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12月电力设备出口数据跟踪：2024年变压器及电表出口创新高
2025-01-22 12:57

Investment Rating - The report maintains a "Recommended" investment rating for the electric power equipment and new energy sector [2]. Core Insights - The report highlights that the export of electrical equipment continues to show high prosperity, with transformer exports in December reaching 5.21 billion yuan, a year-on-year increase of 1.2% and a month-on-month increase of 7.0% [5]. - For the entire year of 2024, transformer exports totaled 47.71 billion yuan, reflecting a year-on-year growth of 28.0% [5]. - The report notes significant regional growth in exports, with North America (+47.2%), Africa (+41.9%), and Asia (+31.2%) showing the highest year-on-year increases [5]. - The report also indicates that global grid investment is expected to double by 2030, exceeding 600 billion USD, which presents opportunities for smart meters and transformers to benefit from overseas expansion [5]. Summary by Sections Export Data - December transformer exports to Europe and Oceania were strong, while exports to Asia and Africa weakened [5]. - In December, transformer exports to Europe were 1.09 billion yuan, showing a year-on-year decrease of 56.5% but a month-on-month increase of 123.3% [5]. - The total export of smart meters in December was 980 million yuan, a year-on-year increase of 24.1% but a month-on-month decrease of 13.3% [5]. Regional Performance - For the entire year, smart meter exports totaled 11.43 billion yuan, with Africa (+30.4%) and Asia (+27.2%) showing the highest year-on-year growth rates [5]. - The report emphasizes that smart meter penetration in Northern Europe remains high, with future promotional efforts shifting focus from Northern and Western Europe to Central, Eastern, and Southeastern Europe [5]. Investment Recommendations - The report suggests focusing on companies such as HaiXing Electric (603556.SH), Samsung Medical (601567.SH), and LinYang Energy (601222.SH) among others, as they are expected to benefit from the high demand in the global electric grid investment [5].