电力设备行业快评报告：电力设备出口：12月开关、电缆表现较好

Investment Rating - The industry investment rating is "Outperform the Market" indicating a projected increase of over 10% in the industry index relative to the broader market in the next six months [5][14]. Core Insights - The report highlights a stable growth in transformer exports, with a total export value of 39.00 billion yuan in December 2024, reflecting a month-on-month increase of 5.96% and a year-on-year decrease of 2.55%. Cumulatively, transformer exports for the year reached 338.58 billion yuan, marking a year-on-year growth of 42.87% [2]. - The export of electric meters showed a month-on-month decline of 13.10% in December 2024, totaling 9.66 billion yuan, but experienced a year-on-year increase of 18.84%. The total export for the year was 112.25 billion yuan, up 13.07% year-on-year [3]. - Switch exports saw a significant month-on-month increase of 23.33% in December 2024, amounting to 6.44 billion yuan, with a year-on-year growth of 3.01%. The cumulative export for the year was 63.21 billion yuan, remaining stable compared to the previous year [4]. - Cable exports rebounded in December 2024, with a total of 14.82 billion yuan, reflecting a month-on-month increase of 24.57% and a year-on-year increase of 15.53%. The total export for the year reached 170.32 billion yuan, up 36.61% year-on-year [11]. Summary by Category Transformers - December 2024 exports amounted to 39.00 billion yuan, with a month-on-month increase of 5.96% and a year-on-year decrease of 2.55%. Cumulative exports for 2024 were 338.58 billion yuan, up 42.87% year-on-year. Exports to Europe, North America, and Latin America showed significant month-on-month recovery [2]. Electric Meters - Exports totaled 9.66 billion yuan in December 2024, down 13.10% month-on-month but up 18.84% year-on-year. The total for 2024 was 112.25 billion yuan, reflecting a 13.07% year-on-year growth. The European market performed well, with exports increasing by 19.92% month-on-month [3]. Switches - December 2024 exports reached 6.44 billion yuan, with a month-on-month increase of 23.33% and a year-on-year increase of 3.01%. The total for the year was 63.21 billion yuan, remaining stable compared to the previous year. Exports to Asia and Europe showed high growth [4]. Cables - Exports in December 2024 were 14.82 billion yuan, reflecting a month-on-month increase of 24.57% and a year-on-year increase of 15.53%. The total for the year was 170.32 billion yuan, up 36.61% year-on-year. Exports to Asia showed significant month-on-month growth [11]. Investment Recommendations - The report suggests focusing on leading companies with strong overseas market expansion, product reputation, and technological advantages, as the global renewable energy installation and grid investment are expected to grow [12].