China Grid Tech Power Transformer Export Tracker

China's transformer exports grew 27% in April, while switchgear exports surged 77%. Despite capacity expansions, the US demand-supply gap remains significant, supporting Chinese export growth.

Key Takeaways

• 1.April China transformer exports (>10MVA) grew 27% yoy, slowing from 56% in March, but switchgear exports accelerated significantly to 77% yoy.
• 2.The US power transformer demand-supply gap is expected to narrow from 72% to 60% by 2028E, yet a persistent shortage remains, benefiting non-traditional suppliers.
• 3.Transformer exports to the US grew 95% yoy in April, maintaining strong momentum despite a slight deceleration from March's 118% growth.

Table of Contents

• Key ideas: Sieyuan (Buy), Nari Tech (Buy), Huaming (Neutral)
• Pricing remained stable in US
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

Document Preview

Page 1 of 5

Subscribe for full accessStart Free Trial