电气设备行业月报：宏观信心增强，海外需求不减，关注输变电行业龙头

Investment Rating - The report maintains a "Market Perform" investment rating for the electrical equipment sector, indicating that the sector is expected to perform in line with the broader market over the next six months [6][75]. Core Insights - The electrical equipment index outperformed the CSI 300 index in January, rising by 1.53% compared to a decline of 2.59% for the CSI 300, marking a 4.12 percentage point advantage [3][9]. - The macroeconomic environment shows improvement, with a GDP growth of 5.4% year-on-year in Q4 2024, supported by a series of incremental fiscal policies [6][16]. - Electricity consumption in 2024 reached 98,521 billion kWh, a year-on-year increase of 6.8%, with all sectors showing growth [6][24]. - Investment in power and grid projects remains robust, with power engineering investments totaling 1,168.7 billion yuan, up 12.1% year-on-year, and grid engineering investments at 608.3 billion yuan, up 15.3% [6][36]. - The electrical equipment sector is experiencing strong demand driven by domestic grid construction and international market opportunities, particularly in the context of ongoing upgrades and expansions in Europe and the U.S. [6][36][49]. Summary by Sections Market Review - The electrical equipment sector's performance in January was strong, with the index ranking 6th among major industry indices [3][9]. - Sub-sectors such as motors and power electronics showed positive growth, while transmission and distribution equipment faced declines [9][12]. Macroeconomic Overview - The overall economic outlook is positive, with a stable PMI indicating continued expansion in manufacturing activities [6][16]. - The total fixed asset investment for 2024 was 514,374 billion yuan, reflecting a 3.2% year-on-year increase [16]. Electrical Equipment Sector - The sector's electricity consumption and production are on an upward trend, with significant increases in both [24][26]. - The average utilization hours for power generation equipment decreased slightly, while total installed capacity increased by 14.6% year-on-year [29][30]. Industry Dynamics - The report highlights ongoing international demand for electrical equipment, with exports showing double-digit growth [6][49]. - The report notes a significant increase in the capacity of newly added transformer equipment, which rose by 25.19% year-on-year [34]. Investment Rating Details - The current PE ratio for the electrical equipment sector is 34.31, indicating a slight increase and positioning it at the historical median [68][70]. - The report anticipates that the sector's valuation may continue to recover as grid construction accelerates and export demand remains strong [72].