Investment Rating - The report maintains a "Market Perform" rating for the battery and energy storage sectors [2]. Core Insights - The report highlights the strong performance of new energy vehicle sales, with a year-on-year increase of 49% in October, leading to an expected total sales volume of 11.5 million units for 2024, a 20% increase compared to the previous year [3][14]. - The supply side of the industry is adjusting in an orderly manner, with prices stabilizing across various materials, including lithium salts and electrode materials [15][24]. - The energy storage sector is experiencing a significant rebound in bidding activity, with a total scale of 4.19 GW/15.27 GWh for new projects, indicating a robust market outlook [17][32]. Summary by Sections Battery Sector - New energy vehicle sales are performing exceptionally well, with retail sales reaching 946,000 units in October, a 49% year-on-year increase, supported by trade-in policies [3][14]. - The supply side is adjusting, with lithium carbonate prices fluctuating and electrode material prices stabilizing, particularly for lithium iron phosphate [15][24]. - Key companies to watch include CATL, which is expected to ship 480 GWh in 2024 with a profit of approximately 50.5 billion yuan, and Terui, which is benefiting from upgrades in grid investment structures [16]. Energy Storage Sector - The energy storage bidding market has seen a significant increase, with 18 new projects and 12 awarded, totaling 4.19 GW/15.27 GWh [17][32]. - The average winning bid for energy storage EPC projects is approximately 0.92 yuan/Wh, reflecting a 4.6% decrease from the previous period [17][32]. - Companies like Shangen Electric are noted for their comprehensive energy storage business model, which includes upstream inverter production and downstream project execution [20].
电池及储能行业周报：10月新能车销量表现优异，独立储能电网侧装机占比较高
Donghai Securities·2024-11-04 10:00