电力设备行业快评报告：10月电力设备出口回暖，各地区表现分化

Investment Rating - The industry investment rating is "Outperform the Market" [5] Core Insights - In October 2024, China's transformer exports amounted to 3.301 billion, showing a month-on-month decrease of 1.59% but a year-on-year increase of 71.77%. Cumulative exports from January to October reached 26.278 billion, up 49.15% year-on-year [1] - The cable exports in October 2024 hit a record high of 2.022 billion, with a month-on-month increase of 82.25% and a year-on-year increase of 125.12%. Cumulative exports for the year reached 14.359 billion, up 43.92% year-on-year [10] - The report highlights that the global renewable energy installation is rapidly increasing, and the demand for power equipment is expected to grow due to the upgrade of grid equipment and stable investment in global grid construction [10] Summary by Sections Transformers - In October 2024, transformer exports to Africa saw significant growth, with an export value of 433 million, a month-on-month increase of 95.72% and a year-on-year increase of 61.66%. Exports to Europe and Latin America remained stable, while exports to Asia and North America experienced a month-on-month decline [2] Electric Meters - The export value of electric meters in October 2024 was 949 million, with a month-on-month increase of 0.65% and a year-on-year increase of 20.14%. The European market showed a notable rebound after a decline in September [3] Switches - In October 2024, switch exports amounted to 552 million, reflecting a month-on-month increase of 38.87% and a year-on-year increase of 16.94%. Exports to Asia, Africa, and Latin America showed significant rebounds, while exports to Europe slightly decreased [4] Cables - The report indicates that cable exports to Asia, Africa, and Latin America experienced high growth, with significant increases in export values for these regions in October 2024 [10] Investment Recommendations - The report suggests focusing on leading companies with successful overseas market expansion, strong product reputation, and technological advantages, as they are expected to benefit from the ongoing trends in the power equipment sector [10]