 <strong>重庆机械与电气</strong>（2722.HK）交易价格远低于约 10 倍，而同行的电力设备股票 <strong>东方电气</strong>（1072.HK）和 <strong>哈尔滨电气</strong>（1133.HK）分别交易于 29 倍和 15.4 倍。这使得华明在深圳的股票明显位于同行的上游。</p>
</div><p>That said, Huaming shares could still draw some serious attention due to strong demand for its products in China and big potential in a global market that currently makes up just 20% of its sales. Its current factories in Turkey and Indonesia leave it well placed to boost its global market share. The primary caveat will be how the company prices its shares. A Hong Kong listing priced above 25 times forward earnings, while sharply below the 40 multiple for its A-shares, could still be an overextension. Anything below that could provide a more compelling option for investors.</p>
<div class="lb-trans"><p>尽管如此，华明的股票仍可能因其在中国市场对产品的强劲需求以及在全球市场的巨大潜力而引起关注，目前全球市场仅占其销售的 20%。其在土耳其和印度尼西亚的现有工厂使其在提升全球市场份额方面具备良好条件。主要的警告是公司如何定价其股票。如果在香港上市的定价超过 25 倍的预期收益，而远低于其 A 股的 40 倍市盈率，这可能仍然是一个过度扩张。低于这个价格的任何定价可能会为投资者提供更具吸引力的选择。</p>
</div><p><em>To subscribe to Bamboo Works weekly free newsletter, click</em> here</p>
<div class="lb-trans"><p><em>要订阅 Bamboo Works 每周的免费通讯，请点击</em> 这里</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

华明装备申请香港 IPO，借助电力设备行业的热潮