证券分析师 曾朵红 证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能锂电需求旺盛、明年盈利修复可期 2025 年 11 月 24 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 相关研究 -19% -13% -7% -1% 5% 11% 17% 23% 29% 35% 41% 2024-11-25 2025-3-25 2025-7-23 2025-11-20 电力设备 沪深300 《锂电需求旺盛涨价诉求强、AIDC 潜 力可观》 2025-10-19 《动储产销两旺，量利双升，继续强 推》 2025-10-12 东吴证券研究所 1 / 48 请务必阅读正文之后的免责声明部分 ◼ 电气设备 9617 下跌 10.54%，表现弱于大盘。核电跌 7.06%，新能源汽车跌 7.34%，风电跌 7.41%，发电设 备跌 8.09%，电 ...

Core Viewpoint - The recent election of Lian Yubo as an academician of the Chinese Academy of Engineering highlights the significant contributions of BYD in the electric vehicle sector, particularly in technological innovation and research investment [1][4]. Company Overview - Lian Yubo, the newly elected academician, has been with BYD for over 20 years, leading the development of key technologies such as the world's first plug-in hybrid vehicle F3DM and China's first pure electric vehicle e6 [5][6]. - BYD has maintained a strong focus on research and development, with R&D expenses consistently exceeding net profits since 2018 [1][6]. Financial Performance - From 2018 to the first three quarters of 2025, BYD's cumulative net profit reached 136.32 billion yuan, while R&D expenses totaled approximately 181.2 billion yuan [2][6]. - In 2021, BYD reported a net profit of 3.045 billion yuan, a year-on-year decrease of 28.08%, while R&D expenses increased by 7.05% to 7.991 billion yuan [6]. R&D Investment and Growth - BYD's R&D personnel count is projected to reach 121,600 by the end of 2024, an increase of 18.24% from the previous year, with a strong emphasis on innovation and patent applications [7]. - The company has adopted a "technology first, innovation-based" philosophy, leading to significant advancements in the industry, including the launch of the "Super e-platform" and the "Universal Intelligent Driving" strategy [7]. Sales Performance - In the first ten months of 2025, BYD's sales reached 3.7019 million units, reflecting a year-on-year growth of 13.88% [7].

Core Points - The iTherM 2025 conference will focus on the thermal management industry, emphasizing the integration of electronic information, new materials, new energy, semiconductors, digital economy, automotive, smart networking, low-altitude economy, and green low-carbon industries [1][3] - The event aims to explore new dynamics, technologies, scenarios, and trends in the thermal management industry, highlighting its market potential worth billions [1] Event Details - The conference is scheduled for December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center [3] - The theme of the conference is "Integration · Innovation | Delivering a Little More" [3] Organizers and Support - Organized by DT New Materials and iTherM, with support from various academic and industry experts [4][5] - The event will feature contributions from renowned scholars and industry leaders, including members from prestigious institutions [4] Conference Agenda - The agenda includes multiple specialized sessions covering topics such as thermal science, thermal interface materials, chip and electronic device management, and liquid cooling technology [5][6] - Each day will feature a series of presentations and discussions led by experts in the field, focusing on advancements and challenges in thermal management [5][6] Exhibitors and Participants - A diverse range of exhibitors will participate, showcasing innovations in thermal management materials and technologies [38][39] - Notable companies and institutions, including major players in the semiconductor and automotive sectors, are expected to attend [42]

Core Insights - The domestic first large-capacity all-solid-state battery production line has been established, currently undergoing small-scale testing production, marking a significant milestone in the all-solid-state battery technology [1] - The all-solid-state battery is recognized as the "holy grail of next-generation battery technology," offering higher energy density, inherent safety, longer lifespan, and wider temperature range compared to traditional liquid lithium batteries [2] - Multiple companies are advancing their solid-state battery projects, with plans for small-scale vehicle integration and mass production set for 2027 [4] Industry Developments - The all-solid-state battery technology is included in the national strategic development plan, indicating its importance for future energy storage solutions [2] - Major players like CATL and Changan Automobile are targeting 2027 for mass production, with significant improvements in battery safety and energy density [2] - The industry is expected to see a peak in pilot production lines in 2026, with small-scale commercialization anticipated by 2027 [3] Company Progress - GAC Group has completed the first large-capacity all-solid-state battery production line, capable of producing batteries with an energy density nearly double that of current batteries [1] - SAIC Group and Penghui Energy have also reported advancements in their solid-state battery production lines, with plans for sample production and vehicle testing in the near future [4] - Companies are focusing on overcoming technical bottlenecks related to manufacturing costs, cycle life, and environmental adaptability to facilitate the industrial application of solid-state batteries [4]

