20231115-五矿证券-电网行业2023年三季报总结_一次设备及电表保持高景气_重视直流特高压机会_18页_971kb

报告摘要

Investment Overview

The report evaluates the Chinese grid industry with an investment rating of "positive" for 2023, highlighting sustained demand in primary equipment and meters. Grid investment in Q1-Q3 2023 reached 3287 billion yuan, up 42% year-over-year, aiming for steady growth of 5-10%.

Key Findings from Q3 2023 Bidding

Primary equipment (transformers, circuit breakers) shows high growth in bidding, with transformers at 1406 billion yuan (+473% YoY) and circuit breakers at 1368 billion yuan (+344%). HVDC projects are a primary focus, with 4 lines approved/kicked off by 2023, expected to drive investment through 2024-25.
Meter bidding increased, with smart meters at 7131 million units (+30% YoY). Digitalization devices grew steadily, reaching 368 billion yuan in Q1-Q3.

Performance of Equipment Companies

Energy equipment sector remains highly positive due to grid and renewable market demand. Secondary equipment is solid but may accelerate with 2023 bidding increases. HVDC companies face short-term performance lags due to project timelines. Smart meter companies are growing, with price-volume increases.

Industry Recommendations

Focus on HVDC substation equipment, overseas grid exports, and intelligent distribution networks. HVDC is seen as a high-growth driver for 3 years, while international expansion and smart grid technologies offer long-term potential.