电网行业24Q3总结：攻守兼备，海内外电网投资增势持续

Investment Rating - The report rates the electrical equipment industry as "Positive" as of November 12, 2024 [1]. Core Insights - The overall profitability of the power grid sector increased by 13% year-on-year in Q1-Q3 2024, with a return on equity (ROE) of 10.4%, reflecting a continuous upward trend in profitability since 2018 [1][7]. - Capital expenditures in the power grid sector decreased by 4% year-on-year in Q1-Q3 2024, indicating a slowdown in supply-side expansion, although some companies like China Electric Equipment Group showed significant growth in capital spending [1][7]. - Domestic investment in power grid infrastructure maintained a high growth rate, with a completion amount of 398.2 billion yuan from January to September 2024, representing a year-on-year increase of 21.1%. The total investment for the year is expected to reach around 600 billion yuan [1][4]. - The export of power grid equipment remains robust, with transformer and high-voltage switch exports growing by 20.2% and 17.6% respectively in the first nine months of 2024, despite a slight slowdown in growth rates [1][4]. Summary by Sections Financial Performance - The overall net profit attributable to shareholders in the power grid sector increased by 12% year-on-year in Q1-Q3 2024 [7]. - The ROE for the power grid sector showed a year-on-year increase of 0.6 percentage points in Q1-Q3 2024 [9][10]. Capital Expenditure Trends - The power grid sector's total capital expenditure decreased by 4% year-on-year in Q1-Q3 2024, with a quarterly decline of 5% in Q3 [7][11]. Investment Opportunities - The new construction cycle for ultra-high voltage projects in China began in 2023, with a peak in project commissioning expected by the end of 2024 [1]. - The importance of distribution networks is increasing, with potential for accelerated investment in smart distribution networks due to the rise of distributed photovoltaics and electric vehicle charging needs [1]. Export Performance - In the first nine months of 2024, the cumulative export amount for transformers reached 32.75 billion yuan, up 20.2% year-on-year, while high-voltage switch exports totaled 20.9 billion yuan, up 17.6% year-on-year [4].