近日，中国供应商ESG评级平台首批试点单位评级成果重磅揭晓，海博思创凭借在环境管 理、社会责任履行及公司治理（ESG）领域的卓越实践，获评"中国供应商ESG评级五星杰 出"企业，展现出行业对公司可持续发展实践的高度认可。 作为储能产业领军者，海博思创深刻洞察ESG理念对强化核心功能、提升竞争力、推动高质量发 展的战略价值。 近年来，公司以"赋能绿色能源 共创零碳生态"为使命，聚焦储能技术创新与产 业应用，加速突破电化学储能系统集成、智能运维等关键技术，构建更高效、更低碳、更可靠的 储能解决方案，为电网侧、电源侧、用户侧等多场景能源转型提供坚实支撑，助力提升能源系统 的安全韧性与绿色效能。 同时，海博思创积极联动产业链伙伴，共建共享可持续产业生态，将 ESG理念全方位融入战略规划与运营全流程，稳步增强公司可持续价值创造能力。 责任锚定方向，绿色赋能未来。立足新起点，海博思创将进一步推动ESG理念深度渗透战略、管 理、运营全环节，保障企业行稳致远，积极回应各利益相关方诉求与期待，为员工、客户、合作 伙伴、投资者及社会创造更具价值的可持续发展贡献，引领储能产业向绿而行、共赴零碳新篇！ CHPER STRONG P ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has set ambitious operational targets for 2025, aiming for a 25% year-on-year growth in new contract orders, reaching 268 billion yuan (excluding tax), and a 20% increase in revenue to 185 billion yuan [6] - In 2024, the company achieved a revenue of 15.458 billion yuan, a year-on-year increase of 24.06%, and a net profit attributable to shareholders of 2.049 billion yuan, up 31.42% [5][9] - The company is focusing on consolidating its domestic market share while expanding into key overseas markets and investing in product development and technological innovation [6] Financial Performance - In Q4 2024, the company reported a revenue of 5.051 billion yuan, a 30.20% increase year-on-year, and a net profit of 558 million yuan, up 35.73% [5] - For Q1 2025, the company achieved a revenue of 3.227 billion yuan, a 21.41% increase year-on-year, and a net profit of 446 million yuan, up 22.91% [5] - The gross profit margin for 2024 was 31.25%, an increase of 1.75 percentage points year-on-year [5] Revenue and Profit Forecast - Revenue projections for 2025-2027 are 18.680 billion yuan, 22.416 billion yuan, and 26.899 billion yuan respectively, with corresponding net profits of 2.769 billion yuan, 3.360 billion yuan, and 3.663 billion yuan [7][9] - The expected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 20.2, 16.7, and 15.3 respectively [7]

公司点评 25 年经营目标彰显信心，订单目标同比高速增长 | 投资评级：买入（维持） | | | --- | --- | | 报告日期： | 2025-05-04 | | 收盘价（元） | 71.97 | | 近 12 个月最高/最低（元） | 81.81/59.66 | | 总股本（百万股） | 778 | | 流通股本（百万股） | 606 | | 流通股比例（%） | 77.89 | | 总市值（亿元） | 560 | | 流通市值（亿元） | 436 | 公司价格与沪深 300 走势比较 -20% -10% 0% 10% 20% 30% 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01-31 02-28 03-31 04-30 思源电气 沪深300 分析师：张志邦 执业证书号：S0010523120004 邮箱：zhangzhibang@hazq.com 分析师：郑洋 执业证书号：S0010524110003 邮箱：zhengyang@hazq.com 思源电气（002028） 主要观点： 业绩 公司公布 2024 年年报及 2025 年 ...

Financial Performance - The company's cash and cash equivalents increased by 40% year-on-year to CNY 2.5 billion [1] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was CNY 42.907 million, a year-on-year increase of 15.22% [8] - The net profit attributable to shareholders decreased by 49.62% due to reduced asset disposal gains [8] Industry Outlook - The rail transit industry is expected to shift towards sustainable development focusing on cost reduction, quality improvement, and green integration [2] - The company anticipates significant growth opportunities driven by policy support, market demand, and technological innovation [2] Strategic Initiatives - The company aims to enhance its market share by optimizing its product matrix and strengthening strategic partnerships with key clients [2] - The focus will be on maintaining stable revenue growth from existing products while expanding into maintenance and upgrade opportunities in the rail transit sector [4] Innovation and R&D - 75% of the newly added patents in the past three years are invention patents, reflecting the company's strong innovation capabilities [4] - The company has achieved over 10,000 cycles in its energy storage systems, exceeding the 8,000 cycles target set by the new energy storage development plan [3] Market Positioning - The company primarily operates in the domestic market, with overseas orders representing a small proportion of total business [2] - The company is positioned to leverage the growing demand for intelligent solutions in the rail transit sector, with a focus on five major smart solutions [6] Challenges and Responses - The company is addressing the impact of the US-China trade war by optimizing its international market strategies, particularly in countries along the Belt and Road Initiative [8] - To combat intensified market competition, the company emphasizes innovation and differentiated solutions to meet high-frequency customer needs [8]