电气设备制造行业2024年信用回顾与2025年展望

Investment Rating - The electrical equipment manufacturing industry is rated as stable for 2024 [1] Core Insights - The downstream demand for the electrical equipment industry is closely related to the construction and maintenance of power supply and distribution networks, as well as investments in power systems by enterprises, influenced by macroeconomic conditions and electricity demand [2][9] - The industry maintains a high level of prosperity due to significant investment growth in power infrastructure and the development of the renewable energy sector, despite a slowdown in macroeconomic growth [2][10] - Continuous government policies supporting renewable energy construction and the development of new energy storage systems are expected to drive demand for wind and solar equipment [2][4] - The industry faces challenges such as fierce competition among photovoltaic equipment manufacturers and inventory management issues in energy storage due to declining lithium prices [3][24] Summary by Sections Industry Overview - The electrical equipment manufacturing industry includes various sectors such as motor manufacturing, power distribution and control equipment, cables, batteries, and other electrical machinery [7][8] - The industry is characterized by a large number of small and medium-sized enterprises, intense competition, and weak bargaining power with upstream suppliers [7][30] Economic Performance - In 2023, the electrical equipment manufacturing industry achieved a revenue of CNY 110,059.90 billion, a year-on-year increase of 9.60%, while profit totaled CNY 6,334.50 billion, up 7.08% [24] - For the first three quarters of 2024, the industry saw a revenue decline of 1.90% to CNY 77,318.90 billion and a profit drop of 7.31% to CNY 4,153.10 billion, attributed to oversupply in the photovoltaic sector and slowing growth in new energy vehicles [24][10] Investment Trends - Power construction investment in 2023 reached CNY 967.5 billion, a year-on-year increase of 30.10%, with non-fossil energy investment accounting for 85.60% of total power investment in 2024 [15][20] - The electrical equipment industry is expected to benefit from ongoing investments in grid upgrades, rural electrification, and smart grid construction, with significant planned investments from major grid companies [20][22] Market Dynamics - The wind power sector is experiencing a recovery with significant policy support, leading to a 27.5% increase in investment in 2023 and a 102% rise in new wind power installations [44][46] - The competition in the wind power equipment market is intensifying, with leading manufacturers capturing a significant market share [48][49] Material Costs - The industry is heavily impacted by fluctuations in the prices of raw materials such as copper, aluminum, and steel, which constitute a large portion of production costs [30][31] - The decline in lithium prices has provided some relief to battery manufacturers, but also poses challenges in inventory and cost management [41][42]