科技创新和产业创新是发展新质生产力的基本路径。抓科技创新和产业创新融合，要搭建平台、健全体 制机制，强化企业创新主体地位，让创新链和产业链无缝对接。 受中共中央委托，致公党中央主席蒋作君、致公党中央常务副主席张恩迪率调研组赴江苏、湖南两地， 围绕"推动科技创新和产业创新融合发展"主题、发挥侨海特色聚焦"加强以企业为主体的科技创新，推 进高水平对外开放"进行了调研。 深入一线，把脉企业创新 在海拔4000多米的西藏拉萨市110千伏当雄变电站、日喀则市220千伏萨嘎变电站，国家电网南瑞集团支 撑建设的我国首套电网侧带超容构网型SVG项目，共为当地提升约3万千瓦供电能力和约2.9万千瓦新能 源接纳能力。在张北柔性直流电网重大示范工程中，南瑞应用构网型柔直装备解决了大规模孤岛新能源 送出技术难题，提出了大规模新能源消纳的"中国方案"。 "我们的技术水平在全球属于什么水平？亟待解决什么问题？"在智能制造龙城实验室，调研组边看边 问。"国内水平跟国际顶尖水平还有一定的差距，国外走了上百年的路，我们必须弯道赶上。"智能制造 龙城实验室相关负责人介绍，实验室围绕"工业母机的高性能制造基础理论"重大科学问题，研究工业母 机工艺 ...

思源电气（002028） 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 主要观点： 业绩 公司公布 2024 年年报及 2025 年第一季度报告。2024 年实现营收 154.58 亿元，同比增长 24.06%，实现归母净利 20.49 亿元，同比增长 31.42%，扣非归母净利润 18.78 亿元，同比增长 32.19%。2024Q4 实现 营收 50.51 亿元，同比增长 30.20%，实现归母净利 5.58 亿元，同比增 长 35.73%，扣非归母净利 4.73 亿元，同比增长 52.48%。2025Q1 实现 营收 32.27 亿元，同比增长 21.41%，实现归母净利 4.46 亿元，同比增 长 22.91%，扣非归母净利 4.37 亿元，同比增长 28.10%。2024 年全年 毛利率为 31.25%，同比提升 1.75pct；2024Q4 毛利率为 30.88%，同比 提升 2.73pct。2025Q1 毛利率为 30.31%，同比下降 ...

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 ...

Core Viewpoint - The company reported strong financial performance for 2024, with significant year-on-year growth in revenue and net profit, indicating robust operational efficiency and market demand [1][2]. Financial Performance - In 2024, the company achieved operating revenue of 15.458 billion, a year-on-year increase of 24.06% - The net profit attributable to shareholders reached 2.049 billion, up 31.42% year-on-year - The non-recurring net profit was 1.878 billion, reflecting a 32.19% increase year-on-year - For Q4 2024, operating revenue was 5.051 billion, a 30.2% increase year-on-year, with net profit at 554 million, up 34.72% [1]. Profitability Improvement - The company’s gross profit margin for 2024 was 31.25%, an increase of 1.75 percentage points year-on-year - The net profit margin was 13.49%, up 0.58 percentage points year-on-year - In Q4 2024, the gross profit margin was 30.88%, a 2.73 percentage point increase year-on-year, while the net profit margin was 11.2%, up 0.35 percentage points [2]. Order Backlog and Future Goals - The company secured new orders worth 21.457 billion (excluding tax) in 2024, a year-on-year increase of 29.94% - As of the end of 2024, contract liabilities stood at 1.76 billion, a 42.6% increase year-on-year - The operational target for 2025 includes achieving new contract orders of 26.8 billion (excluding tax), a 25% year-on-year growth, and an operating revenue of 18.5 billion, reflecting a 20% increase [2]. International Expansion - The company’s overseas revenue reached 3.12 billion in 2024, a 44.7% increase year-on-year, with international sales accounting for over 20% of total revenue - The company has consistently pursued an overseas strategy, achieving growth in various international markets including the UK, Italy, Saudi Arabia, and Kuwait [3]. R&D Investment and Product Development - The company places a high emphasis on product development and technological innovation, expanding its product line - New product opportunities include flexible DC transmission, energy storage, static synchronous compensators, automotive electronics, medium voltage switches, and smart operation and maintenance solutions [4]. Future Revenue Projections - Revenue forecasts for 2025, 2026, and 2027 are projected at 20.26 billion, 24.81 billion, and 30.09 billion respectively, with year-on-year growth rates of 31%, 22.5%, and 21.3% - Net profit projections for the same years are 2.65 billion, 3.43 billion, and 4.07 billion, with growth rates of 29.5%, 29.2%, and 18.9% - The expected EPS for 2025, 2026, and 2027 are 3.41, 4.4, and 5.24 respectively, with corresponding PE ratios of 21, 16, and 13 [4].