According to the CITIC Construction Investment Securities Research Report, China Xidian's 2026H1 performance increased by about 15% year-on-year, achieving steady growth. 2026H1's gross sales margin was 24.5%, an increase of 2.9 pct over the previous year, and profitability continued to increase. 2026H1's core switch and transformer products contributed to the core increase. Grid construction is booming. The fixed asset investment in the national power grid is expected to reach more than 5 trillion yuan during the “15th Five-Year Plan” period, an increase of more than 80% over the same period of the “14th Five-Year Plan” period, providing a steady increase in demand. Driven by demand for transportation from the Sago Huangda base and the demand for water and electricity delivery from the southwest, UHV construction is rigid and continuous. The company has a stable market position. Combined appliances, transformers and other products rank at the forefront of the industry, and has a forward-looking layout of solid state transformer products. As a comprehensive leader in primary transmission and distribution equipment, the company will benefit from the high boom in power grid construction and strong demand in the downstream market. The bank expects the company's net profit to be 15.2/1.83 billion yuan in 2026/2027, PE 40.6/33.7x.

According to the CITIC Construction Investment Securities Research Report, China Xidian's 2026H1 performance increased by about 15% year-on-year, achieving steady growth. 2026H1's gross sales margin was 24.5%, an increase of 2.9 pct over the previous year, and profitability continued to increase. 2026H1's core switch and transformer products contributed to the core increase. Grid construction is booming. The fixed asset investment in the national power grid is expected to reach more than 5 trillion yuan during the “15th Five-Year Plan” period, an increase of more than 80% over the same period of the “14th Five-Year Plan” period, providing a steady increase in demand. Driven by demand for transportation from the Sago Huangda base and the demand for water and electricity delivery from the southwest, UHV construction is rigid and continuous. The company has a stable market position. Combined appliances, transformers and other products rank at the forefront of the industry, and has a forward-looking layout of solid state transformer products. As a comprehensive leader in primary transmission and distribution equipment, the company will benefit from the high boom in power grid construction and strong demand in the downstream market. The bank expects the company's net profit to be 15.2/1.83 billion yuan in 2026/2027, PE 40.6/33.7x.