电力设备及新能源行业2024年和2025Q1业绩综述：整体业绩承压，聚焦细分领域

Investment Rating - The report maintains an "Overweight" rating for the electric equipment and new energy industry [2] Core Insights - The electric equipment industry is facing overall performance pressure in 2024, with a focus on specific sub-sectors showing differentiation in performance [6] - In 2024, the industry achieved a revenue of 3.41 trillion yuan, a year-on-year decrease of 8.4%, and a net profit of 914.54 billion yuan, down 61.1% [15] - The first quarter of 2025 shows a slight recovery with a revenue of 740 billion yuan, up 2.8% year-on-year, driven by growth in battery, grid equipment, and wind power equipment sectors [22] Summary by Sections 1. Industry Performance Overview - In 2024, the electric equipment industry experienced a significant decline in net profit and revenue, with a net profit margin of 2.9%, down 4.0 percentage points year-on-year [15] - The grid equipment sector showed a revenue growth of 7.8% in 2024, while the photovoltaic equipment sector saw a notable decline of 22.1% [15] 2. Sub-sector Performance 2.1 Photovoltaic Equipment - The photovoltaic equipment sector reported a revenue of 940 billion yuan in 2024, down 22.1%, and a net loss of 257.9 billion yuan, a decrease of 126.0% [28] - In Q1 2025, the sector's revenue was 181.61 billion yuan, down 15.8%, with a net loss of 44.0 billion yuan, a decrease of 191.8% [33] 2.2 Wind Power Equipment - The wind power equipment sector achieved a revenue of 1.93 trillion yuan in 2024, a slight increase of 1.1%, but net profit fell by 20.2% to 58.6 billion yuan [49] - In Q1 2025, the sector's revenue increased significantly to 372.2 billion yuan, up 35.5%, with a net profit of 12.5 billion yuan, an increase of 2.8% [52] 2.3 Grid Equipment - The grid equipment sector is benefiting from increased investment, with a notable growth trend in national grid engineering investments [6] - The report suggests focusing on leading companies in the transmission and transformation sector with strong cost control capabilities [6] 2.4 Battery Sector - The battery sector's performance is under pressure, with a decline in revenue and net profit in both 2024 and Q1 2025 [6] 2.5 Electric Motor and Other Power Equipment - The electric motor sector showed a slight decline, while other power equipment sectors experienced overall improvement in 2024 [6] 3. Investment Recommendations - The report recommends maintaining an overweight position in the industry, particularly focusing on leading companies in the grid, battery, and wind power sectors [6]