证券日报网讯新特电气8月27日在互动平台回答投资者提问时表示，公司有变频用变压器、电抗器、电 力变压器以及电控、PCS、工商业储能一体机等产品线，产品可应用于电力、高效节能、新能源（风 电、光伏、储能、核电、水电）、新基建（轨道交通、数据中心），公司持续关注雅鲁藏布江下游水电 工程建设进度及需求。 （文章来源：证券日报） ...

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 ...

Group 1 - The stock price of Sanbian Technology closed at 13.45 yuan on August 12, down by 0.10 yuan, representing a decline of 0.74% from the previous trading day [1] - The trading volume on that day was 96,400 hands, with a transaction amount of 1.30 billion yuan, and the turnover rate was 3.68% [1] - Sanbian Technology's main business includes the research and manufacturing of transformers, reactors, and other power transmission and transformation equipment, which are widely used in power grid construction and renewable energy generation [1] Group 2 - The latest announcement indicates that Sanbian Technology has jointly established Kunyuantaitai (Shanxi) Investment Co., Ltd., with a registered capital of 10 million yuan [1] - The new company's business scope includes research and development of online energy monitoring technology and efficient energy-saving technology in the power industry [1]

Group 1 - The Ministry of Industry and Information Technology is implementing a new round of growth stabilization work plan for the power equipment industry, focusing on structural adjustment, supply optimization, and phasing out outdated capacity, with digital transformation as a key area of attention [1] - The State Grid has announced the results of the third batch of ultra-high voltage equipment bidding, covering a total of 22 sections and 72 packages, including transformers, reactors, and combined electrical devices, indicating the continued advancement of ultra-high voltage construction [1] - In the battery sector, both domestic and international solid-state battery pilot lines are accelerating construction, with equipment deliveries expected to peak soon; Gotion High-tech plans to deliver its first generation of sulfide all-solid-state batteries by 2025, while UK-based Ilika will start manufacturing samples for automotive applications [1] Group 2 - In the energy storage sector, Gansu Province has introduced its first provincial capacity electricity price policy, clarifying the independent storage revenue model; the Qinghai green electricity direct connection plan requires that the self-consumed electricity of grid-connected projects be no less than 60% [1] - In the wind power sector, the UK has relaxed the access threshold for offshore wind power, which may lead to more projects being expedited; the construction of the Zhejiang deep-sea wind power supporting base is progressing positively [1] - The Guotai Innovation Board New Energy ETF (159387) tracks the Innovation Energy Index (399266), which can fluctuate by up to 20% in a single day; this index selects listed companies involved in solar, wind, nuclear energy, and related upstream and downstream industries to reflect the overall performance of companies with technological innovation capabilities and growth potential in the new energy field [1]

Core Viewpoint - The report outlines the detailed equity change of Sanbian Technology Co., Ltd., indicating that Zhejiang Sanbian Group Co., Ltd. will fully subscribe to the shares issued by the company to specific objects, increasing its shareholding from 14.77% to 24.06% [1][19]. Group 1: Equity Change Details - The equity change involves Zhejiang Sanbian Group subscribing to a maximum of 32,051,282 shares at a price of 6.24 yuan per share, totaling no more than 200 million yuan [20][21]. - Prior to the change, Zhejiang Sanbian Group held 38,702,210 shares, representing 14.77% of the total shares [19]. - After the subscription, the total shares held by Zhejiang Sanbian Group will increase to 70,753,492, representing 24.06% of the total shares [19]. Group 2: Approval and Regulatory Compliance - The equity change requires approval from the authorized state-owned asset supervision unit, the shareholders' meeting, and the Shenzhen Stock Exchange, as well as registration with the China Securities Regulatory Commission [2][17]. - The report confirms that all necessary approvals have been obtained, including the approval from the Shenzhen Stock Exchange and the registration from the China Securities Regulatory Commission [18][24]. Group 3: Financial and Operational Impact - The equity change is aimed at optimizing the financial structure, enhancing profitability, and strengthening the company's competitive edge and risk resistance [17]. - The company commits to not reducing its shareholding for 18 months following the completion of the subscription [22][26]. Group 4: Company Background and Control Structure - Zhejiang Sanbian Group is a state-owned enterprise with a registered capital of 70 million yuan, primarily engaged in transformer manufacturing and related services [4]. - The controlling shareholder of Zhejiang Sanbian Group is Sanmen Guochuang Technology Investment Group Co., Ltd., which is wholly owned by the Sanmen County People's Government [4][16].

