思源电气：公司点评：业绩略超预期，盈利能力持续增强

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a total revenue of 15.46 billion RMB for 2024, representing a year-on-year increase of 24.1%, and a net profit attributable to shareholders of 2.09 billion RMB, up 33.8% year-on-year [1]. - The company is well-positioned to benefit from the rapid growth in national grid investments, with expectations of continued revenue growth from both domestic and international markets [2][3]. - The company’s overseas orders are anticipated to gradually contribute to revenue, with a projected net profit margin of 13.5% for 2024, reflecting a 1.0 percentage point increase year-on-year [3]. Summary by Sections Performance Review - In Q4 2024, the company achieved a total revenue of 5.05 billion RMB, a 30.2% increase year-on-year, and a net profit of 600 million RMB, up 44.8% year-on-year, slightly exceeding expectations [1]. Operational Analysis - From January to November 2024, national grid project investments reached 529 billion RMB, an 18.7% increase year-on-year, with the company securing 39 billion RMB in contracts, maintaining a leading market share [2]. Profit Forecast and Valuation - The company is expected to achieve revenues of 15.46 billion RMB, 19.19 billion RMB, and 23.53 billion RMB for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.09 billion RMB, 2.56 billion RMB, and 3.13 billion RMB [4].