其中我们再重点推荐仍有预期差标的： 发电设备整机出海：当前进度燃气发动机＞燃气轮机 1、 燃气发动机：从generac报表可见海外柴发缺货问题，具备柴发生产能 【天风电新】再call北美AI缺电：相关标的再梳理 【天风电新】再call北美AI缺电：相关标的再梳理 节后我们继续重点看好北美AIDC缺电，短期26-27年看好燃气发动机、SOFC快速上量，中期看好燃气轮机、类燃 机、电力设备需求增长、产业链估值上修。 #公司近期已开始接到燃气发动机相关订单、逐步上量。 预计公司26-27年净利润3.8、7亿净利润，当前估值37、20X。 节后我们继续重点看好北美AIDC缺电，短期26-27年看好燃气发动机、SOFC快速上量，中期看好燃气轮机、类燃 机、电力设备需求增长、产业链估值上修。 其中我们再重点推荐仍有预期差标的： 发电设备整机出海：当前进度燃气发动机＞燃气轮机 1、 燃气发动机：从generac报表可见海外柴发缺货问题，具备柴发生产能力的【潍柴动力】、【动力新科】我们预 计将不仅受益北美柴发出海加速，燃气发动机26H2开始均有望贡献增量利润。 当前两家公司27年PE均在15X左右，并存在出货量及利润上修空间 ...

2月24日，思源电气涨5.01%，截至发稿，报223.28元/股，成交6.72亿元，换手率0.50%，总市值1746.18 亿元。 声明：市场有风险，投资需谨慎。 本文基于第三方数据库自动发布，不代表新浪财经观点，任何在本 文出现的信息均只作为参考，不构成个人投资建议。如有出入请以实际公告为准。如有疑问，请联系 biz@staff.sina.com.cn。 责任编辑：小浪快报 诺德品质消费（011078）成立日期2021年2月10日，最新规模2.62亿。今年以来收益3.65%，同类排名 4754/8994；近一年收益24.96%，同类排名4333/8199；成立以来亏损22.54%。 诺德品质消费（011078）基金经理为谢屹。 资料显示，思源电气股份有限公司位于上海市闵行区华宁路3399号,香港湾仔皇后大道东183号合和中心 46楼，成立日期1993年12月2日，上市日期2004年8月5日，公司主营业务涉及输变电设备的研发、生 产、销售及服务。主营业务收入构成为：输配电设备行业99.47%，汽车电子电器0.53%。 从基金十大重仓股角度 截至发稿，谢屹累计任职时间10年234天，现任基金资产总规模2.89亿 ...

星标★IPO日报 精彩文章第一时间推送 日前，在亮眼的业绩和股价表现的惊叹声中，A股千亿龙头公司思源电气（002028，全称"思源电气股份有限公司"）趋势向港交所递交上市申请，独家保 荐人为中信证券。 这家在深交所上市20多年的上海公司业绩高速增长，其海外收入亦大幅增长，股票备受摩根士丹利等投资方青睐，被外资"买爆"。 如今，登陆港股，思源电气的业绩和股价能否再创新高？ 张力制图 业绩持续爆发 招股书显示，思源电气成立于1993年，现如今是全球输配电设备制造商及电力能源综合解决方案提供商，其产品广泛应用于电网、新能源（光伏、风 电）、冶金、石化、交通、数据中心等领域，形成"产品+解决方案+服务"的业务生态。 根据咨询机构弗若斯特沙利文的资料，按2024年中国输配电及控制设备市场收入计，思源电气在国际企业中排名第八，在国内企业中排名第五，在国内民 营企业中排名第三，市场份额为3.5%。 思源电气是输配电设备行业中少数几家具备电力系统一次设备（传统机械类电力设备）、二次设备（控制类电力设备）、储能及电能质量治理相关设备等 产品的研发、制造和解决方案能力的厂家之一，具有一定的民营龙头地位。 思源电气已于2004年8 ...

