电力设备系列报告之二电表：智能电表出口需求持续 欧亚非拉有望夯实新增长

Investment Rating - The report maintains a positive outlook on the smart meter industry, indicating strong growth potential driven by increasing demand for smart grid solutions and energy management [1][3]. Core Insights - Smart meters play a crucial role in modern energy management and utilization, with various types including mechanical, electronic, and smart meters, each offering distinct advantages [1][20]. - The global smart meter market is expected to grow significantly, with shipments projected to increase from 162 million units in 2024 to 236 million units by 2029, reflecting a compound annual growth rate (CAGR) of 7.81% [2][30]. - Emerging markets, particularly in Africa and Latin America, present substantial growth opportunities due to low penetration rates of smart meters [2][40]. - The Advanced Metering Infrastructure (AMI) solutions enhance China's competitive edge in exporting smart meters, particularly in regions with underdeveloped AMI standards [2][3]. Summary by Sections 1. Smart Meter Overview - Smart meters are essential for energy management and have multiple functions, including accurate energy consumption measurement and real-time monitoring [1][22]. - The transition to smart meters is crucial for reducing costs and enhancing safety in energy management [1][25]. - China's smart meter market has seen rapid growth, with a total of 882 million units tendered from 2009 to 2022, reflecting a CAGR of 29.85% [1][27]. 2. Global Smart Meter Market Growth - The global smart meter market is experiencing robust growth, with investment amounts rising significantly, reaching over $20 billion in 2021, nearly doubling since 2015 [2][30]. - The penetration rates of smart meters vary significantly across regions, with developed countries having higher rates and emerging markets like Africa and Latin America showing substantial potential for growth [2][40]. 3. AMI Solutions and Competitive Advantage - AMI solutions are critical for enhancing the competitiveness of Chinese manufacturers in international markets, particularly in regions with less mature AMI frameworks [2][3]. - The report suggests that companies like Haixing Electric, Samsung Medical, and Weisheng Holdings, which have established overseas factories and service centers, are well-positioned to capitalize on these opportunities [3][6].