Core Viewpoint - The article discusses the significant energy losses associated with reactors in power systems and emphasizes the importance of addressing these losses to reduce electricity costs [1]. Group 1: Energy Loss Sources - Energy losses in reactors primarily stem from two sources: winding losses and core losses. Winding losses occur due to the resistance in the wire when current passes through, which is proportional to the square of the current and the resistance of the winding [3]. - Core losses arise from the silicon steel sheets used in the reactor's core, which experience hysteresis and eddy current losses in an alternating magnetic field. The quality, thickness, and processing of these silicon steel sheets significantly influence core losses [3]. Group 2: Strategies for Reducing Energy Loss - To reduce energy losses, it is crucial to select the appropriate rated current and reactance based on actual system parameters and operational requirements, avoiding prolonged overload conditions to minimize winding losses [3]. - Utilizing high-quality silicon steel sheets for core construction can significantly reduce hysteresis and eddy current losses, thereby decreasing core losses [3]. - Optimizing the winding structure by selecting suitable winding forms and wire cross-sectional areas can lower winding resistance while maintaining reactor performance, further reducing winding losses [3]. Group 3: Maintenance and Operational Measures - Regular inspection and maintenance of reactors are essential to ensure optimal operating conditions, such as cleaning dust and dirt from the reactor surface and keeping heat dissipation channels clear to lower winding temperatures and associated losses [5]. - Adjusting the operational mode of reactors to avoid prolonged no-load conditions is important, as even in no-load situations, core losses can still occur [5]. - The energy-saving and loss-reduction efforts for reactors require a comprehensive approach, integrating various measures to enhance efficiency in practical applications [5].

Investment Rating - The report does not provide a specific investment rating for the company [5]. Core Insights - The company is a pioneer in the domestic production of variable frequency transformers and has a significant market share in high-voltage variable frequency transformers, with over 25% in 2020 [8][18]. - The demand for variable frequency transformers is expected to recover due to multiple factors, including equipment upgrades, energy substitution, and energy-saving initiatives [2][45]. - The company is focusing on high-voltage variable frequency transformers, which have higher technical barriers and stronger customization attributes compared to low-voltage variants [2][64]. - The company is actively expanding into the solid-state transformer market, which is anticipated to see large-scale applications post the 14th Five-Year Plan [2][44]. - The company has initiated an employee stock ownership plan to cover core members, aiming to enhance the alignment of interests between employees and shareholders [36][38]. Summary by Sections Company Overview - Established in 1985, the company has over 40 years of experience in transformer manufacturing and has successfully developed high-insulation-grade variable frequency transformers since 2004, breaking foreign monopolies [8][15]. - The company has a concentrated ownership structure, with the chairman and his spouse holding 56.75% of the shares [8][12]. Market Trends - The global data center IT load is expected to grow at a CAGR of 24% from 2023 to 2028, with AI loads increasing 20 times over five years [2]. - The company is well-positioned to benefit from the ongoing upgrades in power supply systems for data centers, particularly with the adoption of HVDC technology [2][45]. Financial Projections - The company is projected to achieve a net profit of 51 million yuan in 2025, with a year-on-year growth of 104.2% [3]. - Revenue is expected to recover significantly in 2025, following a challenging 2023-2024 period due to macroeconomic factors [2][4]. Product and Technology Development - The company maintains a high level of R&D investment, with R&D expenses consistently above 4% of revenue since 2019 [18]. - The company is expanding its product line to include high-efficiency oil-immersed transformers and solid-state transformers, targeting new markets such as renewable energy and data centers [44][45]. Competitive Landscape - The high-voltage variable frequency transformer market is characterized by high technical barriers and concentrated competition, with the company maintaining strong relationships with major clients like ABB and Siemens [18][58]. - The domestic market for variable frequency transformers still has significant room for growth, with a current domestic market penetration of only 26% for high-voltage variants [60].

Group 1: Industry Outlook - The touch display and electromagnetic wire industries are relatively mature with high marketization, showing signs of weak recovery driven by the demand for smart devices due to advancements in AI and electric vehicles [1] - The electromagnetic wire industry is expected to expand due to power investment and clean energy development, supported by relevant policies [1] Group 2: Impact of Trade War - The trade war initiated by the U.S. has had a minimal overall impact on the company's business, as most products for the U.S. market are now produced in the Malaysian factory established in 2019, which achieved large-scale production in 2024 [2] Group 3: Growth Strategies - The company is focused on maintaining and developing existing domestic and international markets while exploring new markets and products to increase revenue [3] - By strategically transferring production capacity, the company aims to reduce production costs and mitigate the impact of U.S. tariffs [3] Group 4: Performance Enhancement Measures - The company plans to steadily advance new project construction, strengthen the market position of existing customers and products, and enhance the market share and influence of new products and technologies [4] - Efforts are being made to develop a second growth curve to provide returns to shareholders [4] Group 5: Stock Price Stability - Stock price fluctuations are influenced by various factors; the company continues to focus on its core business, increase R&D investment, and expand both domestic and international markets to enhance intrinsic and long-term investment value [5] Group 6: Corporate Restructuring and Acquisitions - The company is evaluating policies related to industry consolidation and will adhere to legal regulations regarding shareholder actions, ensuring timely information disclosure [6] - The acquisition of shares from Nuo Si Wei is ongoing, with the price influenced by multiple factors [11] Group 7: Project Updates - The Yancheng Dafeng copper foil project is actively being promoted, with no specific production capacity mentioned [7] - The U.S. electronic license plate project is progressing in collaboration with Reviver Mx, Inc. [9] - The RF module project has not yet reached mass production due to a cautious investment strategy influenced by macroeconomic conditions and market competition [13][14]

