思源电气（002028）：25H1业绩增速亮眼，海外市场贡献显著

Investment Rating - The report maintains a "Recommended" rating for the company, benefiting from global grid construction demand and the continuous release of new products and markets [3][4]. Core Viewpoints - The company achieved impressive growth in H1 2025, with revenue of 8.497 billion yuan, a year-on-year increase of 37.80%, and a net profit attributable to shareholders of 1.293 billion yuan, up 45.71% [1]. - The company's profitability continues to improve, with a gross margin of 32.61% and a net margin of 16.43% in Q2 2025, reflecting a positive trend in operational efficiency [1][2]. - The company is expanding its domestic and international markets, with significant contributions from overseas sales, which reached 2.862 billion yuan in H1 2025, a year-on-year increase of 88.95% [2]. Summary by Sections Financial Performance - In H1 2025, the company reported revenue of 8.497 billion yuan and a net profit of 1.293 billion yuan, with Q2 alone contributing 5.270 billion yuan in revenue and 0.846 billion yuan in net profit [1]. - The company plans to achieve new contract orders of 26.8 billion yuan in 2025, a 25% increase year-on-year, and aims for a revenue target of 18.5 billion yuan, reflecting a 20% growth [1]. Market Expansion - The domestic market shows strong growth potential, with a 18.7% year-on-year increase in installed power generation capacity and a 14.6% increase in grid investment [2]. - The company is actively developing new products and markets, including high-voltage equipment and automotive electronics, with the automotive electronics segment achieving a revenue of 45.45 million yuan, up 216.58% year-on-year [2]. Future Projections - Revenue projections for 2025-2027 are 19.387 billion yuan, 23.684 billion yuan, and 28.471 billion yuan, with corresponding growth rates of 25.4%, 22.2%, and 20.2% [3][8]. - Net profit projections for the same period are 2.759 billion yuan, 3.499 billion yuan, and 4.429 billion yuan, with growth rates of 34.7%, 26.8%, and 26.6% respectively [3][8].