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电力设备行业点评：电网投资持续高增，变压器出口量价齐升
Caixin Securities·2024-10-24 02:39

Investment Rating - The industry investment rating is "In line with the market" [1] Core Viewpoints - The investment in power generation and grid infrastructure has maintained growth, with a total investment of 595.9 billion yuan in power generation and 398.2 billion yuan in grid projects from January to September 2023, representing year-on-year increases of 7.2% and 21.1% respectively [1] - The export of transformers has seen significant growth, with an export value of 4.67 billion USD from January to September 2023, up 24.5% year-on-year, while solar cell exports have faced price pressures, leading to a 31.7% decline in export value [4] - The new installed capacity of power generation equipment reached 242 million kilowatts from January to September 2023, with solar power contributing 161 million kilowatts, marking a 25% year-on-year increase [3][4] Summary by Sections Investment in Power Generation and Grid - The total investment in power generation projects was 595.9 billion yuan, a 7.2% increase year-on-year, while grid investment reached 398.2 billion yuan, growing by 21.1% [1] - The new capacity for solar power generation equipment was 161 million kilowatts, reflecting a 25% increase year-on-year, while wind power added 39 million kilowatts, a 17% increase [3] Export Performance - Transformer exports amounted to 4.67 billion USD, with a quantity of 224,000 units exported, showing a 24.5% increase in value and a 7.6% increase in quantity year-on-year [4] - Solar cell exports totaled 24.68 billion USD, down 31.7% year-on-year, with a significant drop in September 2023, where the export value was only 2.01 billion USD, a 40% decline compared to the previous year [4] Key Companies to Watch - Longgao Electric (002452) is highlighted for its strong order volume and expansion into high-voltage products and related industries [4] - Changcable Technology (002879) is noted for its leadership in cable accessories and benefits from the demand for high-voltage grid construction and offshore wind power [4]