电力设备及新能源行业周报：电力设备及新能源PHEV和增程式汽车销量占比提高，硅料价格维持稳定【第41期】

Investment Rating - The report maintains an investment rating of "Outperform" for the industry [3]. Core Views - The report highlights that the sales of PHEV and extended-range vehicles reached 3.324 million units from January to September 2024, accounting for 40.0% of total sales, an increase of 11.4 percentage points year-on-year [11]. - The report indicates that the lithium battery industry is expected to gradually improve in production capacity, with valuations at historical lows, suggesting potential for valuation recovery [24]. - The report emphasizes the stability of silicon material prices, with domestic dense block material prices stabilizing at around 40 RMB per kilogram [15][14]. Summary by Sections New Energy Vehicles - The report notes that the sales of PHEV and extended-range vehicles increased to 3.324 million units, representing a 40.0% market share, with PHEV and extended-range passenger cars accounting for 41.8% [11]. - LG Energy Solutions reported third-quarter sales of 12.67 trillion KRW (approximately 9.179 billion USD), with operating profit of 498.4 billion KRW (approximately 361 million USD), showing a quarter-on-quarter increase of 3.0% and 22.8% respectively [11]. - The report mentions that BYD and Jiangsu Zongshen have established a lithium battery package advisory committee to promote integrated business planning for lithium products [23]. New Energy Power Generation - The report states that the price of domestic dense block silicon has stabilized at around 40 RMB per kilogram, while the price of P-type silicon wafers has reached 1.1-1.2 RMB per piece [15][16]. - The report highlights that from January to September, the total installed capacity of new wind power reached 24,258 MW, an increase of 3,165 MW year-on-year [25]. - The report suggests focusing on companies such as Longi Green Energy, JA Solar, and Trina Solar for investment opportunities in the photovoltaic sector [25]. Energy Storage and Power Equipment - The report indicates that from January to September, major power generation companies completed investments of 595.9 billion RMB in power source projects, a year-on-year increase of 7.2% [28]. - The report notes that the State Grid Corporation's investment in the grid is expected to exceed 600 billion RMB in 2024, with a focus on ultra-high voltage projects and digital upgrades [28]. - The report highlights significant export growth in power equipment, with transformer exports in September amounting to 636 million USD, a year-on-year increase of 22.20% [29].