电力设备行业专题研究：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 Viewpoints - The photovoltaic, wind, and lithium battery sectors are experiencing a rebound in their economic conditions, with potential for a Davis double [4] - The current valuations of the photovoltaic and lithium battery sectors are relatively low, while the wind sector remains stable [4][7] - 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 dropped to relatively low levels, while the wind sector has remained stable [7] - As of September 30, 2024, the PE (TTM) ratios for the photovoltaic, wind, and lithium battery sectors are 33.77, 35.24, and 28.78 respectively, with the photovoltaic and lithium sectors at historical percentiles of 52.76% and 28.20% [7] Holdings - In Q2 2024, the fund holding ratio for the new energy sector is 8.28%, down by 0.63 percentage points from the previous quarter, which is at the historical average level since 2020 [9] - The overweight ratio for the new energy sector is 2.39%, also below the historical average since 2020 [9][10] Prices - Major raw material prices are stabilizing, indicating limited further decline and potential support for demand release [11] - Prices for key products like photovoltaic modules and lithium battery cells have significantly decreased from their peaks, with reductions of 65%, 62%, and 51% respectively [11] Profitability - The overall revenue growth in the new energy sector is slowing, with net profit showing a decline since Q3 2023 [21] - In Q2 2024, the TTM revenue for the new energy sector is 37,832.4 billion, with a year-on-year increase of 27.56%, while the net profit is 1,721.8 billion, reflecting a year-on-year decrease of 26.10% [21] Investment Recommendations - The report suggests focusing on leading companies with advantageous market positions and innovative technologies in the photovoltaic, wind, and lithium sectors [26][28] - Recommended companies include leading photovoltaic firms like LONGi Green Energy and inverter companies like Sungrow Power Supply [26][28]