二、监事会会议审议情况 以3票同意，0票反对，0票弃权，审议通过了《2024年第三季度报告》。 证券代码：002028 证券简称：思源电气 公告编号：2024-052 思源电气股份有限公司第八届监事会第十次会议决议公告 本公司及监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。 一、监事会会议召开情况 思源电气股份有限公司（下称"公司"）第八届监事会第十次会议的会议通知于2024年 10月16日分别以专人、电子邮件等形式送达公司全体监事.会议于2024年10月24日在公司会 议室采取了书面通讯表决的方式召开。会议由监事会主席郑典富先生主持，会议应出席监事 3人，实际出席监事3人。会议的召开符合《公司法》和《公司章程》的规定。 思源电气股份有限公司监事会 二〇二四年十月二十五日 1 / 1 经审核，监事会认为董事会编制和审核的公司 2024 年第三季度报告的程序符合法律、 行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公司的实际情况，不存 在任何虚假记载、误导性陈述或者重大遗漏。 特此公告。 ...

证券代码：002028 证券简称：思源电气 公告编号：2024-048 思源电气股份有限公司 关于聘任2024年度审计机构的公告 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。 2、人员及业务信息 上会会计师事务所首席合伙人为张晓荣，截至 2023 年末，上会会计师事务所共有合伙 人 108 人，注册会计师 506 人，签署过证券服务业务审计报告的注册会计师 179 人。 上会会计师事务所 2023 年度经审计的收入总额为人民币 7.06 亿元，其中审计业务收入 人民币 4.64 亿元，证券业务收入人民币 2.11 亿元。上会会计师事务所 2023 年度上市公司 年报审计家数 68 家，审计收费总额人民币 0.69 亿元。客户主要行业包括制造业，信息传输、 软件和信息技术服务业，交通运输、仓储和邮政业，批发和零售业，房地产业等。上会会计 师事务所具有公司所在行业审计业务经验，本公司同行业上市公司审计客户家数 43 家。 思源电气股份有限公司（下称"公司"）第八届董事会第十四次会议于 2024 年 10 月 16 日召开，审议通过《关于聘任 2024 年度审计机 ...

证券代码：002028 证券简称：思源电气 公告编号：2024-049 3、会议召开的合法、合规性：本次股东大会会议召开符合有关法律、行政法规、部门 规章、规范性文件和公司章程的相关规定。 思源电气股份有限公司 关于召开2024年第一次临时股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、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（下称"公司"）第八届董事会第十四次会议于2024年10月16 日审议通过了《关于提请召开公司2024年第一次临时股东大会的议案》，现就召开公司2024 年第一次临时股东大会（下称"本次股东大会"）的有关事项通知如下： 一、召开会议基本情况 1、股东大会届次： 2024年第一次临时股东大会 2、股东大会的召集人：公司董事会。公司第八届董事会第十四次会议决议召开2024年 第一次临时股东大会。 4、会议召开的时间 （1）现场会议召开时间：2024年11月4日(星期一)15:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网络投票的时间为 2024 年11 月4日上午9:15—9:25，9:30—1 ...

证券代码：002028 证券简称：思源电气 公告编号：2024-047 思源电气股份有限公司第八届董事会第十四次会议决议公告 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"）第八届董事会第十四次会议的会议通知于2024 年10月8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2024年10月16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 本次聘任2024年度审计机构事项尚需提交公司股东大会审议。 2、以7票同意，0票反对，0票弃权，审议通过了《关于召开2024年第一次临时股东大 会的议案》。 具体内容详见2024年10月18日刊载于《证券时报》及中国证监会指定的信息披露网站的 2024-049号公告《关于召开2024年度第一次临时股东大会的通知》。 三、备查文件 1、经与会董事签字的公司第八届董事会第十四次会议决议； 2、第八届董事会审计委员会2024年第四 ...

一、股票交易异常波动情况 思源电气股份有限公司（下称"公司"）于 2024 年 9 月 29 日、9 月 30 日、10 月 8 日 连续 3 个交易日收盘价格涨跌幅偏离值累计达到-21.32%，根据《深圳证券交易所交易规则》 相关规定，属于股票交易异常波动的情况。 二、公司关注并核实情况 针对公司股票交易异常波动情况，公司董事会对公司及控股股东、实际控制人就相关问 题进行了核实，现就相关情况说明如下： 1、公司前期披露的信息不存在需要更正、补充之处； 证券代码：002028 证券简称：思源电气 公告编号：2024-046 思源电气股份有限公司 股票交易异常波动的公告 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。 三、不存在应披露而未披露信息的说明 公司董事会确认，公司目前没有任何根据《深圳证券交易所股票上市规则》等有关规定 应予以披露而未披露的事项或与该事项有关的筹划、商谈、意向、协议等；董事会也未获悉 公司有根据《深圳证券交易所股票上市规则》等有关规定应予以披露而未披露的、对公司股 票及其衍生品种交易价格产生较大影响的信息；公司前期披露的信息不存在需要更 ...

Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [2][67]. Core Insights - The company, a leading private power equipment manufacturer, has seen continuous expansion in product categories and rapid growth in overseas business, leading to improved profitability. In the first half of 2024, it achieved revenues and net profits of 6.17 billion and 890 million yuan, respectively, representing year-on-year growth of 16.3% and 26.6% [1][67]. - The company aims to achieve an order target of 20.6 billion yuan and revenue of 15 billion yuan in 2024, with expected year-on-year growth of 25% and 20% [1][67]. - The company has a strong track record of meeting its annual order and revenue targets, with completion rates exceeding 95% historically, indicating strong growth certainty and sustainability [1][67]. Summary by Sections 1. Continuous Expansion of Product Categories - The company has been deeply involved in the power equipment sector for 30 years, with a comprehensive product range covering both primary and secondary equipment [10]. - The company has established a clear shareholding structure, with a strong technical background among management personnel [11][12]. - The product categories continue to improve, with sustained increases in technical barriers and profitability [15][16]. 2. Company Products: Domestic Investment and Strong Overseas Demand - The company is expected to benefit from a new round of increased investment in the power grid, with the State Grid's investment projected to reach 600 billion yuan in 2024, a year-on-year increase of over 14% [40][41]. - The company’s core products, including high-voltage switches and transformers, are experiencing strong demand, with significant revenue growth [42][44]. - The company has absorbed Toshiba's technology for transformers, leading to rapid revenue growth in this segment [44][50]. 3. Overseas Business: Global Investment in Power Grids - The company has seen rapid growth in overseas orders and revenue, with overseas business accounting for 25% of total revenue in the first half of 2024 [1][53]. - The company has established a presence in over 100 countries, with a well-developed product solution capability and sales layout [52][53]. - The overseas business has achieved significant revenue growth, with a year-on-year increase of 40% in the first half of 2024 [1][53]. 4. Automotive Electronics: Leading Supercapacitor Technology - The company holds a 70.4% stake in Yancheng Carbon Energy, which has leading supercapacitor technology in China [58]. - The products have gained high recognition in the passenger vehicle market, with a market share exceeding 60% in mass-produced and designated automotive supercapacitor products [58][59]. 5. Profit Forecast and Valuation - The company is expected to achieve revenues of 15.26 billion, 18.66 billion, and 23.01 billion yuan from 2024 to 2026, with year-on-year growth rates of 22.5%, 22.3%, and 23.3% [1][66]. - The forecasted net profits for the same period are 2.08 billion, 2.60 billion, and 3.17 billion yuan, with corresponding year-on-year growth rates of 33.1%, 25.2%, and 22.0% [1][66]. - The report anticipates a price-to-earnings ratio of 27.57, 22.02, and 18.05 for the years 2024 to 2026 [1][67].

Group 1: Market Performance - The delivery situation in both domestic and overseas markets is stable, with no significant fluctuations reported [2] - The company's current performance aligns with the predetermined phased goals, and all projects are progressing as planned [3] - The delivery progress of the UHV (Ultra High Voltage) projects is normal [4] Group 2: Business Strategy - The company primarily adopts a direct sales model in the new energy sector, targeting end customers, including major power groups and various investors [2] - The company is actively expanding its transformer business in overseas markets, achieving breakthroughs in new markets [4] - The company has begun market sales work for the 750kV GIS project and is adjusting strategies to capture market share [3] Group 3: Future Outlook - The annual target for 2025 has not yet been determined [3] - The overseas market shows significant growth potential, with an expected increase in contribution to the company's total business volume [3] - The company maintains good cooperative relationships with major operators in overseas markets, which are crucial for business growth [3]

