电力设备与新能源行业研究：电力设备（电网）板块业绩总结：网内和网外并举，出海进入收获期

Investment Rating - The report indicates a positive investment outlook for the power equipment industry, highlighting the sustained demand both domestically and internationally [6]. Core Insights - The industry is structured around six core business segments, addressing three major market demands, and fostering 13 prosperous sub-sectors [12][24]. - Approximately 80% of the selected 40 listed companies are expected to meet or exceed performance expectations for 2024 and Q1 2025, with over half showing continuous profit growth over the past three years [3][28]. - The report emphasizes the importance of domestic grid investments and the growth of overseas markets, particularly in high-pressure equipment and smart technology [6][19]. Summary by Sections Industry Framework - The power equipment industry is categorized into six core business segments: smart/information systems, high-pressure equipment, medium and low-pressure equipment, metering devices, materials, and low-voltage electrical appliances [12][13]. - The demand landscape has diversified, with significant contributions from both internal grid needs and external markets, including overseas expansions [16][19]. Revenue Growth Attribution and Financial Analysis - Revenue growth for 2024 is attributed to three main factors: internal grid investments, overseas business expansion, and proactive exploration of external markets [4][21]. - Financial performance for 2024 shows a revenue of 464.3 billion yuan, a year-on-year increase of 10.2%, while net profit decreased by 6.1% to 37.1 billion yuan [5][28]. - The operational efficiency metrics indicate a slight decline in accounts receivable and inventory turnover rates, with total accounts receivable reaching 156.8 billion yuan, up 14% year-on-year [5][27]. Investment Recommendations and Valuation - The report recommends key companies such as Siyi Electric, Samsung Medical, Mingyang Electric, Pinggao Electric, and China West Electric, citing their strong positioning in the market and growth potential [6][25]. - The anticipated investment from the State Grid and Southern Grid is projected to exceed 800 billion yuan in 2025, indicating a robust outlook for domestic grid investments [19][21].