光伏&锂电设备三季报总结：景气筑底，静待盈利修复&新技术渗透

Investment Rating - Investment recommendation: Outperform the market (maintained) [4] Core Viewpoints - The photovoltaic equipment industry is entering a bottoming phase, with profitability recovery expected to drive capital expenditure [5][12] - The lithium battery equipment industry is facing significant performance declines due to weak domestic demand, but overseas demand is expected to maintain high growth [2][22] Summary by Sections Photovoltaic Equipment - The industry achieved a total revenue of approximately 65.1 billion yuan in Q1-Q3 2024, a year-on-year increase of 31%, while net profit attributable to shareholders was approximately 8.4 billion yuan, a year-on-year decrease of 10% [5][11] - The gross margin for the industry was 29.8%, down 4.5 percentage points year-on-year, and the net margin was 12.8%, down 5.8 percentage points year-on-year [16][19] - The industry is experiencing a significant price drop in the main chain, with the current minimum cash cost for components at 0.68 yuan/W, which is below the cost of bidding [17][32] - The industry is expected to see a recovery in profitability as supply-side reforms accelerate the clearing of excess capacity [12][32] Lithium Battery Equipment - The industry achieved a total revenue of approximately 34.4 billion yuan in Q1-Q3 2024, a year-on-year decrease of 20%, with a net profit of approximately 1.8 billion yuan, a year-on-year decrease of 63% [21][25] - The gross margin for the industry was 31.5%, down 2.2 percentage points year-on-year, and the net margin was 5.2%, down 6.1 percentage points year-on-year [27][30] - Domestic lithium battery capacity is in surplus, leading to a decline in performance, while overseas expansion is becoming a new growth point [22][24] - The industry is expected to benefit from the ongoing expansion of overseas battery plants, with significant investments in local production in Europe and the U.S. [22][33] Investment Recommendations - For photovoltaic equipment, focus on leading companies that are rapidly clearing inventory and those that are innovating new technologies, such as High Measurement Co. and Aotwei [6][32] - For lithium battery equipment, recommend companies with complete line supply capabilities and those benefiting from the industrialization of new technologies, such as Xian Dao Intelligent and Hong Tian Co. [6][33]