电器行业：2023中国低压电器市场白皮书

第1页 14 25 36 目录 01 PART 1.1          注：本报告业绩统计仅包括框架断路器、塑壳断路器、小型断路器、接触器组、双电源转换开关、隔离开关、电涌保护器、终端配电箱、导轨插座、熔断器，不含仪表、柜体、软件等产品。隔离开关不含刀闸开关。 继电器产品包含时间继电器、控制继电器、中间继电器。 EPC/SI EPC/SI  20122021  2022  20232027 东北 西北 华北 西南 华东华中 华南 南海诸岛    13 目录 02 PART 2.1 -2012-2027E 2.9% 4.1% 6.4% 9.5% -9.4% 4.5% 4.3% 4.0% 13.6% 10.0% -3.0% 5.0% 9.1% 7.5% -8.7% 2.0% 3.4% 944.3 809.8 862.0 855.5 829.9 871.4 910.6 949.7 987.7 672.8 736.2 573.8 626.1 614.6 626.7 648.0 2012 2013 2014 20152016 20172018 2019 2020 2021 2022 2023E2024E 2025E2026E 2027E 2022 OEM 2022-9.4% 20232023 5.0% 3.9% 4.3% 0.9% 2.2 - & -2022 855.5 2012-2022 CAGR 2022-2027E CAGR 217.9 271.2 283.5 2012-2022 CAGR 2.2% 2022-2027ECAGR 0.9% 113.5 2012 2022 2027E 402.5(47%) 180.3 211.5 4.7% 3.2% 88.8 OEM 314.1(37%) 78.7 & 143.0 165.0 134.9 167.7 4.9% 2.9% 5.5% 4.5% 56.2 138.9(16%) 99.0 127.4 5.8% 5.2% 18.7 202227.0 32.6 3.7% 3.8% 20225 2.0% 3.1% OEM 第11页 &  OEM   2.3--2022 &&OEM 2022 1 99.0(11.6%) 27.0(3.2 %) 143.0(16.7%) 134.9(15.8%) --20222 --2022 180.3(21.1%) 3 271.2(31.7%) -OEM-2022 855.5 &17.2(6%) 16.9(6%) 14.8(5%) &&14.6(5%) 12.1(4%) &8.1(3%) 7.2(3%) 6.1(2%) 49.1(18%) 271.2(100%) 94.2(35%) 30.5(17%) 26.0(14%) &22.2(12%) 19.5(11%) 14.0(8%) 10.4(6%) &&10.1(6%) 8.4(5%) &5.5(3%) 4.7(3%) 3.6(2%) 2.7(1%) 2.1(1%) 1.8(1%) 180.3(100%) UPS 11.4(8%) 9.1(6%) 9.0(6%) 8.5(6%) 7.2(5%) 6.8(5%) 6.0(4%) 6.0(4%) 5.5(4%) 4.7(3%) 4.7(3%) 4.7(3%) 4.6(3%) 4.5(3%) 143.0(100%) 30.7(11%) &1.6(1%) 17.3(10%) 5 - -2022 99.0(100%) 32.0(32%) 31.3(32%) EPC 7.5(8%)7.3(7%) 4.2(4%) 4.1(4%) 3.9(4%) & 3.3(3%) 2.0(2%) 0.7(1%) ETC 0.5(1%) 2.1(2%) HVDC & 6 3.9(3%) 3.9(3%) 3.8(3%) 3.4(2%) 2.9(2%) 2.4(2%) 2.3(2%) 2.1(1%) 2.1(1%) 1.9(1%) 1.4(1%) 1.4(1%) 0.5(0%) - 18.1(13%) -2022 4 -& -2022 134.9(100%) 58.3(43%) 20.4(15%) & 16.0(12%) 14.5(11%) 11.1(8%) 8.7(6%) 3.9(3%) 1.7(1%) 0.2(0%) 27.0(100%) 2.4 -2022 6 855.5 132.1(15.4%) 100-150 ABB 126.9(14.8%) 60.1(7.0%) 54.0(6.3%) 39.5(4.6%) 31.9(3.7%) 25.4(3.0%) 19.1(2.2%) 11.0(1.3%) 8.9(1.0%) 7.7(0.9%) 7.2(0.8%) 6.5(0.8%) 5.7(0.7%) 5.6(0.7%) 5.3(0.6%) 5.0(0.6%) 5.0(0.6%) 50-100 20-50 10-20 LS 5-10 AEG 5 2022 261.0(30.5%) 100-150  20-50  10-20  5~10 50-100ABB LS  5 213 Bussmann 2012 2022 2027E  50%+ 2022 168.8 262.2 29 108.8 174.3 195.6 103.3 155.3 177.8 62.2 95.8 113.3 39.2 57.4 69.5 47.9 57.0 65.5 43.6 53.5 68.8 2012-2022CAGR 2022-2027ECAGR 4.5% 2.5% 4.8% 2.3% 4.2% 2.7% 4.4% 3.4% 3.9% 3.9% 1.8% 2.8% 2.1% 5.1% 