Core Insights - The average salary of top executives in A-share power grid equipment companies was approximately 1.1 million yuan in 2023, with a wide range from 100,000 to 5.8 million yuan [1] - The chairman of Zhejiang Chint Electric, Nan Cunhui, topped the salary list with 5.7994 million yuan, reflecting a 7.5% increase compared to 2023, closely aligned with the company's net profit growth of 5.1% to 3.874 billion yuan [1][2] - Significant salary increases were noted, with 75 out of 132 companies reporting higher executive salaries, and 45 of these companies (60%) also saw net profit growth [2] Company Performance - Siyi Electric's chairman, Dong Zengping, experienced a salary increase of over 51%, moving from 3.298 million yuan to 4.984 million yuan, while the company reported a 24.1% increase in revenue to 15.46 billion yuan and a 31.4% increase in net profit to 2.05 billion yuan [2] - Yubang Electric's chairman saw a nearly fourfold salary increase to 3.09 million yuan, supported by a net profit increase of nearly twofold, attributed to increased state grid investments and a surge in smart electricity product tenders [3] - Companies like Baobian Electric, Shunma Electric, and others reported significant net profit growth, with increases of 146.8%, 96.2%, and 45.7% respectively, leading to salary increases for their executives [3][4] Industry Trends - The domestic power grid investment reached 608.3 billion yuan in 2024, marking a 15.3% increase, driven by the rapid development of new energy and infrastructure investments [3] - The demand for core power grid equipment is expected to remain stable due to ongoing infrastructure investments, with companies in the industry demonstrating strong profitability and resilience [3] - The performance of companies closely related to ultra-high voltage and distribution network construction has been notably strong, indicating a positive trend in the power grid equipment sector [4]

Investment Rating - The report gives a "Buy" rating for the company with a target price of 7.9 CNY per share, based on a 25x PE ratio and a target market capitalization of 40.3 billion CNY for 2025 [4]. Core Views - The company is a leading manufacturer in China's power transmission and distribution equipment sector, with the highest voltage level products and the most diverse range of products. It has significantly improved its profitability by focusing on core businesses and enhancing operational efficiency, achieving a net profit margin of 6.5% in Q1-Q3 2024 [1][4]. - The company is well-positioned to benefit from the growth in ultra-high voltage (UHV) investments, with a strong market share in both domestic and international markets [2][3]. Summary by Sections Company Fundamentals - The company has the highest voltage level products and the most diverse range of products in China's power transmission and distribution equipment sector. It has been deeply involved in the development of China's power transmission and transformation projects since its establishment [1][16]. - The company became a core subsidiary of the China Electric Equipment Group in 2023, entering a new development phase with significant improvements in quality and efficiency [1][37]. Domestic Market - The company ranks first in the bidding share for State Grid projects, benefiting from the growth in UHV investments. It is expected to secure an average of 61 billion CNY in core equipment orders from UHV projects between 2025 and 2030 [1][2]. - The bidding scale for transmission and transformation projects is expected to grow steadily, with a cumulative bidding scale of 72.86 billion CNY in 2024, a year-on-year increase of 8% [2]. International Market - The global investment in power grids is projected to exceed 450 billion USD by 2025, with the company expanding its international business significantly, achieving a 50% export share in equipment for the first time in 2024 [3][4]. - The company has established a strong presence in international markets, providing services to over 80 countries and regions, with overseas revenue increasing from 11% in 2023 to 13% in the first half of 2024 [3][20]. Profit Forecast and Valuation - The company is expected to achieve revenues of 24.25 billion CNY, 28.36 billion CNY, and 32.72 billion CNY for the years 2024, 2025, and 2026, respectively, with a net profit of 1.20 billion CNY, 1.61 billion CNY, and 2.03 billion CNY, reflecting growth rates of 36%, 34%, and 26% [4][7].