Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company achieved a revenue of 15.458 billion yuan in 2024, representing a year-on-year growth of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% year-on-year [1] - The company is actively expanding its overseas market presence, with overseas revenue reaching 3.122 billion yuan in 2024, a significant increase of 44.67% [3] - The company has set ambitious operational targets for 2025, aiming for new contract orders of 26.8 billion yuan and revenue of 18.5 billion yuan, reflecting strong growth confidence [3] Summary by Sections Financial Performance - In 2024, the company reported a gross profit margin of 31.25%, an increase of 1.75 percentage points year-on-year [1] - The company's major subsidiaries also showed robust growth, with Shanghai Siyuan High Voltage Switch Co., Ltd. achieving a revenue of 5.071 billion yuan, up 21.05% year-on-year [2] - The company’s net profit for 2024 was 2.049 billion yuan, with a year-on-year growth of 31.42% [5] Operational Strategy - The company is leveraging opportunities in the domestic new power system development while actively expanding into overseas markets [2] - The company has successfully penetrated markets in the UK, Italy, Saudi Arabia, and Kuwait, indicating significant potential for further growth in international markets [3] Future Outlook - The company exceeded its 2024 operational targets, achieving new orders of 21.457 billion yuan, a 29.94% increase year-on-year [3] - For 2025, the company aims for a revenue target of 18.5 billion yuan, reflecting a 20% year-on-year growth [3] - The report projects the company's net profit for 2025 to be 2.601 billion yuan, with an expected EPS of 3.34 yuan [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][29] Core Views - The company achieved significant growth in both revenue and profit for 2024, with revenue reaching 15.458 billion yuan, a year-on-year increase of 24.06%, and net profit of 2.049 billion yuan, up 31.42% year-on-year [9][22] - The company exceeded its annual revenue and order targets, with actual new orders of 21.5 billion yuan, a 30% increase year-on-year, and a target of 26.8 billion yuan for 2025, representing a 25% growth [2][26] - Domestic and international business performance was strong, with domestic revenue of 12.34 billion yuan (up 19.7%) and international revenue of 3.12 billion yuan (up 44.7%), marking a new high with over 20% of total revenue coming from overseas [28] Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.458 billion yuan, with a gross margin of 31.25% and a net margin of 13.49% [9][22] - The fourth quarter saw a revenue of 5.051 billion yuan, a 30.20% increase year-on-year, with a net profit of 558 million yuan, up 35.73% year-on-year [22] Order and Revenue Growth - The company set a target of 26.8 billion yuan in new orders for 2025, which is a 25% increase from the previous year [2][26] - The company achieved a total of 21.5 billion yuan in new orders for 2024, exceeding the original target of 20.6 billion yuan [2][26] Product and Market Development - The company made significant advancements in supercapacitor applications, securing major projects in the automotive sector and breakthroughs in power systems [28] - The overseas market saw a strong performance, with multiple product certifications achieved in countries like the UK, Italy, Saudi Arabia, and Kuwait [28] Profit Forecast - The profit forecast for 2025-2027 has been raised, with expected net profits of 2.598 billion yuan, 3.352 billion yuan, and 3.960 billion yuan respectively [29]

Investment Rating - The investment rating for the company is "Outperform the Market" [5][29]. Core Views - The company achieved significant growth in both revenue and profit for 2024, with revenue reaching 15.458 billion yuan, a year-on-year increase of 24.06%, and net profit of 2.049 billion yuan, up 31.42% year-on-year [9][22]. - The company exceeded its annual revenue and order targets, with actual new orders of 21.5 billion yuan (excluding tax), a 30% increase year-on-year, and a target of 26.8 billion yuan for 2025, also representing a 25% increase [2][26]. - Domestic business showed growth in both volume and profit, while overseas business performed exceptionally well, with overseas revenue increasing by 44.7% year-on-year [28]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 15.458 billion yuan and a net profit of 2.049 billion yuan, with a gross margin of 31.25% and a net margin of 13.49% [9][22]. - The fourth quarter of 2024 saw a revenue of 5.051 billion yuan, a year-on-year increase of 30.20%, and a net profit of 558 million yuan, up 35.73% year-on-year [22]. Order and Revenue Growth - The company achieved actual new orders of 21.5 billion yuan in 2024, exceeding the original target of 20.6 billion yuan [2][26]. - The 2025 operational target includes achieving new orders of 26.8 billion yuan and a revenue of 18.5 billion yuan, representing a 20% increase [2][26]. Domestic and International Business - Domestic revenue reached 12.34 billion yuan in 2024, a 19.7% increase, while international revenue was 3.12 billion yuan, marking a 44.7% increase [28]. - The company made significant breakthroughs in several countries, including the UK, Italy, Saudi Arabia, and Kuwait, enhancing its overseas qualifications [28]. Profitability and Forecast - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 2.598 billion yuan, 3.352 billion yuan, and 3.960 billion yuan respectively [29]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 21 for 2025, 16 for 2026, and 14 for 2027 [29].

