Group 1 - The State Grid plans to procure 32 million smart meters in 2025, representing a year-on-year decrease of 27.5% but a quarter-on-quarter increase of 7.8% [1] - The total bid amount for metering devices is 7.5 billion yuan, down 39.4% year-on-year and 6.3% quarter-on-quarter [1] - The domestic smart meter market is mature, primarily driven by replacement and upgrade demands [1] Group 2 - The peak bidding volume for smart meters occurred in 2014-2015, exceeding 90 million units in a single year [1] - In 2024, the total bidding volume for smart meters is expected to be 89.39 million units, with a total bid amount of 24.92 billion yuan [1] - The bidding demand for smart meters is projected to remain around 90 million units for the year, with a replacement peak expected to continue until 2026 [1] Group 3 - The price of smart meters is on a downward trend, with an overall quarter-on-quarter decline of approximately 9.6% [1] - The market concentration remains relatively stable, with increasing demand for smart meter module upgrades and IoT meter requirements driven by distributed energy policies [1] - Metering companies have shown good dividend payment situations, and their valuations are currently considered low [1] Group 4 - Wasion Group (03393) is a leading company in the energy metering and efficiency management sector, maintaining stable domestic market share while expanding overseas [2] - The company's overseas market revenue is projected to reach 2.397 billion yuan in 2024, a year-on-year increase of 50%, accounting for 27% of total revenue [2] - The revenue from smart distribution and utilization systems is expected to be 2.9 billion yuan in 2024, with a year-on-year growth of 17% [2]
港股概念追踪|国内正处智能电表替换高峰 有望延续至2026年（附概念股）