Yingliu Electromechanical - A Factory visit takeaways; 2Q26 preview

研报英文原文证据摘录

Yingliu Electromechanical - A Factory visit takeaways; 2Q26 preview

J P M O R G A N Asia Pacific Equity Research

13 July 2026

This material is neither intended to be distributed to Mainland China investors nor to provide securities investment consultancy services within the territory

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Yingliu Electromechanical - A Overweight

603308.SS, 603308 CH

Factory visit takeaways; 2Q26 preview Price (10 Jul 26):Rmb53.95

Price Target (Dec-27):Rmb95.00

Our investor tour of Yingliu’s Huoshan, Anhui factory (July 9) reinforced that the Infrastructure, Industrials &

company’s customer ramp, capacity expansion and value-chain upgrade remain on Transport

track. Several key takeaways stood out: 1) 2Q26 revenue growth accelerated Jenny Qiu, CFA AC

versus the 1Q26 trend; 2) Baker Hughes visibility improved, with demand rising (852) 2800 8503

from the prior 10 sets/month target to at least 20 sets/month, implying a Rmb1B+ jenny.qiu@jpmorgan.com

opportunity; 3) Revenue from Siemens Energy could rise 10x over the next 2-3 Karen Li, CFA

years, supported by SGT-9000HL batch production next year and 8000H/4000F (852) 2800-8589

expansion; 4) machining/coating can multiply product value and may add karen.yy.li@jpmorgan.com

Rmb400-500MM in revenue in 2027; and 5) MRO/after-sales can extend growth Sunny Su

(852) 2800 8551

as new-build momentum normalizes. Valuation remains the key debate for this sunny.su@jpmorgan.com

name, but the long-term story looks solid, and recent share weakness creates a

Mufan Shi

better entry point with the stock now trading at 23x FY28E P/E, below global gas (852) 2800-8502

turbine component and certain OEM peers. Stay OW.