电新行业双周报2024年第19期总第41期：海陆风电市场活跃 项目进展或成业绩关键

Investment Rating - The investment rating for the power equipment industry is "Positive" and the rating has been maintained [3][5]. Core Insights - The power equipment industry index declined by 1.75% during the reporting period, outperforming the CSI 300 index by 3.13 percentage points [3]. - The cumulative decline of the power equipment industry from the beginning of 2024 to the end of the reporting period is 19.74%, which is 11.82 percentage points worse than the CSI 300 index [3]. - The report highlights the active market for onshore and offshore wind power, with significant project approvals and tenders that are crucial for future performance [5][6]. Market Review - The power equipment industry saw a mixed performance among its sub-sectors, with all six sub-sectors experiencing declines, particularly the photovoltaic equipment sector, which fell by 31.53% [3][13]. - Key tracked sub-sectors such as lithium batteries, wind power components, and battery chemicals also showed significant declines of -0.27%, -35.52%, and -38.12% respectively [3][13]. - The PE ratio for the power equipment industry is 23.06 times, which is below the negative one standard deviation and ranks 12th among the Shenwan first-level industries [3][26]. Industry Important News - The Shanghai Municipal Development and Reform Commission announced a list of 14 renewable energy projects for 2024, including 737.37MW of onshore wind and photovoltaic projects [30]. - In August 2024, 69 wind power projects were approved nationwide, totaling 12.47GW, with a majority being onshore projects [31][32]. - The report emphasizes the importance of project progress in the wind power sector for future earnings growth and suggests focusing on wind turbine and key component sectors [5][6][57]. Company Dynamics - During the reporting period, 12 listed companies in the power equipment industry experienced a net reduction of 623 million yuan in shareholder holdings, with 10 companies reducing their stakes [4][41]. - Notable company activities include a supply agreement for 19.5GWh of lithium iron phosphate batteries signed by a subsidiary of Yiwei Lithium Energy with AESI [39].