但在当下这个时间点呢我觉得往明年来看的话公司整体的机会确定性应该来说是比较的高啊确定性是比较的高然后我把几个核心逻辑和点给大家再分享汇报一下啊第一个呢就是我们的这个第一页这边核心逻辑呢有几个方面第一个呢来自于公司的产品为主啊第二个呢来自于地域的为主 那么现在的接入有两个特征啊有两个特征第一个呢是他的这个呃出力曲线不太稳定啊出力曲线不太稳定啊另外一个呢就是波波动性也比较大啊波动性也比较大那也就是带来这个波动的问题这是一个另外一个呢也带来了以系列的这个升压和降压这一块的一个需求我们可以想啊这个光伏也好风电也好这个发电出来之后呢首先要这个升压上网啊升压上网之后呢 马克过去一段时间也讲过一个观点就是说人体社会后面的科技转型呢第一步是会缺这个归期的半导体去归期半导体第二步缺变压器第三步缺电他的第二步缺变压器的讲的概念叫vertical transformer就是他讲变压器呢实际上来讲应该是一个容量的概应该是一个容量的概念这个事应该怎么去理解呢就是我们可以想吧 呃我们可以把整体的社会这个电能的运输想象成一个高速公路啊想象成一个高速公路然后过去来看的话比如像火电啊或者水电这些发电小数其实都是比较长的啊火电大概有五六千个小时 ...

Investment Rating - Buy rating maintained for Siyuan Electric [2] Core Views - Siyuan Electric reported robust performance with Q3 2024 revenue of RMB 10.407 billion, YoY growth of 21.28%, and net profit attributable to shareholders of RMB 1.491 billion, YoY growth of 29.88% [4] - The company plans to invest RMB 300 million in a high-voltage intelligent gas-insulated switchgear (GIS) production base, expected to contribute to new revenue growth [4] - Forecasted revenue for 2024-2026 is RMB 15.443 billion, RMB 19.120 billion, and RMB 23.581 billion, respectively, with net profit attributable to shareholders of RMB 2.105 billion, RMB 2.530 billion, and RMB 2.979 billion [4] Financial Performance - Q3 2024 revenue reached RMB 4.241 billion, YoY growth of 29.39%, with net profit attributable to shareholders of RMB 604 million, YoY growth of 34.95% [4] - Gross margin for Q3 2024 was 30.96%, down 0.84 pct YoY and 1.58 pct QoQ [4] - Forecasted gross margin for 2024-2026 is 29.2%, 28.7%, and 28.1%, respectively [4] Valuation Metrics - Forecasted P/E ratios for 2024-2026 are 29x, 24x, and 21x, respectively [4] - Forecasted P/B ratios for 2024-2026 are 4.86x, 4.05x, and 3.38x, respectively [4] - Forecasted EV/EBITDA ratios for 2024-2026 are 23.02x, 18.71x, and 15.77x, respectively [4] Growth Prospects - Revenue growth rates for 2024-2026 are forecasted at 23.9%, 23.8%, and 23.3%, respectively [4] - Net profit attributable to shareholders growth rates for 2024-2026 are forecasted at 35.0%, 20.2%, and 17.7%, respectively [4] Operational Efficiency - ROE for 2024-2026 is forecasted at 16.7%, 16.7%, and 16.4%, respectively [4] - ROIC for 2024-2026 is forecasted at 15.8%, 15.9%, and 15.4%, respectively [4] Market Position - Siyuan Electric has initiated sales in the 750kV market and is expected to gain market share [4] - The company’s total market capitalization is RMB 61.3 billion, with a circulating market capitalization of RMB 47.7 billion [2]

思源电气股份有限公司第八届董事会第十六次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：002028 证券简称：思源电气 公告编号：2024-055 二、董事会会议审议情况 1、以 7 票同意，0 票反对，0 票弃权，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进行增资。 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号《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》。 特此公告。 思源电气股份有限公司董事会 二〇二四年十一月十九日 1 / 1 一、董事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届董事会第十六次会议的会议通知于2024 年11月11日分别以专人、电子邮件等形式送达公司全体董事。会议于2024年11月19日采取了 书面通讯表决的方式召开。会议由董事长董增平先生主持，会议应出席董事7人，实际出席 董事7人。会议的召开符合《公司法》和《公司章程》的规定。 ...

