Analysis of the Strong Performance of Heshun Electric (300141): Short-term Surge Driven by Policies and Valuation Risk Warning

This analysis is based on market data as of January 12, 2026. Heshun Electric (300141.SZ) performed strongly on that day and was included in the strong stock pool [1]. The full name of the company is Suzhou Industrial Park Heshun Electric Co., Ltd., whose main business covers electrical equipment manufacturing, new energy vehicle charging piles, and photovoltaic power station EPC, etc. The closing share price was 17.84 yuan.

is the core driving force of this rally. On January 7, 2026, the National Development and Reform Commission and the National Energy Administration jointly issued the Guiding Opinions on Promoting High-Quality Development of Power Grids, which aims to address the system stability challenges brought by high-proportion new energy access and optimize resource allocation efficiency [1][2]. This policy directly triggered a daily limit surge in the entire power grid equipment sector, and Heshun Electric, as a member of the sector, benefited significantly.

also provided important support. According to the prediction of Amorphous China Big Data Center, the global solid-state transformer market will grow at a high CAGR of 25%-35% in the next 5-10 years [1][2]. In addition, institutions estimate that the total market size of domestic power grid equipment enterprises exceeded 2 trillion yuan in 2025, with a YoY growth of 15%, showing a pattern of “steady growth in grid-related business, high growth in off-grid business, and strong overseas expansion” [5]. As the first year of the 15th Five-Year Plan, 2026 will see significantly increased policy support for the power grid equipment industry.

provided fundamental support for the share price rally. The company’s 2025 Q3 report shows that although it still recorded a cumulative loss in the first three quarters, its Q3 single-quarter performance was outstanding: main business revenue reached 158 million yuan, surging 74.29% YoY; net profit attributable to shareholders was 3.9438 million yuan, rising 267.55% YoY; non-recurring net profit was 3.1234 million yuan, increasing 204.46% YoY [3]. This improvement trend exceeded market expectations.

Heshun Electric’s technical performance shows

[0]:

Time Period	Price Change	Technical Implication
Daily Gain	+9.58%	Strong daily limit/near daily limit
5-Day Gain	+27.43%	Confirmation of strong upward trend
Monthly Gain	+46.59%	Strong momentum for short-term surge
3-Month Gain	+64.88%	Clear upward mid-term trend
Annual Gain	+98.00%	Double-digit rally achieved

: Today’s trading volume reached 543,500 shares, about 2.74 times the average trading volume (198,500 shares); the turnover rate was as high as 21.34%, indicating extremely high market attention and rapid chip turnover [0].

show a mixed bull-bear situation: the KDJ indicator is in a golden cross bullish state (K:78.6, D:73.9, J:88.0); the MACD shows a bullish cross, confirming the upward trend; however, the RSI has entered the overbought zone, sending a risk warning signal [0]. The current share price is far above the 20-day moving average (13.24 yuan), 50-day moving average (12.44 yuan) and 200-day moving average (10.12 yuan), creating a demand for technical correction.

Capital flow data reveals the nature of funds driving the current rally [3]:

Capital Type	Net Inflow (10,000 yuan)	Proportion	Interpretation of Movement
Main Force Capital (Extra-large Orders)	-588.45	-0.64%	Net Outflow
Hot Money (Large Orders)	+2025.27	+2.19%	Active Buying
Retail Capital (Medium/Small Orders)	-1436.82	-1.56%	Net Outflow

The capital game shows an

— hot money has become the main driving force of the recent rally, while institutional investors and retail investors have chosen to exit. This characteristic indicates that the current market is driven more by rather than medium- and long-term layout by institutional investors.

DCF valuation analysis shows that there is a huge gap between the current share price (17.84 yuan) and the company’s intrinsic value [0]:

Valuation Scenario	Reasonable Valuation	Deviation from Current Price
Conservative Scenario	0.23 yuan	-98.7%
Baseline Scenario	0.59 yuan	-96.7%
Optimistic Scenario	0.11 yuan	-99.4%

The current share price is

the DCF baseline valuation, and the price-to-book ratio is as high as 6.95 times (at a historical high), while the price-to-earnings ratio is negative due to losses [0]. This means that the market pricing mainly reflects rather than fundamental support.

