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思源电气(002028):业绩符合市场预期 看好全年业绩超目标增长
Xin Lang Cai Jing· 2025-04-29 02:43
网内超高压市场实现突破、网外静待新品扩大市场天花板。1)网内市场,电网投资高速增长,Q1 电网 基础建设完成额956 亿元,同比+25%,我们预计公司网内收入实现20-30%的增长;订单方面,公司成 功中标9间隔国网输变电物资招标750kV 组合电器,实现750kV 产品市场0-1 突破,看好高端产品份额 持续提升,进一步提高网内业务毛利率水平。2)网外市场,24 年公司SSC 等构网型产品开始交付并投 入使用,随着新能源装机占比的提高,构网型储能、SSC 等产品有望成为新能源并网运行的刚需,公 司卡位领先,配合变压器、高压开关以及继电保护等传统产品,进一步扩大公司网外市场天花板。 海外电网建设需求高涨、关税对公司业务无影响。海外电网建设需求保持高景气,Q1 我国变压器/高压 开关出口金额同比+40%/30%,公司24年海外收入占比提升至20%,订单占比我们预计提升至30%以 上。美国关税对我国出口产品层层加码,但由于美国内部制造业回流需求+AI 发展拉动新增负荷+老旧 电力设备亟待更新,我们认为高压电力设备在国际市场供应仍偏紧,西门子、日立能源等头部企业扩产 周期长,展望全年,我们认为公司海外收入有望维持高 ...
平高电气(600312):高压板块确收加速 2025年电网持续加速建设
Xin Lang Cai Jing· 2025-04-29 02:35
公司发布2024 年&2025 年一季度报告。2024 年全年:1)实现营收124.02 亿元,同比+11.96%;归母净 利润10.23 亿元,同比+25.43%;扣非归母净利润9.93 亿元,同比+22.99%。2)全年毛利率22.36%,同 比+0.98pct;销售净利率9.02%,同比+0.71pct。3)期间费用率为11.04%,同比+0.16pct,销售/管理/研 发/财务费用率分别为3.99%、3.09%、4.44%、-0.47%,同比分别变动-0.08、+0.17、-0.29、+0.36pct。 2025Q1单季度:1)实现营收25.1 亿元,同比+22.82%,环比-44.41%;归母净利润3.58 亿元,同比 +55.94%,环比+115.68%;扣非归母净利润3.56亿元,同比+56.23%,环比+146.22%。2)毛利率 28.74%,同比+3.52pct,环比+9.72pct;净利率15.39%,同比+2.75pct,环比+11.03pct。3)期间费用率 为10.71%,同比+0.3pct,销售/管理/研发/财务费用率分别为4.38%、2.95%、4.17%、-0.79%,同比分 ...
思源电气(002028):业绩符合市场预期,看好全年业绩超目标增长
Soochow Securities· 2025-04-27 13:20
Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's Q1 2025 performance met market expectations, with revenue of 3.23 billion yuan, a year-on-year increase of 21.4%, and a net profit of 450 million yuan, up 22.9% year-on-year [8] - The domestic ultra-high voltage market has seen breakthroughs, while the external market is poised for expansion with new products [8] - The overseas demand for power grid construction remains high, with exports of transformers and high-voltage switches increasing by 40% and 30% year-on-year, respectively [8] - Cost control measures are ongoing, with significant increases in inventory and contract liabilities [8] - The company is expected to achieve net profits of 2.73 billion yuan, 3.54 billion yuan, and 4.56 billion yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 21x, 16x, and 12x [8] Financial Summary - Total revenue forecast for 2023A is 12.46 billion yuan, with a year-on-year growth of 18.25% [1] - The projected net profit for 2023A is 1.56 billion yuan, reflecting a year-on-year increase of 27.75% [1] - The latest diluted EPS for 2023A is expected to be 2.00 yuan per share [1] - The company’s total assets are projected to reach 27.04 billion yuan by 2025E [9] - The company’s total liabilities are expected to be 11.74 billion yuan by 2025E [9]
思源电气(002028):在手订单充足 出海成长可期
Xin Lang Cai Jing· 2025-04-24 14:36
Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 15.458 billion, a year-on-year increase of 24.06% - The net profit attributable to shareholders reached 2.049 billion, up 31.42% year-on-year - The non-recurring net profit was 1.878 billion, reflecting a 32.19% increase year-on-year - For Q4 2024, operating revenue was 5.051 billion, a 30.2% increase year-on-year, with net profit at 554 million, up 34.72% [1]. Profitability Improvement - The company’s gross profit margin for 2024 was 31.25%, an increase of 1.75 percentage points year-on-year - The net profit margin was 13.49%, up 0.58 percentage points year-on-year - In Q4 2024, the gross profit margin was 30.88%, a 2.73 percentage point increase year-on-year, while the net profit margin was 11.2%, up 0.35 percentage points [2]. Order Backlog and Future Goals - The company secured new orders worth 21.457 billion (excluding tax) in 2024, a year-on-year increase of 29.94% - As of the end of 2024, contract liabilities stood at 1.76 billion, a 42.6% increase year-on-year - The operational target for 2025 includes achieving new contract orders of 26.8 billion (excluding tax), a 25% year-on-year growth, and an operating revenue of 18.5 billion, reflecting a 20% increase [2]. International Expansion - The company’s overseas revenue reached 3.12 billion in 2024, a 44.7% increase year-on-year, with international sales accounting for over 20% of total revenue - The company has consistently pursued an overseas strategy, achieving growth in various international markets including the UK, Italy, Saudi Arabia, and Kuwait [3]. R&D Investment and Product Development - The company places a high emphasis on product development and technological innovation, expanding its product line - New product opportunities include flexible DC transmission, energy storage, static synchronous compensators, automotive electronics, medium voltage switches, and smart operation and maintenance solutions [4]. Future Revenue Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 20.26 billion, 24.81 billion, and 30.09 billion respectively, with year-on-year growth rates of 31%, 22.5%, and 21.3% - Net profit projections for the same years are 2.65 billion, 3.43 billion, and 4.07 billion, with growth rates of 29.5%, 29.2%, and 18.9% - The expected EPS for 2025, 2026, and 2027 are 3.41, 4.4, and 5.24 respectively, with corresponding PE ratios of 21, 16, and 13 [4].