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研报掘金丨东北证券:思源电气国内&海外双轮驱动,维持“买入”评级

Research reports on mining for treasure | Northeast Securities: sieyuan electric driven by dual engines domestically and overseas, maintaining a "buy" rating.

Gelonghui Finance ·  Nov 19, 2024 03:48

Dongbei Securities research reports indicate that Sieyuan Electric (002028.SZ) is one of the few private companies with grid qualifications in the industry, with its power transmission and distribution equipment business covering both primary and secondary equipment. Company executives come from a professional background, the ownership structure is stable, and talent incentive policies continue to improve, showcasing great potential. In terms of internal business, the national grid investment is expected to surpass 600 billion yuan for the first time in 2024, and the company, as a high-quality private enterprise within the grid, is expected to fully benefit. Regarding external business, China's installed capacity for photovoltaic and wind power continues to grow, and the company's external business is achieving high growth in line with the increase in new energy installations, with a CAGR of 21.55% for high voltage SVG over the past five years, suggesting that the company is likely to further expand into related markets in the future. Additionally, the company has been developing its overseas business for over a decade, and the overseas business has entered a fast lane of development. Maintaining a 'buy' rating.

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