经审阅公司董事会提供聘任公司副总经理的相关材料，我们认为上述高级管理人员具备 担任相应职务的资格和能力，不存在《公司法》第一百四十六条规定不得担任公司高级管理 人员的情形，亦不存在被中国证监会确定为市场禁入者且禁入尚未解除、被司法机关立案侦 查或者被中国证监会立案调查、被中国证监会及其他有关部门的处罚和证券交易所惩戒等情 形。本次聘任副总经理的提名、审议和表决程序符合《公司法》和《公司章程》等有关规定， 同意公司聘任刘刚先生担任公司副总经理。 思源电气股份有限公司 独立董事关于聘任高级管理人员的独立意见 根据《中华人民共和国证券法》、《中华人民共和国公司法》（下称"《公司法》"）、 《深圳证券交易所股票上市规则》、《上市公司独立董事管理办法》、《深圳证券交易所上 市公司规范运作指引》及《公司章程》等相关规定，作为思源电气股份有限公司第八届董事 会的独立董事，我们对公司第八届董事会第十七次会议关于聘任副总经理事项发表独立意见 如下： 独立董事：邱宇峰、赵世君、叶锋 二〇二五年三月二十七日 1 / 1 ...

Flash | 24 Mar 2025 02:48:24 ET │ 13 pages China Power Grid Equipment China Accelerated Transformer and Smart Meter Export Growth; Buy Sieyuan and Wasion China Power Grid Equipment Sector Pierre Lau, CFAAC +852-2501-2716 pierre.lau@citi.com Bella Tian +852-2501-7410 bella.tian@citi.com See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations CITI'S TAKE While the China/HK stock market has seen volatility from AI and tech- related investment themes with significant ...

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：2025-002 A4：具体的订单数据尚在统计和核实过程中，据不完全统计，基本符合我们去年 的预期。 Q5：公司海外哪些市场的订单增速表现较好？ A5：公司海外业务覆盖中东与欧洲区、拉丁美洲区、非洲区、中亚区以及东 南亚地区。拉丁美洲区业务发展相对较好，非洲区、中亚区及中东与欧洲区 表现积极，东南亚地区也有亮点，各区域订单量相差不大。 Q6：中亚市场表现积极，驱动因素是什么？ A6：中亚市场增速的驱动因素是多方面的，包括经济稳步增长、基础设施建 设需求、能源转型与新能源发展以及地理优势与贸易便利化等。 Q7：低压业务情况进展如何？ | 投资者关系活 | ■特定对象调研 □媒体采访 | □分析师会议 | | --- | --- | --- | | 动类别 | □业绩说明会 □路演活动 | □新闻发布会 | | □现场参观 | □其他（请文字说明其他活动内容） | | | 参与单位名称 | 大和资本、致远投资、中金公司、西部证券、华泰证券、景顺、汇丰前海证 | | | 及人员姓名 | 券、甬兴证券、安本私募基金等 | ...

05 Mar 2025 22:58:59 ET │ 10 pages China Power Grid Equipment 1st Batch of Equipment Procurement by State Grid in 2025 Announced; Buy Pinggao and Sieyuan CITI'S TAKE State Grid's first batch of power transmission and transformation equipment bidding were just announced for total amount of Rmb15.239bn. TBEA (600089 CH, Sell) won the most contracts totalling Rmb1.538bn or 10.1% market share, followed by Rmb1.443bn or 9.5% market share for China XD (601179 CH, not covered), followed by Rmb1.355bn or 8.9% for P ...

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 ...

证券研究报告·公司点评报告·电网设备 思源电气（002028） 2024 年业绩快报点评：业绩符合市场预期， 盈利能力继续提升 买入（维持） 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 谢哲栋 执业证书：S0600523060001 xiezd@dwzq.com.cn 证券分析师 司鑫尧 执业证书：S0600524120002 sixy@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10537 | 12460 | 15458 | 18667 | 22799 | | 同比（%） | 21.18 | 18.25 | 24.06 | 20.75 | 22.14 | | 归母净利润（百万元） | 1221 | 1559 | 2087 | 2718 | 3525 | | 同比（%） | 1.91 | 27.75 | 33 ...

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].