Ningbo Sanxing (601567.SS): EU export beneficiary with growth recovering smart meter volume to grow by 30-40% in 2026 YoY, with recent breakthrough in the Netherlands, we expect ~70% 32% by 2029E from a trough of 28% in 2025E, driven by . Valuation remains undemanding: A laggard in the sector, trading at 18x 2026E PE against 31% EPS growth in 2027E. segment at 18.5x 2027E P/E (~1x PEG) and healthcare services at 17.5x PE (peer average). Our PT implies 24x PE in 2026E, We expect faster earnings growth, driven by better-than- s rs p d s a CAGR in 2025-29E; 3) 30%/10%/-5%/-10% domestic smart meter revenue growth in 2026-29E; 4) 5% healthcare revenue CAGR in 2025-29E; 5) 31% blended GPM on average, in 2026- 29E.
原图定位
