SIEYUAN(SZ:002028) 智通财经网·2026-02-11 11:26Core Viewpoint - Siyuan Electric Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, highlighting its long-term commitment to the energy sector and its focus on research, design, manufacturing, and sales of power transmission and distribution equipment [1][3]. Company Overview - Siyuan Electric is a global manufacturer of power transmission and distribution equipment and a provider of comprehensive energy solutions. It ranks eighth among international companies and fifth among domestic companies in China's power transmission and distribution market, with a market share of 3.5% [3]. - The company has a diversified business structure consisting of six core business lines: (i) switchgear; (ii) transformers; (iii) protection and automation; (iv) power electronics; (v) energy storage systems and components; and (vi) EPC services. Its strategy focuses on strengthening grid business while expanding into the renewable energy sector [3][5]. Financial Performance - For the fiscal year 2023, the company reported revenues of approximately 12.46 billion RMB, with projected revenues of 15.46 billion RMB for 2024 and 13.83 billion RMB for the nine months ending September 30, 2025 [8][11]. - The gross profit for 2023 was about 3.61 billion RMB, with a gross margin of 29.0%. The gross profit is expected to increase to 4.73 billion RMB in 2024, with a gross margin of 30.6% [9][10]. - The net profit for 2023 was approximately 1.61 billion RMB, with projections of 2.08 billion RMB for 2024 and 2.27 billion RMB for the nine months ending September 30, 2025 [11][12]. Industry Overview - The global power generation volume is expected to reach 31,256 TWh in 2024, growing by 4.4% year-on-year, with wind and solar energy accounting for about 14.8% of total generation. The global market for power transmission and distribution equipment is projected to grow from 580.8 billion RMB in 2020 to 863.6 billion RMB in 2024, with a compound annual growth rate (CAGR) of 10.4% [13]. - In China, the market for power transmission and distribution equipment is anticipated to grow from 225.1 billion RMB in 2020 to 311.3 billion RMB in 2024, with a CAGR of 8.4% [14]. - The lithium battery energy storage system (BESS) market is expected to see significant growth, with global installed capacity projected to reach 187.2 GWh in 2024, reflecting a CAGR of 100.7% from 2020 to 2024 [16].