Newonder Special Electric Co.,Ltd
301120.SZ · SHZ
Company research
Newonder Special Electric Co., Ltd. (301120.SZ) is a Beijing-based high-tech enterprise founded in 1985, listed on the Shenzhen Stock Exchange, and engaged in the research, development, production, and sale of special transformers and reactors in China and internationally. The company's diverse product portfolio includes dry-type transformers for variable frequency speed regulation, shore power, marine vessels, oil and gas drilling, energy storage, rail transit, and renewable energy applications such as photovoltaic and wind power, as well as oil-immersed transformers and a broad range of reactors including synchronous switching, smoothing, filter, series, and SVG reactors. Formerly known as Beijing Xinhuadu Special Transformer Co., Ltd., Newonder rebranded in May 2010 and has since grown into a recognized leader in the high-voltage frequency converter power supply and industrial transformer space, with products deployed across sectors including petroleum, steel, mining, coal, and cement both domestically and in over 20 countries worldwide. With approximately 373 employees and a market capitalization of approximately CNY 5.96 billion, the company also pursues emerging opportunities in liquid-cooled energy storage systems, reflecting its continued focus on energy transition and power conversion technologies.
Research reports
The report reviews Newonder Special Electric’s 2025 results, highlighting a return to profitability with revenue up 11.7%, growing transformer and overseas sales, and the first meaningful revenue contribution from the storage business, while noting margin pressure and quarterly earnings volatility. It emphasizes the strategic build‑out of medium‑ and high‑frequency isolation transformers to serve solid‑state transformer (SST) and new DC projects, projects rising net profit through 2028 but cuts prior forecasts due to competition, raw‑material costs, and new‑product execution risks such as data‑center demand, input prices, technology paths, and market development.
天风证券股份有限公司 · September 28, 2025前瞻布局数据中心等新行业，打开新增量可期This initiation report positions Newonder Special Electric as a leading high‑voltage variable‑frequency transformer manufacturer with over 25% domestic market share, serving global OEMs such as ABB and Siemens, and forecasts rapid revenue growth from 4.78 to 8.33 billion yuan and net profit from 0.42 to 1.30 billion yuan in 2025–2027. It assigns a buy rating with a 16.43‑yuan target price based on PEG analysis, arguing that data‑center power solutions (Panama power using multi‑winding phase‑shifting transformers and future SST‑based systems) plus expanding storage products will drive incremental earnings, while flagging macroeconomic, commodity‑price, product‑pricing, data‑center client acquisition, and trading‑volatility risks.
民生证券股份有限公司 · August 27, 20252025年半年报点评：储能业务持续减亏，数据中心领域加速布局The mid‑year review notes that 2025H1 revenue reached 1.93 billion yuan (up 16.10%) with a small profit, supported by core transformer sales whose margins stayed above 30%, while storage revenue grew rapidly and losses narrowed after substantial 2024 impairments. It highlights intensified focus on AIDC and SST transformer R&D, expects the storage segment to become a positive earnings contributor, and maintains a “推荐” rating with strong growth forecasts for 2025–2027, but cautions on risks including grid‑investment shortfalls, overseas‑market development challenges, and broader market volatility.