Investment Rating - The report gives a "Buy" rating for the company, marking the first coverage [2][67]. Core Insights - The company, a leading private power equipment manufacturer, has seen continuous expansion in product categories and rapid growth in overseas business, leading to improved profitability. In the first half of 2024, it achieved revenues and net profits of 6.17 billion and 890 million yuan, respectively, representing year-on-year growth of 16.3% and 26.6% [1][67]. - The company aims to achieve an order target of 20.6 billion yuan and revenue of 15 billion yuan in 2024, with expected year-on-year growth of 25% and 20% [1][67]. - The company has a strong track record of meeting its annual order and revenue targets, with completion rates exceeding 95% historically, indicating strong growth certainty and sustainability [1][67]. Summary by Sections 1. Continuous Expansion of Product Categories - The company has been deeply involved in the power equipment sector for 30 years, with a comprehensive product range covering both primary and secondary equipment [10]. - The company has established a clear shareholding structure, with a strong technical background among management personnel [11][12]. - The product categories continue to improve, with sustained increases in technical barriers and profitability [15][16]. 2. Company Products: Domestic Investment and Strong Overseas Demand - The company is expected to benefit from a new round of increased investment in the power grid, with the State Grid's investment projected to reach 600 billion yuan in 2024, a year-on-year increase of over 14% [40][41]. - The company’s core products, including high-voltage switches and transformers, are experiencing strong demand, with significant revenue growth [42][44]. - The company has absorbed Toshiba's technology for transformers, leading to rapid revenue growth in this segment [44][50]. 3. Overseas Business: Global Investment in Power Grids - The company has seen rapid growth in overseas orders and revenue, with overseas business accounting for 25% of total revenue in the first half of 2024 [1][53]. - The company has established a presence in over 100 countries, with a well-developed product solution capability and sales layout [52][53]. - The overseas business has achieved significant revenue growth, with a year-on-year increase of 40% in the first half of 2024 [1][53]. 4. Automotive Electronics: Leading Supercapacitor Technology - The company holds a 70.4% stake in Yancheng Carbon Energy, which has leading supercapacitor technology in China [58]. - The products have gained high recognition in the passenger vehicle market, with a market share exceeding 60% in mass-produced and designated automotive supercapacitor products [58][59]. 5. Profit Forecast and Valuation - The company is expected to achieve revenues of 15.26 billion, 18.66 billion, and 23.01 billion yuan from 2024 to 2026, with year-on-year growth rates of 22.5%, 22.3%, and 23.3% [1][66]. - The forecasted net profits for the same period are 2.08 billion, 2.60 billion, and 3.17 billion yuan, with corresponding year-on-year growth rates of 33.1%, 25.2%, and 22.0% [1][66]. - The report anticipates a price-to-earnings ratio of 27.57, 22.02, and 18.05 for the years 2024 to 2026 [1][67].

编号：2024-010 证券代码：002028.SZ 证券简称：思源电气 思源电气股份有限公司投资者关系活动记录表 | --- | --- | --- | --- | |------------------------|-------------------------------------------------|------------------------------------------|-----------------------------------------------------------| | | ■特定对 象调研 | □ 分 析师会 议 | □媒体采 访 | | 投资 者关系活 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 ） | | 参与单位名称 | ApaH Capital | management、汇丰前海、甬兴证券、 | 中 金 电新 、 中信电新 等 | | 及人员 姓名 | | | | | 时间 | 2024 年 9 月 25 日 | 09:30-10:50 | ...

