电力设备新能源：行业依旧成长，估值有望修复

Investment Rating - The report maintains a positive outlook on the power equipment and new energy sector, indicating potential for valuation recovery [4][5]. Core Insights - The industry is expected to grow, with specific segments like photovoltaic, lithium batteries, power equipment, energy storage, wind power, and industrial control showing promising trends [8][21]. - The photovoltaic segment is projected to experience rapid growth in global installations due to falling component prices and economic recovery [2]. - The lithium battery market anticipates significant growth in electric vehicle (EV) sales, with overseas sales expected to increase by over 30% in 2024 [2]. - Power equipment demand is driven by new energy grid investments, particularly in ultra-high voltage construction, which is expected to peak in the coming years [2]. - Energy storage is set to benefit from increased penetration of renewable energy, with domestic and overseas markets showing positive trends [2]. - Wind power installations are expected to improve in the second half of 2024, particularly in offshore wind projects [2]. Summary by Sections Photovoltaic - In 2024, global photovoltaic installations are expected to grow rapidly due to component price stabilization and economic recovery [2]. - N-type technology is anticipated to replace PERC as the mainstream technology, benefiting related companies [2]. - The supply chain is nearing the end of rapid capacity release, presenting structural opportunities [2]. Lithium Batteries - Overseas EV sales are projected to grow by over 30% in 2024, while domestic sales are expected to increase by around 20% [2]. - The overall supply-demand situation remains relatively loose, but profitability is expected to have bottomed out [2]. - Attention is drawn to the progress of companies expanding overseas and the integration of precursor materials [2]. Power Equipment - New energy grid demand is driving investment in power equipment, with a strong growth outlook for the next three years [2]. - Investment in power grids is shifting towards distribution and utilization, suggesting opportunities in secondary equipment [2]. - The trend towards smart grid upgrades is clear, with recommendations to focus on smart metering and related software companies [2]. Energy Storage - The energy storage sector is expected to grow due to increased renewable energy penetration, with positive bidding trends in the domestic market [2]. - The overseas market shows strong demand, particularly in Europe and the U.S., with expectations for demand release following interest rate cuts [2]. - The domestic market is experiencing overcapacity, but supportive policies are expected to address challenges [2]. Wind Power - Onshore wind installations are lagging due to grid connection issues, but improvements are expected in the latter half of 2024 [2]. - Offshore wind policies are becoming more favorable, with competitive bidding accelerating development [2]. - Domestic companies are positioned to benefit from cost advantages and increasing overseas demand [2]. Industrial Control - Industrial control companies are expected to see a recovery in orders in 2024, with a focus on domestic substitution and overseas market expansion [3]. - The demand from the renewable energy sector remains strong, alongside opportunities in humanoid robotics and other fields [3].