Core Insights - The company reported record high revenue and profit in Q3, exceeding market expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 5.33 billion, 899 million, and 800 million yuan respectively, representing year-on-year growth of 25.7%, 48.7%, and 41.6% [1] - The company has been expanding its product range and increasing its market share, particularly in the power electronics sector, and has established a joint venture to develop IGCT valve groups [2] - The company is strategically investing in overseas markets, with significant growth in orders from regions like Europe, North America, Southeast Asia, and Africa, which are expected to contribute to overall growth [2] Financial Performance - Q3 revenue and profit reached historical highs, with a quarter-on-quarter increase of 1.13% in revenue and 6.2% in net profit [1] - Gross margin improved to 33.25%, with a year-on-year increase of 2.29 percentage points, while net margin reached 17.67%, up 2.99 percentage points year-on-year [1] - As of Q3 2025, inventory and contract liabilities were 5.027 billion and 2.896 billion yuan respectively, indicating a year-on-year increase of 37.4% and 29.5%, confirming a strong order backlog [1] Product Development - The company is continuously expanding its product offerings, particularly in supercapacitors and IGCT valve groups, to enhance its competitive position [2] - Recent investments in power electronics and the establishment of a joint venture for IGCT valve groups are expected to facilitate entry into new markets [2] Strategic Outlook - The company has a clear operational strategy and strong management capabilities, positioning it well for long-term growth [3] - Future earnings projections for 2025-2027 have been revised upwards to 2.9 billion, 3.75 billion, and 4.7 billion yuan, maintaining a "strong buy" rating [3]

证券研究报告·公司点评报告·电网设备 思源电气（002028） 2025 年三季报点评：经营α不断兑现，业绩 超市场预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 12,460 | 15,458 | 19,995 | 27,657 | 34,670 | | 同比（%） | 18.25 | 24.06 | 29.35 | 38.32 | 25.36 | | 归母净利润（百万元） | 1,559 | 2,049 | 3,017 | 4,069 | 5,282 | | 同比（%） | 27.75 | 31.42 | 47.26 | 34.84 | 29.81 | | EPS-最新摊薄（元/股） | 2.00 | 2.62 | 3.86 | 5.21 | 6.76 | | P/E（现价&最新摊薄） | 53.25 | 40.52 | 27.52 | 20.41 | 15.72 | [关键词： Table_Tag#] ...

❑ 风险提示：电网投资波动、新业务不及预期、海外开拓不及预期、关税风险等。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 12460 | 15458 | 19323 | 23574 | 28288 | | 同比增长 | 18% | 24% | 25% | 22% | 20% | | 营业利润(百万元) | 1778 | 2432 | 3445 | 4457 | 5589 | | 同比增长 | 32% | 37% | 42% | 29% | 25% | | 归母净利润(百万元) | 1559 | 2049 | 2901 | 3752 | 4703 | | 同比增长 | 28% | 31% | 42% | 29% | 25% | | 每股收益(元) | 2.00 | 2.62 | 3.71 | 4.80 | 6.02 | | PE | 53.3 | 40.5 | 28.6 | 22.1 | 17.7 | | PB | 8.0 | 6.7 | 5. ...