公司报告 | 首次覆盖报告 电力设备龙头企业，国内+海外市场齐头并进 公司概况：一二次设备覆盖齐全的输配电龙头企业，海外市场积极开拓 公司于 93 年成立，目前已具备电力系统一次、二次设备、电力电子设备 等产品的研发制造能力。 除国内业务外，公司出口业务已遍布 100 多个国家和地区，主要包括拉 丁美洲区、非洲区、中亚区、中东、欧洲、东南亚等地区，2019-2023 年 海外年度订单金额分别达到 16.0/15.0/22.5/29.9/40.1 亿元，yoy+18.0%/- 6.3%/+50.0%/33.0%/34.0%，除 2021 年以外公司海外订单持续快速增长。 业绩层面，得益于开关类业务收入持续增长、海外市场增速较快，公司 2020 年-2024H1 营收分别为 73.73/86.95/105.37/124.60/61.66 亿元， yoy+15.6%/17.9%/21.2%/18.2%/16.3% ，归母净利润分别 为 9.33/11.98/12.20/15.59/8.87 亿元，yoy+67.4%/28.3%/1.9%/27.7%/26.6%。 主营业务：除组合电器、隔离开关等产品外，业务开拓至超 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Insights - The company reported a robust revenue growth of 16.27% year-on-year, achieving a total revenue of 6.166 billion yuan in the first half of 2024 [5]. - Net profit attributable to shareholders increased by 26.64% year-on-year, reaching 0.887 billion yuan, while the net profit excluding non-recurring items grew by 23.48% to 0.841 billion yuan [5]. - The company achieved a significant milestone with a positive operating cash flow of 0.11 billion yuan for the first half of the year, marking the first time since its listing that it recorded a positive cash flow for a half-year period [6]. Summary by Sections Financial Performance - In Q2 alone, the company generated revenue of 3.509 billion yuan, reflecting a year-on-year growth of 12.05%, with net profit of 0.524 billion yuan, up 8.66% [5]. - The gross margin for the first half of the year was 31.75%, an increase of 2.69 percentage points year-on-year, with Q2 gross margin at 32.54% [5][6]. - The company’s overseas revenue grew by 40.04% year-on-year, contributing to 24.56% of total revenue, while domestic revenue increased by 10.18% [5]. Product and Regional Performance - Revenue from coil products surged by 50.48% year-on-year, primarily due to increased transformer deliveries, while switch products grew by 9.78% [5]. - The company’s performance in the overseas market was highlighted as a key growth driver, with a notable increase in both revenue and gross margin from international operations [6]. Cost and Expenses - The company’s total expense ratio reached 14.8%, up 1.74 percentage points year-on-year, driven by increases in sales and financial expense ratios [5]. - Financial expenses were notably impacted by a 55 million yuan increase in exchange losses, despite a 10 million yuan rise in interest income [5]. Future Outlook - The report projects net profits of 2 billion yuan and 2.5 billion yuan for 2024 and 2025, respectively, with corresponding valuations of 25 and 21 times [6].

证券代码：002028 证券简称：思源电气 公告编号：2024-045 思源电气股份有限公司 高级管理人员股份减持计划实施完毕的公告 公司董事会秘书兼财务总监杨哲嵘先生保证向本公司提供的信息内容真实、 准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 思源电气股份有限公司（下称"公司"）于 2024 年 6 月 19 日披露了 2024-028 号《高 级管理人员股份减持计划的预披露公告》。董事会秘书兼财务总监杨哲嵘先生计划自减持预 披露公告之日起 15 个交易日后的 3 个月内，以集中竞价交易方式减持公司股份合计不超过 20,000 股，占公司总股本的 0.0025%。 截至本公告披露之日，杨哲嵘先生预披露的股份减持计划实施完毕。根据《上市公司股 东、董监高减持股份的若干规定》《深圳证券交易所上市公司股东及董事、监事、高级管理 人员减持股份实施细则》等有关规定，现将其减持具体情况公告如下： 二、其他相关说明 1、截至本公告披露日，本次减持计划未违反《公司法》、《证券法》、《深圳证券交 易所股票上市规则》、《深圳证券交易所上市公司规范运作指引 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 思源电气（002028）公司半年报点评 2024 年 08 月 22 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |---------------------------------------------------------|-------------| | 08[Table_StockInfo 月 22日收盘价（元）] | 65.77 | | 52 周股价波动（元） | 46.00-76.24 | | 总股本/流通 A 股（百万股） | 774/603 | | 总市值/流通市值（百万元） | 50920/39635 | | 相关研究 | | | [Table_ReportInfo] 《毛利率持续改善，海外订单持续增长》 | | 2023.10.24 市场表现 [Table_QuoteInfo] 思源电气 海通综指 -20.52% -5.52% 9.48% 24.48% 39.48% 2023/8 2023/11 2024/2 2024/5 | --- | --- ...

