电气设备：国网第三批电表中标公示，继续看好国内+海外双重需求景气

Investment Rating - The industry investment rating is maintained as "Leading the Market" [2][5] Core Viewpoints - The report highlights a dual demand boom in the domestic and overseas markets for electric meters, despite a decrease in the total winning bid amount for the third batch of electric meters by the State Grid, which was 8.005 billion yuan, down 35.34% year-on-year but up 76.65% month-on-month [2] - The report indicates that the total winning bid amount for the three batches of electric meters in 2024 is expected to reach 24.917 billion yuan, reflecting a growth of approximately 7% compared to 2023, confirming the ongoing prosperity of China's smart meter industry [2] - The report emphasizes the acceleration of the new power system construction and the increasing intensity of electric meter usage due to the large-scale application of distributed photovoltaics, user-side energy storage, and charging piles [2] Summary by Sections Winning Bid Analysis - The total winning bid amount for the third batch of electric meters was 8.005 billion yuan, with 83 companies winning bids, including 72 for electric meters and 50 for electricity information collection, marking an increase from the second batch [2] - The average winning bid prices for various types of meters have decreased, with significant price drops observed in A-grade, B-grade, C-grade, and D-grade meters [2] Market Outlook - The report notes that global grid investment is entering a new cycle, with electric meter exports performing well, showing a cumulative export amount of 1.287 billion USD from January to October 2024, up 11.29% year-on-year [2] - The report suggests that domestic electric meter companies are actively expanding overseas, leveraging their service, delivery, and cost advantages to compete with global leaders [2] Investment Recommendations - The report recommends focusing on companies that are leading in electric meter bids and have strong overseas market expansion capabilities, including HaiXing Electric, Samsung Medical, JuHua Technology, XuJi Electric, and others [2]