证券代码：002028.SZ 证券简称：思源电气 思源电气股份有限公司投资者关系活动记录表 编号：2025-001 | 投资者关系活 | ■特定对象调研 | □分析师会议 | □媒体采访 | | --- | --- | --- | --- | | 动类别 | □业绩说明会 | □新闻发布会 | □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | | | 参与单位名称 | 中金电新、汇安基金、中信资管、中广云投资、国泰基金、国金电新、美林 | | | | 及人员姓名 | （亚太）等 | | | | 时间 | 2025 年 1 月 20 日 16:00-17:00 | | | | | 2025 年 1 月 21 日 15:00-16:00 | | | | 地点 | 公司会议室 | | | | 上市公司接待 | 董事会秘书兼财务总监杨哲嵘先生 | | | | 人员姓名 | | | | | | 一、杨总介绍业绩快报情况 | | | | | 2024年公司保持稳健的发展态势，营业总收入达到154.58亿元，较去年同期 | | | | | 增长了24.06%。归属于母公司股东的净利润为20.87 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2024 performance report indicates that revenue reached 15.458 billion yuan, a year-on-year increase of 24%, and net profit attributable to shareholders was 2.087 billion yuan, up 34% year-on-year, aligning with market expectations [8] - The company's profitability continues to improve, with a net profit margin of 13.5% for 2024, an increase of 0.98 percentage points year-on-year, driven by a higher proportion of overseas revenue and effective cost control [8] - The domestic market remains stable, while the overseas market is expanding rapidly, with expectations of significant growth in overseas revenue [8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 15.458 billion yuan, a 24.06% increase from 2023, and net profit of 2.087 billion yuan, reflecting a 33.85% growth [8] - The fourth quarter of 2024 saw revenue of 5.051 billion yuan, a 30% increase year-on-year, and net profit of 595 million yuan, up 45% year-on-year [8] Profitability Metrics - The company reported a net profit margin of 13.5% for 2024, an increase of 0.98 percentage points year-on-year, and a net profit margin of 12.38% when excluding non-recurring items, up 0.97 percentage points [8] - The fourth quarter of 2024 had a net profit margin of 11.78%, an increase of 1.19 percentage points year-on-year [8] Market Outlook - The domestic market for power grid infrastructure is robust, with a completion amount of approximately 529 billion yuan in 2024, a 19% increase year-on-year [8] - The company is focusing on overseas markets, with expectations of doubling overseas revenue in 2024 and maintaining over 50% growth in 2025 [8] Valuation and Forecast - The report revises the company's net profit forecasts for 2024-2026 to 2.07 billion yuan, 2.72 billion yuan, and 3.52 billion yuan respectively, with corresponding price-to-earnings ratios of 28x, 21x, and 16x [8] - The target price is set at 98.0 yuan per share based on a 28x PE for 2025 [8]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Viewpoints - The company reported a total revenue of 15.46 billion RMB for 2024, representing a year-on-year increase of 24.1%, and a net profit attributable to shareholders of 2.09 billion RMB, up 33.8% year-on-year [1]. - The company is well-positioned to benefit from the rapid growth in national grid investments, with expectations of continued revenue growth from both domestic and international markets [2][3]. - The company's overseas orders are anticipated to gradually contribute to revenue, with an expected net profit margin of 13.5% for 2024, reflecting a 1.0 percentage point increase year-on-year [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a revenue of 5.05 billion RMB, a 30.2% increase year-on-year, and a net profit of 600 million RMB, up 44.8% year-on-year, slightly exceeding expectations [1]. Operational Analysis - From January to November 2024, national grid project investments reached 529 billion RMB, an 18.7% increase year-on-year, with the company securing 3.9 billion RMB in contracts, maintaining a leading market share [2]. Profit Forecast and Valuation - The company is projected to achieve revenues of 15.46 billion RMB, 19.19 billion RMB, and 23.53 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.09 billion RMB, 2.56 billion RMB, and 3.13 billion RMB [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a total revenue of 15.46 billion RMB for 2024, representing a year-on-year increase of 24.1%, and a net profit attributable to shareholders of 2.09 billion RMB, up 33.8% year-on-year [1]. - The company is well-positioned to benefit from the rapid growth in national grid investments, with expectations of continued revenue growth from both domestic and international markets [2][3]. - The company’s overseas orders are anticipated to gradually contribute to revenue, with a projected net profit margin of 13.5% for 2024, reflecting a 1.0 percentage point increase year-on-year [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a total revenue of 5.05 billion RMB, a 30.2% increase year-on-year, and a net profit of 600 million RMB, up 44.8% year-on-year, slightly exceeding expectations [1]. Operational Analysis - From January to November 2024, national grid project investments reached 529 billion RMB, an 18.7% increase year-on-year, with the company securing 39 billion RMB in contracts, maintaining a leading market share [2]. Profit Forecast and Valuation - The company is expected to achieve revenues of 15.46 billion RMB, 19.19 billion RMB, and 23.53 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.09 billion RMB, 2.56 billion RMB, and 3.13 billion RMB [4].

