思源电气(002028)：巩固提升网内市场份额 积极拓展网外及海外高端市场

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 15.458 billion yuan, a year-on-year increase of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% year-on-year [1] - For Q1 2025, the company reported operating revenue of 3.227 billion yuan, a year-on-year increase of 21.41%, and a net profit of 446 million yuan, reflecting a year-on-year growth of 22.91% [1] - The company exceeded its annual operational targets for 2024, with actual new orders of 21.457 billion yuan, a year-on-year increase of 29.94%, surpassing the target by 4% [1] Group 2: Market Strategy - The company is focusing on deepening its presence in the domestic market while accelerating breakthroughs in overseas markets, achieving domestic operating revenue of 12.336 billion yuan in 2024, a year-on-year increase of 19.74% [2] - The overseas market saw significant growth, with operating revenue of 3.122 billion yuan in 2024, representing a year-on-year increase of 44.67% [2] - The company has successfully developed multiple products in international markets, including the UK, Italy, Saudi Arabia, and Kuwait, and has achieved various product certifications [2] Group 3: Research and Development - The company invested 1.11 billion yuan in R&D in 2024, a year-on-year increase of 21.07%, accounting for 7.18% of operating revenue [2] - New product developments, such as supercapacitors, are expected to contribute to future growth, with significant progress in automotive power supply projects and applications in power systems [2] Group 4: Profit Forecast and Valuation - The company has raised its profit forecast, expecting operating revenues of 18.817 billion yuan, 22.894 billion yuan, and 27.538 billion yuan for 2025-2027, with year-on-year growth rates of 21.7% for each year [3] - Projected net profits for 2025-2027 are 2.631 billion yuan, 3.288 billion yuan, and 4.096 billion yuan, with year-on-year growth rates of 28.4%, 25.0%, and 24.6% respectively [3] - The expected EPS for 2025-2027 is 3.38 yuan, 4.22 yuan, and 5.26 yuan per share, with corresponding PE ratios of 23, 18, and 15 times [3]