思源电气（.SZ）_上海总部调研积极要点

Ac t i o n | 09 Nov 2025 10:36:01 ET │ 18 pages Sieyuan Electric (002028.SZ) Positive Takeaways from Shanghai Headquarters Visit CITI'S TAKE We visited Sieyuan's headquarters in Shanghai, China last week with positive takeaways including (i) revenue in 2025E to exceed annual target; (ii) strong new order flow in 9M25 in particular from Asia, Africa and Latin America; (iii) sustainable margin in 2026E; and (iv) ample production capacity to cater for rising demand. We see the stock as a prime beneficiary of g ...