Henan Pinggao Electric: Asia Pacific 3Q26: Strong UHV Deliveries and Order Backlog

Visible earnings growth, underpinned by strong UHV order backlogs. 3Q26 net profit of Rmb414mn on revenue of Rmb2.8bn, with 29.7% GPM, up 4.3ppt yoy and flat qoq, benefiting from increased UHV GIS deliveries (4 sets/42 sets of 1,000kV/750kV GIS in 3Q26 vs. 2 sets/35 sets in 2Q26). Pinggao has delivered 11 sets of 1,000kV GIS YTD, with the remaining 4 sets for the Aba project expected in 4Q26, plus 2 sets for the Zhumadian expansion and 1 set for the Liantang expansion, putting full-year deliveries on track to exceed the FY26 target. State Grid expects the overall scale of UHV projects under construction during the 15th FYP to exceed the combined scale of the 13th and 14th FYPs;