Huaming Power Equipment (002270.SZ): Profit Growth Acceleration in 2027E; Low US Policy Risk with Just 2% Export to the US

We reiterate our Buy rating on Huaming after joining its post-3Q26 results investor call this morning hosted by its board secretary Mr. Xia, in view of (i) earnings growth acceleration in 2027E on high export growth, sustainable domestic sales and less cost pressure (e.g. H-share listing expenses); we forecast net profit to grow 18% yoy in 2027E, up 8ppts yoy; (ii) high defensiveness with low US policy risk, given that 41% of its power equipment sales revenue came from overseas in 9M26, of which less than 2% from the US, with overseas revenue more than 50% from Europe and 30% from Asia (ex-China);