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 ...

数据统计显示，中证沪港深张江自主创新50指数近一个月下跌6.62%，近三个月上涨7.11%，年至今上 涨10.05%。 据了解，中证沪港深张江自主创新50指数从沪港深三地市场中选取50只业务涉及生物医药、集成电路、 人工智能、高端装备制造、节能环保、新材料等产业的张江高新区上市公司证券作为指数样本，以反映 沪港深三地市场张江高新区新兴产业上市公司证券的整体表现。该指数以2014年12月31日为基日，以 1000.0点为基点。 中证沪港深张江自主创新50指数上涨0.03%，前十 大权重包含中芯国际等 从中证沪港深张江自主创新50指数持仓样本的行业来看，信息技术占比67.98%、医药卫生占比 20.15%、工业占比6.75%、通信服务占比2.12%、原材料占比1.69%、房地产占比0.89%、可选消费占比 0.42%。 金融界3月24日消息，上证指数上涨0.15%，中证沪港深张江自主创新50指数 (SHS张江50，931596)上涨 0.03%，报1485.13点，成交额293.43亿元。 从指数持仓来看，中证沪港深张江自主创新50指数十大权重分别为：韦尔股份（11.04%）、中芯国际 （9.85%）、中微公司（ ...

天眼查商业履历信息显示，思源电气股份有限公司，成立于1993年，位于上海市，是一家以从事电气机 械和器材制造业为主的企业。企业注册资本77020.6032万人民币，实缴资本37711.1373万人民币。公司 法定代表人为董增平。 通过天眼查大数据分析，思源电气股份有限公司共对外投资了33家企业，参与招投标项目3346次，知识 产权方面有商标信息81条，专利信息253条，此外企业还拥有行政许可52个。 来源：金融界 资金流向方面，今日主力资金净流入2022.23万元，占比成交额4.98%。其中，超大单净流出1107.08万 元、占成交额2.73%，大单净流入3129.31万元、占成交额7.71%，中单净流出流出458.37万元、占成交 额1.13%，小单净流出1563.86万元、占成交额3.85%。 思源电气最新一期业绩显示，截至2024三季报，公司营业总收入104.07亿元、同比增长21.28%，归属净 利润14.91亿元，同比增长29.88%，扣非净利润14.05亿元，同比增长26.52%，流动比率1.827、速动比率 1.438、资产负债率44.35%。 思源电气（002028）3月24日主力资金净流入 ...

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 | ...

Summary of China Power Grid Equipment Research Industry Overview - The report focuses on the **China Power Grid Equipment** sector, specifically the procurement activities of the **State Grid** in 2025, which announced its first batch of power transmission and transformation equipment bidding totaling **Rmb15.239 billion** [1][2][3]. Key Companies and Market Share - **TBEA** secured the largest share with **Rmb1.538 billion**, representing **10.1%** of the market. - **China XD** followed with **Rmb1.443 billion** or **9.5%** market share. - **Pinggao** received **Rmb1.355 billion** (8.9% market share), while **Sieyuan** obtained **Rmb1.053 billion** (6.9% market share) [1][3]. - Notably, the new orders for Pinggao and Sieyuan are estimated to be **7%** and **8%** of their total domestic new orders in 2024, respectively [3]. Financial Forecasts - The report forecasts a **15% year-over-year increase** in PRC power grid capital expenditure (capex) for 2025, with total capex expected to exceed **Rmb650 billion**, up from **Rmb609.2 billion** in 2024 [6][7]. - The expected net profit growth for Pinggao and Sieyuan is projected to be **20-25% year-over-year** in 2025, while Xuji Electric's growth is anticipated to accelerate from **10%** in 2024 to **15-20%** in 2025 [1][6]. Procurement Strategy - The State Grid plans to conduct **six batches** of procurement for ultra-high voltage (UHV) construction in 2025, a reduction from **eight batches** in 2024, aimed at achieving greater efficiency and economies of scale [6][7]. - The average size of procurement batches is expected to increase due to more centralized purchasing practices [7]. Equipment Categories and Bidding Results - The bidding results included various categories: - **Combined electrical appliances**: **Rmb4.394 billion** - **Power cables**: **Rmb2.524 billion** - **Transformers**: **Rmb3.549 billion** - **Switch cabinets**: **Rmb997 million** - **Relay protection and substation computer monitoring systems**: **Rmb661 million** - **Communication equipment integration**: **Rmb334 million** [2]. Investment Recommendations - The report recommends a **Buy** rating for **Pinggao** and **Sieyuan**, while **TBEA** is rated as a **Sell** due to its loss-making polysilicon business and profit cuts from coal sales [1][5]. Additional Insights - The report indicates that at least **55 listed companies** won bids in this procurement round, highlighting the competitive nature of the market [3]. - The average single package bid was **Rmb27.56 million**, with the maximum bid reaching **Rmb450.5 million** [2]. This summary encapsulates the critical insights and data from the research on the China Power Grid Equipment sector, focusing on procurement activities, market dynamics, and financial forecasts for key players.

