电气设备行业动态点评：锂电行业触底待出清+供给侧改革，成本领先标的有望率先走出来

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the electric equipment industry [3]. Core Insights - The lithium battery industry is expected to recover as supply-side reforms take place, with cost-leading companies likely to gain market share and profitability in the next cycle. Recommended companies include CATL, Yiwei Lithium Energy, Hunan Youneng, Shanshan Technology, Tianqi Lithium, and Keda Li [2]. - The industry has reached a price bottom, with lithium carbonate prices hovering around 100,000 yuan per ton since December 2023. Prices for various midstream materials have remained stable compared to the beginning of the year, with changes in prices for specific components ranging from -8% to +13% [2]. - Supply excess continues, with a total of 118.2 billion yuan in lithium battery projects under construction, potentially adding 591 GWh of capacity, which is a 63% increase compared to the total domestic production of 940 GWh in 2023. Demand for electric vehicles and energy storage is expected to grow by 20-30% in 2024-2025, indicating a potential clearing point in 2025-2026 [2]. - New regulations from the Ministry of Industry and Information Technology aim to promote supply-side reforms and industry consolidation by setting minimum parameters for battery and key materials, as well as mandating that companies invest at least 3% of their main business revenue in R&D and process improvements [2].