电气设备行业周报：2024年国网智能电表招标量同比增25%，电力设备出海贡献成长新动能

Investment Rating - The report suggests a positive outlook for the smart meter industry, indicating that it is in an upgrade and replacement phase, with a recommendation to focus on key companies such as Juhua Technology, Samsung Medical, and Haixing Electric [3][4]. Core Insights - The National Grid's smart meter tender volume for 2024 is expected to increase by 25% year-on-year, with a total of 91.98 million units to be tendered, including 75.68 million single-phase meters and 1.366 million three-phase meters [3][4]. - The report highlights the strong performance of power equipment exports in September, with transformers showing a 14% increase in quantity and a 21% increase in value year-on-year [4]. - The global demand for power equipment is anticipated to continue growing, driven by the increase in renewable energy installations and the need for replacing aging grid infrastructure [4]. Summary by Sections Smart Meter Industry - The total tender volume for smart meters and related devices in 2024 is projected to be 91.98 million units, a 25% increase from the previous year [3][5]. - Single-phase meter tenders are expected to reach 75.68 million units, reflecting a 31% year-on-year growth [3][5]. - The three-phase meter tenders are projected at 1.366 million units, with a slight increase of 1% [3][5]. Export Performance - In September, the export of transformers reached 273 million units, a 14% increase year-on-year, with a total export value of 4.534 billion yuan, up 21% [4]. - The export of electric meters in September was valued at 0.958 billion yuan, showing a 10% increase year-on-year [4]. - High-voltage switchgear exports totaled 2.223 billion yuan, marking a 2% increase year-on-year [4]. Market Outlook - The report emphasizes the robust growth in global power grid construction, supported by increased energy demand from overseas data centers and a recovery in manufacturing investments [4]. - Companies to watch in the power equipment sector include Siyi Electric, Huaming Equipment, Samsung Medical, and others [4].