Sealand Securities research report pointed out that it is bullish on the sustainability of electrical utilities going abroad. 1) Major grid equipment companies going abroad: On the demand side, the global energy transformation has accelerated the demand for electrical equipment, and the short-term mismatch between supply and demand is expected to better open up overseas markets for domestic companies. On the supply side, the barriers to going abroad mainly come from the high entry threshold of grid enterprises as the main customer group, and domestic high-quality companies are expected to become even stronger. Recommendations: sieyuan electric, mingyang electric, henan pinggao electric, etc.; 2) Digital companies related to electric meters going abroad: Domestic electric meter companies have already replaced international giants in some overseas markets, and this trend is expected to be replicated on a larger scale; at the same time, electric meter companies are expected to reuse the customer channels of grid enterprises to develop overseas sales of main power distribution equipment. Recommendations: hexing electrical, willfar information technology, etc.