tianfeng research reports point out that Sieyuan Electric (002028.SZ) is a leading company in the transmission and distribution electrical equipment industry, with comprehensive coverage of primary and secondary equipment. The company actively explores overseas markets, was established in 1993, and currently has research and manufacturing capabilities for primary and secondary electrical equipment, as well as electric power electronic devices. Since 2018, the company has been expanding into the supercapacitor field, promoting its application in new energy autos and industrial automation sectors. It has entered research on power source components for next-generation EV architectures for well-known European and American car manufacturers such as GM/Audi/Benz/Volvo/Stellantis, and domestic car manufacturers like NIO/Lotus/Geely/Chery/GAC/Great Wall/SAM/Jetour, focusing on designated multiple platform products. The company is bullish on the future prospects of benefiting from the global new energy transformation, leading to increased investment in transmission and distribution electricity and driving up demand for related electrical equipment. Additionally, the company's market share is expected to continue growing, and breakthroughs in ultra high pressure products are anticipated to bring incremental growth. The firm gives the company a 24.7X valuation for 2024, with a target price of 65.74 yuan, initiating coverage for the first time and issuing a "hold" rating.