业绩同比高速增长，费用管理能力优异 公司25 年Q1 实现营收32.27 亿元（yoy+21.41%），归母净利4.46 亿元（yoy+22.91%），实现扣非归母 净利4.37 亿元（yoy+28.10%）。公司25年Q1 实现毛、净利率30.31%、14.36%，同比-0.39、+0.76pct。 公司25年Q1 期间费用率14.79%，同比-1.49pct，其中销售、管理、财务、研发费用率分别为5.03%、 2.77%、-0.90%、7.90%，同比持平、-0.22、-1.14、-0.14pct，费用管理能力优异。 海外需求保持强劲，海外营收占比持续提升 国内24 年变压器出口额67.0 亿美元，同增26.6%；25 年Q1 出口额18.2亿美元，同增38.5%，海外需求保 持强劲，公司的高电压等级产品出海或具备更强持续性。公司2024 年国内/海外业务分别实现收入 123.36、31.22亿元，同比增长19.74%、44.67%；海外占比达20.2%，同比+2.88pct。2024年公司在英 国、意大利、沙特、科威特等多个高端市场实现突破，我们认为后续盈利能力将伴随海外营收占比进一 步提升。 公司25 ...

Performance Summary - In Q1 2025, the company achieved revenue of 3.23 billion yuan, a year-on-year increase of 21.4% [1] - The net profit attributable to the parent company was 450 million yuan, up 22.9% year-on-year [1] - The net profit excluding non-recurring items was 440 million yuan, reflecting a year-on-year growth of 28.1%, meeting expectations [1] Operational Analysis - Domestic investment in the power grid reached a record high, with the State Grid completing fixed asset investments exceeding 90 billion yuan, a nearly 30% year-on-year increase [2] - The first batch of bidding for power transmission and transformation equipment by the State Grid amounted to 15.2 billion yuan, up 23% year-on-year, marking a four-year high [2] - The company secured contracts worth 1.05 billion yuan, including an unexpected 350 million yuan for 750kV GIS, enhancing its market share [2] - Transformer exports in Q1 2025 reached 1.82 billion USD, a 39% year-on-year increase, indicating sustained high growth [2] - The company made breakthroughs in markets such as the UK, Italy, Saudi Arabia, and Kuwait, benefiting from overseas demand for power equipment [2] Order Backlog and Targets - As of Q1 2025, the company's contract liabilities reached 2.84 billion yuan, a 19.91% increase from the beginning of the year, indicating a robust order backlog [3] - The company aims to secure new orders of 26.8 billion yuan (excluding tax) in 2025, a year-on-year increase of 25% [3] - The revenue target for 2025 is set at 18.5 billion yuan, reflecting a 20% year-on-year growth expectation [3] Profitability and Cost Control - The company's overall gross margin in Q1 2025 was 30.3%, a decrease of 0.4 percentage points year-on-year, while the net profit margin was 14.4%, an increase of 0.8 percentage points [4] - The expense ratios for sales, management, and R&D were 5.0%, 2.8%, and 7.9% respectively, showing stable management of expenses [4] Profit Forecast and Valuation - The company has a clear development strategy and business plan, with expectations for continued revenue growth in various product lines [5] - Projected net profits for 2025-2027 are 2.6 billion, 3.23 billion, and 3.97 billion yuan, representing year-on-year growth rates of 27%, 24%, and 23% respectively [5] - The current stock price corresponds to a PE valuation of 22, 18, and 14 times for the years 2025, 2026, and 2027, maintaining a "buy" rating [5]