Core Insights - The stock price of BYD Company is influenced by several key factors, including its self-sufficiency in manufacturing, market dominance in electric vehicles, and the impact of competition on profit margins [1][2]. Group 1: Self-Sufficiency - BYD adopts a self-sufficient approach in automobile manufacturing, handling most of the production in-house rather than outsourcing [3][4]. - The company manufactures its own lithium-ion batteries, which are essential for electric vehicles, and owns transportation vessels for delivering vehicles internationally [4][6]. Group 2: Market Position - BYD has surpassed Tesla in total unit sales earlier this year and has outsold Tesla for four consecutive quarters, indicating its dominance in the electric vehicle market [6][7]. - The company's ability to manufacture and deliver vehicles efficiently positions it to maintain a competitive edge over rivals [7]. Group 3: Competition and Profit Margins - BYD's market share in China has decreased from 36.1% to 23.1% due to increased competition from new entrants like Geely, SAIC, and Xiaomi [8]. - The rise of competition has led BYD to discount its vehicles, resulting in a 33% decline in third-quarter profits compared to the previous year [8][9]. - Despite the expected growth of electrified vehicles in China's market, ongoing competition will continue to pressure BYD's profit margins [9].

Investment Insights - The article emphasizes the importance of understanding the investment landscape in new materials, particularly in sectors like semiconductors, renewable energy, and advanced manufacturing [9][11][16]. Semiconductor Sector - The semiconductor industry is highlighted as a critical area for investment, with a focus on various materials and technologies such as silicon wafers, photolithography, and advanced packaging [4][6]. - Key players in the semiconductor space include ASML, TSMC, and SMIC, which are pivotal for technological advancements and market growth [6]. Renewable Energy - The renewable energy sector, particularly lithium batteries and hydrogen energy, is identified as a significant investment opportunity, driven by the global push for sustainability [4][5]. - Innovations in battery technology, such as solid-state batteries and silicon-based anodes, are crucial for enhancing energy storage solutions [4]. New Materials - The article discusses the growing demand for new materials, including advanced composites and specialty chemicals, which are essential for various applications across industries [5][6]. - The focus on carbon neutrality and lightweight materials is driving innovation and investment in this sector [6]. Investment Strategies - Different stages of investment are outlined, from seed rounds with high risks to pre-IPO stages with lower risks and higher returns, emphasizing the need for thorough due diligence at each stage [8]. - The importance of assessing team capabilities, market potential, and financial health is stressed for making informed investment decisions [8].

Core Insights - The 2025 Guangzhou International Auto Show serves as a significant indicator for the Chinese automotive market, showcasing local giants like GAC and BYD while highlighting the absence of over 10 car manufacturers, indicating a potential industry reshuffle [2][4][8] Industry Transition - The Chinese automotive market is undergoing a transition from "scale expansion" to "value competition," reflecting the industry's growing pains during this shift [4][8] Event Significance - The Guangzhou Auto Show is positioned as a strategic anchor in the automotive industry, with its location in the Pearl River Delta housing major manufacturers and a complete automotive ecosystem [6][8] Market Trends - In the first ten months of 2025, domestic new energy vehicle sales reached 12.94 million units, with a market penetration rate of 46.7%, indicating a rapid shift towards a "new energy-dominated" market [8] Exhibition Highlights - The show featured 1,085 vehicles, including 93 global debuts, with new energy vehicles making up 57.9% of the total, an increase of 11 percentage points from the previous year [8][10] Attendance and Participation - The number of participating car manufacturers decreased by over 10 compared to last year, including both joint venture brands and new entrants, reflecting the intense competition in the market [8][14] Brand Strategies - BYD showcased its dominance in the South China market with a 35% market share in the region, emphasizing user experience in its exhibition design [10][14] Technological Focus - Huawei's innovative display at the show attracted significant attention, highlighting its advanced driving systems and partnerships with various brands [10][12] Competitive Landscape - The absence of brands like Beijing Hyundai and Genesis, along with reduced participation from luxury brands, underscores the challenges faced by traditional automakers in the current market [14][18]

