东海证券：晨会纪要-20241023

Key Recommendations - The proportion of lithium iron phosphate (LiFePO4) battery installations is increasing, and the construction of the national electricity spot market is accelerating, indicating a positive outlook for the battery and energy storage industry [7][8] - The peak delivery of photovoltaic (PV) modules is approaching, and wind power project construction is continuously advancing, reflecting ongoing growth in the renewable energy sector [11][12] Battery and Energy Storage Industry - The battery sector saw an overall increase of 3.42% from October 14 to October 20, outperforming the CSI 300 index by 2.44 percentage points. Major inflows were observed in companies like CATL and Gotion High-tech, while outflows were noted in companies such as Nandu Power and Zhuhai Coslight [7][8] - In the first two weeks of October, approximately 408,000 new energy vehicles were sold, representing an 8% month-over-month increase. The installation of lithium iron phosphate batteries reached a 75.8% share, with a month-over-month increase of 1.6 percentage points [8] - The supply side of the industry is adjusting in an orderly manner, with stable prices observed across various materials, including lithium carbonate and electrolyte. The average bidding price for energy storage projects increased by 4.3% to 0.89 yuan/Wh [9][8] Photovoltaic Industry - A meeting was held to prevent "involution" and unhealthy competition in the industry, aiming to stabilize module prices and improve profitability across the supply chain [12] - The market for silicon materials and wafers is experiencing price adjustments, with a significant increase in inventory levels. The overall market atmosphere remains cautious, with a focus on year-end project deliveries [13] - The average bidding price for onshore wind power projects has stabilized, with significant project scales supporting the annual installation capacity. The average bidding price for onshore wind turbines is around 2,099.33 yuan/kW [14][15] Wind Power Industry - The construction of offshore wind projects is progressing, with several projects in provinces like Zhejiang and Hainan moving forward. This indicates a reduction in restrictive factors affecting the industry [15] - Companies like Daikin Heavy Industries and Oriental Cable are highlighted as key players benefiting from the growth in offshore wind power, with expectations of increased profitability and project delivery capabilities [15]