电池及储能行业周报：宁德骁遥电池助力增混市场，9月逆变器出口环比下降

Investment Rating - The report maintains a "Market Perform" rating for the power equipment and new energy sector [2]. Core Insights - The battery sector is experiencing a positive market trend, with a 6.17% increase in the battery sector index, outperforming the CSI 300 index by 5.37 percentage points [2][24]. - The report highlights the launch of the "Xiaoyao" battery by CATL, which addresses key issues in hybrid vehicles, and anticipates a 20% year-on-year increase in new energy vehicle sales in 2024 [3][16]. - The supply side of the industry is adjusting in an orderly manner, leading to price stabilization across various materials [3][17]. Summary by Sections Battery Sector - The launch of the Xiaoyao battery by CATL aims to enhance the hybrid market, achieving significant improvements in range and charging speed. The expected retail sales of new energy vehicles are projected to reach 1.15 million units, a 2.4% increase from the previous period, with a penetration rate of approximately 52.3% [3][16]. - The supply chain is adjusting, with lithium carbonate prices fluctuating due to ongoing negotiations between supply and demand. The prices of cathode materials, particularly lithium iron phosphate, are at the breakeven point, while the prices of anode materials remain close to cost levels [3][17]. - CATL is expected to ship 480 GWh in 2024, with an estimated profit of approximately 50.5 billion yuan [4][18]. Energy Storage Sector - The energy storage market has seen a resurgence with 16 new bidding projects and 10 awarded projects, totaling a scale of 2.47 GW/9.50 GWh. The average bidding price for energy storage EPC projects is 0.96 yuan/Wh, reflecting a 7.9% increase [5][19]. - In September, the export of inverters decreased, with new energy storage projects showing a significant decline in installed capacity. However, the long-term outlook for overseas markets remains stable [5][20]. - The report suggests focusing on companies like Sangneng Electric, which has established a full industry chain in energy storage, including upstream inverters and downstream power stations [6][22].