电力设备行业跟踪报告：电力设备出口-市场整体稳健，电缆出口表现亮眼

Investment Rating - The industry investment rating is "outperform the market," indicating a projected increase of over 10% relative to the market index in the next six months [42]. Core Viewpoints - The report highlights that the overall export performance of the power equipment industry is robust, with April 2025 exports amounting to 7.893 billion yuan, reflecting a month-on-month increase of 27.44% and a year-on-year increase of 52.84% [1][9]. - The report anticipates continued growth in exports as the market enters a peak season, driven by increasing overseas demand [1]. Summary by Category Transformers - In April 2025, transformer exports reached 3.474 billion yuan, with a month-on-month growth of 12.22% and a year-on-year growth of 41.94%. Cumulative exports from January to April 2025 totaled 13.122 billion yuan, marking a year-on-year increase of 50.93% [2][14]. - The African market showed significant growth, with April exports reaching a record high, and overall exports to Africa increased by 143.73% year-on-year [2][15]. Electric Meters - Electric meter exports in April 2025 amounted to 0.965 billion yuan, with a month-on-month increase of 28.83% and a year-on-year increase of 34.39%. Cumulative exports for the first four months of 2025 reached 3.462 billion yuan, reflecting a year-on-year growth of 15.32% [3][21]. - The Asian and European markets exhibited strong growth, with year-on-year increases of 33.59% and 58.67%, respectively [3][22]. Switches - In April 2025, switch exports totaled 0.734 billion yuan, showing a month-on-month decline of 8.82% but a year-on-year increase of 24.71%. Cumulative exports from January to April 2025 reached 2.694 billion yuan, with a year-on-year growth of 26.56% [4][24]. - Exports to Asia, Europe, and Latin America performed well, while the African market showed a month-on-month recovery but continued to decline year-on-year [4][30]. Cables - Cable exports in April 2025 reached 2.720 billion yuan, with a month-on-month increase of 76.21% and a year-on-year increase of 92.88%. Cumulative exports for the first four months of 2025 were 6.857 billion yuan, reflecting a year-on-year growth of 25.93% [9][32]. - The European market saw exceptional performance, with exports increasing by 1012.31% year-on-year [9][34]. Investment Recommendations - The report suggests that the power equipment sector is well-positioned to benefit from the global shift towards renewable energy and ongoing upgrades in grid infrastructure. It recommends focusing on leading companies with strong overseas market expansion and technological advantages [9][40].