7.3   -/-2022-/-2022 855.5 102.0(11.9%) 2022-2027ECAGR 11.1% 855.5 561.2(65.6%) 2022-2027E CAGR  3.3% 753.5(88.1%) 1.6% 294.3(34.4%) 2.2% 2022 855.5 -/-2022 2022-2027ECAGR 2022 & 2.9 16.3 20.1 - 2012-2022 CAGR 18.8% -2012,2022,2027E 2022-2027ECAGR 4.3% 2012 2022  2027E 71.3(8.3%) 784.2(91.7%) 8.8% 2.3% 1688 1.4 1.6 0.8 15.6 11.3 14.1 23.3 20.2 3.017.6 10.5 31.0 27.3% 21.6% 14.7% 4.6% B2BB2C B2C 14.0% 29.4%  5.7% 19.4% 2022 目录 03 PART 6 OEM 180.3/21.1% OEM143.0/16.7% 271.2/31.7% &134.9/15.8% 99.0/11.6% 27.0/3.2% 6 3.1--2022 6 43.5(24.1%) 1 19.9(13.9%) 2 33.8(12.5%) 2 7.4(5.5%) 3 26.2(26.5%) 1 1.3(5.0%) 4 6 26.2(14.5%) 2 31.1(21.7%) 1 36.9(13.6%) 1 15.7(11.7%) 1 6.9(7.0%) 4 10.1(37.5%) 1 5 6.6(3.7%) 7 11.5(8.1%) 4 19.3(7.1%) 4 10.9(8.1%) 2 6.8(6.9%) 5 4.8(17.9%) 2 ABB 4 22.8(12.7%) 3 11.9(8.3%) 3 7.3(2.7%) 5 4.2(3.1%) 7 7.2(7.3%) 3 0.7(2.4%) 6 3 9.1(5.0%) 5 3.1(2.1%) 8 19.6(7.2%) 3 5.6(4.1%) 5 2.0(2.0%) 6 0.2(0.8%) 9 3 12.0(6.7%) 4 5.0(3.5%) 5 4.1(1.5%) 7 2.3(1.7%) 9 8.3(8.4%) 2 0.2(0.7%) 10 3 9.1(5.0%) 5 5.0(3.5%) 5 3.1(1.1%) 8 6.6(4.9%) 4 1.3(1.3%) 8 0.3(1.0%) 7 2 2.4(1.3%) 8 3.6(2.5%) 7 7.3(2.7%) 5 2.6(2.0%) 8 2.0(2.0%) 7 1.3(5.0%) 4 1 1.2(0.6%) 9 0.8(0.5%) 9 0.9(0.3%) 10 5.6(4.1%) 5 0.3(0.3%) 9 0.2(0.8%) 8 1 0.1(0.1%) 10 0.1(0.1%) 10 1.8(0.7%) 9 0.1(0.1%) 10 0.1(0.1%) 10 1.9(7.0%) 3 47.4(26.3%) 51.1(35.7%) 137.3(50.6%) 73.8(54.7%) 37.9(38.3%) 5.9(21.9%) 5 2020-2024E2022 132.2 5.1%-4.9%2.6% 138.9 132.1 2.8% 135.6 2.9% 139.5 132.1 2022 43.5(32.9%) 33.8(25.6%) 26.2(19.8%) 19.9(15.0%) 7.4(5.6%) 2024E 2023E 2022 2021 2020 1.3(1.0%) 施耐德电气低压电器业绩分产品-2022  132.1 65.6(49.6%) 39.2(29.6%)  27.4(20.7%) 2022 11.8%-3.7%4.2% 4.5% 4.8% 126.9  36.9(29.1%) 31.1(24.5%) 117.9 2020 131.8 2021 126.9 2022 132.3138.6 2023E 2024E 2022 26.2(20.6%) 15.7(12.4%) 10.1(8.0%) 6.9(5.4%)  126.9    2022  55.0(43.3%) 47.6(37.5%) 24.4(19.2%) 2020-2024E2022 16.9%-8.6%3.8% 4.0% 4.2% 60.1  19.3(32.1%) 11.5(19.2%) 2020 56.2 65.760.162.365.0 2021 2022 2023E 2024E 2022 10.9(18.2%) 6.8(11.4%) 6.6(11.0%) 4.8(8.0%) 2022   60.1  27.4(45.6%) 23.9(39.7%)  8.8(14.6%) 2022 ABB2020-2024EABB2022 5.0%-1.2%2.5% 2.5% 2.6% 54.0 工业项目工业OEM  22.8(42.3%) 11.9(22.0%) 52.154.754.055.456.8 2020 2021 2022 2023E 2024E 2022 建筑基础设施发电&电网个人用户 7.3(13.4%) 7.2(13.3%) 4.2(7.8%) 0.7(1.2%) ABB 2022  54.0   2022 配电电器终端电器控制电器 12.3(22.7%) 5.9(11.0%) 35.8(66.3%) 3.2.5 2020-2024E2022 单位：亿元 31.1% 19.7% 9.3% 单位：亿元 39.5 9.1(23.0%)  19.6(49.6%) 28.5 31