Group 1 - The core message is that Xuchang Intelligent has won a bid from the State Grid Corporation of China, with a total bid amount of 61.327 million yuan, enhancing the company's order situation significantly [1] - The successful bid is expected to positively impact the company's operational performance, market expansion, and brand effect [1] - Xuchang Intelligent has a strong technological foundation in the automation protection field and has been actively promoting the integration of software and hardware in the energy internet sector [1] Group 2 - The company has invested in multiple provincial R&D platforms and collaborates with various universities and research institutions to drive technological innovation and product upgrades [1] - Xuchang Intelligent is also expanding its overseas market presence by establishing subsidiaries abroad, leveraging Singapore's geographical advantages to enhance international competitiveness [1] - The company plans to continue its innovation-driven development strategy, increasing R&D investment in the new energy sector and improving product quality and service levels [2]

目标估值： 当前股价：72.75 元 基础数据 证券研究报告 | 公司点评报告 2025 年 04 月 28 日 思源电气（002028.SZ） 订单增长强劲，海外业务亮眼 中游制造/电力设备及新能源 公司公告 2024 实现营业收入、归母净利润、扣非净利润 154.58、20.49、18.78 亿 元，同比增长 24.06%、31.42%、32.19%。25Q1 实现营业收入、归母净利润、扣 非净利润 32.27、4.46、4.37 亿元，同比增长 21.41%、22.91%、28.1%。 ❑ 风险提示：电网投资波动、新业务风险、海外业务风险。 财务数据与估值 | 会计年度 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入(百万元) | 12460 | 15458 | 18637 | 22361 | 26572 | | 同比增长 | 18% | 24% | 21% | 20% | 19% | | 营业利润(百万元) | 1778 | 2432 | 3060 | 3684 | 4339 | ...