CITI'S TAKE Our Pinggao 2026-28E net profits are raised 8% primarily for higher GP margins driven by more revenue mix from high-voltage gas insulated switchgears (GIS) sales essential for UHV line developments in 2026-27E with ample orders on hand. It is the biggest beneficiary of PRC's increased UHV line developments with dominant (60-70%) market shares in winning orders of 750kV GIS in the first three batches of PRC grid equipment procurement tendering in 2026 so far. Our DCF TP is +2.1% to Rmb24.50/share ...