On September 24th, Guolonghui | Tianfeng Securities' research report pointed out that Sieyuan Electric (002028.SZ) is a leading company in primary and secondary equipment covering the entire transmission and distribution sector, actively expanding overseas markets. The company was established in 1993 and currently has research and manufacturing capabilities for primary and secondary equipment, power electronic equipment, and other products. Since 2018, the company has been strategically entering the supercapacitor field to promote its application in new energy vehicles and industrial automation sectors. It has entered research on next-generation EV architecture power components for well-known European and American car companies such as GM/Audi/Benz/Volvo/Stellantis, as well as Chinese domestic car companies such as Zeekr/Lotus/Geely/Chery/GAC/Great Wall/SAIC/Jiuduo. The company is optimistic about benefiting from the global transition to new energy, leading to increased investments in transmission and distribution, driving the demand for related electrical equipment; meanwhile, the company's market share is expected to continue to grow, 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 and a "hold" rating.