Investment Rating - The report initiates coverage with a "Hold" rating for the company, setting a target price of 65.74 CNY [4]. Core Insights - The company is a leading player in the power equipment sector, actively expanding both domestic and international markets. It has a comprehensive range of power transmission and distribution equipment, including primary and secondary devices, and has been increasing its overseas orders significantly [1][2]. - The company is expected to benefit from the global transition to renewable energy, which will drive investment in power transmission and distribution, thereby increasing demand for related equipment. The company’s market share is anticipated to grow, particularly in ultra-high voltage products [2][20]. Company Overview - Established in 1993, the company specializes in the research, manufacturing, and engineering services of power technology. Its product range includes ultra-high voltage and high-voltage switchgear, transformers, relay protection systems, and energy storage solutions [11][12]. - The company has been actively expanding its overseas market since 2009, with significant growth in overseas orders, reaching 40.1 billion CNY in 2023, a year-on-year increase of 34% [1][15]. Financial Performance - The company’s revenue from 2020 to 2023 showed consistent growth, with figures of 73.73 billion CNY, 86.95 billion CNY, 105.37 billion CNY, and 124.60 billion CNY, reflecting year-on-year growth rates of 15.6%, 17.9%, 21.2%, and 18.2% respectively [20][23]. - The net profit for the same period was 9.33 billion CNY, 11.98 billion CNY, 12.20 billion CNY, and 15.59 billion CNY, with year-on-year growth rates of 67.4%, 28.3%, 1.9%, and 27.7% respectively [20][33]. Business Segments - The main revenue sources include switchgear and related products, which accounted for 44.8% of total revenue in 2023, followed by coil products (22.0%), reactive power compensation products (14.8%), and smart devices (8.1%) [23][24]. - The company has also ventured into new business areas such as supercapacitors, which are expected to open new revenue streams, particularly in the automotive and industrial automation sectors [1][21]. Market Outlook - The domestic market is projected to enter a peak period for ultra-high voltage project operations from 2024 to 2025, which is expected to drive demand for the company’s transmission and distribution products [1][20]. - Globally, major economies are accelerating investments in power grids, with cross-border grid interconnections becoming a significant trend, which is likely to sustain growth in power equipment investments [1][20].

证券代码：002028 证券简称：思源电气 公告编号：2024-045 思源电气股份有限公司 高级管理人员股份减持计划实施完毕的公告 公司董事会秘书兼财务总监杨哲嵘先生保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 思源电气股份有限公司（下称"公司"）于 2024 年 6 月 19 日披露了 2024-028 号《高 级管理人员股份减持计划的预披露公告》。董事会秘书兼财务总监杨哲嵘先生计划自减持预 披露公告之日起 15 个交易日后的 3 个月内，以集中竞价交易方式减持公司股份合计不超过 20,000 股，占公司总股本的 0.0025%。 截至本公告披露之日，杨哲嵘先生预披露的股份减持计划实施完毕。根据《上市公司股 东、董监高减持股份的若干规定》《深圳证券交易所上市公司股东及董事、监事、高级管理 人员减持股份实施细则》等有关规定，现将其减持具体情况公告如下： 二、其他相关说明 1、截至本公告披露日，本次减持计划未违反《公司法》、《证券法》、《深圳证券交 易所股票上市规则》、《深圳证券交易所上市公司规范运作指引 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][9]. Core Views - The report highlights continuous improvement in gross margin and sustained growth in overseas orders, with a significant increase in revenue and net profit for the first half of 2024 [6][9]. - The company achieved a revenue of 6.166 billion yuan in the first half of 2024, representing a year-on-year increase of 16.27%, while the net profit attributable to the parent company grew by 26.64% to 888 million yuan [6][9]. - The overseas market revenue reached 1.515 billion yuan, a year-on-year increase of 40%, contributing to 25% of total revenue [9]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a comprehensive gross margin of 31.75%, an increase of 2.69 percentage points year-on-year [6]. - The second quarter of 2024 saw a revenue of 3.509 billion yuan, a 12.05% increase year-on-year, with a net profit of 524 million yuan, up 8.66% [6][10]. - The company’s operating efficiency improved, with a gross margin increase attributed to enhanced product competitiveness [7]. Revenue Breakdown - Revenue from various segments in the first half of 2024 includes: - Switches: 2.886 billion yuan, up 9.78%, with a gross margin of 35.22% - Coils: 1.674 billion yuan, up 50.48%, with a gross margin of 33.68% - Smart devices: 470 million yuan, up 35.25%, with a gross margin of 31.62% [7]. Future Projections - The company forecasts net profits of 2.004 billion yuan, 2.509 billion yuan, and 3.144 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 2.59 yuan, 3.24 yuan, and 4.06 yuan [9][13]. - The projected revenue for 2024 is 15.164 billion yuan, reflecting a year-on-year growth of 21.7% [8][13]. Valuation - The report suggests a reasonable price range for the company's stock between 64.75 yuan and 77.70 yuan based on a PE ratio of 25-30x for 2024 [9].