思源电气股份有限公司 证券代码：002028 证券简称：思源电气 公告编号：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 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、基本情况概述 1.1 基本情况 2021年11月2日，思源电气股份有限公司（以下简称"公司"或"思源电气"）第七届 董事会第十七次会议审议通过了《关于与合作方共同对子公司江苏思源电池技术有限公司增 资的决议》，公司拟与以股权激励为目的的有限合伙企业（以下简称"合伙企业"）共同对 江苏思源电池技术有限公司（以下简称"电池公司"）进行增资。其中，公司以自有资金出 资5,000万元，持有增资后电池公司70%的股份，合伙企业以自有资金出资3,000万元，持有 增资后电池公司30%的股份。上述增资完成后，电池公司注册资本增至1亿元，仍为公司下属 控股子公司。具体内容详见公司于2021年11月4日刊载于《证券时报》及中国证监会指定信 息披露网站的2021-046号《第七届董事会第十七次会议决议公告》、2021-048号《关于与合 作方共同对子公司江苏思源电池技术有限公司增资的 ...

Key Points Industry and Company * **Company**: Siyuan Electric * **Industry**: Power equipment, particularly transformers and high-voltage switches Core Views and Arguments * **Revenue and Profit Growth**: Siyuan Electric has seen a 24% revenue growth rate and a 20% net profit growth rate over the past 20 years. The average operating margin is 15%. The company's overseas revenue accounts for 25% of its total revenue. * **Future Growth**: Siyuan Electric expects its revenue growth rate to remain similar to the past 20 years, but its net profit growth rate may accelerate by 4 percentage points. The operating margin is expected to increase from 15% to 18%. * **Stock Performance**: The stock's return on equity (ROE) has historically been close to its ROE level. However, during periods of systemic decline in ROE, the stock's return has been significantly lower than its average ROE level. Conversely, during periods of systemic increase in ROE, the stock's return has been significantly higher. * **Investment Recommendation**: Siyuan Electric is recommended as a "white horse" stock due to its strong fundamentals and growth prospects. Other Important Points * **Domestic and Overseas Markets**: Siyuan Electric's domestic market is stable, with a focus on market share growth. The overseas market is experiencing rapid growth, driven by demand for energy transformation in developed countries and new infrastructure development in developing countries. * **Product Portfolio**: Siyuan Electric has a comprehensive product portfolio, including transformers, high-voltage switches, capacitors, inductors, and other products. The company has a strong presence in both the primary and secondary equipment markets. * **Order Book**: Siyuan Electric has a strong order book, with a high conversion rate from orders to revenue. The company has set ambitious order and revenue targets for 2023, which are expected to be achieved. * **Profitability**: Siyuan Electric's profitability is expected to improve due to strong demand for transformers and high-voltage switches in the overseas market, as well as the company's ability to secure high-quality orders. * **Growth Prospects**: Siyuan Electric's overseas business is expected to drive future growth, with a focus on market share expansion and increased revenue from overseas markets.

北 京 大 成 （ 上 海 ） 律 师 事 务 所 关 于 思 源 电 气 股 份 有 限 公 司 2024 年 第 一 次 临 时 股 东 大 会 的 法 律 意 见 书 北 京 大 成 （ 上 海 ） 律 师 事 务 所 www.dentons.cn 中国上海市世纪大道 100 号上海环球金融中心 9 层/24 层/25 层（200120） 9th/24th/25th Floor, Shanghai World Financial Center, 100 Century Avenue, Shanghai 200120, P. R. China Tel: +86 21-58785888Fax: +86 21-58786866 思源电气股份有限公司 2024 年第一次临时股东大会的法律意见书 根据《中华人民共和国证券法》（以下简称"《证券法》"）、《中华人民 共和国公司法》（以下简称"《公司法》"）和中国证券监督管理委员会《上市 公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等法律、 法规和其他有关规范性文件的要求，北京大成（上海）律师事务所（以下简称"本 所"）接受思源电气股份有限公 ...

