Hanbell Precise Machinery (002158 CH): Buy: Sustainable growth prospects

研报英文原文证据摘录

Hanbell Precise Machinery (002158 CH): Buy: Sustainable growth prospects

it has exposure to several

52-WEEK PRICE (CNY)

industries with large markets, which should ensure consecutive growth for the next

10 years for the company. While supply shortages of refrigerant compressors for US 42.00

AIDC do not look as severe (compared to some other equipment), our latest global 28.00

market forecast of magnetic levitation compressors for data centres is RMB16.9bn in 14.00

2028e (pages 3-4), which indicates decent growth potential for Hanbell. We think 07/25 Target price: 38.80 01/26 High: 37.08 Low: 17.05 Current: 07/2626.87

downstream AIDC heat solution providers will not solely rely on Danfoss for magnetic

levitation compressor supply and will find second or third suppliers. In addition, while Source: LSEG IBES, HSBC Qianhai Securities estimates

the China industrial heat pump market has grown slower than our expectations in

1H26, but this does not change our long-term investment thesis. Currently, industrial Dun Wang*, CFA, CPA (Reg. No. S1700519060002) Analyst, A-share Industrials & Renewables Research

heat pump demand is effectively helping Hanbell to mitigate the weakness in central HSBC Qianhai Securities Limited

dun.wang@hsbcqh.com.cn

air conditioning and refrigeration markets. In 1H26, China data centre demand and +86 21 5066 2027

the industrial heat pump market registered 13.6% and 15.5% y-o-y growth, respectively. Corey Chan* (Reg. No. S1700518100001)

We also highlight the potential of Europe’s industrial heat pump market (pages 8-9). Head, A-share Industrials & Renewables Research

HSBC Qianhai Securities Limited

Maintain Buy; 2026-28 earnings and TP of RMB38.80 unchanged: We make no corey.chan@hsbcqh.com.cn

+86 21 5066 2001