Group 1: Gold Market Analysis - The current gold market is driven by "reserve value" rather than "trading value," with central banks increasing gold reserves as a safeguard against the weakening trust in the US dollar [6][7][10] - Since 2016, there have been three significant expansions in the cracks of dollar credit, correlating with major surges in gold prices [6][8][9] - The World Gold Council reports that 95% of global central banks plan to increase their gold holdings in the next 12 months, indicating strong support for gold prices [7] Group 2: Hikvision (002415.SZ) Performance - Hikvision's revenue for the first three quarters of 2025 reached 657.58 billion yuan, a year-on-year increase of 1.18%, with a net profit of 93.19 billion yuan, up 14.94% [17][19] - The company is focusing on domestic business opportunities and has seen a narrowing decline in its SMBG business, with a significant increase in cash flow [18][19] - Future revenue projections for Hikvision are 950.36 billion yuan, 1,022.84 billion yuan, and 1,121.42 billion yuan for 2025-2027, with net profits expected to be 140.40 billion yuan, 155.57 billion yuan, and 173.44 billion yuan respectively [19] Group 3: Siyuan Electric (002028.SZ) Performance - Siyuan Electric reported a revenue of 138.27 billion yuan for the first three quarters of 2025, a 32.86% increase, with a net profit of 21.91 billion yuan, up 46.94% [21][22] - The company has a strong order backlog and is actively preparing for increased business demand, with inventory rising by 44.58% [21][22] - Future net profit projections for Siyuan Electric are 29.03 billion yuan, 37.32 billion yuan, and 48.05 billion yuan for 2025-2027, with corresponding EPS of 3.72, 4.78, and 6.15 yuan [22] Group 4: Fuyao Glass (600660.SH) Performance - Fuyao Glass achieved a revenue of 333.0 billion yuan in the first three quarters of 2025, a 17.6% increase, with a net profit of 70.6 billion yuan, up 28.9% [24][26] - The company is experiencing a transition in management, which is expected to support its strategic development [25][26] - Future revenue projections for Fuyao Glass are 460 billion yuan, 525 billion yuan, and 608 billion yuan for 2025-2027, with net profits expected to be 94 billion yuan, 106 billion yuan, and 124 billion yuan respectively [26] Group 5: Tunan Co. (688231.SH) Performance - Tunan Co. reported a revenue of 8.59 billion yuan for the first three quarters of 2025, a decrease of 20.5%, with a net profit of 1.23 billion yuan, down 52.2% [28][29] - The company is in a phase of investment and production ramp-up, which has temporarily affected profitability [28][29] - Future revenue projections for Tunan Co. are 15.2 billion yuan, 20.6 billion yuan, and 25.6 billion yuan for 2025-2027, with net profits expected to be 2.8 billion yuan, 4.2 billion yuan, and 5.3 billion yuan respectively [29] Group 6: Cangge Mining (000408.SZ) Performance - Cangge Mining achieved a revenue of 24.01 billion yuan in the first three quarters of 2025, a 3.35% increase, with a net profit of 27.51 billion yuan, up 47.26% [31][32] - The growth in Q3 was notable despite the suspension of lithium carbonate production, driven by copper and potassium chloride businesses [31][32] - Future EPS projections for Cangge Mining are 2.19, 3.12, and 3.96 yuan for 2025-2027, with corresponding PE ratios of 26, 18, and 15 [33]

营业收入变动主要系报告期业务增长，归属于上市公司股东的净利润增长得益于业务规模扩大及盈利能 力提升。经营活动产生的现金流量净额为4.32亿元，同比下降44.67%，主要系部分业务快速增长带来的 库存增加及相应支付供应商货款增加。销售费用同比增长44.39%，系报告期内加大市场和销售投入。 其他收益同比增长125.69%，主要系公司取得的财政扶持款增加以及政府扶持到账时间差异所致。公允 价值变动收益同比下降134.44%，主要受远期外汇合约公允价值波动影响。 南方财经10月20日电，思源电气(002028.SZ)公告2025年前三季度实现营收138.27亿元，同比增长 32.86%；归属于上市公司股东的净利润21.91亿元，同比上升46.94%。 ...

2025年10月20日早盘，创业板指涨超3%，沪指涨0.61%，深成指涨1.73%，算力硬件、半导体芯片、电 网设备、消费电子等方向涨幅居前，沪深京三市上涨个股近4500只。 消息面方面，10月17日，长江干流乌东德、白鹤滩、溪洛渡、向家坝、三峡和葛洲坝六座电站构成的世 界最大清洁能源走廊，多年累计发电量突破4万亿千瓦时。今年前三季度，世界最大清洁能源走廊发电 量达2351亿千瓦时。其中，单日发电量超10亿千瓦时天数达89天，最大日发电量达16亿千瓦时，在用电 高峰时期有力支撑了电网安全稳定运行。 政策面方面，国家发改委、国家能源局等六部门发布《电动汽车充电设施服务能力"三年倍增"行动方案 （2025—2027年）》，明确提出到2027年底，在全国范围内建成2800万个充电设施，提供超3亿千瓦的 公共充电容量，满足超过8000万辆电动汽车充电需求，实现充电服务能力的翻倍增长。中信证券研报认 为，在政策的引导下，国内充电基础设施有望迎来新一轮的加速建设周期，同时政策上强调补强快速充 电网络，对大功率快充设备的需求有望形成显著拉动，相关充电桩设备企业料将受益。 国网近期发布第五批变电设备招标，一次设备招标量延续高 ...

