2024Q1电力设备出口分析：景气延续

Investment Rating - The report maintains an "Outperform" rating for the power equipment export industry [2][6]. Core Insights - The power equipment export industry is experiencing a sustained growth trend, particularly in transformer exports to Europe and North America, driven by factors such as new energy integration, old grid renovations, and data center expansions [3][6]. - The report highlights significant growth in the export of electronic meters in Asia and Africa, indicating a strong demand for smart grid investments [4][6]. - The export of isolating switches is accelerating, with notable increases in various regions, suggesting a robust development phase for this market [5][6]. Summary by Sections Transformer Exports - Total transformer export value reached $1.24 billion in Q1 2024, up 25.5% year-on-year. March exports alone were $460 million, reflecting a 23.9% increase. Liquid transformers saw a 67.5% increase, while dry transformers experienced a 12.4% decline [11][12]. - The export focus is shifting from Asia to Europe and North America, with respective shares of 46%, 22%, and 10% in Q1 2024 [11][13]. Electronic Meter Exports - Electronic meter exports totaled $310 million in Q1 2024, marking a 9.7% year-on-year increase. Notably, single-phase and three-phase electronic meter exports from Asia and Africa grew significantly, with increases of 59.1% and 126.3%, respectively [4][6]. Isolating Switch Exports - The total export value of isolating switches reached $51 million in Q1 2024, up 60.3% year-on-year. March exports were $15 million, reflecting a 33.1% increase. Exports to Asia, Europe, and South America showed substantial growth, with increases of 104.5%, 199.0%, and 27.6%, respectively [5][6]. Investment Recommendations - The report recommends focusing on equipment manufacturers with strong overseas channels and substantial production capacity, as the demand for smart grid investments is expected to rise significantly [6]. Key companies highlighted include Jinpan Technology, Siyuan Electric, Mingyang Electric, China XD Electric, and Haixing Power [6].