证券研究报告|公司点评报告 [Table_Date] 2026 年 01 月 27 日 [Table_Title] 2025 年业绩超预期，海外业务将持续注入增长动能 [Table_Title2] 思源电气(002028.SZ) [Table_Summary] ►2025 年业绩超预期 公司发布 2025 年业绩快报，2025 年公司实现营收 212.1 亿元， 同比增长 37%；实现归母净利润 31.6 亿元，同比增长 54%；实 现扣非归母净利润 29.6 亿元，同比增长 58%。就 2025Q4 来看， 公司实现营收 73.8 亿元，同比增长 46%，环比增长 38%；实现 归母净利润 9.7 亿元，同比增长 74%，环比增长 8%；实现扣非 归母净利润 9.2 亿元，同比增长 95%，环比增长 15%。 ►在美国供应高压变电站设备，盈利水平有望持续提升 受美国电网扩容改造&AIDC 建设放量等需求驱动，美国高压设备 供 应 紧 张 ， 电力 变 压 器 PPI 指 数 持 续上 升 。 根据 Wood Mackenzie 报告，2025Q2 美国升压变压器、电力变压器交付周 期已分别达到 143 周、 ...

Core Viewpoint - The stock of Dongfang Electric (600875) has risen over 4%, currently at 26.56 HKD, driven by a report from Huaxi Securities highlighting a favorable cycle in power equipment demand due to rapid global AIDC development and ongoing investment in grid construction [1] Group 1: Industry Outlook - The demand for power equipment is entering a prosperous cycle, supported by the rapid development of AIDC and sustained growth in grid construction investment [1] - Companies with strong channel resources, leading technology, and proactive capacity layout are expected to benefit significantly from this trend [1] Group 2: Company Performance - Dongfang Electric's gas turbine business employs a dual approach of "joint venture technology accumulation + self-developed product breakthroughs," resulting in a complete product matrix ranging from 15MW to 500MW [1] - The company is a core leader in the domestic gas turbine sector, with rapid growth in overseas business, aiming for a breakthrough in F-class heavy-duty gas turbine exports by 2025 [1] - Dongfang Electric is making significant inroads in emerging markets such as the Middle East and Central Asia, with key project contracts signed in the Middle East by 2025 [1]