Wanlian Securities issued a research report stating that in the context of energy transition, the global installed capacity of renewable energy is growing rapidly. Coupled with the upgrading of power grid equipment, global power grid construction investment is growing steadily. China's power equipment products have technical and cost advantages and strong competitiveness. The penetration rate in overseas markets is expected to continue to increase. Products such as transformers, electricity meters, switches, and cables are expected to continue to benefit from exports. Among them, the export value of transformers (>16kVA) is growing steadily. Looking at the destination regions, China's transformer exports to Asia and Europe have increased month-on-month, while exports to Africa, North America, and Latin America have decreased month-on-month. Among them, the Asian market is highly prosperous, and the export volume has reached a new high this year. The European market is stable, and the export volume in the past three months is close.
Transformer (>16kVA): Stable growth in export value, high prosperity in the Asian market.
In September 2024, China's transformer export value was 3.355 billion yuan, an increase of 12.55% month-on-month and 31.06% year-on-year. From January to September 2024, China's cumulative transformer export value was 22.971 billion yuan, a year-on-year increase of 46.34%, maintaining stable growth. Looking at the destination regions, China's transformer exports to Asia and Europe have increased month-on-month, while exports to Africa, North America, and Latin America have decreased month-on-month. Among them, the Asian market is highly prosperous, and the export volume has reached a new high this year. The European market is stable, and the export volume in the past three months is close. In September 2024, China's transformer export value to Asia and Europe was 1.794 billion yuan and 685 million yuan respectively, increasing by 47.23% and 8.08% month-on-month, and increasing by 85.11% and 13.09% year-on-year. In September 2024, China's transformer export value to Africa, North America, and Latin America was 221 million yuan, 276 million yuan, and 334 million yuan respectively, decreasing by 40.56%, 1.41%, and 4.65% month-on-month, and increasing by 55.96%, 19.30%, and -38.07% year-on-year.