New Energy Equipment & Services

Returns in the new energy equipment and services industry mainly stem from long-term demand growth. In the early stage, companies generally face high capital expenditure and profit pressure, with market pricing reflecting growth expectations instead of current earnings. As costs smooth out and business models mature, some companies see improvement in revenue stability and profit-making, transitioning from expectation-driven valuation to income-based pricing. The strategy focuses on quantifiable indicators such as revenue, margin, and cash flow to single out companies with sustainable operations and financial resilience.