Huaxin Securities: Maintains a "buy" rating on Haixing Power, short-term disruptions do not change the long-term trend.

Huaxin Securities report pointed out that Haixing Power achieved a net profit attributable to the parent company of 396 million yuan in the first half of 2025, a year-on-year decrease of 25.74%, and achieved a net profit attributable to the parent company of 255 million yuan in the second quarter of 2025, a year-on-year decrease of 20.16%. The fluctuation in demand in some overseas countries resulted in a decline in income, but the short-term disturbance does not change the long-term trend. In the smart grid business, the company will continue to accelerate the comprehensive deployment of marketing channels in key countries, new markets, and new business areas in overseas markets, adhering to the synergistic development of "global layout and localization operation". During the reporting period, the company's smart ultrasonic water meter factory in South Africa officially started production and operation. In the domestic market, the company continues to enhance its product and service competitiveness in State Grid Corporation of China and Southern Power Grid Co., Ltd. In the national grid electricity metering product overall bidding, the company successfully won the bid worth 140 million yuan; in the first batch of regional joint bidding for distribution network, the company's products were successfully awarded contracts worth a total of 149 million yuan. In the bidding for distribution network equipment products in Southern Power Grid, the company successfully won the bid worth 38.46 million yuan; in the bidding for marketing equipment by Inner Mongolia Power Group, the company won the bid worth 96.39 million yuan. In terms of new energy business, through accelerating the construction of local operating entities in key regions and the digitalization of the WMS warehousing logistics system, the company is focusing on building an efficient global supply chain collaborative system, promoting the sinking of new energy channel business in Europe, Asia, Africa, and Latin America. The company maintains a "buy" rating.