电气设备行业三大驱动：电网投资景气、配网智能升级、出海机遇凸显

Investment Rating - The report maintains an "In-line with the market" investment rating for the electrical equipment industry [2][5]. Core Insights - The electrical equipment industry is driven by three main factors: investment in the power grid, intelligent upgrades in distribution networks, and opportunities for overseas expansion [2][5]. - The demand for distribution system upgrades is expected to boost industry prosperity, with a significant increase in smart meter procurement [4]. - The export of electrical equipment is showing stable growth, particularly in transformers, with the U.S. market presenting substantial replacement demand due to aging infrastructure [5]. Summary by Sections Market Review - As of December 11, 2024, the CITIC electrical equipment index has increased by 9.91%, underperforming the CSI 300 index, which rose by 17.79% [44]. - The electrical equipment sector ranks 22nd among 30 CITIC first-level industries in terms of performance [44]. Industry Valuation - The CITIC electrical equipment sector's PE (TTM) is 35.14 times, close to the median level over the past five years [50]. - The PB (LF) valuation stands at 2.81 times, also near the historical median [53]. Individual Stock Performance - As of December 11, 2024, 103 stocks in the electrical equipment sector have risen, while 74 have fallen, with a median increase of 5.23% [57]. - The top five performing stocks include Xuchang Intelligent (155.86%), Yinen Electric (106.52%), and others [62]. Industry Fundamentals - The electrical equipment sector's revenue reached 651.73 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 7.01% [61]. - The overall gross margin for the sector is 20.74%, down 1.68 percentage points from the previous year [71]. Transmission and Transformation Equipment - The demand for transmission and transformation equipment is expected to grow steadily, supported by increasing power demand and ongoing grid investments [76]. - The first ten months of 2024 saw a total electricity consumption of 81,836 billion kWh, a year-on-year increase of 7.6% [76]. Distribution Equipment - The distribution equipment sector is experiencing a surge in demand due to a series of policies aimed at enhancing the distribution network [4][27]. - The procurement of smart meters has seen a significant increase, with a total of 89.33 million units tendered, marking a 25.32% year-on-year growth [4]. Overseas Expansion of Electrical Equipment - China's electrical equipment exports reached $67.55 billion in the first ten months of 2024, a year-on-year increase of 8.4% [5]. - The U.S. market's aging power infrastructure presents a significant opportunity for Chinese transformer manufacturers [5].