According to a research report by Huaan Securities, Sieyuan Electric (002028.SZ) has persistently pursued a global strategy, continuously investing in products and markets. In 2023, the company received new overseas orders worth 4.01 billion yuan, a year-on-year increase of 34%. First coverage, giving a "Buy" rating. The company is one of the few manufacturers in the power transmission and distribution equipment industry with the research and development, manufacturing, and solution capabilities of primary equipment (traditional mechanical power equipment), secondary equipment (control power equipment), electrical and electronic equipment, and other products. It has already formed 5 major main businesses, namely switch, coil, reactive power compensation, intelligent devices, and engineering EPC, and the revenue contribution ratio of each business in 2023 will be 45%, 22%, 15%, 8%, and 7%, respectively.
研报掘金丨华安证券：首予思源电气“买入”评级 海外需求端发力
Research Reports Gold | Huaan Securities: First-time rating of Sieyuan Electric as a "buy", overseas demand side is exerting force.
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