电力设备及新能源行业月报：9月销售旺季销量提升显著，动力电池逐渐产销两旺

Investment Rating - The report maintains a "Strong Outperform" rating for the electric equipment and new energy industry, indicating expected performance to surpass the market in the next six months [2][13]. Core Insights - The new energy vehicle market in September showed significant growth, with production and sales reaching 1.219 million and 1.123 million units respectively, marking a month-on-month increase of 16.2% and 9.6%, and a year-on-year increase of 51.5% and 50.9% [1][4]. - The penetration rate of new energy vehicles in the domestic retail market reached 53.3% in September, up from 36.9% in the same month last year, reflecting a strong upward trend [1]. - Exports of new energy vehicles reached 105,000 units in September, a year-on-year increase of 19.3%, with pure electric vehicles accounting for 82% of the exports [1][4]. - The report highlights the strong sales performance of BYD, which sold 417,600 vehicles in September, a year-on-year increase of 45.6%, setting a new monthly record [4][5]. - The report notes that the demand for power batteries continues to grow, with production in September reaching 111.3 GWh, a month-on-month increase of 9.9% and a year-on-year increase of 43.3% [5][8]. Summary by Sections New Energy Vehicle Sales - In September, the cumulative production and sales of new energy vehicles from January to September reached 7.859 million and 7.132 million units, with year-on-year growth of 32.8% and 37.4% respectively [1]. - The report emphasizes the impact of the Mid-Autumn Festival and National Day holidays, along with stock market gains, on the sales performance of new energy vehicles [1]. Battery Production and Sales - The total production of power and other batteries from January to September reached 734.4 GWh, with a year-on-year growth of 37.3% [5][8]. - The report indicates that lithium iron phosphate batteries dominate the market, with a production share of 75.6% in September [8]. Market Dynamics - The report discusses the competitive landscape, noting that CATL maintained a market share of 44.0% in September, while BYD held 24.7% [8]. - The report also highlights the introduction of new models and technologies by various automakers, indicating a trend towards high-quality and high-tech developments in the new energy vehicle sector [5][9].