电力设备及新能源行业：新兴市场电动车销量已进入快速增长阶段

Investment Rating - The report maintains an "Outperform" rating for the emerging market electric vehicle (EV) sector [1]. Core Insights - Emerging markets for electric vehicles are experiencing rapid growth, with sales in regions like Southeast Asia, the Middle East, and Latin America showing significant increases. In 2022, some countries in these markets saw year-on-year sales growth exceeding 100%, with penetration rates around 10% [2][3]. - The report forecasts that by 2026, sales in emerging markets could exceed 2 million units, with corresponding battery installation volumes reaching 129.2 GWh [2][3]. - The growth in electric vehicle sales is driven by the export of high-quality Chinese electric vehicles, which are gaining market share in Southeast Asia, India, and Latin America [2][3]. Summary by Sections 1. Overview of Emerging Market Electric Vehicles - Emerging markets, particularly in Southeast Asia, the Middle East, and Latin America, are witnessing rapid growth in electric vehicle sales. The penetration rate in these markets is generally around 10% [2][3]. 2. Sales Drivers Analysis - The export of high-quality Chinese electric vehicles is a significant driver for sales in emerging markets. For instance, in Thailand and Indonesia, Chinese brands account for over half of the electric vehicle market share [2][3]. 3. Sales Outlook for Emerging Markets - The report predicts that electric vehicle sales in emerging markets will reach 392,000 units in 2024, 633,000 units in 2025, and 967,000 units in 2026, with corresponding battery installation volumes of 53.8 GWh, 85.4 GWh, and 129.2 GWh respectively [2][3]. 4. Investment Recommendations - The report suggests focusing on companies such as Li Auto, BYD, and CATL, as the growth in emerging markets is expected to create additional demand for Chinese battery manufacturers [2][3].