Investment Rating - The report maintains a "Positive" investment rating for the GIL industry [5]. Core Viewpoints - GIL (Gas-Insulated Metal-Enclosed Transmission Line) is a relatively new transmission line technology that offers significant advantages such as high transmission capacity, ease of maintenance, long service life, and high safety [15][22]. - The GIL industry is expected to see increased adoption in specific geographical environments and urban projects, particularly for voltage levels of 500KV and above, as well as 220KV for urban applications [31]. - The report highlights that GIL technology is currently characterized by high unit prices and considerable profitability, with a projected unit price of approximately 35,000/m and a gross margin of 49.9% for 2024 [49]. Summary by Sections 1. What is GIL? - GIL is defined as a transmission line technology that uses gas as an insulating medium and encloses conductors within a metal shell, distinguishing it from overhead lines and cables [19]. - GIL has advantages over traditional transmission methods, including lower land use, higher safety, and reduced line losses [22]. 2. GIL Industry Trends - GIL has been applied in various domestic projects across a wide voltage range from 220KV to 1000KV, with notable projects including the Su Tong GIL corridor and the Wuxi urban power grid [28][29]. - Future GIL applications are expected to focus on high-voltage direct current (HVDC) systems and urban underground transmission projects, which can save land resources [31]. - The report indicates that GIL technology is a key choice for future transmission projects, including the Gansu-Zhejiang UHVDC and Zhejiang UHVAC ring network [31]. 3. Competitive Companies in GIL - Pinggao Electric is identified as a leading company in the GIL sector, having made significant advancements and investments in GIL technology since 2015 [60][62]. - China West Electric, through its subsidiaries, has strengthened its GIL competitiveness, participating in various significant projects and acquiring control of Hengchi Electric [63][65]. - Other companies such as Siyi Electric and Ankao Zhidian have also established a presence in the GIL market, with ongoing developments and production capabilities [66][69].