电新行业双周报2024年第18期总第40期：电力设备行业2024H1业绩总结，行业竞争加剧，盈利能力持续承压

Investment Rating - The investment rating for the power equipment industry is optimistic [3] Core Insights - The power equipment industry index increased by 1.61% during the reporting period, outperforming the CSI 300 index by 2.33 percentage points [3] - The overall performance of the power equipment industry has been poor, with a cumulative decline of 18.32% from the beginning of 2024 to the end of the reporting period, significantly underperforming the CSI 300 index [3][12] - The industry faced intense competition, leading to continued pressure on profitability, with a significant drop in net profit margins [5][64] Summary by Sections Industry Performance - In H1 2024, the total revenue of the power equipment industry reached 15,746.33 billion, a year-on-year decrease of 10.07%, while the net profit attributable to shareholders was 646.16 billion, down 55.90% [5][64] - The overall sales gross margin for the industry was 17.50% [5][64] Sub-industry Analysis Battery Sector - The battery sector, comprising 105 listed companies, achieved a revenue of 5,152.59 billion in H1 2024, a year-on-year decline of 12.83%, with a net profit of 343.23 billion, down 13.24% [5][65] - The overall sales gross margin for the battery sector was 19.54% [5][65] - The lithium carbonate price has been declining, leading to compressed profit margins across the battery supply chain [5][65] Wind Power Equipment Sector - The wind power equipment sector, consisting of 25 listed companies, generated a revenue of 696.10 billion in H1 2024, a decrease of 2.38%, with a net profit of 35.71 billion, down 30.73% [5][66] - The overall sales gross margin for the wind power equipment sector was 17.89% [5][66] - Companies in this sector are optimistic about future market growth despite current profitability pressures [5][66] Valuation Metrics - As of August 30, 2024, the price-to-earnings (PE) ratio for the power equipment industry was 20.47 times, ranking 14th among the Shenwan first-level industries [3][29] - The PE ratios for the battery and wind power equipment sectors were 20.92 times and 27.34 times, respectively [3][29]