事件描述 公司发布2025 年半年报。上半年，公司实现营业收入57.0 亿元，同比+13.0%；归母净利润6.6 亿元，同 比+24.6%；扣非净利润6.6 亿元，同比+24.2%。单季度看，公司2025Q2 营业收入31.9 亿元，同比 +6.2%，环比+26.9%；归母净利润3.1 亿元，同比+0.9%，环比-14.5%；扣非净利润3.1 亿元，同比 +0.3%，环比-14.1%。 事件评论 上半年费用端主要系研发费用有所提升。 其他方面，公司2025Q2 末存货达22.40 亿元，同比+21.1%，环比上季度末+7.6%。合同负债达17.15 亿 元，同比+40.0%，环比上季度末+28.5%，预示后续增长潜力较强。 未来，特高压工程的持续推进及雅下水电工程将给公司持续带来增量，我们预计公司2025年归母净利润 可达13.4 亿元，对应PE 约16 倍。维持"买入"评级。 风险提示 1、电网投资不及预期； 2、特高压建设不及预期； 3、财务及汇率风险。 收入端，公司2025 上半年高压板块收入32.64 亿元，同比+7.6%；中低压及配网板块收入15.96 亿元，同 比+14.6%；运维服务板块及其他收 ...

丨证券研究报告丨 公司研究丨点评报告丨思源电气（002028.SZ） [Table_Summary] 公司发布 2025 年半年报，上半年公司实现营业收入 85.0 亿元，同比+37.8%；归母净利润 12.9 亿元，同比+45.7%；扣非净利润 12.4 亿元，同比+47.0%。单季度看，公司 2025Q2 营业收入 52.7 亿元，同比+50.2%，环比+63.3%；归母净利润 8.5 亿元，同比+61.5%，环比+89.5%； 扣非净利润 8.0 亿元，同比+60.0%，环比+83.1%。 分析师及联系人 [Table_Author] 邬博华 曹海花 司鸿历 袁澎 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520080002 SAC：S0490524010001 SFC：BQK482 SFC：BVD284 [Table_Title] 海外业务量利齐升，订单保障持续增长 报告要点 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 思源电气（002028.SZ） cjzqdt11111 [Table_Title ...

（文章来源：证券日报） 证券日报网讯 8月25日晚间，长高电新发布公告称，公司第六届董事会第二十一次会议审议通过了《关 于审议公司2025年半年度报告全文及其摘要的议案》等多项议案。 ...

证券日报网讯 8月25日晚间，长高电新发布公告称，公司第六届监事会第十八次会议审议通过了《关于 审议公司2025年半年度报告全文及其摘要的议案》等多项议案。 （文章来源：证券日报） ...

近年来，聚焦企业扩张产能及落地项目需求，泰山区着力引导项目向园区集聚，形成产业发展合力。通 过建设新型产业园区，着重创新构建研发核心区+智能制造示范区一体化、全产业链协同区+物流仓储 服务区一体化、产城融合化园区+智慧管理示范区一体化"三个一体化"建设，目前已建成泰山经济开发 区"泰山协同创新产业（300832）园"、省庄镇"高端智能电气产业园"，加快规划建设徐家楼"新能源装 备制造产业园"。依托鲁能电力喷漆喷砂车间和盛源粉体喷塑车间，建立共享车间，构建资源共享平 台，提供共享的喷涂及废气处理服务。同时依托盛华集团，规划建设2.8万平方米标准化厂房，引入喷 漆、喷塑、电镀等表面处理生产线，建设金属表面处理特色车间，为辖区内高端装备企业共享表面处理 服务，破解重复投资、污染治理难题。深挖产业链内、链链、区域间的协同发展，持续完善产业链条， 形成产业集聚效应，区内53家输变电产业企业建立了原材料供应、产品供销等合作关系。鲁能泰山电力 设备本地配套率达60%；泰开电力电子新增本地客户16个，新增本地供应商采购额2100万元；泰和集团 市内采购额达1.6亿元，采购成本降低11个百分点。在此基础上建立孵化中心，推动小微 ...

长高电新8月25日披露的半年报显示，公司上半年实现营业收入7.32亿元，同比增长0.40%；归属于上市 公司股东的净利润1.06亿元，同比下降13.12%；基本每股收益0.1701元。 ...

