Guodian Nari-technology (600406.SH)
NARI Technology posted 1H2026 profit +4.08% and cash flow -78.95%, sparking peak-growth fears. But new orders +28.79%, overseas +196.61%, and a UHV backlog over RMB 8bn point to an accelerating order book, with storage margins, FX, and impairments compressing profit.
Guodian Nari-technology (600406.SH)
国电南瑞归母净利只增4.08%、经营现金流大跌78.95%，被贴上「电网红利见顶」标签；但新签合同+28.79%、海外+196.61%、特高压在手订单超80亿——订单在加速。利润减速是储能低毛利、汇兑损失、信用减值三重可逆因素，央企两轮回购+60%分红是真金白银表态。
Guodian Nari-technology (600406.SH)
GF Securities expects NARI Technology, China's secondary-equipment leader, to benefit from non-linear grid secondary and power-electronics demand in the 15th Five-Year Plan, projecting 2026-2028 net profit of RMB 9.22-11.18bn. The gap: 1H2026 profit grew only 4.08%.
Guodian Nari-technology (600406.SH)
NARI Technology (600406.SH), State Grid's power-grid automation leader, posted 1H2026 revenue +14.54% but profit +4.08% — a revenue-profit gap from low-margin storage, FX losses, and credit impairments, even as new orders +28.79% and overseas revenue +196.61% surged.
Guodian Nari-technology (600406.SH)
国电南瑞是国网旗下电网自动化龙头，2026年新签合同+28.79%、海外收入+196.61%、特高压在手订单超80亿，两轮回购+双分红。但上半年营收+14.54%而归母仅+4.08%，增收不增利源于储能低毛利、汇兑损失与信用减值三重拖累，PE约21.5倍。