TacticScaleWhat Sieyuan Electric (思源电气) Does & How It Makes Money (002028.SZ)
Updated October 2026 · reflects Sieyuan Electric's latest reported financials
Chinese maker of power grid transmission and distribution equipment. It sells transmission, distribution, energy storage and automotive electrical products to power utilities, industrial customers and grid operators in China and export markets.
How Sieyuan Electric makes money
It sells transmission, distribution, energy storage and automotive electrical products to power utilities, industrial customers and grid operators in China and export markets. Additional revenue comes from EPC contracts — designing, procuring, building and commissioning substation projects — plus after-sales service.
What Sieyuan Electric does
Founded in 1993 and headquartered in Shanghai, Sieyuan Electric is a Chinese supplier of power transmission and distribution equipment, spanning design, R&D, manufacturing, sales, service and turnkey EPC delivery. Its transmission portfolio includes FACTS and HVDC systems, high-voltage substations, power transformers, switchgear, circuit breakers and disconnectors, instrument transformers, bushings, power capacitors and neutral grounding equipment, while its distribution range covers medium-voltage substations and switchgear, distribution transformers, distribution automation and low-voltage systems. Beyond core grid gear, the company has extended into energy storage — from residential systems to utility-scale battery installations — and automotive electrical products such as low-voltage lithium-ion batteries, ultracapacitor modules and intelligent power distribution. It sells into China alongside North America, Australia, Europe and Southeast Asia, giving it exposure to grid investment and electrification spending across multiple regions.
Products & services
- FACTS and HVDC transmission systems
- High-voltage switchgear, circuit breakers and disconnectors
- Power and distribution transformers
- Substation and distribution automation systems
- Utility-scale and residential battery energy storage
- Automotive low-voltage Li-ion batteries and ultracapacitor modules
思源电气是做什么的？
思源电气成立于1993年，总部位于上海，是中国输配电设备供应商，业务涵盖设计、研发、制造、销售、服务及EPC工程总承包。输变电产品包括FACTS、柔性直流输电、高压变电站、电力变压器、高压开关设备、断路器与隔离开关、变电站自动化、高压互感器、套管、高压电容器及中性点接地设备；配用电产品包括中压变电站与开关设备、配电变压器、配电自动化和低压配电系统。 在电网主业之外，公司还拓展了储能业务（户用储能到电网级电池储能系统）以及汽车电子电气产品，如汽车低压锂电池、超级电容模块和智能配电方案。除中国市场外，公司业务还覆盖北美、澳大利亚、欧洲和东南亚，受益于多个地区的电网投资与电气化需求。
What is Sieyuan Electric worth?
On an owner-earnings DCF, Sieyuan Electric's most-likely value is about ¥68 versus a recent price near ¥121 (76% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~¥22) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
Related companies
Shanghai Electric (601727.SS) · China XD Electric (601179.SS) · Sineng Electric (300827.SZ) · Beijing Sifang Automation (601126.SS)