目标估值： 当前股价：72.75 元 基础数据 证券研究报告 | 公司点评报告 2025 年 04 月 28 日 思源电气（002028.SZ） 订单增长强劲，海外业务亮眼 中游制造/电力设备及新能源 公司公告 2024 实现营业收入、归母净利润、扣非净利润 154.58、20.49、18.78 亿 元，同比增长 24.06%、31.42%、32.19%。25Q1 实现营业收入、归母净利润、扣 非净利润 32.27、4.46、4.37 亿元，同比增长 21.41%、22.91%、28.1%。 ❑ 风险提示：电网投资波动、新业务风险、海外业务风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 12460 | 15458 | 18637 | 22361 | 26572 | | 同比增长 | 18% | 24% | 21% | 20% | 19% | | 营业利润(百万元) | 1778 | 2432 | 3060 | 3684 | 4339 | ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 3.23 billion yuan, a year-on-year increase of 21.4%, and a net profit of 450 million yuan, up 22.9% year-on-year [8] - The domestic ultra-high voltage market has seen breakthroughs, while the external market is poised for expansion with new products [8] - The overseas demand for power grid construction remains high, with exports of transformers and high-voltage switches increasing by 40% and 30% year-on-year, respectively [8] - Cost control measures are ongoing, with significant increases in inventory and contract liabilities [8] - The company is expected to achieve net profits of 2.73 billion yuan, 3.54 billion yuan, and 4.56 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21x, 16x, and 12x [8] Financial Summary - Total revenue forecast for 2023A is 12.46 billion yuan, with a year-on-year growth of 18.25% [1] - The projected net profit for 2023A is 1.56 billion yuan, reflecting a year-on-year increase of 27.75% [1] - The latest diluted EPS for 2023A is expected to be 2.00 yuan per share [1] - The company’s total assets are projected to reach 27.04 billion yuan by 2025E [9] - The company’s total liabilities are expected to be 11.74 billion yuan by 2025E [9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [6][12]. Core Views - The company reported a revenue of 3.23 billion RMB in Q1 2025, a year-on-year increase of 21.4%, and a net profit of 450 million RMB, up 22.9% year-on-year, aligning with expectations [2]. - Domestic investment in the power grid reached a historical high, with the State Grid completing fixed asset investments exceeding 90 billion RMB, a nearly 30% year-on-year increase [3]. - The company has a robust order backlog, with contract liabilities reaching 2.84 billion RMB, a 19.91% increase from the beginning of the year, and aims for new orders of 26.8 billion RMB in 2025, a 25% year-on-year increase [4]. - The company's gross margin stood at 30.3%, with a net margin of 14.4%, indicating stable profitability and effective cost control [5]. - The company is expected to achieve net profits of 2.6 billion RMB, 3.2 billion RMB, and 3.97 billion RMB for the years 2025, 2026, and 2027 respectively, with growth rates of 27%, 24%, and 23% [6]. Summary by Sections Performance Review - In Q1 2025, the company achieved a revenue of 3.23 billion RMB, a year-on-year increase of 21.4%, and a net profit of 450 million RMB, up 22.9% [2]. Operational Analysis - Domestic power grid investment reached over 90 billion RMB in Q1 2025, a nearly 30% increase year-on-year, with the company winning contracts worth 1.05 billion RMB [3]. - Transformer exports amounted to 1.82 billion USD in Q1 2025, a 39% year-on-year increase, benefiting from strong demand in international markets [3]. Order Backlog and Targets - The company reported contract liabilities of 2.84 billion RMB, a 19.91% increase from the start of the year, with a target of 26.8 billion RMB in new orders for 2025 [4]. Profitability and Cost Control - The company maintained a gross margin of 30.3% and a net margin of 14.4%, with stable expense ratios for sales, management, and R&D [5]. Profit Forecast and Valuation - The company is projected to achieve net profits of 2.6 billion RMB, 3.2 billion RMB, and 3.97 billion RMB for 2025, 2026, and 2027, with corresponding PE ratios of 22, 18, and 14 [6].

Financial Performance - The company reported a basic earnings per share of 0.5700 yuan for Q1 2025, an increase of 21.28% compared to 0.4700 yuan in Q1 2024 and a significant rise from 0.2800 yuan in Q1 2023 [1] - The net profit for Q1 2025 was 4.46 billion yuan, reflecting a 22.87% increase from 3.63 billion yuan in Q1 2024 and a substantial increase from 2.18 billion yuan in Q1 2023 [1] - The operating revenue for Q1 2025 reached 32.27 billion yuan, up 21.41% from 26.58 billion yuan in Q1 2024 and an increase from 21.72 billion yuan in Q1 2023 [1] - The return on equity (ROE) for Q1 2025 was 3.46%, slightly up from 3.43% in Q1 2024 and significantly higher than 2.35% in Q1 2023 [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 29,366.78 million shares, accounting for 48.46% of the circulating shares, with an increase of 2,105.81 million shares compared to the previous period [1] - Hong Kong Central Clearing Limited is the largest shareholder, holding 15,633.32 million shares, which is 25.80% of the total share capital, with an increase of 1,783.85 million shares [2] - New entrants among the top shareholders include China Industrial Bank's fund and Morgan Stanley, while several previous shareholders have exited the top ten list [2] Dividend Policy - The company has announced that it will not distribute dividends or transfer shares this time [3]

二、监事会会议审议情况 思源电气股份有限公司第八届监事会第十二次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、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"）第八届监事会第十二次会议的会议通知于2025 年4月14日分别以专人、电子邮件等形式送达公司全体监事。本次会议于2025年4月24日采取 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。本次监事会的召开符合法律、法规和《公司章程》的规定。 1、以3票同意，0票反对，0票弃权，审议通过了《2025年第一季度报告》。 经审核，监事会认为董事会编制和审核的公司2025年第一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。 《2025年第一季度报告》详见刊登在《证券时报》及中国证监会指定的信息披露网站的 2025-013号公告。 证券代码：002028 证券简称：思源电气 公告编号：2025-012 经与会监事签字并加盖监事会印章的监事会 ...

