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].

Financial Performance - Total operating revenue for 2024 reached CNY 15.46 billion, an increase of 24.06% compared to the previous year[2] - Net profit attributable to shareholders of the listed company was CNY 2.09 billion, up 33.82% year-on-year[5] - Basic earnings per share increased to CNY 2.69, reflecting a growth of 33.17% from the previous year[2] - The company's total assets at the end of the reporting period were CNY 23.52 billion, a 25.55% increase from the beginning of the period[2] - The weighted average return on equity rose to 18.06%, up 2.16 percentage points from the previous year[2] - Net cash flow from operating activities was CNY 2.45 billion, an increase of 7.92% compared to the previous year[5] Strategic Focus - The company is focusing on innovation and expanding into international markets as part of its growth strategy[4] Impairment Testing - A professional evaluation agency has been hired to conduct impairment testing on goodwill related to the acquisition of Wuxi Xinjing Carbon Energy Technology Co., Ltd.[8] Performance Forecasts - The company has not disclosed any performance forecasts prior to this earnings announcement[7] Financial Data Caution - The financial data presented is preliminary and has not been audited by an external accounting firm, highlighting the need for cautious investment decisions[9]

编号：2024-012 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 | --- | --- | --- | --- | |-------------------------|--------------------------------------------|------------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------| | | | | | | | ■特定对象调研 | □分析师会议 | □媒体采访 | | 投资者关系活 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 及人员姓名 | 华宝基金、东方红资管、博时基金等 | | 海通资管、东方红资 ...

Trading Activity - On December 24, Siyuan Electric had 39 block trades on the大宗交易 platform, with a total trading volume of 3.57 million shares and a total transaction value of 264 million yuan The transaction price was consistently 74.00 yuan per share [1] - Institutional专用席位 were involved in all 39 trades, with a net purchase of 264 million yuan [1] - Over the past three months, the company has had a total of 40 block trades, amounting to 267 million yuan [2] Stock Performance - Siyuan Electric's closing price on December 24 was 74.00 yuan, marking a 3.28% increase from the previous day [2] - The daily turnover rate was 1.28%, with a total trading volume of 566 million yuan [2] - Over the past five days, the stock has risen by 4.56%, but there has been a net outflow of 39.09 million yuan in funds [2] Financing Data - The latest融资余额 for Siyuan Electric is 251 million yuan, which has increased by 23.48 million yuan over the past five days, representing a 10.31% increase [3]

证券代码：002028 证券简称：思源电气 公告编号：2024-057 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。无董事不能保证公告内容真实、准确、完整。 思源电气股份有限公司（以下简称"思源电气"）第八届董事会第十六次会议审议通 过了《关于变更子公司江苏思源电池技术有限公司增资方案的决议》，公司决定使用自有资 金6,760万元人民币对子公司江苏思源电池技术有限公司（以下简称"电池公司"）进行增 资，增资后电池公司注册资本增加到8,760万元，仍为思源电气的全资子公司。具体内容详 见2024年11月20日刊载于《证券时报》及中国证监会指定信息披露网站的 2024-056《关于 变更子公司江苏思源电池技术有限公司增资方案的公告》。 近日，电池公司已完成工商变更登记手续，并取得无锡市惠山区行政审批局换发的《营 业执照》，登记的相关信息如下： | 变更事项 | 变更前 | 变更后 | | --- | --- | --- | | 注册资本 | 2,000万元 | 8,760万元 | 一、 本次变更登记情况 二、变更后的营业执照信息 1、统一社会信用代码：91320 ...

