电力设备行业2024年三季报综述：光伏现金流持续改善，海风、电网逐步交付

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry, anticipating a continuation of positive trends into Q4 2024 [9]. Core Insights - The photovoltaic (PV) sector is experiencing a worsening of net profit losses, indicating that the industry is nearing a bottom. The main industry chain remains under pressure, but cash flow is improving [6][21]. - The wind power sector is facing challenges due to the pace of project initiation, leading to a decline in net profits across most segments [6][8]. - The grid equipment sector is seeing growth in both volume and profit, with high voltage products entering the delivery phase [8][9]. Summary by Sections 1. Overall Performance of the Electric Power Equipment Sector - For Q1-Q3 2024, the electric power equipment industry reported revenues of 23,875 billion yuan, a year-on-year decrease of 10.30%, and a net profit of 950 billion yuan, down 53.98% year-on-year [13]. 2. Photovoltaic Sector - The PV equipment industry generated revenues of 6,884 billion yuan in Q1-Q3 2024, down 22.56% year-on-year, with a net profit of -27 billion yuan, a decline of 102.01% year-on-year [6][21]. - The main industry chain is under pressure, with most companies in a loss-making state, although cash flow is improving [6][21]. - The report highlights 41 representative companies, indicating that while the main chain struggles, segments like PV equipment and inverters are performing well [21][30]. 3. Wind Power Sector - The wind power equipment industry achieved revenues of 1,203.17 billion yuan in Q1-Q3 2024, a slight increase of 0.79% year-on-year, but net profit fell by 28.89% to 48.91 billion yuan [6][8]. - The report notes that the wind turbine and submarine cable segments are beginning to show improvement, with expectations for a peak in offshore wind project deliveries from Q4 2024 to 2025 [8][9]. 4. Grid Equipment Sector - The grid equipment industry reported revenues of 5,514.29 billion yuan in Q1-Q3 2024, an increase of 6.58% year-on-year, with a net profit of 316.02 billion yuan, down 9.49% year-on-year [8][9]. - The report indicates that the transformer and combination electrical segments are growing rapidly, benefiting from high voltage product deliveries [8][9]. 5. Investment Recommendations - The report suggests focusing on leading companies in the PV sector such as Tongwei Co., Longi Green Energy, and Trina Solar, as well as strong inverter companies like Sungrow Power and DeYe Shares [9]. - In the wind power sector, companies like Dongfang Electric and Goldwind are recommended, while in the grid equipment sector, attention is drawn to Pinggao Electric and XJ Electric [9].