东海证券晨会纪要

Group 1 - The electric vehicle industry is experiencing strong demand, with a notable increase in power battery installations. In May 2024, domestic new energy vehicle sales reached 955,000 units, representing a year-on-year increase of 33.3% and a month-on-month increase of 12.4% [30][59]. - The manufacturing sector is performing well, while the real estate market continues to decline. Fixed asset investment growth slightly slowed to 4.0% year-on-year in May, down from 4.2% in the previous month. Real estate development investment saw a year-on-year decline of 10.1% [6][7][26]. - The manufacturing investment maintained a high growth rate of 9.6% year-on-year in May, supported by significant loans to high-tech manufacturing [7][28]. Group 2 - The supply side of the battery industry is undergoing orderly adjustments, with prices stabilizing. The lithium salt market is experiencing price fluctuations due to supply and demand dynamics, while the demand for separators is improving [10][11]. - The energy storage sector is benefiting from narrowing peak-valley price differences, with many regions implementing time-of-use pricing adjustments. This trend enhances the economic viability of commercial energy storage projects [11][34]. - The report highlights key companies to watch, including CATL, which is expected to ship 480 GWh of batteries in 2024, and has a projected profit of approximately 46 billion yuan [31][32].