电力设备行业点评：国内电力投资保持增长，海外出口景气不减

Investment Rating - The industry investment rating is "In line with the market" [2] Core Viewpoints - Domestic power investment continues to grow, and overseas exports remain strong. In the first ten months of 2023, national power and grid investment maintained rapid growth, with power generation project investments reaching 718.1 billion yuan, a year-on-year increase of 8.3%, and grid project investments reaching 450.2 billion yuan, a year-on-year increase of 20.7% [4][5] - The expected investment by the State Grid Corporation in 2024 is projected to reach 600 billion yuan, an increase of 71.1 billion yuan year-on-year, marking a historical high. This investment will focus on ultra-high voltage projects, enhancing connections between county-level grids and the larger grid, and upgrading grid digitalization and intelligence [4][5] - The new installed capacity of power generation equipment in the first ten months of 2023 was 279 million kilowatts, a year-on-year increase of 19.8%, with solar power equipment contributing 181 million kilowatts, a 27.2% increase [5] Summary by Sections Investment Trends - In the first ten months of 2023, the total investment in power generation and grid projects was 1,168.3 billion yuan, with significant year-on-year growth in both sectors [4][5] - The investment in power generation equipment is expected to continue to rise, driven by the increasing demand for renewable energy sources [5] Export Dynamics - Solar cell exports in the first ten months of 2023 amounted to 26.84 billion USD, a year-on-year decrease of 31.6%, while the quantity exported increased by 32% [6][9] - Transformer exports reached 5.29 billion USD, with a cumulative year-on-year increase of 27.42% [9][10] Key Companies to Watch - Weisheng Information (688100) is highlighted for its strong growth in electric meter exports [10] - Jinbei Electric (002533) is noted for its leadership in electromagnetic wire production, benefiting from transformer exports and electric vehicle sales [10] - Changgao Electric (002452) is recognized for its advancements in high-voltage products and a full order book [10]