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电新行业双周报2024年第20期总第42期：宏观政策密集出台 风电板块持续走强
长城国瑞证券·2024-10-09 08:23

Investment Rating - The investment rating for the power equipment industry is "Positive" [2] Core Viewpoints - The wind power sector continues to strengthen, supported by recent macro policies, with significant growth potential in renewable energy installations [4][37] - The cumulative installed capacity of wind power in China reached 47,403 MW from January to August 2024, representing a year-on-year growth of 19.9%, while solar power installations reached 75,235 MW, growing by 48.8% [4][37] - The report suggests focusing on wind turbine and key component sectors due to their anticipated new growth cycle [4][37] Summary by Sections Market Review - The power equipment industry index increased by 29.38%, outperforming the CSI 300 index by 2.20 percentage points during the reporting period from September 18 to October 7, 2024 [2][10] - The cumulative increase for the power equipment industry from the beginning of 2024 to the report's end was 3.83%, while the CSI 300 index rose by 17.10%, indicating a lag of 13.27 percentage points for the power equipment sector [2][10] - Among the sub-industries, wind power equipment experienced the largest decline at -13.25% [2][10] Key Industry Data - The report highlights significant stock price increases in key tracked sub-industries, with lithium battery stocks showing a 36.67% increase, while battery chemicals and wind power components saw declines of -15.49% and -19.83%, respectively [2][10][12] - Notable individual stock performances included Changhong Energy with a 53.76% increase and Defang Nano with a 67.79% increase in the battery chemicals sector [12] Valuation - As of September 30, 2024, the price-to-earnings (PE) ratio for the power equipment industry was 29.92 times, ranking 12th among the Shenwan first-level industries [16] - The PE ratios for key tracked sub-industries were 28.78 times for batteries and 35.24 times for wind power equipment [16] Company Dynamics - During the reporting period, 14 listed companies in the power equipment sector experienced a net reduction in shareholder holdings amounting to 0.85 billion yuan, with 6 companies increasing their holdings by 0.18 billion yuan and 8 companies reducing theirs by 1.03 billion yuan [29][30]