思源电气：输变电设备领先企业，受益于行业β+自身α优势共振

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].