Huachuang Securities·2025-03-25 14:50Investment Rating - The report maintains a "Recommendation" rating for the power equipment industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [60]. Core Insights - The first quarter of 2025 has shown strong performance in grid bidding, investment, and transformer exports, with significant year-on-year growth in these areas [10][38]. - The report highlights that the total investment in grid projects reached 436 billion yuan in January and February 2025, representing a 33.3% year-on-year increase [10][38]. - Transformer exports for January and February 2025 were reported at 769.1 million and 563.4 million USD, respectively, with year-on-year growth rates of 43.11% and 41.49% [10][39]. Summary by Sections 1. Grid Bidding, Investment, and Transformer Export Data - The first two months of 2025 saw a total grid bidding amount of 15.24 billion yuan, a 23.5% increase compared to the same period in 2024 [10]. - The transformer export data indicates a robust growth trend, with cumulative exports reaching 1.3324 billion USD by February 2025, marking a 42.42% year-on-year increase [39]. 2. Market Performance Review - The new energy sector experienced a decline of 1.49% this week, ranking 17th among 30 industry sectors, outperforming the CSI 300 index, which fell by 2.29% [15]. - The report notes that the top-performing sub-sectors included wind power and nuclear power, while energy storage and power electronics saw significant declines [15][18]. 3. Important Information Tracking - As of February 2025, the cumulative investment in power engineering was 753 billion yuan, showing a slight decline of 1.1% year-on-year [38]. - The report tracks significant announcements from listed companies, including major bidding wins and investment updates [46]. 4. Valuation Situation - As of March 21, 2025, the new energy sector's valuation stood at 46x, significantly higher than the CSI 300's 13x [30]. - Key individual stocks within the power equipment sector have varying valuations, with some showing strong growth potential based on projected earnings [35]. 5. Industry Dynamics - The report discusses ongoing projects and initiatives, such as the acceleration of the "藏电入渝" project in Chongqing and the commencement of the Dazhong-Huailai-Tianjin South 1000 kV AC project [48].