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 relative increase of over 10% in the industry index compared to the broader market over the next six months [39]. Core Insights - The report highlights a robust performance in the power equipment export sector, with April 2025 exports totaling 7.893 billion yuan, reflecting a month-on-month increase of 27.44% and a year-on-year increase of 52.84%. Cumulatively, from January to April 2025, exports reached 26.134 billion yuan, up 35.63% year-on-year [2]. Summary by Category Transformers - The transformer market shows strong growth, with April 2025 exports amounting to 3.474 billion yuan, a month-on-month increase of 12.22% and a year-on-year increase of 41.94%. Cumulative exports from January to April 2025 reached 13.122 billion yuan, up 50.93% year-on-year [3][13]. - Notably, the African market has seen significant growth, with April exports reaching a record high. Exports to Africa in April 2025 were 0.505 billion yuan, reflecting a year-on-year increase of 143.73% [14]. Electric Meters - The electric meter sector performed steadily, with April 2025 exports totaling 0.965 billion yuan, a month-on-month increase of 28.83% and a year-on-year increase of 34.39%. Cumulative exports from January to April 2025 reached 3.462 billion yuan, up 15.32% year-on-year [4][20]. - The Asian and European markets showed strong growth, with exports to these regions in April 2025 amounting to 0.352 billion yuan and 0.350 billion yuan, respectively, with year-on-year increases of 33.59% and 58.67% [21]. Switches - The switch market maintained high growth, with April 2025 exports of 0.734 billion yuan, reflecting a year-on-year increase of 24.71%. Cumulative exports from January to April 2025 reached 2.694 billion yuan, up 26.56% year-on-year [5][23]. - Exports to Asia, Europe, and Latin America performed well, with year-on-year increases of 28.90%, 10.58%, and 144.92%, respectively [28]. Cables - The cable sector exhibited remarkable performance, with April 2025 exports amounting to 2.720 billion yuan, a month-on-month increase of 76.21% and a year-on-year increase of 92.88%. Cumulative exports from January to April 2025 reached 6.857 billion yuan, up 25.93% year-on-year [9][30]. - The European market saw exceptional growth, with exports in April 2025 reaching 1.203 billion yuan, reflecting a year-on-year increase of 1012.31% [32]. Investment Recommendations - In the context of energy transition and rapid growth in global renewable energy installations, along with stable investment in global grid construction, the report suggests that China's power equipment products possess technological and cost advantages. The export of transformers, electric meters, switches, and cables is expected to benefit from this trend. It is recommended to focus on leading companies with successful overseas market expansion and technological leadership [37].