Investment Rating - The report maintains a "Recommended" rating for the company [3][6]. Core Views - The company reported impressive revenue growth of 24.06% year-on-year, reaching 15.458 billion yuan in 2024, with a net profit increase of 33.82% to 2.087 billion yuan [1][3]. - The growth is attributed to the rising demand for global power grid construction, with domestic investments expected to exceed 600 billion yuan by the end of 2024, marking a ten-year high [2][3]. - The company plans to invest in the construction of a GIS production base, with a total investment of 300 million yuan, to enhance brand image and market competitiveness [3]. - The subsidiary, Wuxi Xinjing Carbon Energy, is making progress in its operations, potentially adding new revenue streams through its supercapacitor business [3]. Summary by Sections Financial Performance - In Q4 2024, the company achieved a revenue of 5.051 billion yuan, a year-on-year increase of 30.21%, and a net profit of 596 million yuan, up 45.01% [1]. - The projected revenues for 2024-2026 are 15.458 billion, 18.569 billion, and 22.201 billion yuan, with corresponding growth rates of 24.1%, 20.1%, and 19.6% [3][5]. - The net profit forecasts for the same period are 2.086 billion, 2.602 billion, and 3.194 billion yuan, with growth rates of 33.8%, 24.7%, and 22.8% respectively [3][5]. Investment Outlook - The report anticipates a PE ratio of 28X, 22X, and 18X for the years 2024, 2025, and 2026 based on the closing price on January 17 [3]. - The company is well-positioned to benefit from the ongoing power grid investment cycle, both domestically and internationally, with exports to over 100 countries [2][3].

Financial Performance - Total operating revenue for 2024 reached CNY 15.46 billion, an increase of 24.06% compared to the previous year[2] - Net profit attributable to shareholders of the listed company was CNY 2.09 billion, up 33.82% year-on-year[5] - Basic earnings per share increased to CNY 2.69, reflecting a growth of 33.17% from the previous year[2] - The company's total assets at the end of the reporting period were CNY 23.52 billion, a 25.55% increase from the beginning of the period[2] - The weighted average return on equity rose to 18.06%, up 2.16 percentage points from the previous year[2] - Net cash flow from operating activities was CNY 2.45 billion, an increase of 7.92% compared to the previous year[5] Strategic Focus - The company is focusing on innovation and expanding into international markets as part of its growth strategy[4] Impairment Testing - A professional evaluation agency has been hired to conduct impairment testing on goodwill related to the acquisition of Wuxi Xinjing Carbon Energy Technology Co., Ltd.[8] Performance Forecasts - The company has not disclosed any performance forecasts prior to this earnings announcement[7] Financial Data Caution - The financial data presented is preliminary and has not been audited by an external accounting firm, highlighting the need for cautious investment decisions[9]

编号：2024-012 证券代码：002028.SZ 证券简称：思源电气 思源电气股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |-------------------------|--------------------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ■特定对象调研 | □分析师会议 | □媒体采访 | | 投资者关系活 动类别 | □业绩说明会 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他（请文字说明其他活动内容） | | | 参与单位名称 及人员姓名 | 华宝基金、东方红资管、博时基金等 | | 海通资管、东方红资 ...

Trading Activity - On December 24, Siyuan Electric had 39 block trades on the大宗交易 platform, with a total trading volume of 3.57 million shares and a total transaction value of 264 million yuan The transaction price was consistently 74.00 yuan per share [1] - Institutional专用席位 were involved in all 39 trades, with a net purchase of 264 million yuan [1] - Over the past three months, the company has had a total of 40 block trades, amounting to 267 million yuan [2] Stock Performance - Siyuan Electric's closing price on December 24 was 74.00 yuan, marking a 3.28% increase from the previous day [2] - The daily turnover rate was 1.28%, with a total trading volume of 566 million yuan [2] - Over the past five days, the stock has risen by 4.56%, but there has been a net outflow of 39.09 million yuan in funds [2] Financing Data - The latest融资余额 for Siyuan Electric is 251 million yuan, which has increased by 23.48 million yuan over the past five days, representing a 10.31% increase [3]

证券代码：002028 证券简称：思源电气 公告编号：2024-057 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。无董事不能保证公告内容真实、准确、完整。 思源电气股份有限公司（以下简称"思源电气"）第八届董事会第十六次会议审议通 过了《关于变更子公司江苏思源电池技术有限公司增资方案的决议》，公司决定使用自有资 金6,760万元人民币对子公司江苏思源电池技术有限公司（以下简称"电池公司"）进行增 资，增资后电池公司注册资本增加到8,760万元，仍为思源电气的全资子公司。具体内容详 见2024年11月20日刊载于《证券时报》及中国证监会指定信息披露网站的 2024-056《关于 变更子公司江苏思源电池技术有限公司增资方案的公告》。 近日，电池公司已完成工商变更登记手续，并取得无锡市惠山区行政审批局换发的《营 业执照》，登记的相关信息如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 注册资本 | 2,000万元 | 8,760万元 | 一、 本次变更登记情况 二、变更后的营业执照信息 1、统一社会信用代码：91320 ...