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电力设备行业研究周报：9月动力电池装车量稳步增长
Shengang Securities·2024-10-17 08:30

Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [4]. Core Insights - The sales of new energy vehicles (NEVs) in China showed a stable growth, with September 2024 sales reaching 1.287 million units, a year-on-year increase of 42.36%, resulting in a penetration rate of 45.8% [2][8]. - The total installed capacity of power batteries in September 2024 was 54.5 GWh, reflecting a year-on-year growth of 50%, with a cumulative total of 347 GWh for the first nine months of 2024, up 36% year-on-year [2][10]. - Lithium iron phosphate (LFP) battery installations saw significant growth, with September 2024 installations at 41.3 GWh, accounting for 76% of total installations, and a year-on-year increase of 71% [2][14]. - Leading companies like CATL and BYD showed notable growth in battery installations, with CATL's September installations at 24 GWh (44% of total) and BYD's at 13.2 GWh (24% of total) [20]. Summary by Sections 1. New Energy Vehicle Sales - NEV sales in September 2024 reached 1.287 million units, a 42.36% increase year-on-year, with a penetration rate of 45.8% [2][8]. 2. Power Battery Installation Overview - The total power battery installation in September 2024 was 54.5 GWh, a 50% year-on-year increase, with a cumulative total of 347 GWh for the first nine months, up 36% year-on-year [10][2]. 3. Different Types of Power Battery Installations - LFP battery installations in September 2024 were 41.3 GWh, a 71% year-on-year increase, while ternary battery installations were 13.1 GWh, up 7.4% year-on-year [14][2]. 4. Leading Companies' Battery Installations - CATL's battery installations in September 2024 were 24 GWh, a 67% year-on-year increase, while BYD's installations were 13.2 GWh, a 34% increase [20][2]. 5. Market Performance Review - The electric power equipment industry experienced a weekly decline of 5.44%, ranking 16th among 31 primary industries, underperforming compared to the CSI 300 index [3][26]. 6. Price Changes of Key Materials - The report includes insights on the price changes of lithium carbonate and battery materials, indicating fluctuations in the market [32][33].