证券研究报告 | 2025年10月24日 思源电气（002028.SZ） 优于大市 三季度业绩再创新高，海外业务持续放量 收入利润快速增长，盈利能力持续提升。2025 年前三季度公司实现营收 138.27 亿元，同比+32.86%；归母净利润 21.91 亿元，同比+46.94%；扣非净 利润 20.36 亿元，同比+44.87%。2025 年前三季度公司毛利率 32.32%，同比 +0.90pct.；净利率 16.42%，同比+1.82pct.。 三季度业绩超预期，盈利能力再创新高。三季度公司实现营收 53.30 亿元， 同比+25.68%，环比+1.13%；归母净利润8.99亿元，同比+48.73%，环比+6.20%。 三季度公司毛利率 33.25%，同比+2.29pct.，环比+0.63pct.；净利率 17.67%， 同比+2.99pct.，环比+1.24pct.。 海外业务持续放量，收入占比持续提升。2025 年上半年公司海外收入 28.6 亿元，同比+89%，海外收入占比高达 34%；毛利率 35.69%，同比+1.87pct.。 2022 年以来，海外电力设备供给持续偏紧，公司凭借多重优势海外业 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved significant growth in the first half of 2025, with expected revenue of 8.497 billion yuan, a year-on-year increase of 37.8%, and a net profit of 1.293 billion yuan, up 45.7% [1] - The company is capitalizing on opportunities in the new power system, focusing on innovation and sustainable development [1] - The company has a long-term commitment to overseas strategic layout, with new orders in 2024 reaching 21.46 billion yuan, a 30% increase year-on-year, and overseas revenue of 3.12 billion yuan, up 45% [2] - The company has made breakthroughs in its combination electrical equipment and supercapacitor business, with significant projects in various sectors [2] Summary by Sections Financial Performance - For the first half of 2025, the company expects revenue of 8.497 billion yuan and a net profit of 1.293 billion yuan, with a 50% year-on-year growth in Q2 revenue [1] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 2.788 billion yuan, 3.659 billion yuan, and 4.516 billion yuan respectively, with year-on-year growth rates of 36%, 31%, and 23% [3] Revenue and Orders - The company reported new orders of 21.46 billion yuan in 2024, a 30% increase year-on-year, with overseas revenue contributing over 20% of total income [2] - The gross margin for overseas business reached 37%, significantly higher than domestic levels [2] Product Development - The company has consistently won bids for high-voltage combination electrical products and has made significant progress in the supercapacitor sector, particularly in automotive and power system applications [2]