电气设备：韩国电池企业SK On现“危机”，欧洲电池企业和中国竞争中或处于下风

Investment Rating - The investment rating for the electric equipment sector is "Positive" as of July 22, 2024, indicating an expectation that the overall sector return will outperform the benchmark index by more than 10% [1]. Core Insights - SK On, a South Korean battery manufacturer, is currently facing a crisis, with measures such as freezing executive salaries until the company returns to profitability. The company reported a cumulative power battery installation of 13.9 GWh and a global market share of 4.9% as of May 2024 [2][3]. - Northvolt's net loss for the fiscal year 2023 increased from $285 million to $1.2 billion, and BMW has canceled a $2 billion battery order with Northvolt, highlighting the challenges faced by European battery manufacturers [2]. - The competitive landscape is tough for European battery companies like Northvolt and ACC, which are struggling against Chinese competitors such as CATL and BYD. Northvolt's actual production capacity is below 1 GWh, and ACC has paused its battery factory projects in Europe [2]. - The profitability of the power battery industry is expected to remain under pressure in 2024 due to falling lithium carbonate prices, declining demand growth, and increased competition leading to oversupply [2]. Summary by Sections Section: SK On's Situation - SK On has frozen executive salaries as a cost-cutting measure until profitability is achieved. The company has a cumulative power battery installation of 13.9 GWh and a market share of 4.9% as of early 2024 [2][3]. Section: European Battery Manufacturers - Northvolt's production capacity is significantly below expectations, with a net loss increasing to $1.2 billion in 2023. BMW's cancellation of a $2 billion order further emphasizes the difficulties faced by European manufacturers [2]. - ACC has suspended its battery factory construction in Europe and is reassessing its future direction, considering a shift to lower-cost lithium iron phosphate batteries [2]. Section: Industry Profitability - The power battery industry is expected to face continued profitability challenges in 2024, driven by a decline in lithium carbonate prices and increased competition leading to oversupply [2].