👉The three companies are "fundamentally different in valuation 」:

👉Fuse Conclusion:

Short-term look at Delta, medium-term look at Huichuan, long-term is still the most stable Siemens.

But if you ask:
👉 Who is most likely to be the "super leader (valuation explosion) 」?

I will give you a very clear answer:

🥇Huichuan (maximum elasticity)
🥈Taitas (most determined growth)
🥉Siemens (most stable but most difficult to soar)

2. company-by-company split "valuation logic"

1️⃣Ximeji: Typical "high quality industrial white horse"

✔Current Valuation (Core Data)

• P/E approx.21-23 times (global ontology)
• Some market valuations even reachMore than 60 times (subsidiary/regional market)

👉Conclusion:
Already with a "slight tech premium 」

✔Why is the market valuing this?

Three reasons:

① Software (the most critical)

• Industrial Software Digital Twin
  👉This part is "close to SaaS valuation 」

② Extremely stable cash flow

• High ROCE(20% +)

👉Similar:

"Industrial version microsoft GE"

③ Global monopoly position

• High End Market Unchanged

✔Future Share Price Drivers

1. Speed of industrial AI realization
2. Software revenue share (whether> 40%)
3. Order Visibility (Energy/Automation)

✔Valuation Ceiling

👉Very realistic:

• Will not become 50-80 times PE long-term company
• Because:
  • Growth rate finite (10-15%)

👉Core Judgment

Siemens = "Slow Bull Stock", Not Outbreak Stock

two️⃣Delta: Companies in the process of "valuation revaluation"

(This company is actually the most important)

✔Valuation logic (changing)

Past:
👉Power supplier (low valuation)

Current:
👉AI Infrastructure Core (High Valuation)

✔Why is the market revaluing?

① AI data center outbreak (maximum variable)

• Power dissipation = AI core

👉Analogy:

Taitai ≈ "Industrial Edition Platform Power Supply Edition NVIDIA Mantle"

High growth start appearance

• Artificial intelligence power demand explosion
• Synchronous growth of electric vehicles/automation

✔The Nature of Valuation

👉From:

• 15-20 times (manufacturing crotch)

👉Towards:

• 25-35 times (growth crotch)

✔Future Share Price Drivers

1. AI Data Center Orders (Max)
2. Gross margin improvement (key validation)
3. Whether software/system capability is established

✔Maximum risk

• AI demand is cyclical (fluctuating like GPUs).

👉Core Judgment

Delta = "the company most certain to become expensive 」

3️⃣Huichuan Technology: the most typical "high valuation growth stocks 」

✔The Nature of Valuation

👉The market is buying three things:

1. Domestic substitution
2. Increased market share
3. Long-term growth (>25%)

✔Why give a high valuation?

👉Because it's like the early ones:

• Aesthetic (industrial)
• Sany Heavy Industry (Equipment)
• or "Chinese Rockwell 」

✔True logic (very important)

The market is not looking profitable now.
👉But in the bet:

"Will China's industrial control market eventually be taken down by it 」

✔Future Share Price Drivers

1. High End Breakthrough (PLC/Semi-Conductive)
2. Robot business explosion
3. domestic substitution policy

✔Maximum risk

• Once growth is slowing down-valuations are killing fast.
• High-end technology blocked

👉Core Judgment

Huichuan = "High Beta High Risk High Outbreak"

Comparison of 3. three valuation models

4. who is most likely to be the "super leader 」?

We need to define the "super faucet" first 」:

👉Like NVIDIA / ASML
= High valuation monopoly high growth

🥇First place: Huichuan (most likely to explode)

✔Reason

• Largest Market (China)
• Growing up
• The replacement dividend is huge.

👉If successful:

May become "Chinese version of Siemens FANUC 」

❗But pay attention

👉It's a high-risk bet 」

🥈Second place: Delta Electric (the most stable winner)

✔Reason

• Artificial intelligence energy is a long-term trend.
• Not dependent on single market
• High technical threshold (power supply, heat dissipation)

👉If successful:

Will become a "AI Infrastructure Core Company" (similar to the power version of NVIDIA)

🥉Third place: Siemens (won't lose, but also won't burst)

✔Reason

• Too mature
• Growth finite

👉Type:

Similar to Microsoft, not Nvidia

5. the most critical investment conclusions

If you are:

🧠Conservative

👉Choose Siemens
(Steady long-term compounding)

⚖️ Balanced

👉Selectable
(Confirm Growth Imagination)

🔥Offensive

👉Eleci River
(Maximum outbreak potential, but highest risk)

Last word

The final result of future industrial control is not who makes the best equipment.
but who holds both:
AI (brain) electricity (blood) control (nerve)