According to Sina Finance Eagle Eye Warning data [4], the company faces significant equity pledge risks:

• Total pledged shares: 33,005,000 shares
• Proportion of total pledged shares to total share capital:
  12.80%
• Pledge ratio of controlling shareholder and concerted actors: 65.00% (triggering “Risk” rating)
• Pledge warning line: 7.89 yuan/share
• Pledge liquidation line: 6.91 yuan/share

Although the current share price (17.84 yuan) has increased by 106.28% compared with the warning line, far from the warning zone, the

still deserves high attention from investors. Sharp fluctuations in share price may trigger requirements for additional pledges, posing potential risks in extreme cases.

Although the company’s business covers new energy tracks (charging piles, photovoltaic EPC), which is in line with the direction of the national “Double Carbon” strategy, the fundamental data cannot support the current share price [0]:

• TTM net profit is still negative (cumulative net profit attributable to shareholders in the first three quarters was -18.9982 million yuan)
• ROE is -6.99%, indicating negative shareholder returns
• The latest free cash flow is -16.1375 million yuan
• Financial stance is aggressive (low depreciation/capital expenditure ratio)

: The current share price is significantly deviated from DCF valuation, the technical RSI has entered the overbought zone, and the share price is far from the moving average, creating a demand for technical correction [0].

: Although Q3 single-quarter performance improved significantly, the company still recorded a cumulative loss in the first three quarters, and the sustainability of earnings improvement remains to be verified.

: Capital flow data shows that the rally is led by hot money buying (+20.25 million yuan), while institutional investors recorded net outflows (-5.88 million yuan). The extremely high turnover rate of 21.34% indicates rapid chip turnover [3]. Once hot money exits, the share price may fall rapidly.

: The 65% pledge ratio of the controlling shareholder triggers a “Risk” rating, which may trigger a chain reaction when market volatility intensifies [4].

: As the power grid equipment industry enters the first year of the 15th Five-Year Plan, policy support will continue to increase, and the overall valuation center of the industry is expected to move upward [2][5].

: The company’s business covers new energy vehicle charging piles and photovoltaic power station EPC, which is in line with the global energy transformation trend, and has promising long-term development space.

: The significant improvement in Q3 single-quarter performance may mark the arrival of the company’s operational inflection point. If the improvement trend can be sustained, the fundamentals are expected to gradually improve.

The strong performance of Heshun Electric (300141.SZ) is

, belonging to a typical . The policy on high-quality development of power grids released on January 7, 2026 is the direct catalyst for this rally, which, together with the high growth expectation of the global solid-state transformer market and the significant improvement of the company’s Q3 single-quarter performance, jointly promoted the rapid rise of the share price [1][2][3].

From a technical perspective, the share price has hit a 52-week high (19.20 yuan), with a daily gain of +9.58%, a 5-day gain of +27.43%, and a turnover rate as high as 21.34%. The trading volume matches the rally well, and technical indicators are generally bullish [0]. However, the RSI has entered the overbought zone, and the share price is far from the moving average, creating short-term technical correction pressure.

Capital flow data shows that this rally is mainly driven by hot money (net inflow of +20.25 million yuan), while institutional investors and retail investors have chosen to exit. The chip turnover is sufficient but lacks stability [3]. In terms of valuation, the current share price is more than 30 times the DCF baseline valuation, and the fundamental data (loss state, negative ROE) cannot support the current share price, posing obvious valuation bubble risks [0].

: There may still be inertial upward momentum in the short term, but . Considering factors such as severe deviation of valuation from fundamentals, short-term nature of driving funds, and technical overbought, it is recommended that investors be cautious about chasing the rally and strictly set stop-loss levels. Long-term investors are advised to wait for the valuation to return to a reasonable range before re-evaluating.

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: This report is for informational purposes only and does not constitute investment advice. Investors should make independent judgments. The stock market is risky, and investment requires caution.