Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next six months [1][3]. Core Views - The company has reported a slight revenue and profit increase in Q3 2024, with total revenue reaching 10.41 billion yuan, a year-on-year growth of 21.3%, and a net profit attributable to shareholders of 1.49 billion yuan, up 29.9% year-on-year [1]. - The company is experiencing rapid growth in overseas markets, particularly in transformer demand driven by global renewable energy developments [3]. - The company plans to invest 300 million yuan in expanding its GIS production capacity, which is expected to enhance its market competitiveness and support future revenue growth [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 10.41 billion yuan, a 21.3% increase year-on-year, and a net profit of 1.49 billion yuan, up 29.9% [1]. - In Q3 2024 alone, revenue was 4.24 billion yuan, reflecting a 29.4% year-on-year growth, with a net profit of 600 million yuan, a 35% increase [1]. Profitability Metrics - The gross margin for the first three quarters of 2024 was 31.4%, an increase of 1.3 percentage points year-on-year, while the net margin was 14.6%, up 0.8 percentage points [2]. - The company’s Q3 2024 gross margin was 31%, down 0.8 percentage points year-on-year, but the net margin improved to 14.7%, up 0.6 percentage points [2]. Capacity Expansion and Market Opportunities - The company announced plans for a 300 million yuan investment in a new GIS production facility, expected to be completed within 12 months, which will support future sales growth [2]. - The demand for transformers in overseas markets is expected to remain strong, with the company benefiting from a significant portion of its orders coming from international markets [3]. Revenue and Profit Forecast - Revenue projections for 2024-2026 are 16.01 billion yuan, 19.35 billion yuan, and 22.78 billion yuan, respectively, with net profit growth rates of 33.9%, 25%, and 19.1% [3].

Investment Rating - The report maintains an "OUTPERFORM" rating for Siyuan Electric [1][18] Core Views - The net profit attributable to the parent company increased by 29.88% year-on-year from Q1 to Q3 in 2024, indicating a significant recovery in performance [14][18] - The company achieved revenue of 10.41 billion yuan in the first three quarters of 2024, up 21.28% year-on-year, with a net profit of 1.491 billion yuan, up 29.88% year-on-year [14][18] - The report highlights a strong performance in Q3 2024, with revenue of 4.241 billion yuan, an increase of 29.39% year-on-year, and net profit of 604 million yuan, up 35% year-on-year [14][18] Financial Performance - The company's expense ratio was 14.17% in Q3 2024, a slight increase of 2.9 percentage points year-on-year, while the gross profit margin for the first three quarters was 31.42%, up 4.37 percentage points year-on-year [15][16] - The net profit margin improved to 14.60%, an increase of 5.46 percentage points year-on-year, reflecting enhanced profitability [15][16] Research and Development - R&D investment in the first three quarters of 2024 was 735 million yuan, up 17.12% year-on-year, with a R&D expense ratio of 7.06% [16][18] - The company holds 869 authorized patents, an increase of 11.3% year-on-year, and is investing in forward-looking technologies such as energy storage and IoT [16][18] Overseas Business Expansion - The overseas market achieved revenue of 1.515 billion yuan in H1 2024, a year-on-year increase of 40.04%, accounting for 24.56% of total revenue [17][18] - The company has established a presence in various international markets, including Europe and Latin America, and has received certifications in over 10 countries [17][18] Profit Forecast and Target Price - The revenue forecast for 2024-2026 is set at 14.82 billion yuan, 17.56 billion yuan, and 20.70 billion yuan, with corresponding net profits of 2.02 billion yuan, 2.54 billion yuan, and 3.10 billion yuan [18] - The target price has been increased from 72.27 yuan per share to 88.47 yuan per share based on the DCF model [18]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 74.16 [1][10]. Core Insights - The company has shown continuous high growth in performance, with a significant increase in revenue and net profit for the first three quarters of 2024. Revenue reached 10.41 billion, up 21.3% year-on-year, while net profit was 1.49 billion, up 29.9% year-on-year [2][3]. - The company has a strong order backlog, indicated by the growth in advance payments and contract liabilities, which increased by 68.9% and 50.7% respectively compared to the beginning of the year [3]. - The company is actively investing in capacity expansion and new product development, with a notable increase in construction projects and plans to establish a new GIS production base in Jiangsu Province [4]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 4.24 billion, a year-on-year increase of 29.4% and a quarter-on-quarter increase of 20.9%. The net profit for Q3 was 592 million, up 32.1% year-on-year and 12.9% quarter-on-quarter [2][3]. Profitability - The gross margin and net margin for the first three quarters of 2024 were 31.4% and 14.6%, respectively, showing improvements compared to the previous year [3]. Capacity and Product Development - The company has significantly increased its investment in new products, particularly in medium-voltage switches and high-voltage GIS, with construction projects growing by 327.8% since the beginning of the year [4]. Revenue and Profit Forecast - The company is expected to achieve a revenue growth of 20% and an order growth of 25% for the full year 2024. Revenue projections for 2024-2026 are 16.56 billion, 20.48 billion, and 25.15 billion, with corresponding net profits of 2.13 billion, 2.61 billion, and 3.24 billion [5].

Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company reported strong performance in Q3 2024, with revenue reaching 10.407 billion yuan, a year-on-year increase of 21.28%, and a net profit of 1.491 billion yuan, up 29.88% year-on-year [2]. - The company is accelerating the construction of its production bases, with significant investments planned for a high-voltage intelligent switchgear (GIS) production base, totaling 300 million yuan [3]. - The financial outlook for 2024-2026 shows expected revenue growth rates of 20.8%, 20.2%, and 19.6%, respectively, with net profit growth rates of 30.3%, 24.2%, and 22.7% [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 31.42%, an increase of 1.32 percentage points year-on-year, and a net margin of 14.6%, up 0.76 percentage points year-on-year [2]. - The company’s operating expenses were well-managed, with a total expense ratio of 14.50%, a slight increase of 0.33 percentage points year-on-year [3]. - The forecast for total revenue in 2024 is 15.046 billion yuan, with a projected net profit of 2.032 billion yuan, reflecting a growth rate of 30.3% [4][6].

证券研究报告·公司点评报告·电网设备 思源电气（002028） 2024 年三季报点评：Q3 国内外交付节奏加 快，业绩略超预期 2024 年 10 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 10537 | 12460 | 15128 | 18155 | 21926 | | 同比（ % ） | 21.18 | 18.25 | 21.41 | 20.01 | 20.77 | | 归母净利润（百万元） | 1221 | 1559 | 2065 | 2586 | 3053 | | 同比（ % ） | 1.91 | 27.75 | 32.43 | 25.22 | 18.08 | | EPS- 最新摊薄（元 / 股） | 1.57 | 2.01 | 2.66 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 思源电气（002028）公司季报点评 2024 年 10 月 27 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | --- | |-------------------------------------------------------------|-------------| | 股票数据 | | | 10 [ Table_StockInfo 月 25 日收盘价（元） ] | 74.16 | | 52 周股价波动（元） | 47.25-80.71 | | 总股本 / 流通 A 股（百万股） | 776/605 | | 总市值 / 流通市值（百万元） | 57570/44846 | | 相关研究 | | | [Table_ReportInfo] 《海外收入快速增长，盈利能力持续提升》 | | | 2024.08.22 | | 市场表现 [Table_QuoteInfo] -17.82% -2.82% 12.18% 27.18% 42.18% 57.18% 2023/10 2024/1 2024 ...

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 [5][12][13]. Core Insights - The company reported a revenue of 10.41 billion RMB for the first three quarters of 2024, representing a year-on-year growth of 21.3%, and a net profit attributable to shareholders of 1.49 billion RMB, up 29.9% year-on-year [2]. - The company is investing 300 million RMB in a new high-voltage intelligent switchgear production base, which is expected to support market expansion and meet future capacity demands [2]. - The company has a strong position in the domestic market, with significant shares in various segments of the power equipment sector, maintaining leading positions in bids for key projects [3]. - The overseas business has seen substantial growth, with contract liabilities increasing by 98% year-on-year to 2.24 billion RMB, reflecting a robust order backlog [4]. - Profitability metrics are improving, with a gross margin of 31.4% and a net margin of 14.6%, attributed to a higher proportion of overseas revenue [5]. Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 4.24 billion RMB, a 29.4% increase year-on-year, and a net profit of 600 million RMB, up 34.9% [2]. - The overall gross margin for the first three quarters was 31.4%, an increase of 1.3 percentage points year-on-year, while the net margin improved by 0.8 percentage points to 14.6% [5]. Market Position - The company has maintained a leading market share in various segments, with bid amounts for combination electrical equipment, circuit breakers, and isolators at 10.8%, 20.5%, and 15.7% respectively [3]. - The domestic power grid investment has accelerated, with a 21.1% year-on-year increase in national grid project investments [3]. Growth Projections - Revenue projections for 2024-2026 are 15.61 billion RMB, 19.19 billion RMB, and 23.53 billion RMB, with expected growth rates of 25%, 23%, and 23% respectively [5]. - Net profit forecasts for the same period are 2.06 billion RMB, 2.56 billion RMB, and 3.13 billion RMB, with growth rates of 32%, 24%, and 23% respectively [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company, Siyi Electric, is a leading private power equipment manufacturer focusing on core products such as high-voltage switches and transformers. It is expected to benefit from high overseas demand for power equipment, with future overseas orders and profit margins likely to exceed expectations [1][2] - In the first half of 2024, the company achieved revenue and net profit of 6.17 billion and 890 million yuan, respectively, representing year-on-year growth of 16.3% and 26.6%. The demand for core products, particularly high-voltage switches and transformers, is strong, and the proportion of overseas revenue is increasing, leading to an overall gross margin increase of 2.7 percentage points to 31.8% [1][3] - The company has a high order-to-revenue conversion rate, with conversion rates of 103%, 102%, and 103% for the years 2021 to 2023, respectively. The order growth rates were 23%, 17%, and 36% for the same years, indicating strong growth certainty and sustainability [1][3] Summary by Sections Market Expectations - The market expects stable profit levels with limited room for improvement, and linear extrapolation of revenue and profit growth from overseas business [2] - The company is predicted to see an increase in overseas business share and gross margin due to high demand for transformers and high-voltage switches, which will elevate overall profitability [2] Overseas Business Development - The overseas revenue and orders have been growing rapidly, with orders of 2.25 billion, 2.99 billion, and 4.01 billion yuan from 2021 to 2023, respectively, showing year-on-year growth of 50.0%, 32.9%, and 34.1%. In the first half of 2024, overseas revenue reached 1.51 billion yuan, a 40% increase, accounting for 25% of total revenue [3] - The macroeconomic background indicates that with the arrival of a rate-cutting cycle, the cost of loans for overseas renewable energy projects will decrease, accelerating project construction [3] Financial Forecasts - The company is expected to achieve revenues of 15.26 billion, 18.66 billion, and 23.01 billion yuan from 2024 to 2026, with year-on-year growth rates of 22.5%, 22.3%, and 23.3%, respectively. The net profit attributable to the parent company is forecasted to be 2.08 billion, 2.60 billion, and 3.17 billion yuan for the same period, with year-on-year growth rates of 33.1%, 25.2%, and 22.0% [9][11]