1、本次股东大会无否决议案的情形。 2、本次股东大会没有涉及变更前次股东大会决议的情形。 证券代码：002028 证券简称：思源电气 公告编号：2024-054 思源电气股份有限公司 2024 年第一次临时股东大会决议公告 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。 特别提示： 一、会议召开和出席情况 （一）会议召开情况 1、召开时间： （1）现场会议召开时间：2024年11月4日(星期一) 15:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2024 年11 月4日上午9:15—9:25，9:30—11:30 和下午13:00—15:00；通过深圳证券交易所互联网投 票系统进行网络投票的时间为 2024 年11月4日上午9:15至下午15:00的任意时间。 2、会议地点：现场会议召开地点 上海市闵行区华宁路3399号 公司107会议室 3、会议召开方式：现场投票和网络投票相结合的方式。 4、会议召集人、主持人：本次会议由公司董事会召集，董事长董增平先生主持。 本次会议的召集、召开程序及表 ...

编号：2024-011 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 | | | 兴全基金、工银安盛、浙商电新、翰潭投资、民生通惠资管、弘盛资本等 | | 及人员姓名 | | | | | 时间 | 2024 年 10 月 30 日 | 09:30-11:00 | | | 地点 | 公司会议室 | | | | 上市公司接待 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has sufficient orders on hand, and its profitability continues to improve. In the first three quarters of 2024, the company achieved revenue of 10.407 billion yuan, a year-on-year increase of 21.28%, and a net profit attributable to shareholders of 1.491 billion yuan, up 29.88% year-on-year [1] - The revenue structure has been optimized, leading to improved profitability. The gross margin for the first three quarters of 2024 was 31.42%, an increase of 1.31 percentage points year-on-year, and the net profit margin was 14.60%, up 0.76 percentage points year-on-year. This improvement in profitability is likely due to the increased contribution from overseas markets [1] - The company plans to invest 300 million yuan in a high-voltage GIS production base, with ongoing projects totaling 460 million yuan as of Q3 2024, primarily for the construction of a medium-voltage switchgear production base and a new energy company base in Jiangsu [1] Financial Summary - For the first three quarters of 2024, the company reported a revenue of 10.407 billion yuan and a net profit of 1.491 billion yuan. The revenue for Q3 2024 alone was 4.241 billion yuan, with a net profit of 604 million yuan [1] - The company expects to benefit from domestic investment growth and overseas demand for new and upgraded equipment. The projected net profits for 2024-2026 are 2.085 billion yuan, 2.541 billion yuan, and 3.068 billion yuan, respectively, with corresponding P/E ratios of 28.7, 23.5, and 19.5 [1][2] - The company's cash flow from operating activities is projected to be 920 million yuan in 2024, with net profits expected to reach 2.178 billion yuan [4] Comparable Company Valuation - The company is compared with peers such as Guodian NARI, China XD Electric, and XJ Electric, with its current valuation slightly above the industry average. The average P/E ratio for comparable companies is 44.9 for 2022A and 35.7 for 2023A, while the company's P/E ratios are 49.0 and 38.3 for the same years [3][2]

沪深 300 6.0% 15.7% 10.2% 2024 年 10 月 29 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 李航 S0350521120006 lih11@ghzq.com.cn 证券分析师： 王刚 S0350524020001 wangg06@ghzq.com.cn [Table_Title] 公司业绩同比稳健增长，出海业务有望持续 贡献增长动能 ——思源电气（002028）2024 年三季报点评 最近一年走势 事件: 思源电气 2024 年 10 月 26 日发布 2024 年三季度报告：2024 年前三季 度，公司实现营收 104 亿元，同比+21%；归母净利润 14.9 亿元，同比 +30%；扣非归母净利润 14.1 亿元，同比+27%；销售毛利率 31.4%，同 比+1.3pct；销售净利率 14.6%，同比+0.8pct。 其中，2024Q3，营收 42.4 亿元，同比+29%，环比+21%；归母净利润 6.0 亿元，同比+35%，环比+15%；扣非归母净利润 5.6 亿元，同比+31%， 环比+13%；销售毛利率 31.0%，同比-0.8pct，环比-1.6pct；销 ...