证券代码：002028 证券简称：思源电气 公告编号：2025-011 思源电气股份有限公司第八届董事会第十九次会议决议公告 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。 一、董事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届董事会第十九次会议的会议通知于2025 年4月14日分别以专人、电子邮件等形式送达公司全体董事。本次会议于2025年4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。本次董事会的召开符合法律、法规和《公司章程》的规定。 二、董事会会议审议情况 董事会批准修订《员工购房借款管理办法》，该办法有效期至2027年12月31日。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 1 / 2 1、以7票同意，0票反对，0票弃权，审议通过了《2025年第一季度报告》。 与会董事认为公司2025年第一季度报告客观地反映了公司2025年第一季度财务情况、经 营成果等，并发表如下确认意见：保证公司2025年第一季度报告中所载资料不存在任何虚假 记载、误导性陈述或 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥3,226,557,969.19, representing a 21.41% increase compared to ¥2,657,548,485.89 in the same period last year[3] - Net profit attributable to shareholders was ¥446,499,519.83, up 22.91% from ¥363,269,779.12 year-on-year[3] - Basic earnings per share increased to ¥0.57, reflecting a growth of 21.28% from ¥0.47 in the same period last year[3] - Operating profit for the period was ¥513,244,630.43, up from ¥413,097,615.03, reflecting a growth of 24.2%[20] - Net profit attributable to the parent company was ¥446,499,519.83, compared to ¥363,269,779.12, marking an increase of 23%[22] - The company reported a total comprehensive income of ¥469,164,747.83, up from ¥363,675,301.90, reflecting a growth of 29.1%[22] Cash Flow - The net cash flow from operating activities was -¥558,761,573.91, a significant decline of 409.96% compared to -¥109,569,843.69 in the previous year[3] - The cash inflow from operating activities increased by 22.88% to ¥3,877,171,869.87 compared to ¥3,155,367,627.49 in the previous year[9] - The cash outflow from operating activities increased by 35.87% to ¥4,435,933,443.78, up from ¥3,264,937,471.18 year-on-year[9] - Cash inflow from investment activities totaled CNY 2,765,656,518.81, up from CNY 2,157,931,864.12 in the previous period[24] - Cash inflow from financing activities surged by 112.76% to ¥82,015,025.00, compared to ¥38,547,531.00 in the same period last year[9] - Total cash outflow from operating activities was CNY 4,435,933,443.78, compared to CNY 3,264,937,471.18 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,695,534,616.00, a 0.95% increase from ¥23,473,702,058.27 at the end of the previous year[3] - Total liabilities decreased to ¥10,517,960,941.24 from ¥10,818,360,027.95, a reduction of 2.8%[18] - The company's total equity increased to ¥13,177,573,674.76 from ¥12,655,342,030.32, reflecting a growth of 4.1%[18] - The company's cash and cash equivalents decreased to ¥2,938,760,008.12 from ¥4,027,845,600.62[14] - The total current assets amount to ¥18,907,108,840.04, slightly down from ¥18,910,986,760.56 at the beginning of the period[14] - Inventory increased to ¥4,100,606,124.27 from ¥3,476,970,033.07, indicating a growth of approximately 17.9%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 18,584[10] - The largest shareholder, Hong Kong Central Clearing Limited, holds 20.09% of shares, totaling 156,333,248 shares[10] - The second-largest shareholder, Dong Zengping, owns 16.89% of shares, amounting to 131,444,820 shares[10] Research and Development - Research and development expenses for the quarter were ¥254,803,447.08, up from ¥213,511,490.57, representing an increase of 19.3%[20] Other Information - The company has not reported any new strategies or significant market expansions during this quarter[15] - There are no preferred shareholders or changes in the status of preferred shares reported[13] - Other comprehensive income after tax amounted to ¥5,798,728.02, compared to ¥2,151,676.60, indicating a significant increase[22]

Financial Performance - In 2024, the company achieved a total revenue of 15.46 billion CNY, representing a year-on-year growth of 24.1%, meeting the established target [2] - Domestic market revenue was 12.336 billion CNY, accounting for approximately 80% of total revenue; overseas market revenue was 3.122 billion CNY, accounting for about 20% [2] - The company secured new orders worth 21.5 billion CNY in 2024, fulfilling the set goal [2] - Net profit attributable to shareholders was 2.05 billion CNY, a year-on-year increase of 31.4%; the net profit excluding non-recurring items was 1.88 billion CNY, up 32.2% year-on-year [2] Revenue Structure - The revenue structure is primarily dominated by the power distribution and transmission industry, with the automotive electronics sector contributing a relatively low proportion [3] Overseas Market Growth - The rapid growth in the overseas market in 2024 is attributed to the company's long-term commitment to overseas strategies and continuous investment in products and markets [4] - Key regions for overseas business include Europe and the Middle East (UK, Italy, Saudi Arabia, Kuwait), the Americas (Central and South America), Central Asia, Asia-Pacific (Southeast Asia), and Africa [5] R&D Investment - In 2024, the company invested 1.11 billion CNY in R&D, a 21.07% increase compared to the previous year [8] - The focus of R&D investment includes new product development, basic research, and key areas such as environmental products, automotive electronics, and energy storage [8] Inventory and Management - The increase in inventory indicates significant room for improvement in planning and inventory management [10] - The company is reflecting on and improving its inventory management practices [10] Industry Challenges - The transformer industry currently faces supply-demand imbalances, with insufficient supply capacity amid high demand growth [12] - The company is actively planning and investing in environmental product technology to meet market demands [13] Profitability in Overseas Markets - The gross profit margins in overseas markets vary significantly based on region, product, and customer, influenced by economic conditions, product mix, and operational costs [14]