Core Viewpoint - The company, Siyuan Electric, has achieved stable growth in performance driven by both domestic and international markets, with significant increases in revenue and net profit for the year 2024 [1][2]. Financial Performance - In 2024, Siyuan Electric reported a revenue of 15.46 billion yuan, a year-on-year increase of 24.1%, and a net profit of 2.05 billion yuan, up 31.4% [1][2]. - The company’s non-recurring net profit reached 1.88 billion yuan, reflecting a 32.2% increase compared to the previous year [1][2]. - The fourth quarter of 2024 saw a revenue of 5.05 billion yuan, a 30.2% increase year-on-year, and a net profit of 558 million yuan, up 35.7% [2]. Order Growth - Siyuan Electric secured new orders totaling 21.457 billion yuan in 2024, marking a 29.94% increase from the previous year [1][2]. - The company plans to achieve new contract orders of 26.8 billion yuan in 2025, representing a 25% year-on-year growth [4]. Market Expansion - The company has actively expanded its overseas market presence, achieving a revenue of 3.122 billion yuan from international sales in 2024, which is a 44.67% increase [1][7]. - Domestic revenue reached 12.336 billion yuan, with significant growth in East China (47.52%) and North China (44.58%) [7]. Product Development - Siyuan Electric has introduced several new power system solutions in response to national green and low-carbon transformation policies, including grid-structured products and new environmentally friendly high-voltage switchgear [1][6]. - The company’s main business in power distribution equipment generated a revenue of 15.42 billion yuan in 2024, with a gross margin of 41.82% [3]. Historical Performance - Since its listing in 2004, Siyuan Electric has consistently shown stable growth, with revenues increasing from 4.807 billion yuan in 2018 to 15.46 billion yuan in 2024 [3]. - The company’s net profit has also seen substantial growth, from 295 million yuan in 2018 to 2.05 billion yuan in 2024 [3]. Cash Flow and Dividends - In 2024, the net cash flow from operating activities was 2.462 billion yuan, an increase of 8.38% year-on-year [3]. - The company has a generous dividend policy, with a proposed distribution of 5 yuan per 10 shares for 2024, totaling 389 million yuan [4].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has exceeded its annual targets for 2024, with revenue reaching 15.46 billion yuan, a year-on-year increase of 24.1%, and net profit attributable to shareholders at 2.05 billion yuan, up 31.4% [8] - The company is expected to continue exceeding its targets in 2025, with projected new contracts and revenue growth of 25% and 20% respectively [8] - The domestic market shows steady growth, while the overseas market is experiencing accelerated growth, with overseas revenue increasing by 45% in 2024 [8] Financial Performance Summary - Total revenue for 2023 was 12.46 billion yuan, with a projected increase to 15.46 billion yuan in 2024, reflecting an 18.25% year-on-year growth [1] - Net profit attributable to shareholders for 2023 was 1.56 billion yuan, expected to rise to 2.05 billion yuan in 2024, marking a 27.75% increase [1] - The company’s earnings per share (EPS) is projected to grow from 2.00 yuan in 2023 to 2.63 yuan in 2024 [1] Market and Operational Insights - The company achieved a gross margin of 31.25% in 2024, an increase of 1.75 percentage points year-on-year, indicating improved profitability [8] - The company’s domestic business generated 12.34 billion yuan in revenue, while overseas revenue reached 3.12 billion yuan, highlighting a strong international presence [8] - The company’s cash flow from operating activities