新能源汽车行业周报：以旧换新政策持续加码，宁德时代业绩表现强劲

Investment Rating - The report maintains a "Recommended" investment rating for the new energy vehicle industry [2][4]. Core Insights - CATL reported strong performance in the first half of 2024, with revenue of 166.77 billion yuan, a year-on-year decrease of 11.88%, while net profit attributable to shareholders increased by 10.37% to 22.87 billion yuan [3][4]. - The "Measures to Support Large-Scale Equipment Updates and Trade-in for Consumer Goods" policy was released, proposing around 300 billion yuan in long-term special government bond funding to boost demand in the automotive market [3][4]. Summary by Sections Industry Rating and Investment Strategy - The implementation of the trade-in policy is expected to stimulate demand, while some companies are beginning to reduce capital expenditures, leading to a marginal optimization of supply-demand structure. The profitability of the industry chain is anticipated to improve quarter by quarter in 2024, with valuations likely to recover. However, a fundamental reversal is still pending until capacity is cleared. The report continues to favor sectors expected to yield excess returns, including liquid cooling, solid-state batteries, battery materials, Huawei's supply chain, and robotics [4][6]. - Key materials include CATL, Shangtai Technology, and Kodali [4][6]. Key Company Announcements - CATL announced its half-year report on July 26, 2024, showing a revenue of 166.77 billion yuan and a net profit of 22.87 billion yuan [4][64]. - Other companies such as Dongfang Precision and Zhejiang Rongtai also released their half-year reports, with varying performance metrics [64]. Industry Dynamics - The report highlights a decline in lithium prices, with carbonate lithium priced at 84,800 yuan per ton, down 1.9% from the previous week. Other materials such as nickel and cobalt also saw price reductions [6][31]. - The global electric vehicle sales for the first half of 2024 reached 7.44 million units, a year-on-year increase of 21.5% [42][56]. Market Performance - The report notes that the new energy vehicle index, lithium battery index, and other related indices have shown varying performance, with some indices experiencing declines [5][21].