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 ...

具体内容如下： 问：预计全年订单完成情况？ 答：全年订单增长25%的目标任务艰巨，还需继续努力。截止到9月份订单完成情况基本符合阶段性目标，大部分业务订单均有所增长，公司对完 成年度目标有信心。 问：国内和海外订单履约进度有何差异？ 证券之星消息，2025年10月22日思源电气（002028）发布公告称招商证券、申万菱信基金、东吴证券、太平洋证券、国海证券、国泰海通资管、 德邦基金、万家基金、汇丰晋信、杭银理财、明河投资、长江证券、华福电新、华西电新、Jefferies、Fidelity、宁泉资产、禅龙资产、东证融汇、 碧泽资产、全天候基金、博通基金、长江养老、聚鸣投资、森锦投资、凯思博投资、潼骁投资、逐光私募基金、汇丰前海证券、碧云资本、沁源 投资、平安资产、太平养老保险、嘉实基金于2025年10月20日调研我司。 答：和之前的情况没有太大变化，相比而言，海外订单的平均履约周期相对长一些。 问：公司对未来毛利率预期如何？ 答：随着公司业务规模的不断扩大，规模效应的体现，总体毛利率得到维持。就成本端而言，今年整体材料价格相对平稳，突发的异常情况较 少。随着公司在建工程完工并结转为固定资产后，将会产生折旧费用， ...

证券代码：002028.SZ 证券简称：思源电气 Q4：各渠道的新增订单情况如何？ Q2：国内和海外订单履约进度有何差异？ A2：和之前的情况没有太大变化，相比而言，海外订单的平均履约周期相对长 一些。 Q3：公司对未来毛利率预期如何？ A3：随着公司业务规模的不断扩大，规模效应的体现，总体毛利率得到维持。 就成本端而言，今年整体材料价格相对平稳，突发的异常情况较少。随着公司 在建工程完工并结转为固定资产后，将会产生折旧费用，对毛利率会有一定的 负面影响，这也促使我们继续努力不断的扩大规模。 思源电气股份有限公司投资者关系活动记录表 编号：2025-006 | 投资者关系 | ■特定对象调研 □分析师会议 □媒体采访 | | --- | --- | | 活动类别 | □业绩说明会 □新闻发布会 □路演活动 | | | □现场参观 □其他（请文字说明其他活动内容） | | | 招商证券、长江证券、长江养老、汇丰前海证券、碧云资本、沁源投资、平安 | | 参与单位名 | 资产、太平养老保险、嘉实基金、申万菱信基金、东吴证券、太平洋证券、国 | | 称及人员姓 | 海证券、国泰海通资管、德邦基金、万家基金、汇丰晋信 ...

Core Insights - The company reported record high revenue and profit in Q3, exceeding market expectations, with revenue, net profit attributable to shareholders, and net profit excluding non-recurring items reaching 5.33 billion, 899 million, and 800 million yuan respectively, representing year-on-year growth of 25.7%, 48.7%, and 41.6% [1] - The company has been expanding its product range and increasing its market share, particularly in the power electronics sector, and has established a joint venture to develop IGCT valve groups [2] - The company is strategically investing in overseas markets, with significant growth in orders from regions like Europe, North America, Southeast Asia, and Africa, which are expected to contribute to overall growth [2] Financial Performance - Q3 revenue and profit reached historical highs, with a quarter-on-quarter increase of 1.13% in revenue and 6.2% in net profit [1] - Gross margin improved to 33.25%, with a year-on-year increase of 2.29 percentage points, while net margin reached 17.67%, up 2.99 percentage points year-on-year [1] - As of Q3 2025, inventory and contract liabilities were 5.027 billion and 2.896 billion yuan respectively, indicating a year-on-year increase of 37.4% and 29.5%, confirming a strong order backlog [1] Product Development - The company is continuously expanding its product offerings, particularly in supercapacitors and IGCT valve groups, to enhance its competitive position [2] - Recent investments in power electronics and the establishment of a joint venture for IGCT valve groups are expected to facilitate entry into new markets [2] Strategic Outlook - The company has a clear operational strategy and strong management capabilities, positioning it well for long-term growth [3] - Future earnings projections for 2025-2027 have been revised upwards to 2.9 billion, 3.75 billion, and 4.7 billion yuan, maintaining a "strong buy" rating [3]

Investment Rating - The report maintains a "Strong Buy" rating for the company [3]. Core Insights - The company achieved record high quarterly revenue and profit in Q3, exceeding market expectations, with revenue of 5.33 billion yuan and net profit of 899 million yuan, representing year-on-year growth of 25.7% and 48.7% respectively [7]. - The company has a strong order backlog, with sufficient orders supporting continued revenue growth, and has seen significant growth in overseas orders since 2024 [7]. - The company is expanding its product range and enhancing its market share, particularly in high-value products, which is expected to improve profit margins [7]. - The company is strategically investing in overseas markets, with increasing contributions from regions like Europe, North America, and Southeast Asia [7]. - The report projects significant revenue growth for the company, with expected revenues of 29.0 billion yuan, 37.5 billion yuan, and 47.0 billion yuan for 2025 to 2027 [7]. Financial Data and Valuation - Total revenue is projected to grow from 12.46 billion yuan in 2023 to 28.29 billion yuan in 2027, with a compound annual growth rate (CAGR) of 20% [2][24]. - Operating profit is expected to increase from 1.78 billion yuan in 2023 to 5.59 billion yuan in 2027, reflecting a CAGR of 25% [2][24]. - Net profit attributable to shareholders is forecasted to rise from 1.56 billion yuan in 2023 to 4.70 billion yuan in 2027, with a CAGR of 25% [2][24]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 53.3 in 2023 to 17.7 in 2027, indicating improving valuation metrics [2][24].