Investment Rating - The report maintains a "Buy" rating for JunDa Co., emphasizing the potential for value reshaping in the photovoltaic manufacturing chain, particularly in the battery cell segment [7][8]. Core Insights - The photovoltaic manufacturing industry is experiencing a trend of globalization, with the battery cell segment's position and leading companies' values expected to be reshaped. JunDa Co. is reiterated as a key recommendation, with a focus on the resilience of domestic and international demand post-installation rush [2][7]. - The wind energy sector is seeing significant developments, such as the signing of a 100,000 kW floating offshore wind power pilot project by WanNing, which is expected to be a major growth direction during the 14th Five-Year Plan period [2][9]. - The power grid sector is advancing with the State Grid's focus on ultra-high voltage project construction and the Southern Grid's procurement plans, indicating a strong emphasis on digitalization and smart grid upgrades [2][9]. Summary by Sections Photovoltaics & Energy Storage - The report highlights the ongoing globalization of the photovoltaic manufacturing chain, particularly in the component segment, with a focus on JunDa Co. and the observation of component production in May [2][7]. - JunDa Co. reported a significant reduction in losses in Q1 2025, with a revenue of 1.875 billion yuan, a year-on-year decrease of 49.52%, and a quarter-on-quarter increase of 7.14% [7][9]. - The report anticipates a recovery in profitability for the battery cell segment, driven by improved supply-demand dynamics and the optimization of leading companies' production structures [7][9]. Wind Power - The WanNing floating offshore wind power pilot project, with a planned capacity of 1 GW, is set to be a significant development in the wind energy sector, utilizing advanced floating wind turbine technology [2][9]. - The report suggests that floating wind power is expected to be a key development direction during the 14th Five-Year Plan, supported by national policies promoting marine economy and deep-sea technology [2][9]. Power Grid - The State Grid is prioritizing the construction of ultra-high voltage projects and accelerating the planning and digital transformation of regional power grids [2][9]. - The Southern Grid has announced plans for 30 procurement batches in 2025, highlighting its commitment to energy digitalization and smart grid upgrades [2][9]. - China West Electric's Q1 performance exceeded expectations, with a revenue of 5.26 billion yuan, a year-on-year increase of 10.9%, and a net profit of 290 million yuan, a year-on-year increase of 42.1% [9][10]. New Energy Vehicles & Lithium Batteries - Huawei's launch of the AITO M8 and the AITO S9 range extender aligns with market expectations, indicating strong consumer interest [3][11]. - The solid-state battery industry is progressing, with Ganfeng Lithium and LGES making significant advancements in solid-state battery development [3][14]. Hydrogen Energy & Fuel Cells - The report emphasizes the importance of downstream consumption in the hydrogen energy sector, particularly in marine fuels and heavy-duty trucks, as the global shipping industry moves towards regulatory-driven emissions reductions [4][10]. - The establishment of the "Hydrogen Corridor" in Western China is expected to support logistics applications and enhance hydrogen energy utilization [4][10].

Investment Rating - The report maintains a "Buy" rating for JunDa Co., Ltd. and highlights the potential of the photovoltaic manufacturing industry under globalization [7][8]. Core Insights - The photovoltaic manufacturing supply chain, particularly in the component segment, is expected to undergo a value reshaping due to globalization, with JunDa Co., Ltd. being a key recommendation [7]. - The offshore floating wind power project in Wanning is set to become a significant development direction during the 14th Five-Year Plan, supported by national policies promoting marine economy and deep-sea technology [9]. - The report emphasizes the importance of digital transformation in the power grid sector, with significant procurement plans from Southern Power Grid and advancements in high-voltage engineering by State Grid [9][10]. Summary by Sections Photovoltaics & Energy Storage - The report reiterates the recommendation for JunDa Co., Ltd. as a leading independent battery cell supplier, highlighting its improved performance and increasing export sales [7]. - The global trend of component capacity construction is accelerating, with a notable increase in battery cell exports, indicating a shift in the supply chain dynamics [7]. - The report anticipates a recovery in profitability for the battery cell segment, driven by improved supply-demand relationships and the optimization of leading companies' production structures [7]. Wind Power - The Wanning floating offshore wind power project, with a planned capacity of 1GW, is expected to significantly contribute to the development of floating wind technology in China [9]. - The project will utilize advanced floating wind turbine technology, marking a milestone in the country's offshore wind power capabilities [9]. Power Grid - The State Grid is focusing on high-voltage engineering construction and accelerating the planning and digital transformation of regional power grids [9]. - Southern Power Grid has announced a procurement plan for 30 batches of materials, emphasizing its commitment to energy digitalization [9]. - China West Electric's Q1 performance exceeded expectations, with strong growth in new orders and overseas revenue [10]. New Energy Vehicles & Lithium Batteries - Huawei's launch of the AITO M8 and the AITO S9 range extender aligns with market expectations, indicating strong consumer interest [3]. - The solid-state battery industry is progressing, with significant developments from Ganfeng Lithium and LGES, aiming for commercial products by 2030 [3][14]. Hydrogen Energy & Fuel Cells - The International Maritime Organization's net-zero framework will drive the shipping industry's decarbonization, with methanol emerging as a key fuel [4]. - The launch of the "Hydrogen Corridor" in Western China is expected to enhance hydrogen supply and logistics capabilities, supporting the demand for hydrogen-powered vehicles [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 ...

公司的内部控制体系基本覆盖了公司生产经营管理的各个方面和环节，符合相关法律法 规及监管部门要求，并能得到有效执行，保证了公司经营管理业务的正常运行和公司资产的 安全完整。《2024 年度内部控制评价报告》全面、客观、真实地反映了公司内部控制体系建 设和运作的实际情况。 思源电气股份有限公司监事会 监事会对公司内部控制评价报告的意见 根据《中华人民共和国公司法》、《上市公司治理准则》、《深圳证券交易所股票上市规则》、 《企业内部控制基本规范》（财会〔2008〕7 号）、《深圳证券交易所上市公司自律监管指引 第 1 号——主板上市公司规范运作》等相关规定，公司监事会对公司内部控制评价报告发表 意见如下： 二〇二五年四月十八日 思源电气股份有限公司 1 / 1 ...

思源电气股份有限公司 关于举行2024年年度报告网上说明会的通知 证券代码：002028 证券简称：思源电气 公告编号：2025-008 二〇二五年四月十八日 1 / 1 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。 出席本次年度报告说明会的人员有：公司董事长兼总经理董增平先生、副董事长陈邦 栋先生、独立董事邱宇峰先生、独立董事赵世君先生、独立董事叶锋先生、董事秦正余先生、 董事兼副总经理杨帜华先生、董事会秘书兼财务总监杨哲嵘先生。 欢迎广大投资者积极参与。 特此公告。 思源电气股份有限公司董事会 思源电气股份有限公司（下称"公司"）将于 2025 年 4 月 30 日（星期三）15:00 至 17:00 在证券时报网提供的网上平台召开 2024 年年度报告网上说明会。本次年度报告说明会将采 用网络远程方式召开，投资者可登陆证券时报网上路演中心（http://rs.stcn.com）参与本 次说明会。 为充分尊重投资者、提升交流的针对性，本次年度报告网上说明会提前向投资者公开 征集问题，提问通道自 2025 年 4 月 23 日起开放，公司将在本次年度报告网 ...