20250712-国金证券-思源电气-002028.SZ-业绩快报大超预期_增长动能强劲_4页_921kb

Performance Overview
In H1 2025, Siyuan Electrification reported revenue of CNY 84.5 billion yuan, a 37.8% year-on-year increase, and net profit of CNY 12.9 billion yuan, up 45.7% YoY. In Q2 alone, revenue grew to CNY 52.7 billion yuan (+50.2% YoY) and net profit reached CNY 8.5 billion yuan (+61.5% YoY), significantly exceeding expectations.

Business Growth

Domestically, grid construction investments increased, with strong performance in transformer equipment sales and bidding. The international market saw robust growth in transformer exports, up 45% year-to-date. Off-grid renewable energy sectors also contributed significantly, driven by high demand for wind and solar installations.

Profitability Improvement
Profitability is improving, with gross margin rising to 18.0% (+0.9 pct YoY) and net margin reaching 15.2% (+0.8 pct YoY). This enhancement is mainly due to cost control and a shift toward higher-margin products and international revenue.

Future Outlook
2025 targets include revenue growth to CNY 185 billion yuan (+20% YoY) and net profit ranging from 27.5 to 43.4 billion yuan across the forecast period. The company maintains a "BUY" rating, with current P/E multiples between 20 and 17 times, indicating positive valuation prospects for future performance.

Risks
Key risks involve uncertainties in market investments, international business expansion, product promotion delays, rising raw material costs, and increased competition.