研报掘金丨民生证券：维持思源电气“推荐”评级，盈利能力持续改善

Core Viewpoint - The report from Minsheng Securities highlights that Siyuan Electric achieved a net profit attributable to shareholders of 2.191 billion yuan in Q1-Q3 of 2025, representing a year-on-year increase of 46.94% [1] Financial Performance - In Q3 of 2025, the company reported a net profit attributable to shareholders of 899 million yuan, marking a year-on-year growth of 48.73% and a quarter-on-quarter increase of 6.20% [1] - The company's profitability continues to improve, with impressive performance growth and an ongoing increase in gross margin [1] Inventory and Business Growth - The significant year-on-year increase in inventory and prepaid expenses is primarily due to rapid growth in certain business segments, leading to higher inventory levels and increased payments to suppliers [1] - This indicates that the company's related businesses maintain a high level of prosperity, with inventory levels remaining elevated, which is expected to support future performance growth [1] Market Demand and Product Expansion - The company benefits from global demand for power grid construction, with new products and markets continuing to expand [1] - The report maintains a "recommended" rating for the company, reflecting confidence in its growth prospects [1]