电新行业2024年三季报业绩前瞻：东方欲晓，景气向上

Investment Rating - Industry rating: Positive (maintained) [1] Core Views - Photovoltaics: Prices are bottoming out, and the industry chain is accelerating its balance [1] - Energy Storage: Global energy storage installations are experiencing high demand, with inverter demand on the rise [1] - Wind Power: The global offshore wind power sector is entering a growth cycle, with domestic and overseas demand expected to resonate [1] - Lithium Batteries: Production scheduling is stable, and increased operating rates are expected to boost profitability [1] - Power Equipment: Domestic grid investment is expected to accelerate, and the export of power equipment continues to show high prosperity [1] Summary by Sections Photovoltaics - The photovoltaic industry is showing a trend of price stabilization, with some segments experiencing price and cash cost inversions. The clearance of outdated capacity is driving a faster rebalancing of the industry chain. In Q3 2024, the industry is expected to stabilize at the bottom margin, with a potential improvement in performance compared to Q2 2024 due to asset impairment impacts [1]. Energy Storage - The demand for energy storage is robust globally, with significant growth in large-scale storage in China, Europe, and emerging markets. The traditional markets are beginning to show characteristics of a new energy post-cycle, with rapid growth in energy storage configuration and grid upgrade demands. The supply side remains stable, and the profitability of the industry chain is expected to maintain high levels, with Q3 2024 performance anticipated to grow rapidly [1]. Wind Power - The approval of offshore wind power projects has accelerated significantly since 2024, with key provinces starting construction. The wind power sector is expected to enter a period of sustained performance realization, with Q3 2024 performance likely to achieve a breakthrough compared to previous quarters [1]. Lithium Batteries - The automotive sales season has begun, with a significant increase in retail volume expected in Q3 2024. The production of power and other batteries is projected to reach 304 GWh in Q3 2024, a 24.04% increase from the previous quarter. The overall production is expected to remain stable, with profitability in various battery material segments at historical low levels, but some segments are showing signs of recovery [1]. Power Equipment - The investment in domestic power grids is expected to exceed 600 billion yuan for the first time, with an increase of 71.1 billion yuan year-on-year. The export of transformers, switches, and smart meters continues to show high prosperity, with quality exporters expected to see simultaneous growth in volume and profit [1].