公司业绩持续超预期释放 思源电气发布25 年业绩快报：全年实现营收212.05 亿元（yoy+37.18%），归母净利31.63 亿元 （yoy+54.35%），超我们此前预期29.22 亿元，业绩持续超预期释放。公司作为电力设备民营企业龙头 具备强阿尔法属性，内生增长动力强劲。全球高压电网设备持续紧缺，AI 进一步放大缺口，公司海外 订单持续高增，加速突破北美数据中心领域；国内中标份额持续提升，与怀柔实验室合作布局IGCT 领 域，我们继续看好公司受益于海外、网内双市场高景气，维持"买入"评级。 公司2025 年实现营业收入212.05 亿元（yoy+37.18%），归母净利润31.63亿元（yoy+54.35%）；其中 Q4 实现营收73.78 亿元，同比增长（yoy+46.08%，qoq+38.43%），归母净利润9.71 亿元 （yoy+74.18%，qoq+8.09%）；业绩持续超预期释放。我们认为公司业绩高速增长主要受益于海外市场 高质量订单高增，带动盈利能力显著提升；叠加国内网内输变电市场投资强劲，公司中标份额持续提 升。 根据Wind，25 年1-11 月国内变压器出口金额达到80.8 亿美元 ...

Core Viewpoint - The company plans to establish a joint venture, Beijing Siyuan Huai Shi Energy Technology Co., Ltd., in Huairou District, Beijing, with a total investment not exceeding 400 million yuan [1] Group 1: Investment Details - The joint venture will focus on research, development, production, and sales of power electronics-related technology products based on the IGCT device platform [1] - The investment will be made using the company's own funds and contributions from a third party, with the company contributing cash and the technology partner contributing intellectual property [1] Group 2: Contribution Structure - The technology partner will contribute 30% of the investment in the form of intellectual property, while the company will contribute 70% in cash, with a maximum cash contribution of 400 million yuan [1] - A formal agreement for this investment has not yet been signed [1]

Core Viewpoint - The company plans to establish a joint venture, Beijing Siyuan Huai Shi Energy Technology Co., Ltd., in Huairou District, Beijing, with a total investment not exceeding 400 million yuan [1] Group 1: Investment Details - The company will invest in the joint venture using its own funds and third-party contributions, with a cash investment not exceeding 400 million yuan [1] - The joint venture will focus on research, development, production, and sales of power electronic technology products based on the IGCT device platform [1] Group 2: Partnership Structure - The technical partner, represented by the Huairou Laboratory, will contribute intellectual property, accounting for a preliminary 30% of the investment [1] - The company, representing the industrial side, will contribute cash, accounting for a preliminary 70% of the investment [1] - A formal agreement for this investment has not yet been signed [1]