【私募调研记录】潼骁投资调研思源电气

Group 1 - The core viewpoint of the article highlights that Tongxiao Investment has conducted research on a listed company, Siyuan Electric, expressing confidence in achieving its annual targets despite challenges [1] - Siyuan Electric aims for a 25% growth in orders for the year, with progress as of September aligning with expectations [1] - The company reports higher-than-average growth in overseas orders, although the fulfillment cycle is longer; domestic orders in systems, new energy, and energy storage are also growing as anticipated [1] Group 2 - The gross profit margin is supported by economies of scale, with stable material costs, although depreciation may exert pressure [1] - Increased R&D and marketing expenses are noted, while management costs are under control [1] - The proportion of overseas revenue remains stable, with EPC orders growing in Southeast Asia and Africa [1] Group 3 - Government subsidy timing differences are affecting other income streams [1] - The IGCT project is advancing industrialization in collaboration with the Huairou Laboratory [1] - Short-term revenue impact from new products is minimal, and revenue targets for 2026 have yet to be determined [1] Group 4 - GMCC will undergo a professional impairment test [1]