Huachuang Securities·2025-03-11 04:15Investment Rating - The report maintains a "Buy" recommendation for the power equipment industry, specifically highlighting the high growth in the first batch of State Grid's bidding amounts [8][11]. Core Insights - The first batch of bidding amounts for the State Grid's power transmission and transformation projects has seen a significant year-on-year increase of 23.5%, totaling 15.24 billion yuan. Key components such as switchgear and transformers have also shown substantial growth, with increases of 35.4% and 33.7% respectively [8][11]. - The report emphasizes the ongoing "re-electrification" trend globally, which is expected to sustain high investment growth in the power equipment sector through 2025. It identifies three main investment themes: high-voltage direct current (HVDC) technology, international expansion of power equipment, and the digitalization and intelligence of distribution networks [8][11]. Summary by Sections 1. Bidding and Project Updates - The State Grid's first batch of bidding for 2025 has a total amount of 15.24 billion yuan, marking a 23.5% increase from the previous year. Key components include switchgear at 4.394 billion yuan and transformers at 3.549 billion yuan [8][11]. - The South Grid announced the candidates for the third batch of materials for the Yangjiang Sanshan Island offshore wind power HVDC project, with a total bid amount of 886 million yuan [8][11]. 2. Market Performance - The new energy sector rose by 1.16% this week, ranking 16th among 30 industry sectors, underperforming the CSI 300 index, which increased by 1.39% [12][15]. - Within the power equipment sector, the electronic and automation segment increased by 3.9%, while the transmission and distribution equipment segment rose by 1.8% [12][15]. 3. Investment Tracking - As of December 2024, domestic investment in power generation projects reached 1,168.7 billion yuan, a year-on-year increase of 20.8%. Investment in grid projects totaled 608.3 billion yuan, up 15.3% year-on-year [34][36]. - In December 2024, transformer exports amounted to 791.9 million USD, reflecting a year-on-year growth of 2.05% and a month-on-month increase of 5.23% [36][39]. 4. Company Announcements - Key announcements include strategic cooperation agreements between companies like Samsung Medical and HaiXing Electric, aimed at expanding transformer products in overseas markets [42][43]. - Notable bidding results include Dalian Electric Porcelain's pre-bid for the State Grid's first batch of procurement, with a total expected bid amount of approximately 48 million yuan [42][43].