Investment Rating - The investment rating for the utility industry is "Positive" (maintained) [1] Core Insights - The report highlights that the total bidding amount for the State Grid in 2025 reached 89.4 billion yuan, which is more than double that of 2022 and represents a 27% increase compared to 2024, indicating a faster growth rate [3][4] - The report emphasizes the expected fixed asset investment of 4 trillion yuan during the 14th Five-Year Plan, which is approximately 40% higher than the previous plan, supporting future revenue growth for power equipment companies [4][33] Summary by Sections State Grid Bidding Summary - In 2025, the State Grid's total bidding amount was 89.4 billion yuan, exceeding 2022's amount by over two times and growing by 27% from 2024 [3][12] - The top seven equipment categories by bidding amount included switchgear, transformers, cables and accessories, relay protection, communication network equipment, and reactors, with most categories showing year-on-year increases in bidding amounts [3][12][14] Coal Market Insights - The average operating rate of coal mines from New Year's Day to before the Spring Festival was at a low level compared to the past three years, indicating a tight supply situation [5][33] - The report suggests a positive outlook for coal prices post-holiday due to favorable supply conditions [5][33] Power Market Reforms - The release of the "National Unified Power Market System Implementation Opinions" document is seen as a significant step in power market reform, emphasizing marketization and fairness while ensuring supply security [6][7] - The report recommends several companies for investment, including Guiguan Power, Longyuan Power, and China Resources Power, highlighting their dividend yields and growth potential [7] Equipment Company Performance - Among listed companies, China Xidian, Pinggao Electric, and Siyi Electric ranked as the top three in bidding amounts, with Siyi Electric showing nearly 80% growth compared to 2024 [14][19] - The report indicates that the bidding amounts for transformers and combination electrical devices are expected to grow significantly, with a high concentration of market share among leading companies [19][21][28]

Core Viewpoint - The electric power equipment sector is experiencing growth driven by the rapid development of AI, increased electricity demand, and the need for upgrading aging grid infrastructure [1][32]. Company Overview - Siyi Electric Co., Ltd. (referred to as "Siyi Electric") is focused on the manufacturing of power transmission and distribution equipment and is pursuing a dual listing on the Hong Kong Stock Exchange [3][4]. - The company was founded in December 1993 and has been listed on the Shenzhen Stock Exchange since August 2004, with a current market capitalization of 166.1 billion RMB [4][9]. - Siyi Electric has a diverse product portfolio that includes six core business lines: switchgear, transformers, protection and automation, power electronics, energy storage systems, and EPC services [11][36]. Financial Performance - Siyi Electric's revenue for 2023, 2024, and the first nine months of 2025 was 12.46 billion RMB, 15.46 billion RMB, and 13.83 billion RMB, respectively, with net profits of 1.61 billion RMB, 2.08 billion RMB, and 2.25 billion RMB [23][24]. - The company expects a revenue of 21.21 billion RMB for 2025, representing a year-on-year growth of 37.18%, and a net profit of 3.16 billion RMB, reflecting a 54.35% increase [23][24]. - The gross profit margins have improved from 29% in 2023 to an expected 32% in 2025 [23]. Market Dynamics - The global market for power transmission and distribution equipment is projected to grow from 580.8 billion RMB in 2020 to 863.6 billion RMB by 2024, with a compound annual growth rate (CAGR) of 10.4% [38]. - In China, the market size for power transmission and distribution equipment is expected to reach 3.11 trillion RMB in 2024, with a CAGR of 9.4% until 2029 [38][40]. - Siyi Electric holds a market share of approximately 3.5% in the Chinese market, ranking eighth among competitors [31][40]. Competitive Landscape - The competition in the power equipment sector is concentrated, with the top five companies holding 61.1% of the market share [40]. - Major competitors include TBEA, Chint Electric, State Grid Corporation, Schneider Electric, ABB Group, Siemens, Eaton, and Hitachi Energy [40][41]. Industry Trends - The acceleration of electrification is driving global electricity demand, with a projected total generation of 31,256 TWh in 2024, a 4.4% increase year-on-year [32][33]. - The increasing reliance on renewable energy sources like wind and solar is reshaping the global electricity structure, necessitating improvements in grid infrastructure to handle the variability of these energy sources [33][34].

Company and Industry Summary Company: 思源电气 (Siyuan Electric) - **IPO Submission**: On February 11, the company submitted its IPO prospectus to the Hong Kong Stock Exchange, with funds primarily allocated for expanding production capacity, enhancing R&D, building a global service network, advancing market development, improving digital transformation and smart upgrades, and pursuing global strategic investments and acquisitions [1] Industry: Power Distribution and Control Equipment - **Market Size**: The global and Chinese market sizes for power distribution and control equipment are projected to reach 863.6 billion CNY and 311.3 billion CNY in 2024, respectively, with expectations to grow to 1,477.5 billion CNY and 483.4 billion CNY by 2029, reflecting a CAGR of 11% and 9% [1] - **Market Share**: In 2024, the company is expected to hold a 3.5% market share in China, ranking 8th overall, 5th among domestic companies, and 3rd among domestic private enterprises [1] Subsector: Lithium Battery Energy Storage Systems - **Market Growth**: The global and Chinese market sizes for lithium battery energy storage systems are anticipated to reach 100.2 billion CNY and 35.1 billion CNY in 2024, respectively, with projections to grow to 564.1 billion CNY and 303.0 billion CNY by 2029, indicating a CAGR of 39% and 55% [2] Subsector: Automotive Electronics - **Product Development**: The company has developed core products such as onboard auxiliary power supplies and door lock safety devices, securing multiple partnerships with mainstream automotive manufacturers, which enhances the penetration of automotive electronic products in overseas markets [2] - **Innovation**: The company is deepening the innovative application of core components like supercapacitors in the automotive sector [2] Competitive Advantages - **Full Industry Chain Layout**: The company is one of the few in the industry capable of providing integrated solutions for the R&D and manufacturing of primary and secondary power system equipment, as well as energy storage-related devices [2] - **Global Operations**: The company operates in over 100 countries and regions, successfully entering the supply chain of top European grid operators [2] Investment Outlook - **Future Performance**: The year 2026 is anticipated to be a significant year for the company, with expectations for performance to exceed forecasts, particularly in North American transformer and energy storage orders, domestic ultra-high voltage projects, and supercapacitors, projecting a market value exceeding 200 billion CNY within the year [2]

