电新行业双周报2024年第22期总第44期：电力设备行业2024三季报业绩总结，海外突破助力盈利改善

Investment Rating - The investment rating for the power equipment industry is "Positive" and the rating has been maintained [3][4]. Core Viewpoints - The power equipment industry index increased by 6.02% during the reporting period, outperforming the CSI 300 index by 6.92 percentage points [3][14]. - The total revenue for the power equipment industry in Q1-Q3 2024 was CNY 24,269.20 billion, a year-on-year decrease of 10.30%, with a net profit of CNY 97.249 billion, down 54.03% year-on-year [5][30]. - The lithium battery sector is benefiting from new vehicle introductions and high overseas demand for energy storage cells, leading to gradual profit recovery [5][30]. - The wind power sector is expected to see performance improvement due to significant breakthroughs in overseas orders for leading manufacturers [6][30]. Summary by Sections Market Review - The power equipment industry index rose by 6.02%, with sub-industries such as other power equipment II, wind power equipment, and photovoltaic equipment showing increases of 16.78%, 14.88%, and 13.73% respectively [3][14]. - The cumulative increase for the power equipment industry from the beginning of 2024 to the end of the reporting period was 6.09%, while the CSI 300 index increased by 13.37%, indicating a lag of 7.29 percentage points for the power equipment sector [3][14]. Industry Performance - In Q1-Q3 2024, 200 out of 377 listed companies in the power equipment industry reported positive revenue growth, while 143 companies saw an increase in net profit [5][30]. - The overall gross profit margin for the industry was 17.52% [5][30]. Sub-Industry Insights - The lithium battery sector saw a significant increase of 33.81% in stock performance, while the battery chemicals and wind power components experienced declines of 13.86% and 12.93% respectively [3][14]. - The price-to-earnings (PE) ratio for the power equipment industry was 31.95 times, higher than the negative one standard deviation, ranking it 8th among the Shenwan first-level industries [26][30]. Key Company Dynamics - In the reporting period, 21 listed companies in the power equipment sector had a net reduction of CNY 202 million in shareholding, with 7 companies increasing their holdings by CNY 1.0767 million and 14 companies reducing their holdings by CNY 203 million [4][39].