Investment Rating - The report assigns an "Accumulate" rating to the company [2]. Core Insights - The company has demonstrated steady revenue growth and strong core competitiveness, with a revenue of 6.17 billion yuan in H1 2024, representing a 16% year-on-year increase, and a net profit of 890 million yuan, up 27% year-on-year [7][19]. - The domestic demand for supporting power grid construction is increasing, with the company leading in the bidding share for various products in the domestic market [13][14]. - The global investment in power grid construction is on the rise, with the company's overseas orders reaching 4.01 billion yuan in 2023, a 34% increase year-on-year [17]. Summary by Sections 1. Steady Performance Growth and Core Competitiveness - The company has been deeply engaged in the power transmission and distribution sector for several years, focusing on R&D and innovation, with a R&D expense ratio of 7.21% in H1 2024, up 0.29 percentage points year-on-year [9]. - From 2019 to 2023, the company's revenue grew from 6.38 billion yuan to 12.46 billion yuan, with a CAGR of 18%, and net profit increased from 560 million yuan to 1.56 billion yuan, with a CAGR of 29% [7]. 2. Increased Domestic Power Grid Construction Demand - The investment in power grids has been increasing, with the State Grid's investment expected to exceed 600 billion yuan in 2024, indicating a clear demand for supporting power grid construction [13]. - In the first half of 2023, the company secured a leading share in the bidding for power transmission and transformation equipment, with a winning bid amount of 4.185 billion yuan, accounting for 5.87% of the total [14]. 3. Upward Trend in Global Power Grid Investment - The company has established subsidiaries in over ten countries, including Brazil and Mexico, and has seen significant growth in overseas orders, with a CAGR of 26% from 2019 to 2023 [17]. - The gross profit margin for overseas business reached 33.82% in H1 2024, up 1.52 percentage points year-on-year, indicating improved profitability in international markets [17]. 4. Investment Recommendations - The company is expected to benefit significantly from the resonance of domestic and international power equipment demand, with projected revenues of 15.326 billion yuan, 18.770 billion yuan, and 23.070 billion yuan for 2024, 2025, and 2026, respectively [19].

证券代码：002028.SZ 证券简称：思源电气 思源电气股份有限公司投资者关系活动记录表 编号：2024-009 | --- | --- | --- | --- | |--------------|---------------|-------------|---------------------------------| | | ■特定对象调研 | □分析师会议 | □媒体采访 | | 投资者关系活 | | | | | | □业绩说明会 | □新闻发布会 | □路演活动 | | 动类别 | | | | | | □现场参观 | | □其他（请文字说明其他活动内容） | 国金资管、华泰保险基金、中信证券、嘉实基金、财通基金、南方基金、国 元电新、太平洋电新、众安保险、中金电新、建信基金、君和资本、泰信基 参与单位名称 金、招商电新、东北证券、中欧基金、东吴电新、红杉中国、磐耀资产、博 及人员姓名 裕资本、甬全私募、财通基金、太平养老保险、摩根士丹利、鑫巢资本、富 达基金、金友投资、上海证券、国元证券、汇添富基金、平安银行等 时间 2024 年 8 月 20 日 15:00-16:00 2024 年 8 月 ...

[Table_Title] 思源电气（002028）2024年中报点评 盈利能力持续提升，海外增速亮眼 2024 年 08 月 21 日 [【投资要点】 Table_Summary] 公司发布 2024 年半年报，报告期内，实现营业收入 61.66 亿元，同 比+16.27%；实现归属于母公司净利润 8.87 亿元，同比 26.64%；销售 毛利率 31.75%，同比+2.69pcts；销售净利率为 4.54%，同比+0.83pcts。 单 Q2 来看，实现营业收入 35.09 亿元，同比+12.05%，环比+32.03%； 实现归属于母公司净利润 5.24 亿元，同比+8.66%，环比+44.21%；销 售毛利率 32.54%，环比+1.84pcts；销售净利率 15.25%，环比 +1.65pcts。 线圈类产品业绩增速较快，开关类产品毛利率显著提升。分产品来看， 公司开关类产品/线圈类产品/无功补偿类产品/智能设备类产品/工 程总承包分别实现营收 28.86/16.74/6.97/4.70/3.72 亿元，其中， 线圈类产品增长较快，同比增速+50.48%，开关类产品毛利率为 35.22%，同比上年同期 ...

证券研究报告 非金融公司|公司点评|思源电气（002028） 海外市场持续拓展，盈利能力提升 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月20日 证券研究报告 |报告要点 公司海外市场持续拓展，盈利能力提升。2024H1，实现海外收入 15.15 亿元，同比+40.04%， 占营业收入比为 24.56%，同比+4.16pct，海外地区毛利率为 33.82%，同比+1.52pct。公司坚 持对海外市场的投入，出口业务已遍布 100 多个国家和地区。公司会根据目标市场需求变化， 灵活调整市场进入策略和产品组合，利用多渠道销售和定制化服务增强市场竞争力。鉴于公 司国内网外和海外市场成长可期，主营产品盈利能力持续提升，给予"买入"评级 |分析师及联系人 贺朝晖 SAC：S0590521100002 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月20日 思源电气(002028) 海外市场持续拓展，盈利能力提升 | --- | --- | |------------|-------------------| | 行 业： | 电力 ...