Summary of Longjiang Electric New Energy (Siyuan Electric) Conference Call Company Overview - The company is preparing for a Hong Kong IPO, with significant focus on its business operations and growth potential in the transformer and energy storage sectors [1][2]. Key Financial Highlights - **Transformer Revenue**: In Q1-Q3 2025, transformer revenue reached 3.3 billion yuan, representing a year-on-year increase of 35%, accounting for 24% of total revenue [1][2]. - **Energy Storage Revenue**: Energy storage revenue was 800 million yuan, showing a year-on-year growth of 87%, contributing to 6% of total revenue [1][2]. - **Overseas Revenue**: The company reported overseas revenue of 4.2 billion yuan in Q1-Q3 2025, a significant increase of 73%, making up 30% of total revenue [4]. Profitability Metrics - **Gross Margin**: The gross margin for transformer products was 36% in Q1-Q3 2025, an increase of 3 percentage points year-on-year, aligning with the gross margin of switch products, indicating strong profitability in overseas markets [4]. Capacity Expansion - The company is expanding its production capacity across various products, with transformer capacity reaching approximately 870 units by the end of Q3 2025, and a continuous improvement in capacity utilization [4]. Future Development Directions - **Capital Utilization**: The funds raised from the IPO will be directed towards: - Expanding production capacity for switches, transformers, supercapacitors, and establishing an IGCT converter valve base. - Enhancing research and development capabilities, including the establishment of experimental centers, overseas R&D and testing centers, and data centers. - Strategic global acquisitions in power electronic devices, energy storage materials, overseas power distribution companies, and energy technology innovation firms. - Digital and intelligent transformation of the enterprise. - Working capital improvements [4]. Market Positioning - The company emphasizes the strong demand in North America for high-voltage transformers, identifying a significant supply gap. It positions itself strategically in the U.S. high-voltage transformer export market, which is considered to have the strongest certainty for growth [4]. Financial Projections - The company forecasts net income attributable to shareholders of approximately 4.2 billion yuan and 5.5 billion yuan for the years 2026 and 2027, respectively, corresponding to price-to-earnings ratios of approximately 38X and 29X, maintaining a strong buy recommendation [4].

Summary of Key Points from Conference Call Industry Overview - The conference call discusses the electric grid equipment industry, highlighting significant growth driven by multiple factors including government policies and technological advancements in AI [1][2]. Core Insights and Arguments - Electric grid equipment has seen a surge in demand, primarily due to: 1. The release of a prospectus by Si Yuan Electric for its Hong Kong IPO 2. The State Council's issuance of the "Implementation Opinions on Improving the National Unified Electricity Market System" 3. Continuous advancements in AI technology impacting the electricity sector [1] - In North America, the logic of AI-related electricity shortages is becoming clearer, with demand consistently exceeding expectations. This is compounded by rigid supply capacities and delays in production expansions by major overseas manufacturers. By 2030, there is projected to be a 10% shortage of electric transformers in Europe and North America [1]. - Domestic companies are expected to benefit from the overflow of overseas orders, with leading firms in international markets likely to continue outperforming expectations [1]. Investment Recommendations - The call provides specific investment suggestions based on the anticipated growth in the electric grid sector: 1. High-voltage equipment exports and components: Si Yuan Electric, TBEA, Huaming Equipment, etc. 2. Domestic ultra-high voltage and main grid: Pinggao Electric, China XD Electric, XJ Electric, Guodian NARI, etc. 3. Companies focused on the electricity market: Guoneng Rixin, Oriental Electronics, etc. [2]. Additional Important Content - The "14th Five-Year Plan" outlines a total investment of 5 trillion yuan, establishing a foundation for long-term high prosperity in the domestic electricity market [2]. - The goal is to fully establish a national unified electricity market system by 2035, promoting the participation of various power sources from the "Shagehuang" renewable energy base in the electricity market [2].

