电新行业2024Q3财报总结：业绩持续承压，景气度有望好转

Investment Rating - The report maintains an "Outperform" rating for the electric power equipment and new energy sector [3]. Core Insights - The electric power equipment and new energy sector continues to face performance pressure, but there are signs of potential improvement in market conditions [3]. - For the first three quarters of 2024, the new energy sector reported total revenue of CNY 24,211.4 billion, a year-on-year decline of 10.1%, and a net profit attributable to shareholders of CNY 966.7 billion, down 54.2% year-on-year [2][11]. - All sub-sectors experienced a decline in net profit, with the photovoltaic sector showing a significant drop of 102.1% year-on-year [11]. Summary by Sections 1. Supply Pressure Affects Performance, Marginal Improvement Trend Clear - The electric power equipment and new energy index has slightly rebounded since June 2024, but remains at a historical low [7]. - The new energy sector's overall decline of 20% places it 26th among 31 industries [7][8]. 2. Performance Under Pressure, Leading Companies Expected to Generate Alpha - Photovoltaic: The sector is facing dual pressures from demand and supply, leading to a continued decline in performance. Revenue for Q1-Q3 2024 was CNY 6,970 billion, down 21.4%, with a net profit of -CNY 20 billion, a decrease of 102.1% [12][20]. - Wind Power: The sector's performance is under pressure due to slower-than-expected construction, with revenue of CNY 1,203 billion, down 8.3%, and a net profit of CNY 49 billion, down 35.3% [12][16]. - Lithium and Energy Storage: The sector is experiencing temporary performance pressure due to supply-demand mismatches, with revenue of CNY 7,952 billion, down 12.8%, and a net profit of CNY 523 billion, down 12.5% [12][18]. - Grid Equipment: The sector's revenue increased by 7.5% to CNY 5,587 billion, but net profit decreased by 10.2% to CNY 319 billion [12][19]. 3. Investment Recommendations: Focus on Leading Companies with Competitive Advantages and New Technology Innovations - The report suggests focusing on leading companies in each sub-sector that exhibit strong alpha characteristics, including: - Photovoltaic: Companies like Sungrow Power Supply, LONGi Green Energy, and others [3]. - Wind Power: Companies such as Dongfang Cable and Zhongtian Technology [3]. - Energy Storage: Companies like Sungrow Electric and DeYuan Co., Ltd. [3]. - Lithium: Companies including CATL and EVE Energy [3]. - Grid Equipment: Companies like State Grid Corporation and XJ Electric [3].