山西证券：研究早观点-20240927

Group 1: Industry Overview - In August 2024, China's new energy vehicle sales reached 1.092 million units, a year-on-year increase of 29.6%, with a market share of 44.8% [3] - The production and sales of new energy vehicles in August were 1.1 million units, reflecting a year-on-year growth of 30% [3] - The production of power batteries in August was 101.3 GWh, up 36.8% year-on-year, while the installation volume was 47.2 GWh, an increase of 35.3% year-on-year [3] Group 2: Company Insights - Airo Energy reported a half-year revenue of 1.58 billion yuan, down 53.4% year-on-year, with a net profit of 100 million yuan, down 89.4% year-on-year [10] - In Q2 2024, Airo Energy's revenue was 900 million yuan, a year-on-year decrease of 37% but a quarter-on-quarter increase of 31.4% [10] - The company achieved a significant increase in Q2 shipments, with storage inverters up 69.1% and grid-connected inverters up 155.6% quarter-on-quarter [10] Group 3: Market Trends - The lithium carbonate price is expected to fluctuate between 65,000 and 78,000 yuan per ton in September, with an oversupply situation still present but easing [3] - The price of three-element materials is expected to decline in September, while the price of lithium iron phosphate raw materials is also expected to decrease [3] - The new materials sector saw a decline of 2.43% this week, underperforming the ChiNext index by 1.03% [4]