电新行业双周报2024年第14期总第36期：多省陆续发布“驭风行动”总体方案，利好整机装机需求释放

Investment Rating - The investment rating for the power equipment industry is "Positive" and the rating has been maintained [2]. Core Insights - The power equipment industry index declined by 6.69% during the reporting period, underperforming the CSI 300 index by 4.84 percentage points [2][10]. - From the beginning of 2024 to the end of the reporting period, the power equipment industry has cumulatively dropped by 18.24%, while the CSI 300 index remained flat, indicating a significant underperformance of 18.24 percentage points [2][10]. - All six sub-industries within power equipment experienced declines, with the photovoltaic equipment sector showing the largest cumulative drop of 32.45% [2][10]. - The report highlights a potential increase in demand due to multiple provinces responding to the national "Wind Control Action" initiative, with projects expected to commence in 2025-2026 [5]. Market Review 1. Market Performance - The power equipment industry index fell by 6.69%, with sub-industries such as grid equipment, motors, and photovoltaic equipment showing declines of -3.66%, -5.60%, and -10.60% respectively [2][10]. - Key tracked sub-industries like lithium batteries, wind power components, and battery chemicals also saw declines of -4.66%, -6.90%, and -8.73% respectively [2][10]. 2. Industry News - The report notes that several provinces have released overall plans for the "Wind Control Action," which is expected to stimulate demand for wind power installations [5]. - The wind power sector is particularly highlighted, with ongoing projects in provinces like Shanxi and Guangdong showing promising progress [5]. Company Dynamics 1. Shareholder Activity - In the reporting period, 17 listed companies in the power equipment sector experienced a net reduction of 235 million yuan in shareholder holdings, with 11 companies increasing their holdings by 57 million yuan and 6 companies reducing by 291 million yuan [3][31]. 2. Key Company Updates - Companies like Rongbai Technology and XWANDA are making strides in solid-state battery technology and partnerships to enhance production capabilities [29][30]. Valuation Metrics - As of July 5, 2024, the price-to-earnings (PE) ratio for the power equipment industry stands at 20.14 times, which is below the negative one standard deviation and ranks 16th among the Shenwan first-level industries [2][18]. - The PE ratios for closely monitored sub-industries such as battery and wind power equipment are 20.65 times and 25.60 times respectively [2][18].