电动化革命进行时，龙头再度崛起

Investment Rating - The report maintains a rating of "Buy" for the electric power equipment and new energy sector [5] Core Viewpoints - The electric revolution is ongoing, with significant emerging scenarios yet to be penetrated. Despite concerns over declining growth rates in lithium battery demand, the report suggests that there are ample application scenarios for electricization that remain untapped. Leading domestic lithium battery companies are expected to capture new growth opportunities similar to their overseas counterparts [12][14] - The report emphasizes the advantages of electric devices, including lower lifecycle costs compared to traditional fuel devices, improved performance, and reduced noise levels. It estimates that by 2030, the electricization of transportation equipment in China could create an additional market space of approximately 185.01 GWh for batteries [3][12] - The report highlights the rapid progress of electricization in heavy trucks, engineering machinery, and forklifts, with significant market potential. For instance, it estimates that the demand for lithium batteries in electric heavy trucks could reach 91 GWh by 2030 [4][12] Summary by Sections Electricization Trends - The report identifies that policies at both national and local levels are actively promoting the transition of various mechanical devices to new energy electricization. The cost-effectiveness of electric devices is improving, making them more appealing compared to traditional fuel devices [3][12] - It forecasts that the electricization of transportation equipment in China could add approximately 185.01 GWh of battery demand by 2030, with electric heavy trucks and electric loaders contributing significantly to this demand [12][13] Market Opportunities - The report notes that leading companies like CATL (宁德时代) have established a strong market presence in multiple sectors, including heavy trucks, engineering machinery, and forklifts. CATL's market share in electric heavy trucks is currently at 72.4% [12][14] - Emerging electricization scenarios are expected to provide substantial incremental demand for lithium battery companies, with projections of 25.43 GWh, 41.17 GWh, and 129.08 GWh in 2024, 2025, and 2030, respectively [12][14] Historical Context of Global Leaders - The report reviews the historical development of global industrial leaders such as Siemens, GE, and Bosch, highlighting their ability to seize new growth opportunities through electricization and diversification. This historical perspective serves as a reference for understanding the potential growth paths of domestic companies in the electricization revolution [2][14][28]