Investment Rating - The report maintains a positive outlook on the renewable energy sector, particularly in solar and wind energy, indicating strong recovery potential in profitability and pricing dynamics [1][6][9]. Core Insights - The government work report emphasizes the development of the renewable energy industry, addressing issues such as "internal competition," the construction of "Shagora" renewable energy bases, and the development of offshore wind power for the first time [1][6][9]. - The solar industry is experiencing a significant recovery in both volume and price, with expectations for continued upward trends in glass and battery cell profitability [1][6][9]. - The wind energy sector is expected to benefit from government policies aimed at stabilizing prices and enhancing project profitability, particularly in offshore wind projects [1][6][9]. - The electric grid sector is witnessing a surge in demand for high-voltage equipment, with significant increases in tender amounts for transmission and transformation equipment [1][6][9]. Summary by Relevant Sections Solar & Energy Storage - The government work report highlights the importance of the renewable energy sector, with new initiatives aimed at addressing structural issues and enhancing supply and demand dynamics [1][6]. - The solar industry is seeing a strong recovery in production and pricing, with expectations for increased output in March [1][6]. - Key components such as glass and battery cells are identified as having the best potential for profitability recovery [1][6]. Wind Energy - The government work report's focus on offshore wind development marks a significant policy shift, indicating a positive outlook for the sector [1][6]. - The report anticipates a return to reasonable pricing levels for wind turbines, driven by policy guidance and market demand [1][6]. Electric Grid - The report notes a record high in tender amounts for grid equipment, with a total of 152 billion yuan for 2025, reflecting a 23% year-on-year increase [1][6]. - The demand for high-voltage products is surging, with specific tenders for 750kV equipment showing substantial growth [1][6]. New Energy Vehicles - The report indicates that the overall sales performance of new energy vehicles in February met expectations, with significant growth in electric vehicle sales [2][12][16]. - The introduction of new models, such as the Galaxy E8 and the Wanjie M8, is expected to enhance market competitiveness [12][13]. Lithium Batteries - The report highlights the impact of increased tariffs on lithium batteries, raising the effective tax rate to approximately 50%, which may affect trade dynamics [2][16]. Hydrogen and Fuel Cells - The establishment of a significant venture capital fund for hydrogen energy is expected to attract substantial investment, enhancing the industry's long-term growth prospects [2][10]. - Policy proposals from the recent national congress indicate a shift towards cost reduction and demand expansion in the hydrogen sector [2][10].

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 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's 2024 performance report indicates that revenue reached 15.458 billion yuan, a year-on-year increase of 24%, and net profit attributable to shareholders was 2.087 billion yuan, up 34% year-on-year, aligning with market expectations [8] - The company's profitability continues to improve, with a net profit margin of 13.5% for 2024, an increase of 0.98 percentage points year-on-year, driven by a higher proportion of overseas revenue and effective cost control [8] - The domestic market remains stable, while the overseas market is expanding rapidly, with expectations of significant growth in overseas revenue [8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved total revenue of 15.458 billion yuan, a 24.06% increase from 2023, and net profit of 2.087 billion yuan, reflecting a 33.85% growth [8] - The fourth quarter of 2024 saw revenue of 5.051 billion yuan, a 30% increase year-on-year, and net profit of 595 million yuan, up 45% year-on-year [8] Profitability Metrics - The company reported a net profit margin of 13.5% for 2024, an increase of 0.98 percentage points year-on-year, and a net profit margin of 12.38% when excluding non-recurring items, up 0.97 percentage points [8] - The fourth quarter of 2024 had a net profit margin of 11.78%, an increase of 1.19 percentage points year-on-year [8] Market Outlook - The domestic market for power grid infrastructure is robust, with a completion amount of approximately 529 billion yuan in 2024, a 19% increase year-on-year [8] - The company is focusing on overseas markets, with expectations of doubling overseas revenue in 2024 and maintaining over 50% growth in 2025 [8] Valuation and Forecast - The report revises the company's net profit forecasts for 2024-2026 to 2.07 billion yuan, 2.72 billion yuan, and 3.52 billion yuan respectively, with corresponding price-to-earnings ratios of 28x, 21x, and 16x [8] - The target price is set at 98.0 yuan per share based on a 28x PE for 2025 [8]