风光锂板块景气度回升，有望迎戴维斯双击

Investment Rating - The report maintains an "Outperform" rating for the industry [4] Core Insights - The photovoltaic, wind, and lithium battery sectors are experiencing a rebound in their economic conditions, with potential for a Davis double effect as demand improves and profitability rises [2][4] - The current valuations for the photovoltaic and lithium battery sectors are relatively low, while the wind sector remains stable [7][11] - The overall risk in the industry is being released, indicating a potential upward turning point for profitability [21] Summary by Sections Valuation - Since 2022, the valuations of the photovoltaic and lithium battery sectors have significantly declined, with the PE ratios as of September 30, 2024, being 33.77 for photovoltaic, 35.24 for wind, and 28.78 for lithium [7][8] Holdings - As of Q2 2024, the fund holding ratio for the new energy sector is 8.28%, which is below the historical average since 2020, indicating a decrease in the overweight ratio [9][10] Prices - Major raw material prices are stabilizing, with significant declines observed in the prices of photovoltaic components, wind turbines, and lithium battery cells since their peaks [11][15] Profitability - The overall revenue for the new energy sector is growing, but the net profit has been declining since Q3 2023, with a TTM net profit of 1721.8 billion yuan as of Q2 2024, down 26.10% year-on-year [21][23] Investment Recommendations - The report suggests focusing on leading companies with competitive advantages and innovative technologies in the photovoltaic, wind, and lithium battery sectors, including companies like LONGi Green Energy and CATL [26][28]