电力新能源：电网投资景气依旧 风光水新增装机环比改善

Investment Rating - The investment rating for the power new energy industry is Neutral [1] Core Insights - The report highlights a significant increase in investment in grid and power generation equipment, with grid construction investment reaching 398.2 billion yuan, a year-on-year growth of 21.14%, and power generation investment totaling 595.9 billion yuan, growing by 7.6% year-on-year [7][9] - The total electricity consumption in China for the first three quarters of 2024 was 7.41 trillion kWh, reflecting a growth rate of 7.9%, driven primarily by the third industry and urban-rural residential electricity consumption, which grew by 11.2% and 12.6% respectively [9][11] - The wind power sector saw a new installed capacity of 39.12 GW from January to September 2024, marking a year-on-year increase of 16.85%, while the solar power sector added 160.88 GW, a growth of 24.77% [20][27] Summary by Sections 1. Power and Grid Information - Grid construction investment for the first three quarters of 2024 was 398.2 billion yuan, with a monthly investment of 65.2 billion yuan in September, indicating a robust investment climate [7][9] - Power generation investment reached 595.9 billion yuan, with only wind power showing a slight decline of 2.02% year-on-year, while thermal and nuclear power investments surged by 37.01% and 36.33% respectively [7][9] 2. Wind Power - The wind power sector's cumulative installed capacity reached 479.55 GW, accounting for 15.16% of total power generation capacity, with September alone contributing 5.51 GW of new installations [20] - The average utilization hours for wind power were 1567 hours, a decrease of 98 hours compared to the previous year, with a utilization rate of 96.5% in August [21][22] 3. Solar Power - Solar power installations totaled 160.88 GW in the first nine months of 2024, with a cumulative capacity of 772.92 GW, representing 24.46% of total power generation capacity [27] - Solar utilization rate was 97.7% in August, with a slight year-on-year decrease of 1.1 percentage points [33] 4. Inverter Export Situation - Inverter exports amounted to 45.087 billion yuan in the first three quarters of 2024, reflecting a year-on-year decline of 21.5% [13][15] - The top three countries for inverter exports were the Netherlands, Brazil, and India, with export values of 8.609 billion yuan, 4.152 billion yuan, and 2.689 billion yuan respectively [15] 5. Individual Company Performance - Key listed companies in the power sector showed stable revenue and net profit growth, with notable performance from companies like Siyuan Electric and Pinggao Electric, benefiting from domestic and international grid investment [18][19] - Wind power companies such as Windar and Goldwind reported significant order backlogs and revenue growth, indicating a positive outlook for the sector [26][27]