电力设备：业绩有所承压，静待底部反转

Investment Rating - Industry rating: Overweight [1] Core Insights - The performance of the power equipment industry is under pressure, awaiting a bottom reversal [1] - The report suggests focusing on high-profit companies in the electric vehicle sector, as overall performance is under pressure [1][2] - The demand for electric vehicles is expected to improve due to increased battery capacity and European market demand [2] - New technologies are showing steady growth, with a focus on low-altitude and composite copper foil industries [2][44] Summary by Sections 1. Electric Vehicles: Performance Under Pressure, Focus on High-Profit Companies - Domestic and international electric vehicle production and sales have steadily increased, with domestic sales reaching 4.943 million units in H1 2024, a year-on-year increase of 32% [7] - The domestic power battery installation volume reached 203.4 GWh in H1 2024, up 33.7% year-on-year [7] - Leading companies like CATL maintain a dominant market position, with a market share of 46.38% in H1 2024 [8] 2. New Technologies: Steady Growth, Urgent Performance Release for Low-Altitude and Composite Copper Foil - Central policies are promoting the low-altitude economy, with significant advancements in composite copper foil production expected [44] - The composite copper foil industry is anticipated to enter a critical commercialization phase, enhancing battery performance and reducing costs [44] - The low-altitude economy is projected to become a new economic growth engine as technology matures [48] 3. Material Companies: Performance Under Pressure, Battery Companies Show Resilience - Most lithium battery companies experienced revenue declines in H1 2024, while copper foil and structural component sectors performed relatively well [20] - The gross profit margins of lithium battery material companies are under pressure, while battery companies have seen margin improvements due to falling material prices [20][24] - The overall expansion pace of lithium battery material companies is slowing, with some sectors like iron-lithium and structural components showing reduced growth rates [32]