证券代码：002028 证券简称：思源电气 公告编号：2025-011 思源电气股份有限公司第八届董事会第十九次会议决议公告 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"）第八届董事会第十九次会议的会议通知于2025 年4月14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2025年4月24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 董事会批准修订《员工购房借款管理办法》，该办法有效期至2027年12月31日。 三、备查文件 经与会董事签字并加盖董事会印章的董事会决议。 特此公告。 1 / 2 1、以7票同意，0票反对，0票弃权，审议通过了《2025年第一季度报告》。 与会董事认为公司2025年第一季度报告客观地反映了公司2025年第一季度财务情况、经 营成果等，并发表如下确认意见：保证公司2025年第一季度报告中所载资料不存在任何虚假 记载、误导性陈述或 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥3,226,557,969.19, representing a 21.41% increase compared to ¥2,657,548,485.89 in the same period last year[3] - Net profit attributable to shareholders was ¥446,499,519.83, up 22.91% from ¥363,269,779.12 year-on-year[3] - Basic earnings per share increased to ¥0.57, reflecting a growth of 21.28% from ¥0.47 in the same period last year[3] - Operating profit for the period was ¥513,244,630.43, up from ¥413,097,615.03, reflecting a growth of 24.2%[20] - Net profit attributable to the parent company was ¥446,499,519.83, compared to ¥363,269,779.12, marking an increase of 23%[22] - The company reported a total comprehensive income of ¥469,164,747.83, up from ¥363,675,301.90, reflecting a growth of 29.1%[22] Cash Flow - The net cash flow from operating activities was -¥558,761,573.91, a significant decline of 409.96% compared to -¥109,569,843.69 in the previous year[3] - The cash inflow from operating activities increased by 22.88% to ¥3,877,171,869.87 compared to ¥3,155,367,627.49 in the previous year[9] - The cash outflow from operating activities increased by 35.87% to ¥4,435,933,443.78, up from ¥3,264,937,471.18 year-on-year[9] - Cash inflow from investment activities totaled CNY 2,765,656,518.81, up from CNY 2,157,931,864.12 in the previous period[24] - Cash inflow from financing activities surged by 112.76% to ¥82,015,025.00, compared to ¥38,547,531.00 in the same period last year[9] - Total cash outflow from operating activities was CNY 4,435,933,443.78, compared to CNY 3,264,937,471.18 in the previous period[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥23,695,534,616.00, a 0.95% increase from ¥23,473,702,058.27 at the end of the previous year[3] - Total liabilities decreased to ¥10,517,960,941.24 from ¥10,818,360,027.95, a reduction of 2.8%[18] - The company's total equity increased to ¥13,177,573,674.76 from ¥12,655,342,030.32, reflecting a growth of 4.1%[18] - The company's cash and cash equivalents decreased to ¥2,938,760,008.12 from ¥4,027,845,600.62[14] - The total current assets amount to ¥18,907,108,840.04, slightly down from ¥18,910,986,760.56 at the beginning of the period[14] - Inventory increased to ¥4,100,606,124.27 from ¥3,476,970,033.07, indicating a growth of approximately 17.9%[14] Shareholder Information - The total number of common shareholders at the end of the reporting period is 18,584[10] - The largest shareholder, Hong Kong Central Clearing Limited, holds 20.09% of shares, totaling 156,333,248 shares[10] - The second-largest shareholder, Dong Zengping, owns 16.89% of shares, amounting to 131,444,820 shares[10] Research and Development - Research and development expenses for the quarter were ¥254,803,447.08, up from ¥213,511,490.57, representing an increase of 19.3%[20] Other Information - The company has not reported any new strategies or significant market expansions during this quarter[15] - There are no preferred shareholders or changes in the status of preferred shares reported[13] - Other comprehensive income after tax amounted to ¥5,798,728.02, compared to ¥2,151,676.60, indicating a significant increase[22]

Financial Performance - In 2024, the company achieved a total revenue of 15.46 billion CNY, representing a year-on-year growth of 24.1%, meeting the established target [2] - Domestic market revenue was 12.336 billion CNY, accounting for approximately 80% of total revenue; overseas market revenue was 3.122 billion CNY, accounting for about 20% [2] - The company secured new orders worth 21.5 billion CNY in 2024, fulfilling the set goal [2] - Net profit attributable to shareholders was 2.05 billion CNY, a year-on-year increase of 31.4%; the net profit excluding non-recurring items was 1.88 billion CNY, up 32.2% year-on-year [2] Revenue Structure - The revenue structure is primarily dominated by the power distribution and transmission industry, with the automotive electronics sector contributing a relatively low proportion [3] Overseas Market Growth - The rapid growth in the overseas market in 2024 is attributed to the company's long-term commitment to overseas strategies and continuous investment in products and markets [4] - Key regions for overseas business include Europe and the Middle East (UK, Italy, Saudi Arabia, Kuwait), the Americas (Central and South America), Central Asia, Asia-Pacific (Southeast Asia), and Africa [5] R&D Investment - In 2024, the company invested 1.11 billion CNY in R&D, a 21.07% increase compared to the previous year [8] - The focus of R&D investment includes new product development, basic research, and key areas such as environmental products, automotive electronics, and energy storage [8] Inventory and Management - The increase in inventory indicates significant room for improvement in planning and inventory management [10] - The company is reflecting on and improving its inventory management practices [10] Industry Challenges - The transformer industry currently faces supply-demand imbalances, with insufficient supply capacity amid high demand growth [12] - The company is actively planning and investing in environmental product technology to meet market demands [13] Profitability in Overseas Markets - The gross profit margins in overseas markets vary significantly based on region, product, and customer, influenced by economic conditions, product mix, and operational costs [14]