for 2024 is projected at 2.46 billion yuan, reflecting effective cash management [9]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has exceeded its annual targets for 2024, with a revenue of 15.46 billion yuan, a year-on-year increase of 24.1%, and a net profit of 2.05 billion yuan, up 31.4% year-on-year [8] - The company is expected to continue exceeding its targets in 2025, with planned new contracts and revenue of 26.8 billion yuan and 18.5 billion yuan, respectively, representing year-on-year growth of 25% and 20% [8] - The domestic market remains stable while the overseas market is experiencing accelerated growth, with overseas revenue increasing by 45% year-on-year [8] Financial Performance Summary - Total revenue for 2023 was 12.46 billion yuan, with a projected increase to 15.46 billion yuan in 2024, reflecting an 18.25% year-on-year growth [1] - The net profit attributable to shareholders for 2023 was 1.56 billion yuan, expected to rise to 2.05 billion yuan in 2024, indicating a 27.75% year-on-year increase [1] - The company's earnings per share (EPS) is projected to grow from 2.00 yuan in 2023 to 2.63 yuan in 2024 [1] Market and Operational Insights - The company achieved a gross margin of 31.25% in 2024, an increase of 1.75 percentage points year-on-year, and a net profit margin of 13.26%, up 0.7 percentage points [8] - The company has a strong order backlog with a ratio of order income to revenue of 1.39 for 2024, indicating robust future revenue potential [8] - The company’s capital expenditure for 2024 is projected at 9.2 billion yuan, a 26.3% increase year-on-year, primarily for investments in mid-voltage and battery production lines [8]

Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from global grid construction demand and the continuous release of new products and markets [4][6]. Core Insights - In 2024, the company achieved operating revenue of 15.458 billion yuan, a year-over-year increase of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% year-over-year [1][2]. - The company has a robust order backlog, with new contract orders for 2025 projected at 26.8 billion yuan, a 25% increase year-over-year, and revenue expected to reach 18.5 billion yuan, also a 20% increase [2][4]. - The company is actively expanding its product lineup, with significant revenue growth from subsidiaries, including 5.071 billion yuan from high-voltage switches, a 21.05% increase, and 1.267 billion yuan from high-voltage transformers, a 26.6% increase [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported operating revenue of 5.051 billion yuan, a year-over-year increase of 30.2%, and a net profit of 558 million yuan, up 35.73% year-over-year [1][2]. - The company’s total revenue for 2024 was 15.458 billion yuan, with a net profit of 2.049 billion yuan, and projections for 2025 include revenues of 18.579 billion yuan and net profits of 2.506 billion yuan [5][10]. Order and Revenue Guidance - The company exceeded its 2024 target of 15 billion yuan in revenue, achieving 15.458 billion yuan, and plans to achieve 18.5 billion yuan in 2025 [2][4]. - The order backlog remains strong, with 214.57 billion yuan in new orders for 2024, reflecting a 29.94% increase year-over-year [2][4]. Product Development and Market Expansion - The company has made significant strides in new product development, with notable revenue contributions from various subsidiaries, including high-voltage electrical equipment and supercapacitors [3][4]. - The overseas market has shown impressive growth, with revenue reaching 3.122 billion yuan in 2024, a 44.67% increase year-over-year, contributing to 20% of total revenue [4][5].