但在当下这个时间点呢我觉得往明年来看的话公司整体的机会确定性应该来说是比较的高啊确定性是比较的高然后我把几个核心逻辑和点给大家再分享汇报一下啊第一个呢就是我们的这个第一页这边核心逻辑呢有几个方面第一个呢来自于公司的产品为主啊第二个呢来自于地域的为主 那么现在的接入有两个特征啊有两个特征第一个呢是他的这个呃出力曲线不太稳定啊出力曲线不太稳定啊另外一个呢就是波波动性也比较大啊波动性也比较大那也就是带来这个波动的问题这是一个另外一个呢也带来了以系列的这个升压和降压这一块的一个需求我们可以想啊这个光伏也好风电也好这个发电出来之后呢首先要这个升压上网啊升压上网之后呢 马克过去一段时间也讲过一个观点就是说人体社会后面的科技转型呢第一步是会缺这个归期的半导体去归期半导体第二步缺变压器第三步缺电他的第二步缺变压器的讲的概念叫vertical transformer就是他讲变压器呢实际上来讲应该是一个容量的概应该是一个容量的概念这个事应该怎么去理解呢就是我们可以想吧 呃我们可以把整体的社会这个电能的运输想象成一个高速公路啊想象成一个高速公路然后过去来看的话比如像火电啊或者水电这些发电小数其实都是比较长的啊火电大概有五六千个小时 ...

Investment Rating - Buy rating maintained for Siyuan Electric [2] Core Views - Siyuan Electric reported robust performance with Q3 2024 revenue of RMB 10.407 billion, YoY growth of 21.28%, and net profit attributable to shareholders of RMB 1.491 billion, YoY growth of 29.88% [4] - The company plans to invest RMB 300 million in a high-voltage intelligent gas-insulated switchgear (GIS) production base, expected to contribute to new revenue growth [4] - Forecasted revenue for 2024-2026 is RMB 15.443 billion, RMB 19.120 billion, and RMB 23.581 billion, respectively, with net profit attributable to shareholders of RMB 2.105 billion, RMB 2.530 billion, and RMB 2.979 billion [4] Financial Performance - Q3 2024 revenue reached RMB 4.241 billion, YoY growth of 29.39%, with net profit attributable to shareholders of RMB 604 million, YoY growth of 34.95% [4] - Gross margin for Q3 2024 was 30.96%, down 0.84 pct YoY and 1.58 pct QoQ [4] - Forecasted gross margin for 2024-2026 is 29.2%, 28.7%, and 28.1%, respectively [4] Valuation Metrics - Forecasted P/E ratios for 2024-2026 are 29x, 24x, and 21x, respectively [4] - Forecasted P/B ratios for 2024-2026 are 4.86x, 4.05x, and 3.38x, respectively [4] - Forecasted EV/EBITDA ratios for 2024-2026 are 23.02x, 18.71x, and 15.77x, respectively [4] Growth Prospects - Revenue growth rates for 2024-2026 are forecasted at 23.9%, 23.8%, and 23.3%, respectively [4] - Net profit attributable to shareholders growth rates for 2024-2026 are forecasted at 35.0%, 20.2%, and 17.7%, respectively [4] Operational Efficiency - ROE for 2024-2026 is forecasted at 16.7%, 16.7%, and 16.4%, respectively [4] - ROIC for 2024-2026 is forecasted at 15.8%, 15.9%, and 15.4%, respectively [4] Market Position - Siyuan Electric has initiated sales in the 750kV market and is expected to gain market share [4] - The company’s total market capitalization is RMB 61.3 billion, with a circulating market capitalization of RMB 47.7 billion [2]

思源电气股份有限公司第八届董事会第十六次会议决议公告 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。 证券代码：002028 证券简称：思源电气 公告编号：2024-055 二、董事会会议审议情况 1、以 7 票同意，0 票反对，0 票弃权，审议通过了《关于变更子公司江苏思源电池技 术有限公司增资方案的决议》。 公司决定使用自有资金6,760万元人民币对子公司江苏思源电池技术有限公司进行增资。 具体内容详见2024年11月20日刊载于《证券时报》及中国证监会指定信息披露网站的 2024-056号《关于变更子公司江苏思源电池技术有限公司增资方案的公告》。 特此公告。 思源电气股份有限公司董事会 二〇二四年十一月十九日 1 / 1 一、董事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届董事会第十六次会议的会议通知于2024 年11月11日分别以专人、电子邮件等形式送达公司全体董事。会议于2024年11月19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。会议的召开符合《公司法》和《公司章程》的规定。 ...