电力设备行业跟踪报告：电力设备出口：变压器电缆出口表现较好，非洲市场高景气

Investment Rating - The industry is rated as "stronger than the market" with an expected relative increase of over 10% in the next six months compared to the market index [46]. Core Insights - In February 2026, China's total export value of electrical equipment was 7.813 billion yuan, showing a month-on-month decrease of 5.80% but a year-on-year increase of 54.74%. Cumulative exports for January-February reached 16.106 billion yuan, up 33.69% year-on-year [1]. - The transformer export market remains robust, with a year-on-year growth of 58.13% in February 2026, driven primarily by the African market, which saw a staggering growth rate of 676.48% [2][14]. - The electric meter exports rebounded in February, with a total export value of 0.884 billion yuan, reflecting a month-on-month increase of 8.78% and a year-on-year increase of 42.44% [3][19]. - Switch exports showed stability with a total value of 0.669 billion yuan in February, maintaining a year-on-year growth of 41.51% despite a month-on-month decline [4][26]. - Cable exports also demonstrated high growth, with a total export value of 1.812 billion yuan in February, marking a year-on-year increase of 58.58% [9][34]. Summary by Category Transformers - February 2026 transformer exports amounted to 4.447 billion yuan, with a month-on-month decrease of 7.75% but a year-on-year increase of 58.13%. Cumulative exports for January-February reached 9.267 billion yuan, up 41.42% year-on-year [13][2]. - Exports to Asia and Africa were particularly strong, with year-on-year growth rates of 57.15% and 676.48%, respectively [14]. Electric Meters - In February 2026, electric meter exports totaled 0.884 billion yuan, with a month-on-month increase of 8.78% and a year-on-year increase of 42.44%. Cumulative exports for January-February were 1.697 billion yuan, down 2.91% year-on-year [3][19]. - The African market showed exceptional performance, with exports reaching a recent high and a year-on-year growth of 101.94% [19]. Switches - February 2026 switch exports were valued at 0.669 billion yuan, reflecting a month-on-month decrease of 13.65% but a year-on-year increase of 41.51%. Cumulative exports for January-February reached 1.445 billion yuan, up 25.18% year-on-year [26][8]. - The African and European markets exhibited strong performance, with year-on-year growth rates of 253.35% and 103.24%, respectively [29]. Cables - In February 2026, cable exports totaled 1.812 billion yuan, with a month-on-month decrease of 3.87% but a year-on-year increase of 58.58%. Cumulative exports for January-February reached 3.697 billion yuan, up 42.60% year-on-year [34][9]. - The Asian and African markets showed significant growth, with year-on-year increases of 106.32% and 177.79%, respectively [35]. Investment Recommendations - Given the rapid growth in global renewable energy installations and stable investment in grid construction, the report suggests that China's electrical equipment products, which have technological and cost advantages, are likely to benefit from continued export growth. It is recommended to focus on leading companies with successful overseas market expansion and advanced technology [42].