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" with a rating of B [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 [1][14] - The lithium battery industry is expected to gradually improve in production capacity, and the industry valuation is at historical lows, suggesting potential for valuation recovery [1][28] - The report suggests focusing on key players in the lithium battery sector, including CATL, Yiwei Lithium Energy, Guoxuan High-Tech, and others [1][28] Summary by Sections 1. New Energy Vehicles - The report notes that PHEV and extended-range vehicles accounted for 40.0% of total vehicle sales in the first nine months of 2024, with a significant increase in market share for PHEV and extended-range passenger vehicles [1][14] - Companies like LG Energy Solutions reported a third-quarter sales revenue of 12.67 trillion KRW (approximately 9.179 billion USD), with a quarter-on-quarter increase of 3.0% and 22.8% in operating profit [1][15] - The report mentions the establishment of a lithium battery package advisory committee between BYD and Jiangsu Zongshen to promote integrated business planning for lithium battery products [1][27] 2. New Energy Power Generation - The report indicates that the price of domestic dense block silicon has stabilized at around 40 CNY per kilogram, while the price of domestic granular silicon is around 36.5 CNY per kilogram [2][19] - The report highlights that the wind power sector saw an increase in installed capacity, with a total of 24.258 million kW added from January to September 2024, representing a year-on-year increase of 3.165 million kW [29][30] 3. Energy Storage and Power Equipment - The report states that major power generation companies completed investments of 595.9 billion CNY in power source projects from January to September 2024, a year-on-year increase of 7.2% [33] - The report notes that the State Grid's investment in power grid projects reached 398.2 billion CNY, a year-on-year increase of 21.1% [33] - The report emphasizes the growth in exports of power equipment, with transformer exports in September amounting to 636 million USD, a year-on-year increase of 22.2% [34]