03393 Overview

Power Shortage Impact: The power shortages in Europe and the US, combined with the expansion of Chinese computing power tokens, are expected to benefit power equipment companies, according to CICC's research report.

Infrastructure Concerns: Outdated power grid infrastructure and increasing risks of power outages due to severe weather are raising systemic risks, prompting optimism for a significant cycle of power investment globally.

Stock Recommendations: CICC favors several companies for investment, including MINGYANG ELECTRIC, JINPAN TECH, EAGLERISE, SIFANG HOLDINGS, SIEYUAN ELEC, DONGFANG ELEC, CHINA XD, and WASION HOLDINGS.

Short Selling Data: The report includes short selling data for various stocks, indicating significant short selling activity, particularly for stocks like 600875.SH and 03393.HK.

Company Announcement: WASION HOLDINGS plans to spin off Wayon Energy Technology Co., Ltd. and seek an independent listing on the Hong Kong Stock Exchange.

Current Ownership: Wayon Energy Technology is currently a non-wholly owned subsidiary of WASION HOLDINGS and will remain a subsidiary after the spin-off.

Company Revenue Growth: WASION HOLDINGS expects its AI data center revenue to double from RMB1 billion in 2025 to RMB2 billion in 2026 and reach RMB4 billion in 2027.

Order Increase: The company anticipates a 50% growth in local AIDC orders and a 92.3% increase in overseas orders, projecting revenues of RMB1.5 billion and RMB2.5 billion, respectively.

Target Price Adjustment: Citi has raised its target price for WASION HOLDINGS from HKD15.5 to HKD21 and maintains a Buy rating on the stock.

Stock Connect Potential: WASION HOLDINGS is likely to enter Stock Connect in March 2026, enhancing its market presence.

Stock Performance: WASION HOLDINGS (03393.HK) saw its stock price increase by 7.56% to HKD9.25 following the announcement of its interim results.

Financial Growth: The company reported a 17.3% year-on-year increase in turnover for 1H25, reaching RMB4.39 billion, and a net profit rise of 32.8% to RMB440 million.

Earnings Per Share: Earnings per share (EPS) for the period stood at RMB44.5 cents, with no dividend declared.

Market Activity: Short selling activity was recorded at $17.58K with a ratio of 0.199%, indicating limited short interest in the stock.