Core Viewpoint - The recent financial report of Siyuan Electric (002028) shows strong growth in revenue and net profit for 2024, although the results fell short of analyst expectations [1][3]. Financial Performance - The total revenue for 2024 reached 15.458 billion yuan, a year-on-year increase of 24.06% [1][3]. - The net profit attributable to shareholders was 2.049 billion yuan, up 31.42% compared to the previous year [1][3]. - In Q4 2024, the revenue was 5.051 billion yuan, reflecting a 30.2% increase year-on-year, while the net profit for the same quarter was 558 million yuan, up 35.73% [1][3]. Key Financial Metrics - Gross margin improved to 31.25%, an increase of 5.92% year-on-year [3]. - Net margin rose to 13.49%, up 4.47% from the previous year [3]. - Total operating expenses (selling, administrative, and financial) amounted to 1.21 billion yuan, accounting for 7.83% of revenue, which is a 4.09% increase year-on-year [3]. - Earnings per share (EPS) increased to 2.64 yuan, a 30.69% rise compared to the previous year [3]. Accounts Receivable and Cash Flow - Accounts receivable increased by 32.73% year-on-year, reaching 5.758 billion yuan [3]. - The net cash flow from operating activities was 2.462 billion yuan, with significant increases in cash received from sales [3]. Market Outlook - Analysts have projected net profits for 2025 to be around 2.602 billion yuan, with an average EPS forecast of 3.35 yuan [5]. - The company aims to maintain its competitive edge in both grid and non-grid markets, particularly in power generation and industrial sectors [7].

Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from global grid construction demand and the continuous release of new products and markets [4][6]. Core Insights - In 2024, the company achieved operating revenue of 15.458 billion yuan, a year-over-year increase of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% year-over-year [1][2]. - The company has a robust order backlog, with new contract orders for 2025 projected at 26.8 billion yuan, a 25% increase year-over-year, and revenue expected to reach 18.5 billion yuan, also a 20% increase year-over-year [2][4]. - The company is actively expanding its product lineup, with significant revenue growth from subsidiaries, including 5.071 billion yuan from high-voltage switches, a 21.05% increase, and 1.267 billion yuan from high-voltage transformers, a 26.6% increase [3][4]. Summary by Sections Financial Performance - In Q4 2024, the company reported operating revenue of 5.051 billion yuan, a year-over-year increase of 30.2%, and a net profit of 558 million yuan, up 35.73% year-over-year [1][2]. - The company’s total revenue for 2024 was 15.458 billion yuan, with a net profit of 2.049 billion yuan, and projections for 2025 include revenues of 18.579 billion yuan and net profits of 2.506 billion yuan [5][10]. Order and Revenue Guidance - The company exceeded its 2024 target of 15 billion yuan in revenue, achieving 15.458 billion yuan, and plans to achieve 18.5 billion yuan in 2025 [2][4]. - The order backlog remains strong, with 214.57 billion yuan in new orders for 2024, a 29.94% increase year-over-year, and a target of 26.8 billion yuan for 2025 [2][4]. Product Development and Market Expansion - The company has made significant progress in new product development, with notable revenue contributions from various subsidiaries, including high-voltage electrical equipment and supercapacitors [3][4]. - The overseas market has shown impressive growth, with revenue of 3.122 billion yuan in 2024, a 44.67% increase year-over-year, contributing to 20% of total revenue [4][5].

2025年4月19日，思源电气(002028.SZ)发布2024年年度报告。截至2025年4月18日，共有665个机构投资 者披露持有思源电气A股股份，合计持股量达3.10亿股，占思源电气总股本的39.82%。其中，前十大机 构投资者包括香港中央结算有限公司、中国工商银行股份有限公司-华泰柏瑞沪深300交易型开放式指数 证券投资基金、全国社保基金六零一组合、中国建设银行股份有限公司-易方达沪深300交易型开放式指 数发起式证券投资基金、全国社保基金一一四组合、兴全商业模式混合(LOF)A、华夏沪深300ETF、易 方达竞争优势企业混合A、嘉实沪深300ETF、兴全新视野定期开放混合型发起式，前十大机构投资者合 计持股比例达25.00%。相较于上一季度，前十大机构持股比例合计下跌了1.77个百分点。 对于社保基金，本期新披露持有思源电气的社保基金共计1个，即全国社保基金一一四组合。 外资态度来看，本期较上一期持股增加的外资基金共计1个，即香港中央结算有限公司，持股增加占比 达3.60%。 公募基金方面，本期较上一期持股增加的公募基金共计12个，主要包括国泰估值优势混合(LOF)A、易 方达产业升级混合A、朱雀匠 ...