The Zheshang Securities Research Report pointed out that the short-term disturbance between China and China and overseas will not change the growth trend of the main business, and power equipment will start new growth. In the first half of 2026, the company achieved net profit of 263 million yuan, an increase of 0.52% year on year; Q2 net profit to mother was 135 million yuan, down 17.69% year on year and 4.48% month on month. In terms of profitability, in the first half of 2026, the company's gross profit margin was 48.84%, down 1.31pct year on year; net profit margin was 27.34%, down 4.68pct year on year. Leading wind power safety equipment at high altitude, domestic product upgrade+overseas expansion, power equipment expansion space. The non-wind power business expanded at an accelerated pace, and the power equipment business opened a second growth curve. Domestic demand for wind power has been rising for a long time, and product upgrades are expected to increase the supporting value of stand-alone machines; overseas business is disrupted by the international situation in the short term, and there is still plenty of room for expansion. The bank expects net profit from 2026-2028 to be $6.2, 7.6 million, and 850 million, up 17%, 22%, and 12% year-on-year, with CAGR = 17%. The corresponding PE is 11, 9, and 8 times, maintaining the “buy” rating.

The Zheshang Securities Research Report pointed out that the short-term disturbance between China and China and overseas will not change the growth trend of the main business, and power equipment will start new growth. In the first half of 2026, the company achieved net profit of 263 million yuan, an increase of 0.52% year on year; Q2 net profit to mother was 135 million yuan, down 17.69% year on year and 4.48% month on month. In terms of profitability, in the first half of 2026, the company's gross profit margin was 48.84%, down 1.31pct year on year; net profit margin was 27.34%, down 4.68pct year on year. Leading wind power safety equipment at high altitude, domestic product upgrade+overseas expansion, power equipment expansion space. The non-wind power business expanded at an accelerated pace, and the power equipment business opened a second growth curve. Domestic demand for wind power has been rising for a long time, and product upgrades are expected to increase the supporting value of stand-alone machines; overseas business is disrupted by the international situation in the short term, and there is still plenty of room for expansion. The bank expects net profit from 2026-2028 to be $6.2, 7.6 million, and 850 million, up 17%, 22%, and 12% year-on-year, with CAGR = 17%. The corresponding PE is 11, 9, and 8 times, maintaining the “buy” rating.