电力设备行业跟踪报告：三季度整体业绩向好，细分板块表现分化

Investment Rating - The industry investment rating is "Outperform the Market" [31] Core Insights - The overall performance of the power equipment industry has improved since the second half of 2024, with differentiated performance across sub-sectors. The distribution equipment sector has performed relatively well, while the transmission and transformation equipment sector has shown a quarter-on-quarter improvement in performance. Future prospects include ongoing power market reforms and stable growth in grid construction investment, which are expected to boost the grid equipment sector. Key areas to watch include ultra-high voltage direct current, transformers, smart grids, and energy storage systems [1][28] - In the first three quarters of 2024, the SW power equipment industry achieved a total revenue of CNY 551.43 billion, a year-on-year increase of 7.01%. However, net profit attributable to shareholders decreased by 10.37% to CNY 31.60 billion, with an overall gross margin of 19.25%, down 1.46 percentage points year-on-year [11][28] Summary by Sections 1. Overall Industry Performance - In Q3 2024, the SW power equipment industry reported total revenue of CNY 198.44 billion, a year-on-year increase of 8.53% and a quarter-on-quarter increase of 2.01%. The net profit attributable to shareholders was CNY 11.53 billion, up 2.82% year-on-year but down 2.64% quarter-on-quarter. The overall gross margin was 18.96%, down 0.97 percentage points year-on-year and 0.70 percentage points quarter-on-quarter [11][28] 2. Key Sub-sectors 2.1 Transmission and Transformation Equipment - In Q1-Q3 2024, the transmission and transformation equipment sector generated revenue of CNY 152.45 billion, a year-on-year increase of 1.78%, while net profit decreased by 27.59% to CNY 9.85 billion. In Q3 2024, revenue was CNY 54.02 billion, up 4.91% year-on-year, and net profit was CNY 3.55 billion, down 3.43% year-on-year [2][15] 2.2 Distribution Equipment - The distribution equipment sector reported revenue of CNY 92.30 billion in Q1-Q3 2024, a year-on-year increase of 7.50%, with net profit of CNY 6.84 billion, up 7.01%. In Q3 2024, revenue was CNY 33.89 billion, a year-on-year increase of 12.59%, and net profit was CNY 2.79 billion, up 24.31% year-on-year [3][21] 2.3 Grid Automation Equipment - The grid automation equipment sector achieved revenue of CNY 85.93 billion in Q1-Q3 2024, a year-on-year increase of 6.77%, with net profit of CNY 8.47 billion, up 8.23%. In Q3 2024, revenue was CNY 30.12 billion, a year-on-year increase of 7.50%, while net profit was CNY 3.01 billion, up 8.89% year-on-year [5][24] 3. Investment Recommendations - The report suggests actively monitoring leading stocks in key areas such as ultra-high voltage direct current, transformers, smart grids, and energy storage systems, as the power market reform continues to deepen and grid construction investment remains stable. Additionally, the acceleration of global energy transition and the upgrade of power systems are expected to enhance overseas demand for power equipment [1][28]