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 15.458 billion, a year-on-year increase of 24.06% - The net profit attributable to shareholders reached 2.049 billion, up 31.42% year-on-year - The non-recurring net profit was 1.878 billion, reflecting a 32.19% increase year-on-year - For Q4 2024, operating revenue was 5.051 billion, a 30.2% increase year-on-year, with net profit at 554 million, up 34.72% [1]. Profitability Improvement - The company’s gross profit margin for 2024 was 31.25%, an increase of 1.75 percentage points year-on-year - The net profit margin was 13.49%, up 0.58 percentage points year-on-year - In Q4 2024, the gross profit margin was 30.88%, a 2.73 percentage point increase year-on-year, while the net profit margin was 11.2%, up 0.35 percentage points [2]. Order Backlog and Future Goals - The company secured new orders worth 21.457 billion (excluding tax) in 2024, a year-on-year increase of 29.94% - As of the end of 2024, contract liabilities stood at 1.76 billion, a 42.6% increase year-on-year - The operational target for 2025 includes achieving new contract orders of 26.8 billion (excluding tax), a 25% year-on-year growth, and an operating revenue of 18.5 billion, reflecting a 20% increase [2]. International Expansion - The company’s overseas revenue reached 3.12 billion in 2024, a 44.7% increase year-on-year, with international sales accounting for over 20% of total revenue - The company has consistently pursued an overseas strategy, achieving growth in various international markets including the UK, Italy, Saudi Arabia, and Kuwait [3]. R&D Investment and Product Development - The company places a high emphasis on product development and technological innovation, expanding its product line - New product opportunities include flexible DC transmission, energy storage, static synchronous compensators, automotive electronics, medium voltage switches, and smart operation and maintenance solutions [4]. Future Revenue Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 20.26 billion, 24.81 billion, and 30.09 billion respectively, with year-on-year growth rates of 31%, 22.5%, and 21.3% - Net profit projections for the same years are 2.65 billion, 3.43 billion, and 4.07 billion, with growth rates of 29.5%, 29.2%, and 18.9% - The expected EPS for 2025, 2026, and 2027 are 3.41, 4.4, and 5.24 respectively, with corresponding PE ratios of 21, 16, and 13 [4].

内容概要：随着全球经济的不断发展，全球各国电力需求日益旺盛，为满足日益增长的电力需求，近年 来，全球各国发电厂、变电站以及输电线路等电力基础设施不断建设和升级改造，而消弧线圈成套装置 作为保障电力系统安全稳定运行的重要设备，其市场需求也不断增加，市场规模持续扩大，据统计， 2024年全球消弧线圈成套装置市场规模达16.48亿美元，同比增长3.58%。 上市企业：许继电气（000400）、思源电气（002028）、智光电气（002169）、旭辉电气 （873864.NQ） 相关企业：山东泰开电力电子有限公司、顺特电气设备有限公司、桂林五环电器制造有限公司、北京电 力设备总厂有限公司 关键词：消弧线圈成套装置产业链、消弧线圈成套装置市场规模、消弧线圈成套装置竞争格局、消弧线 圈成套装置发展趋势 一、概述 消弧线圈成套装置是一种用于中性点非直接接地电力系统的补偿设备，其核心功能是补偿电网单相接地 故障时的电容电流，从而快速熄灭电弧、抑制弧光过电压，保障电网持续安全运行。消弧线圈成套装置 按其使用的消弧线圈不同可分为不同种类，包括调气隙式、调匝式、调容式、调可控硅式和偏磁式。 近年来，随着我国经济的不断发展，国内居民 ...

Investment Rating - The report assigns an "Overweight" rating to Sieyuan Electric with a price target of Rmb 85.00 by December 2025 [19][27]. Core Insights - Sieyuan Electric's FY24 results were in line with expectations, with new orders guidance for FY25 projected to grow by 25%, which is above consensus estimates of approximately 20% [2][3]. - The company experienced a significant increase in overseas revenue, which grew by approximately 45% year-on-year, contributing positively to overall growth [2][4]. - Despite strong financial performance, there are concerns regarding the management's decision to limit disclosures about its by-product segments for FY24, which raises questions about transparency [2][5]. Summary by Sections Financial Performance - New orders for FY24 grew by approximately 30% year-on-year to around Rmb 21.5 billion, surpassing the target of 25% growth [3]. - Overall revenue growth reached 30% year-on-year in Q4 2024, with overseas revenue increasing by about 50% year-on-year in the second half of 2024 [4]. - The gross profit margin (GPM) improved by 2 percentage points to 31% in 2024, driven by better domestic margins and higher contributions from overseas sales [5]. Expenses and Provisions - Selling expenses rose by 32% year-on-year in 2024, attributed to increased marketing efforts and share options impact [6]. - The company made Rmb 107 million in goodwill provisions in 2024, primarily related to its supercapacitor business [6][10]. Future Guidance - Sieyuan Electric is guiding for a revenue of Rmb 18.5 billion in FY25, reflecting a 20% year-on-year growth expectation [17]. - The company anticipates new orders to reach Rmb 26.8 billion in FY25, maintaining a growth rate of 25% [17]. Market Position and Outlook - Sieyuan Electric is positioned to benefit from China's elevated transmission and distribution capital expenditure, as well as from global trends in transmission capex and transformer shortages [19]. - The report suggests that the market reaction to the company's guidance will likely be positive, given the strong outlook for new orders [13].

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].