2024年前三季度电气设备制造行业研究

Investment Rating - The report indicates a positive outlook for the electrical equipment manufacturing industry, expecting improved revenue and profitability due to policy effects and market demand [2][4]. Core Insights - The electrical equipment manufacturing industry is expected to benefit from policies focused on energy conservation, carbon reduction, and the promotion of high-quality development of renewable energy [2][4]. - The industry has experienced a slight decline in revenue and profit in the first seven months of 2024, but improvements are anticipated as domestic and foreign demand expands [12]. Industry Policy - Policies in 2024 emphasize energy conservation, carbon reduction, and the development of a new power system, which are expected to enhance the industry's prosperity [3][4]. - Significant investments in power generation and transmission networks, along with the promotion of renewable energy, are driving the demand for electrical equipment [3][4]. - The National Energy Administration's guidelines aim for a substantial increase in non-fossil energy generation capacity, with projections for wind and solar power to account for over 40% of total installed capacity by the end of 2024 [7][9]. Industry Structure - The electrical equipment sector is divided into primary and secondary equipment, with primary equipment directly involved in power transmission and secondary equipment focused on monitoring and control [4]. - The industry faces challenges from rising raw material costs due to supply shortages, which may compress profit margins [4][12]. Profitability - In the first seven months of 2024, the electrical machinery and equipment manufacturing sector reported revenues of 5.83 trillion yuan, a year-on-year decrease of 1.80%, and total profits of 307.4 billion yuan, down 8.10% [12]. - The decline in profitability is attributed to pressures in the photovoltaic, wind power, and battery segments, but future improvements are expected due to policy support and market expansion [12].