Core Viewpoint - The stock of Siyuan Electric has shown a significant increase in both price and trading volume, indicating strong market interest and potential growth in the electric power equipment sector [1][2]. Company Overview - Siyuan Electric Co., Ltd. is located in Minhang District, Shanghai, and was established on December 2, 1993. It was listed on August 5, 2004. The company primarily engages in the research, production, sales, and service of power transmission and transformation equipment, with 99.47% of its revenue coming from the power distribution equipment sector and 0.53% from automotive electronics [1][2]. Financial Performance - For the first half of 2025, Siyuan Electric achieved a revenue of 8.497 billion yuan, representing a year-on-year growth of 37.80%. The net profit attributable to shareholders was 1.293 billion yuan, reflecting a year-on-year increase of 45.71% [2]. Stock Performance - As of August 25, the stock price of Siyuan Electric rose by 19.04% year-to-date, with a 2.02% increase on that day alone. The stock has seen a 5.93% increase over the past 20 days and a 20.16% increase over the past 60 days [1]. Shareholder Information - As of June 30, 2025, the number of shareholders of Siyuan Electric was 20,000, an increase of 7.37% from the previous period. The average number of circulating shares per person decreased by 6.82% to 30,409 shares [2][3]. Dividend Distribution - Siyuan Electric has distributed a total of 2.509 billion yuan in dividends since its A-share listing, with 930 million yuan distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, the largest circulating shareholder was Hong Kong Central Clearing Limited, holding 155 million shares, a decrease of 1.4071 million shares from the previous period. Other notable institutional shareholders include Huatai-PB CSI 300 ETF and E Fund CSI 300 ETF, which increased their holdings [3].

Group 1 - The company recently hosted an investor event with over 20 institutions, discussing business layout, market development, and technology research [1] - The company has focused on the development of tap changer products for over 30 years, previously involved in power engineering but has scaled back due to policy changes [1] - The domestic market is considered the core, with long-term demand driven by new industries, while overseas opportunities are being pursued, particularly in Europe and Indonesia [1][2] Group 2 - The company is cautious about pursuing new growth areas, focusing on sustainable industries that are understandable and manageable rather than chasing trends [2] - Digitalization in factories has improved cost efficiency and quality, but there are gaps in international team management and global ERP system integration [2] - The company aims to balance its core business in power equipment with overseas market focus and is working towards breakeven in its CNC equipment business [2][3] Group 3 - From 2021 to 2023, the company experienced double-digit revenue growth driven by the new energy vehicle industry, with stable overall market demand due to ongoing grid investments [3] - The company maintains a high self-sufficiency rate of over 80% for components, with low automation and a diverse product range [3] - The management is committed to maintaining a stable gross margin and plans to distribute dividends of no less than 60% of distributable profits during the commitment period from 2023 to 2025 [3]

2025 年 08 月 24 日 合康新能(300048.SZ) 归母净利润 yoy+734%，期待户储放量 事件： 公司发布 2025 年半年度业绩公告。2025 年上半年，公司实现营业收 入 44.97 亿元，同比增长 163.06%；实现归母净利润 7118.37 万元， 同比增长 732.83%，经营活动产生的现金流量净额 2.51 亿元，同比 增长 8.99%。 光伏 EPC 持续放量，同比增长超 200% 分业务看，上半年光伏 EPC、户储类产品、高压变频器类产品分别实 现收入 40.66/0.16/2.81 亿元，同比+239.75%、-73.56%、+1.6%。毛 利率分别为 6.84%、4.95%、30.41%，同比-2.85%、-10.85%、-1.67%。 工商业光伏 EPC 方面；公司逐步推出"能闪送"、"能闪融"、"能闪 赢"、"能闪惠"等产品与服务，上半年公司"能闪送"产品订单转化 成效显著，成功落地 2 个单体规模超 15MW 的标杆项目。截至 2025 年 6 月 30 日，公司户用及工商业光伏电站并网容量累计已超 3GW。 绿能解决方案方面，公司户用光伏 EPC 业务加大市场 ...

证券代码：002028.SZ 证券简称：思源电气 思源电气股份有限公司投资者关系活动记录表 编号：2025-005 | 投资者关系活 | ■特定对象调研 □媒体采访 | □分析师会议 | | --- | --- | --- | | 动类别 | □业绩说明会 □路演活动 | □新闻发布会 | | | □现场参观 □其他（请文字说明其他活动内容） | | | 参与单位名称 | 阿尔派投资管理有限公司、安联集团、东亚联丰投资管理、中银保诚资产管 | | | | 理、贝莱德、国泰证券、哥伦比亚基金管理、瀚亚投资、方瀛研究、富兰克 | | | | 林邓普顿、言教资金管理公司、新加坡投资、高盛资库管理、恒生投资、景 | | | 及人员姓名 | 顺亚洲、基石投资、凯斯博投资管理、宏利投资、橡树资本管理、施罗德投 | | | | 资管理、安本资产、中金证券、源峰基金、华福电新、汇丰前海、国泰海通 | | | | 电新等 | | | 时间 | 2025 年 8 月 19 日 15:30-16:30 | | | | 2025 年 8 月 20 日 15:30-16:30 | | | 地点 | 腾讯会议/公司会议室 | | | 上 ...