锂电行业24H1探底确认，静待回升

Investment Rating - The report maintains an "Outperform" rating for the electric equipment industry [3]. Core Viewpoints - The lithium battery industry is showing signs of stabilization with high growth in energy storage and overall resilience. In the first half of 2024, domestic sales of power and other batteries reached 488.9 GWh, a year-on-year increase of 41.9% [1][9]. - The report highlights that CATL stands out in the industry, accounting for 67% of the net profit among 76 listed lithium battery companies, despite a decline in overall revenue and profit margins [2][36]. - The report suggests a focus on key players in the battery supply chain, including CATL, Yiwei Lithium Energy, and others, while also recommending companies in the materials and new technology segments [2]. Summary by Sections 1. Lithium Battery Industry Overview - In the first half of 2024, the domestic sales of power and other batteries totaled 488.9 GWh, with a year-on-year growth of 41.9%. Power batteries accounted for 380.3 GWh, growing by 25.3% [9][14]. - New energy vehicle exports reached 1.17 million units from January to July 2024, marking a 25% increase year-on-year [14]. - The retail penetration rate of new energy vehicles in China surpassed 50% for the first time in July 2024, indicating a significant market shift [16]. 2. Financial Performance Summary - In the first half of 2024, the total revenue of listed lithium battery companies was 491 billion yuan, a decrease of 12.4% year-on-year, while the net profit was 33.9 billion yuan, down 14.9% [36]. - CATL's net profit was 22.9 billion yuan, representing 67% of the total net profit in the industry [36]. - The overall gross margin for the lithium battery industry was 19.2%, an increase of 1.5 percentage points year-on-year [36]. 3. Market Dynamics and Investment Strategy - The report notes that the new energy vehicle sector underperformed compared to the CSI 300 index by approximately 18 percentage points, with CATL helping the battery sector achieve positive returns [2][3]. - Recommended companies include CATL and Yiwei Lithium Energy in the battery segment, while material companies like Shangtai Technology and Hunan Youneng are highlighted for their cost advantages [2].