Analysis Report on the Strong Performance of Diankeyuan (300215)

This analysis is based on Dragon and Tiger List data from Sina Securities [1] and relevant market reports, published between January 16-19, 2026. Diankeyuan (300215.SZ), an electrical testing service provider listed on the ChiNext Board, surged to a daily limit on January 16, 2026, entering the strong stock pool. The company’s main business covers technical testing services for high and low-voltage electrical appliances, with high-voltage electrical appliance testing accounting for 74.75% and low-voltage electrical appliance testing accounting for 25.25% [3]. The current closing price is RMB 8.16, with a total market capitalization of RMB 6.113 billion and a free float market capitalization of RMB 4.587 billion.

The primary driver of Diankeyuan’s stock price rise comes from significant policy-level positive news. According to a report from Shanghai Securities News, on January 15, 2026, State Grid Corporation of China announced that its fixed-asset investment during the

is expected to reach , a compared to the 14th Five-Year Plan period, focusing on the construction of smart green power grids and the layout of ultra-high voltage (UHV) corridors [2][4]. This policy signal directly ignited investment enthusiasm in the power grid equipment sector, and Diankeyuan, as a UHV testing service provider, significantly benefited from the improvement in industry prosperity.

Meanwhile, in 2025, China’s total social electricity consumption hit a historic high of 10.4 trillion kWh, exceeding 10 trillion kWh for the first time, with a year-on-year growth of 5% [5][6]. The growth in electricity consumption directly drives demand for power grid construction investment, providing a solid market foundation for the electrical appliance testing industry. Power Grid Equipment ETF (159326), the only thematic ETF in the entire market, recorded a net inflow of over RMB 4 billion for 7 consecutive trading days, with its latest scale exceeding RMB 8.5 billion to hit a new historical high [5][6]. The continuous influx of institutional capital provides ample liquidity support for the sector.

Diankeyuan announced on October 29, 2025 that it plans to invest USD 8 million to establish a wholly-owned sub-subsidiary in Singapore to transfer its low-voltage electrical appliance business and expand into the Southeast Asian market [2]. This international strategic layout can not only expand the company’s market boundaries but also help align its testing technologies with international standards, enhancing its competitiveness in the global testing service market. The company’s high-voltage electrical appliance testing accounts for 70-80% of its business, covering AC and DC UHV fields, and undertakes national-level R&D projects such as high-altitude converter stations and explosion protection for UHV transformers. The overall project completion progress exceeds 90% [2], giving it obvious technical barrier advantages.

From a technical perspective, Diankeyuan shows a typical strong breakthrough pattern. On January 16, it surged to a daily limit, breaking through the previous consolidation platform, with a daily amplitude of

, indicating intense competition between bullish and bearish funds [1]. More importantly, trading volume increased significantly: the turnover rate on the day reached 16.19%, a 4-fold increase compared to the previous day’s 4.22%; the turnover reached RMB 626 million, a compared to the previous day’s RMB 144 million [1][8]. This pattern of rising price and volume indicates that off-market funds are actively entering the market to sustain the upward trend.

Capital flow data shows a significant shift in the attitude of main funds. On January 15, main funds recorded a net sale of RMB 19.371 million [8], while on January 16, they turned to a net purchase of

, accounting for 30.2% of the total turnover [7]. Dragon and Tiger List data further reveals the details of the capital tug-of-war: the total purchase amount on the day was RMB 203 million, the total sale amount was RMB 50.6838 million, and the total net purchase reached [1].

The active participation of well-known hot money investors is an important driver of this daily limit. The Xi’an West Street Branch of Kaiyuan Securities recorded a net purchase of

, and the Chengdu North First Ring Road Branch of Guotai Haitong Securities recorded a net purchase of . The two major main seats bought over RMB 130 million in total [1]. In addition, seats such as the Wuxi Liangqing Road Branch of Orient Securities and the Beijing West Outer Street Branch of Bohai Securities also showed large net purchase trends. However, it is worth noting that institutional dedicated seats recorded a net sale of RMB 1.6223 million on the day, and the Shanghai Xuhui District Yunjin Road Branch of Orient Securities sold RMB 9.3874 million [1], indicating that some institutions chose to take profits at high levels. Retail funds recorded a net outflow of RMB 95.15 million [7], further confirming the characteristic of loosening chips at high levels.

From a fundamental perspective, Diankeyuan’s performance is obviously under pressure. According to the 2025 third quarterly report, the company’s operating revenue was

, a year-on-year decrease of 19.08%; its net profit attributable to shareholders was , a significant year-on-year decrease of 247.44%; and its net profit excluding non-recurring gains and losses was -RMB 27.8802 million, a year-on-year decrease of 250.78% [8]. The company’s losses are mainly due to the seasonal characteristics of the testing business and intensified industry competition.

However, the company still has several fundamental strengths: its asset-liability ratio is only

, with a stable financial structure; as a national independent third-party comprehensive electrical appliance testing institution, it has complete qualifications and high technical barriers [4]; and it has a presence in the full-life-cycle testing of new energy equipment such as wind power, photovoltaics, and energy storage [2]. These advantages provide basic support for the company’s long-term development.

The analysis reveals several risk factors worthy of attention. First,

is prominent: the company’s operating revenue and net profit have both declined significantly, with losses in net profit excluding non-recurring gains and losses continuing to expand, putting pressure on the profitability of its main business [8]. Second, cannot be ignored: the short-term increase is too large (consecutive daily limits), and the static valuation may be too high, requiring the digestion of bubbles. Third, is high: the quick in-and-out trading style of hot money investors may lead to increased stock price volatility, and the net outflow of retail funds at high levels shows that selling pressure is accumulating [7]. Fourth, objectively exists: the stock price rise largely depends on sector effects and concept speculation, and actual improvements in fundamentals still need time to be verified.

From the perspective of positive factors, the sustainability of policy dividends is high — the 15th Five-Year Plan’s 4-trillion-yuan investment plan is a clear long-term policy direction; the sustainability of sector effects is medium to high, as the Power Grid Equipment ETF continues to attract capital and is generally favored by institutions [6]; the company’s international strategic layout opens up growth space, and its medium-term prospects are worth looking forward to. However, negative factors also need to be taken seriously: performance pressure cannot be fundamentally reversed in the short term, valuation pressure needs time to be digested, and the sustainability of the capital tug-of-war is uncertain.

From a technical perspective, the current daily limit price of RMB 8.16 needs confirmation after the breakthrough, and the next resistance level is around the previous high area of RMB 8.50-9.00. Support levels can focus on RMB 7.50 near the 5-day moving average and the integer level of RMB 7.00. Whether trading volume can remain at a high level (it is recommended to pay attention to daily turnover of over RMB 200 million) is a key indicator for judging the sustainability of the market. If trading volume shrinks rapidly to below RMB 200 million, attention should be paid to the risk of adjustment.

— Sector heat can still provide support, but it needs to digest profit-taking orders and resolve high-level selling pressure. — Policy dividends, international layout, and new energy testing business constitute medium-term positive factors. — Performance improvement is a key variable for long-term strength.

Diankeyuan’s current strong performance is jointly driven by three factors: policy drivers, sector momentum, and capital speculation. As a leader in the UHV testing sub-sector, the company has technical barriers and international layout advantages, but its current fundamentals have not yet achieved fundamental improvement. The short-term stock price increase is large, with both risks and opportunities coexisting. Investors should make prudent decisions based on their own risk tolerance.