电力设备行业数据点评：2024年特高压设备招标271.6亿，关注2025年电网建设加速

Investment Rating - The industry rating is maintained at "Overweight" [4] Core Insights - The total bidding amount for UHV equipment in 2024 reached 27.16 billion, with a focus on the acceleration of grid construction in 2025 [1][3] - The competitive landscape for UHV equipment is concentrated, with the top five companies holding a market share of 63.0% [2][13] - In 2024, the investment in China's grid construction reached 608.3 billion, a year-on-year increase of 15.26% [3][15] Summary by Sections UHV Equipment Bidding - In 2024, the State Grid planned 26 batches of UHV project procurement, with a total bidding amount of 27.16 billion for UHV equipment and 7.53 billion for UHV materials, both showing a decline compared to 2023 [1][7] - Major components in UHV equipment bidding include converter transformers (25.8%), converter valve systems (23.2%), and combined electrical appliances (18.4%) [1][9] Competitive Landscape - The top five companies in UHV equipment bidding include China XD Group (19.7%), Guodian NARI (14.0%), Shandong Electric (11.6%), Pinggao Electric (9.2%), and Tebian Electric (8.6%) [2][13] - The competitive landscape for UHV materials is more fragmented, with the top five companies holding a market share of 31.7% [2][13] Future Procurement and Investment Outlook - The State Grid's investment in 2025 is expected to exceed 650 billion, focusing on optimizing the main grid and enhancing the distribution network [3][15] - The 2025 procurement plan includes 6 batches for UHV equipment, 5 batches for UHV materials, and 12 batches for UHV services [3][17] Investment Recommendations - Long-term investment opportunities are highlighted in domestic grid investments and overseas grid construction, particularly in developed countries [4][18]