Huaan keeps Buy rating for NARI Technology stock

Published on 10/13/2026 at 09:14 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

The repurchase covered 5.74 million shares of NARI Technology stock by September 30. First-half revenue rose 14.54 percent to CNY 27.77 billion.

Huaan Securities maintained a Buy rating on NARI Technology on October 11, 2026.
First-half 2026 revenue rose 14.54 percent to CNY 27.77 billion, while net profit rose 4.08 percent.
The company repurchased 5.74 million shares by September 30 for CNY 131.0 million.
NARI Technology is listed on the Shanghai Stock Exchange under ticker 600406.

NARI Technology, CNE000001G38, Illustration mit AI erstellt.

Huaan Securities maintained a Buy rating on NARI Technology stock on October 11, 2026, after the company reported first-half 2026 revenue of CNY 27.77 billion, up 14.54 percent year over year. The report also highlighted the gap between revenue growth and net profit growth of 4.08 percent.

Orders outpace profit growth

According to Futu on October 11, 2026, NARI Technology generated CNY 27.767 billion in operating revenue during the first half of 2026. Net profit attributable to shareholders reached CNY 3.073 billion, up 4.08 percent, while profit after deducting non-recurring items reached CNY 2.925 billion, up 4.31 percent.

The operating indicators were stronger than the bottom-line trend. New contracts totaled CNY 45.633 billion in the first half of 2026, an increase of 28.79 percent, while the low-carbon energy segment grew revenue 46.98 percent to CNY 9.614 billion. Its gross margin was 18.64 percent, down 2.95 percentage points year over year, making margin conversion a central issue for the investment case.

Overseas growth broadens the case

Gawin Research wrote on October 3, 2026, that overseas revenue reached CNY 5.894 billion in the first half of 2026, up 196.61 percent year over year. The same analysis cited an ultra-high-voltage backlog exceeding CNY 8 billion and linked the earnings gap to low-margin storage expansion, foreign-exchange losses and credit impairments.

That combination gives investors two opposing signals. Contract growth of 28.79 percent and overseas revenue growth of 196.61 percent support future expansion, while profit growth of 4.08 percent shows that current growth is converting into earnings more slowly than sales.

What the buyback adds

Sina Finance reported on October 11, 2026, that NARI Technology had repurchased 5.7423 million shares by September 30. The purchases represented 0.071 percent of total shares and cost CNY 131.0 million before transaction fees, with prices between CNY 22.53 and CNY 23.09 per share.

The capital-return signal follows a CNY 0.153 interim dividend per share whose record date was September 28, 2026, according to Futu. Together, the repurchase and dividend place shareholder returns alongside order growth and overseas expansion as the main elements shaping the stock narrative.

Three dated company signals

On September 21, 2026, the interim distribution was set at CNY 0.153 per share. On October 3, 2026, Gawin Research highlighted CNY 45.633 billion of new contracts and CNY 5.894 billion of overseas revenue for the first half of 2026. On October 11, 2026, the repurchase reached 5.7423 million shares and CNY 131.0 million.

Capital returns add a second signal

NARI Technology combines a CNY 27.77 billion first-half revenue base with a CNY 131.0 million share repurchase and CNY 0.153 interim dividend. The central financial test is whether CNY 45.633 billion of new contracts can lift profit growth closer to revenue growth as storage margins stabilize.

Market context: Market report Shanghai Composite.