Summary of Conference Call Notes on China Electric Utilities Industry Overview - The conference call discusses the **China Electric Utilities** sector, focusing on the impact of recent government policies and coal prices on the industry. Key Points Coal Prices - The **PRC Sxcoal spot coal price** (5,500 kcal/kg) at Qinhuangdao was steady at **Rmb 711/tonne** on February 11, 2026, reflecting a **+1.8% week-over-week (wow)** and **+1.2% month-over-month (mom)** increase, but a **-0.2% year-over-year (yoy)** decrease [1][6] - The rise in coal prices was attributed to **Indonesia's coal export stoppage** due to government proposals to limit output [6] Government Policy - The **General Office of State Council** issued a policy paper titled **'Implementation Opinions on Improving the National Unified Power Market System (Policy No.4 in 2026)'** aimed at breaking provincial barriers and normalizing cross-region trading [2] - The policy promotes the development of market systems including long-term, spot, auxiliary services, capacity payments, and retail markets, with a target for completion by **2030** and full establishment by **2035** [2] Investment Opportunities - The new policy is expected to stimulate investments in the **PRC power industry**, benefiting power grid and plant equipment manufacturers [1] - Preference is given to **equipment suppliers** over operators, as suppliers are expected to gain from increased capital expenditures (capex), while operators may face margin cuts due to market-based tariff reductions [1] - Companies with **Buy ratings** include **Sieyuan**, **TBEA**, **Goldwind**, and **Dongfang Electric** [1][17] Energy Storage Systems (ESS) - A policy issued by the **NDRC** on January 30, 2026, states that only **grid-side independent ESS** are eligible for capacity payments, while wind and solar farms with ESS do not qualify [3] - The increased battery unit cost, driven by rising lithium prices, is expected to negatively impact **Sungrow's** gross profit margin on ESS sales, which was nearly **40% in Q3 2025** [4][5] - An **8% increase** in battery costs in January 2026 could lead to a **2% reduction** in Sungrow's net profit for every **1 percentage point** cut in gross profit margin [5] Market Dynamics - The **coal inventory** at Qinhuangdao Port decreased by **5.4% wow** to **5.30 million tonnes**, which is **16.9% below** the average of **6.38 million tonnes** in 2025 [6] Additional Insights - The call highlights the importance of monitoring coal prices and government policies as they significantly influence the profitability and operational strategies of companies within the electric utilities sector [1][2][4] - The focus on energy storage systems and their eligibility for capacity payments indicates a shift towards integrating renewable energy sources into the national grid, which may present both challenges and opportunities for existing players in the market [3][4]

Core Viewpoint - The A-share electric grid equipment and smart grid sectors have experienced a significant surge, driven by favorable policies and substantial investments in the electric power market. Group 1: Market Performance - As of February 12, several stocks in the electric grid sector, including Hanlan Co., Sifang Co., and Wangbian Electric, reached their daily limit up, indicating strong market interest [1] - Notable stock performances include Hanlan Co. with a 10.02% increase, Sifang Co. up by 10%, and Wangbian Electric also rising by 10% [2] Group 2: Policy Developments - Recent policies from the State Council aim to establish a unified national electricity market by 2030, with a target for market-based transactions to account for approximately 70% of total electricity consumption [3] - The policies also emphasize the need for a shift from separate pricing and trading to unified pricing and joint trading across different market levels [3] Group 3: Investment Plans - The State Grid has announced a massive investment plan of 4 trillion yuan from 2026 to 2030, averaging over 800 billion yuan annually, marking a 40% increase compared to the previous five-year plan [4] - This investment will focus on the construction of new electric power systems, creating significant market opportunities for related electric equipment companies [4] Group 4: AI and Power Demand - The explosive growth in AI computing power is making electricity a strategic resource, with predictions that AI chip consumption will account for 1.5% of global electricity usage in the next five years [5] - Estimates suggest that AI electricity demand will surge from 8 TWh in 2024 to 652 TWh by 2030, representing an increase of 8050% [6] Group 5: Company Performance - Recent financial reports indicate strong performance among electric equipment companies, with Siyuan Electric reporting a revenue of 21.205 billion yuan, a 37.18% year-on-year increase, and a net profit growth of 54.35% [6] - Other companies like Xinlian Electronics and Shuangjie Electric are also expected to report significant profit increases, with projections showing growth rates of up to 147.40% [6] Group 6: Industry Outlook - The electric power sector is entering a high-growth phase, driven by urgent demand for AI computing infrastructure and global data center construction [7] - The investment in global electric grid infrastructure is expected to exceed $500 billion from 2026 to 2030, benefiting electric equipment and scheduling system companies [7]