Investment Rating - The investment rating for the power equipment industry is "Positive" [3] Core Insights - The power equipment industry index increased by 4.45% during the reporting period, outperforming the CSI 300 index by 2.16 percentage points [3] - The industry has faced profitability pressure, but overseas expansion may help restore performance [2][7] - The overall performance of the power equipment industry has been poor, with a cumulative decline of 2.67% since the beginning of 2024, lagging behind the CSI 300 index which increased by 6.85% [3][24] - Key tracked sub-industries such as lithium batteries, battery chemicals, and wind power components showed mixed performance, with lithium batteries increasing by 12.51% while wind power components decreased by 14.83% [3][30] Summary by Sections Market Review - The power equipment industry index rose by 4.45% in the reporting period, with wind power equipment, grid equipment, batteries, and photovoltaic equipment showing changes of 7.34%, 5.46%, 4.85%, and 3.68% respectively [3][24] - Cumulatively, the power equipment industry has underperformed, with four out of six sub-industries experiencing declines, the largest being wind power equipment at -13.01% [3][24] Industry Important News Wind Power Industry - In 2023, China's wind power equipment manufacturers dominated the global market, with a 65% share of new installations [43] - The industry is expected to benefit from overseas orders and the expansion of offshore wind power in 2024, potentially improving revenue and profitability [7] New Energy Vehicle Industry - In April 2024, BYD's sales reached 313,245 units, a year-on-year increase of 48.96% [47] - New energy vehicle sales are showing positive growth across various brands, indicating a recovery in demand [46][48] Power Battery Industry - The Ministry of Industry and Information Technology has issued guidelines to strengthen the management of the lithium battery industry, emphasizing innovation and quality improvement [49] - The total revenue of lithium battery companies in 2023 was approximately 1.64 trillion yuan, a decrease of 5.1% year-on-year [52] Valuation - As of May 10, 2024, the price-to-earnings (PE) ratio for the power equipment industry is 26.53, which is below the negative one standard deviation level [38] - The PE ratios for key tracked sub-industries are 25.55 for batteries and 33.83 for wind power equipment [38]
电新行业双周报2024年第10期总第32期：电力设备行业2023年及2024Q1业绩总结：行业盈利能力承压，海外布局或可修复
Great Wall Glory Securities·2024-05-14 01:00