Core Viewpoint - The increasing global competition in technology necessitates the cultivation of leading private technology enterprises and continuous emergence of technological leaders in China [1] Group 1: Recognition of Private Enterprises - Three leaders from private enterprises were elected as academicians of the Chinese Academy of Engineering, highlighting the recognition of their contributions to technology innovation [1][2] - Private enterprises contribute 70% of the country's technological innovation results and encompass 80% of the national specialized "little giant" enterprises, establishing themselves as key players in technological innovation [1] Group 2: Research and Development Advantages - The elected academicians specialize in fields such as artificial intelligence, new energy, semiconductors, and biomedicine, which are crucial for high-quality development [2] - Private enterprises possess advantages in seamlessly linking theoretical design, experimental products, and market-ready products, making their research value and market value hard to match by traditional research institutions [2] Group 3: Policy and System Changes - The decision to break the "public over private" resource allocation pattern reflects a commitment to building a collaborative research and innovation system between public and private sectors [3] - The recent guidelines for the election of academicians indicate a shift towards supporting candidates from private technology enterprises, demonstrating ongoing institutional innovation in the research evaluation system [3] Group 4: Future Expectations and Support - The implementation of the Private Economy Promotion Law emphasizes the state's encouragement and support for private enterprises in driving technological innovation and developing modern industrial systems [4] - To foster more technological leaders from private enterprises, it is essential to strengthen their role in technological innovation and industrial development [4] Group 5: Collaborative Efforts - There is a need for enhanced "two-way openness" between private enterprises and traditional research institutions, with policies supporting capable private enterprises in undertaking major national technological tasks [6] - The newly elected academicians have both research institution experience and achievements in private enterprises, indicating a model for future collaboration [6] Group 6: Long-term Goals - The election of academicians is just a stage; the focus should be on achieving breakthroughs in deeper fields, with continued efforts required to implement specific support measures for private enterprise technological innovation [7]

Core Insights - The 23rd Guangzhou International Auto Show, themed "New Technology, New Life," focuses on electrification, intelligence, and connectivity, showcasing a shift from single-function technology to systematic competition [1] - The exhibition covers an area of 220,000 square meters with 1,085 vehicles on display, of which 629 are new energy vehicles, accounting for 57.9% of the total [1][3] - China's automotive production and sales are projected to exceed 31 million units in 2024, with new energy vehicles surpassing 10 million units for the first time [3] Group 1: Major Exhibitors and Innovations - GAC Group and BYD are the two main exhibitors, showcasing their advancements in electric and intelligent vehicles [4][6] - GAC Group introduced its new technology brand "Starry Intelligence" and various intelligent driving systems, highlighting its commitment to electrification and smart technology [4] - BYD presented multiple brands and models, including the first public appearance of the Yangwang U9 Xtreme and the debut of the Tengshi Z sports car, along with its "Megawatt Flash Charge" technology [6][8] Group 2: Market Trends and Challenges - The presence of traditional luxury brands has decreased, with notable absences from brands like Jaguar Land Rover and Rolls Royce, reflecting a broader trend of declining market share for luxury vehicles [9][10] - The market share of traditional luxury brands has dropped to 10.5%, with the German luxury trio's share falling below 40% [9][10] - Financial performance for many luxury brands has declined significantly, with net profits dropping over 30% year-on-year in the first half of 2025, attributed to fierce competition in the Chinese market [10]

Group 1 - The domestic substitution space for electronic assembly materials is significant, with new fireproof materials passing tests and entering the data center sector. Institutions are optimistic about the company's potential to expand into new scenarios leveraging its network of benchmark clients such as BYD, CATL, and DJI, aiming for a net profit of 153 million by 2027 [1] - Lithium carbonate prices have surged by 30% to reach 100,000 yuan per ton, highlighting the cost advantages of sodium batteries. Institutions are optimistic about the sodium battery industry completing its cold start and entering a phase of scale expansion, with five leading companies already positioned to benefit [1]