电气设备行业专题研究：智能电表：需求持续性明确，国内外双市场共振

Investment Rating - The report maintains an "Outperform" rating for the electric equipment industry [5]. Core Insights - The demand for smart meters is expected to grow steadily, driven by both domestic and international markets, with a projected increase in the number of smart meters from 162 million in 2024 to 236 million by 2029, representing a compound annual growth rate (CAGR) of approximately 7.81% [2][24]. - The domestic market is currently in the replacement phase for the second generation of smart meters, with a total expected tender volume of 95.28 million units in 2024, reflecting a year-on-year increase of 25% [1][13]. Summary by Sections Domestic Electric Meter Development - The evolution of domestic electric meters has transitioned from mechanical meters to electronic meters, and now to smart meters, enhancing their functionality and value [9][18]. - The tendering cycle for electric meters aligns with technological updates, with significant growth in tender volumes observed since 2020, indicating a robust market outlook [13][17]. Overseas Demand - Different regions exhibit varying stages of development and demand for smart meters, with Asia-Pacific showing the fastest growth, particularly in Southeast Asia and South Asia, while Africa has a high demand for new installations due to significant electricity access gaps [2][36]. - The global smart meter investment increased from $10.2 billion in 2015 to $21.7 billion in 2022, indicating a strong market trend [24]. Competitive Landscape - Domestic electric meter manufacturers are experiencing growth in overseas revenues, while international competitors face stagnation or contraction in non-core regions [3][19]. - The competitive landscape remains fragmented, with the top 10 suppliers accounting for approximately 30% of the market share, indicating opportunities for smaller players [18][22]. Recommendations - The report suggests focusing on electric meter manufacturers that emphasize local production overseas, such as HaiXing Electric, Samsung Medical, Weisheng Holdings, and LinYuan Energy, as they are well-positioned to capitalize on international market opportunities [4][3].