电力设备行业跟踪分析：国网南网加大投资力度，电网建设提速再超预期

Investment Rating - The industry investment rating is "Buy" [1] Core Viewpoints - The State Grid Corporation's investment in the power grid is expected to exceed 600 billion CNY in 2024, with a year-on-year increase of 71.1 billion CNY, primarily focused on UHV (Ultra High Voltage) projects, enhancing county-level grid connections, and digital upgrades to ensure power supply and improve disaster resilience [1] - The Southern Power Grid plans to invest 173 billion CNY in fixed assets in 2024, a year-on-year increase of 23.5%, covering grid construction, pumped storage, and new energy storage projects [1] - The report emphasizes the need for accelerated reforms in the electricity market to adapt to the high penetration of new energy sources, focusing on storage, transmission, and control [1] Summary by Sections Investment Opportunities - The report suggests focusing on companies involved in UHV construction such as XJ Electric, Pinggao Electric, and others, as the acceleration of UHV and distribution network construction is anticipated [1] - It highlights the importance of distribution networks for power supply security, recommending attention to companies like Dongfang Electronics [1] - The digitalization of the grid is expected to enhance controllability, with recommendations for companies like State Grid Information and others [1] Financial Analysis of Key Companies - XJ Electric (Stock Code: 000400.SZ) has a target price of 28.01 CNY with a current price of 30.30 CNY, rated "Buy" [2] - Siyuan Electric (Stock Code: 002028.SZ) has a target price of 66.69 CNY with a current price of 64.86 CNY, rated "Buy" [2] - Sifang Co., Ltd. (Stock Code: 601126.SH) has a target price of 17.54 CNY with a current price of 17.17 CNY, rated "Buy" [2] - State Grid Information (Stock Code: 600131.SH) has a target price of 21.66 CNY with a current price of 17.06 CNY, rated "Buy" [2] - Guoneng Rixin (Stock Code: 301162.SZ) has a target price of 70.30 CNY with a current price of 37.34 CNY, rated "Buy" [2]