截至2025年10月20日 09:52，中证A500指数强势上涨1.03%，成分股士兰微10cm涨停，思源电气上涨9.54%，中际旭创上涨8.90%，天孚通信、多氟多等个股 跟涨。A500ETF嘉实(159351)上涨0.95%。拉长时间看，截至2025年10月17日，A500ETF嘉实近3月累计上涨13.24%。 数据显示，截至2025年9月30日，中证A500指数前十大权重股分别为宁德时代、贵州茅台、中国平安、招商银行、紫金矿业、新易盛、中际旭创、美的集 团、东方财富、长江电力，前十大权重股合计占比19%。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 600519 | 贵州茅台 | 0.62% | 3.87% | | 300750 | 宁德时代 | 2.03% | 2.89% | | 601318 | 中国平安 | 0.93% | 2.60% | | 600036 | 招商银行 | -0.10% | 2.47% | | 601166 | 兴业银行 | -0.54% | 1.69% | | 600900 | 长江电力 | -0.78% | 1 ...

Flash | 17 Oct 2025 09:24:35 ET │ 12 pages Sieyuan Electric (002028.SZ) 3Q25 Profit Beats as Positive Free Cashflow Quadruples YoY; More to Follow from Citi Post Results Call CITI'S TAKE Sieyuan announced net profit +45.7% yoy to Rmb1,293m in 9M25, including +48.7% yoy to Rmb899m in 3Q25. The results exceeded market expectations as consensus (Bloomberg) and Citi forecasts its net profit +33.5% yoy to Rmb2,736m and +34.2% yoy to Rmb2,749m, respectively, for 2025E. The 9M25 net profit surge was driven by a co ...

锂电材料价格持续上涨，国内储能景气度延续 20251019 摘要 思源电器三季报收入同比增长超 30%，利润增长 46%，超出市场预期， 主要受益于海外收入占比提升至 33%以上。预计 2025 年利润达 28-30 亿元，2026 年有望达 37 亿元以上，订单增速预计维持 30%以上，保 障未来业绩增长。 锂电材料价格近期上涨，包括六氟、磷酸铁锂和负极材料，主要受储能 需求超预期及年底抢装情绪刺激。尚太科技四季度有望实现量利双击， 单位盈利环比三季度将有所改善，仍是重点推荐标的。 出口管制政策虽有限制，但并未完全禁止出口，配额制逻辑下海外售价 将直线上升，对出海型企业构成利好。保守估计海外单位盈利至少每吨 1 万元，若出货量达 5 万吨，将显著提升企业估值。 负极材料市场关注度较低，但头部企业仍在盈利，具备困境反转潜力。 长期格局和单位盈利能力值得看好，交易拥挤度较低，具备很大空间。 若涨价落地，将是重大利好，公司降本能力突出，盈利能力有望提高。 消费电池市场近期回调，但基本面依然强劲。三季度开始回暖，Meta 眼镜发售预计将带动整个产业链需求爆发，对电池诉求更强。紫建电子 等公司迎来建仓或加仓机会，持续 ...

Investment Rating - The report maintains a "Buy" rating for the company [8] Core Views - The company reported a revenue of 13.827 billion RMB for the first three quarters of 2025, representing a year-over-year increase of 32.86%, and a net profit attributable to shareholders of 2.191 billion RMB, up 46.94% year-over-year [3][8] - The company is recognized as a leading private enterprise in the electrical equipment sector, demonstrating strong alpha attributes and robust internal and external growth dynamics [3][8] - The company has made significant strides in overseas markets, particularly in high-end sectors, and has seen rapid growth in orders from the data center sector [3][5][8] - The collaboration with the Huairou Laboratory to develop IGCT technology is strategically significant for the company [3][6][8] Revenue and Profit Growth - In Q3 2025, the company achieved a revenue of 5.33 billion RMB, a year-over-year increase of 25.68%, and a net profit of 899 million RMB, up 48.73% year-over-year [4] - The gross margin for Q3 2025 was 33.25%, with both gross and net margins showing sequential improvements [4] Market Dynamics - The company is benefiting from a surge in overseas orders, particularly driven by AI and increased capital expenditures in the power grid by European and American companies [5] - The domestic transformer export value reached 5.55 billion USD from January to August 2025, reflecting a year-over-year increase of 37.7% [5] Order Growth and Strategic Initiatives - The company has seen a significant increase in domestic orders for power transmission and transformation equipment, with a total bidding amount of 68.19 billion RMB in the first four batches of 2025, up 22.9% year-over-year [6] - The establishment of a joint venture with the Huairou Laboratory for IGCT technology is expected to enhance the company's position in the domestic power transmission and transformation equipment market [6] Profit Forecast and Valuation - The profit forecasts for 2025-2027 have been adjusted upwards, with expected net profits of 2.922 billion RMB, 3.851 billion RMB, and 4.906 billion RMB respectively [7] - The target price for the company is set at 147.90 RMB, based on a 30x PE ratio for 2026 [7][8]