思源电气股份有限公司第八届董事会第十五次会议决议公告 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。 一、董事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届董事会第十五次会议的会议通知于2024 年10月16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10月24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。会议的召开符合法律、法规、规章及《公司章程》的规定。 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《2024年第三季度报告》。 与会董事认为公司2024年第三季度报告客观地反映了公司2024年第三季度财务情况、经 营成果等，并发表如下确认意见：保证公司2024年第三季度报告中所载资料不存在任何虚假 记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责 任。 2、以7票同意，0票反对，0票弃权，审议通过了《关于公司向银行申请综合授信额度 总额的决议》。 证券代码：002028 证券简称：思源电气 公告编号：2024-051 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥4,241,035,833.92, representing a 29.39% increase year-over-year[1] - Net profit attributable to shareholders for the same period was ¥604,227,777.62, up 34.95% compared to the previous year[1] - The net profit excluding non-recurring gains and losses was ¥564,744,701.45, reflecting a 31.34% increase year-over-year[1] - Revenue for the third quarter reached CNY 10,407,267,185.30, an increase of 21.28% compared to CNY 8,580,896,660.31 in the same period last year[5] - Net profit attributable to shareholders of the parent company was ¥1,491,370,179.34, up 30% from ¥1,148,291,269.88 in the same period last year[13] - Operating profit for the current period was ¥1,744,703,846.31, compared to ¥1,309,684,505.47 in the previous period, reflecting a growth of 33.2%[13] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥21,634,179,983.73, a 15.48% increase from the end of the previous year[1] - Total liabilities increased to ¥9,594,523,075.62 from ¥8,067,429,921.55, representing a rise of 18.9%[11] - The total assets and owners' equity reached ¥21,634,179,983.73 and ¥12,039,656,908.11 respectively, indicating a significant growth from ¥18,733,339,007.00 and ¥10,665,909,085.45 in the previous period[11] - Current assets totaled RMB 17,188,216,910.52, up from RMB 14,756,267,618.81, indicating a growth of about 16.5%[9] - The total current liabilities rose to RMB 9,408,752,152.38 from RMB 7,850,577,816.00, indicating an increase of about 19.8%[10] Cash Flow - Cash flow from operating activities for the year-to-date was ¥780,006,396.24, showing an 11.74% increase year-over-year[1] - Operating cash inflows totaled CNY 10,428,132,000.02, a 23.87% increase from CNY 8,418,510,976.03 year-on-year[5] - The net cash flow from operating activities was CNY 780,006,396.24, up 11.74% from CNY 698,050,950.74 in the previous year[5] - Cash flow from operating activities was ¥10,111,246,706.53, compared to ¥8,177,696,693.53 in the previous period, showing an increase of 23.6%[14] - Cash flow from investing activities showed a net outflow of CNY -1,341,864,263.89, worsening from CNY -926,451,082.73 year-over-year[15] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,877[6] - The largest shareholder, Dong Zengping, holds 16.93% of the shares, amounting to 131,444,820 shares[7] Other Financial Metrics - The weighted average return on equity was 5.30%, an increase of 0.79% compared to the previous year[1] - Research and development expenses increased to ¥734,728,891.12, up from ¥627,322,367.48, marking a rise of 17%[12] - The basic earnings per share rose to ¥1.92, compared to ¥1.49 in the same period last year, reflecting a growth of 28.8%[13] - Financial expenses increased by 314.31% to CNY 28,118,487.74, mainly due to exchange rate fluctuations and increased interest income[5] - The company reported a significant decrease in other comprehensive income, down 122.94% to CNY -14,783,273.96, primarily due to profit distribution from partnerships[5]