J.P. Morgan GEMS FTM 27 May 26 Xiaomi (1810); China Power Equipment; Televisa; Brazil Car Rental; CEEMEA Retail and More

研报英文原文证据摘录

J.P. Morgan GEMS FTM 27 May 26 Xiaomi (1810); China Power Equipment; Televisa; Brazil Car Rental; CEEMEA Retail and More

t Takeaways: Beneficiaries of China’s advanced manufacturing capabilities and

global supply tightness

We hosted meetings with power equipment companies during our Yangtze River Delta investor tour and at our JPM Global

China Summit, covering transformers, transmission equipment, gas-turbine components, and grid systems/software. Overall,

the takeaways increased our confidence that Chinese manufacturers are well positioned to emerge as winners from the global

electrification cycle and ongoing supply tightness in Western electrical equipment markets. Competitiveness appears to extend

beyond shorter lead times and lower pricing, with power transformer delivery cited at <1 year in China versus ~2–4 years in

Korea/the U.S./Europe and pricing typically ~5–30% below Western peers across products; advantages were also supported

by a proximate, integrated supply chain (clustered within the Yangtze River Delta) and, importantly, a deep pool of skilled labor

for higher-end products. We also sensed improved receptivity from U.S./European customers versus a year ago: one

transformer company cited ~US$400mn of orders last year (nearly doubling over the past two years), and another company is

even supplying prototypes to U.S data centers for new products like solid state transformers. In a tight market, established

Chinese players were said to require only ~5–10% discounts versus Western peers, while newer entrants continued to offer

~20–30% discounts to gain share; products targeted at the U.S./Europe included transformers, meters, gas-turbine

components, and other categories. Companies also appeared disciplined on domestic capex amid steady home-market