高压快充系列之一：800V高压快充渗透加速，带来产业增长升级新动能

Investment Rating - The report maintains an "Outperform" rating for the high-pressure fast charging sector, indicating a positive outlook for investment opportunities in this industry [2]. Core Insights - The report highlights that the slow charging speed is a core constraint affecting the penetration rate of electric vehicles (EVs), and high-pressure fast charging technology is expected to break this limitation. The average charging time for electric vehicles currently exceeds one hour, and the insufficient number of direct current (DC) fast charging stations fails to meet user demands for quick energy replenishment [4][11]. - The adoption of 800V high-pressure fast charging technology is anticipated to accelerate the penetration of new energy vehicles, with significant advantages over traditional high-current solutions, including higher charging power, reduced weight, and lower energy loss during charging and driving [4][11][24]. Summary by Sections 1. High-Pressure Fast Charging: Enhancing New Energy Vehicle Penetration - The penetration rate of pure electric new energy vehicles in 2023 reached 31.4%, with sales of 9.49 million units, a year-on-year increase of 37.9% [11]. - The distribution and efficiency of charging stations need optimization, with a significant potential for increasing the penetration rate of high-power fast charging [12][13]. - High-pressure fast charging solutions are gaining traction among manufacturers, with a notable shift towards 800V fast charging technology [17][21]. 2. Upstream Core Component Technology Upgrades Driven by 800V Fast Charging Demand - Various 800V high-pressure platform solutions are emerging, with a focus on compatibility with existing 400V charging infrastructure [24][25]. - The complexity of vehicle power supply design is increasing, leading to enhanced value in high-voltage products. The market for vehicle power supply products is projected to reach between 37.4 billion and 41.8 billion yuan by 2030 [30]. - The trend towards lightweight and cost-effective electric drive systems is driving the integration of components, with a significant increase in the penetration of three-in-one and multi-in-one electric drive systems [31]. 3. Fast Charging Ecosystem Driven by Energy Storage Stations and Liquid Cooling Technology - Energy storage stations are becoming a mainstream solution due to the high costs associated with substation upgrades. New liquid-cooled charging systems are being developed to address the inefficiencies of traditional air-cooled charging stations [5][7]. - The report suggests focusing on companies involved in high-pressure fast charging components, complete charging stations, and battery materials, indicating potential investment opportunities in these areas [5].