电力设备行业深度报告：国内外需求共振，持续高景气

Investment Rating - The investment rating for the electrical equipment industry is "Outperform the Market" [2] Core Insights - The electrical equipment industry is experiencing a high level of demand driven by the urgent need for UHV (Ultra High Voltage) construction and ongoing investments in distribution networks, with a focus on digitalization and equipment upgrades [6][7] - The report highlights a significant increase in net profit for the distribution sector, which rose by 76.68% year-on-year, while the transmission sector saw a decline of 31.09% [16][19] - The overall revenue growth for the electrical equipment sector is projected to continue, supported by government policies and the transition to a new power system [51][52] Summary by Sections 1. Overview of Electrical Equipment Q3 2024 - The electrical equipment sector's revenue increased by 3.03% year-on-year, while net profit decreased by 12.52% [19][16] - The performance of various segments includes: transmission (-31.09%), distribution (+76.68%), low-voltage electrical (+12.72%), and others [16][19] 2. Transmission Equipment - The transmission segment's revenue grew by 4.68%, but net profit fell by 31.09% [26] - The ongoing UHV construction projects are expected to benefit companies in this sector significantly [26][29] 3. Distribution Equipment - The distribution segment's revenue increased by 2.54%, with net profit soaring by 76.68% [32] - Recent policies are expected to accelerate investment in distribution networks, enhancing demand for related equipment [33] 4. Low-Voltage Electrical Equipment - The low-voltage electrical segment reported a revenue increase of 6.38% and a net profit increase of 12.72% [34] - Companies in this sector are well-positioned to benefit from the growth in smart home and industrial automation markets [34] 5. Secondary Equipment - The secondary equipment sector saw a revenue increase of 7.91%, but net profit decreased by 4.10% [38] - Key areas of investment include smart grids and automation technologies [38][50] 6. Key Companies and Their Performance - Key companies such as Si Yuan Electric and Pinggao Electric reported significant revenue and profit growth, driven by ongoing projects and market demand [26][28][30] - The report emphasizes the importance of global market expansion for companies in the electrical equipment sector, particularly in emerging markets [27][30]