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 ...

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.

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 ...

证券研究报告·公司点评报告·电网设备 思源电气（002028） 2024 年业绩快报点评：业绩符合市场预期， 盈利能力继续提升 买入（维持） 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 谢哲栋 执业证书：S0600523060001 xiezd@dwzq.com.cn 证券分析师 司鑫尧 执业证书：S0600524120002 sixy@dwzq.com.cn | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 10537 | 12460 | 15458 | 18667 | 22799 | | 同比（%） | 21.18 | 18.25 | 24.06 | 20.75 | 22.14 | | 归母净利润（百万元） | 1221 | 1559 | 2087 | 2718 | 3525 | | 同比（%） | 1.91 | 27.75 | 33 ...

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].

证券代码：002028 证券简称：思源电气 公告编号：2025-001 思源电气股份有限公司2024年度业绩快报 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。 1 / 2 报告期内，公司实现营业总收入154.58亿元，较去年同期增长24.06%。实现归属上市公 司股东的净利润20.87亿元，较去年同期增长33.82%。实现经营活动现金净流量24.52亿元， 较去年同期增加1.80亿元，增长7.92%。 具体财务数据将在2024年度报告中详细披露。敬请广大投资者谨慎决策，注意投资风险。 特别提示：本公告所载2024年度的财务数据仅为初步核算数据，已经公司内部审计部 门审计，未经会计师事务所审计，与2024年度报告中披露的最终数据可能存在差异，请投 资者注意投资风险。 一、2024年度主要财务数据和指标 项目 本报告期 上年同期 增减变动幅度（％） 营业总收入 15,458,349,735.81 12,460,028,391.72 24.06% 营业利润 2,429,977,302.74 1,778,084,279.39 36.66% 利润总额 2,428,33 ...