电力设备行业跟踪报告：锂电产业链业绩边际改善，电池环节盈利稳定增长

Investment Rating - The report maintains an "Outperform" rating for the lithium battery industry [2]. Core Insights - Since the second half of 2024, the overall performance of the lithium battery industry chain has shown marginal improvement, driven by stabilizing lithium carbonate prices and a recovery in downstream demand. The battery segment has demonstrated steady growth in net profit, enhancing profitability. The report suggests focusing on midstream material companies for investment opportunities and monitoring the rise in market share and profitability of leading battery firms [1][2]. Summary by Sections Industry Performance Overview - In the first three quarters of 2024, the lithium battery industry faced pressure due to slowing demand growth and intensified competition on the supply side. Total revenue for listed companies in the industry reached 547.87 billion yuan, a year-on-year decrease of 16.19%. The overall gross margin was 21.03%, an increase of 3.21 percentage points year-on-year, while net profit attributable to shareholders was 44.61 billion yuan, down 5.49% year-on-year [1][10]. Quarterly Performance - In Q3 2024, the industry saw marginal improvements, with total revenue of 195.51 billion yuan, a year-on-year decrease of 15.66% but a quarter-on-quarter increase of 3.23%. The gross margin rose to 22.46%, up 4.15 percentage points year-on-year and 2.16 percentage points quarter-on-quarter. Net profit attributable to shareholders was 16.02 billion yuan, showing a year-on-year increase of 1.67% and a quarter-on-quarter increase of 1.56% [1][10]. Battery Segment - The battery segment's revenue for Q1-Q3 2024 was 372.82 billion yuan, down 8.25% year-on-year, while net profit increased by 15.92% to 40.61 billion yuan. In Q3 2024, revenue was 132.08 billion yuan, down 7.45% year-on-year but up 2.97% quarter-on-quarter, with net profit reaching 14.64 billion yuan, a year-on-year increase of 28.77% [2][13]. Positive Developments in Material Segments - The report highlights that the performance of the positive electrode material segment has improved, with Q3 2024 revenue of 26.16 billion yuan, a quarter-on-quarter increase of 2.02%. The losses in this segment have narrowed, with net profit at -0.375 billion yuan, a reduction of 14.37% in losses compared to the previous quarter [4][16]. Negative Electrode Material Segment - The negative electrode material segment reported Q3 2024 revenue of 14.35 billion yuan, down 22.44% year-on-year but stable quarter-on-quarter. Net profit was 0.90 billion yuan, a decrease of 28.72% year-on-year, but the decline rate has narrowed [4][21]. Other Segments - The electrolyte segment saw a revenue increase in Q3 2024, reaching 6.05 billion yuan, down 17.03% year-on-year but up 9.04% quarter-on-quarter. The separator segment's revenue was 3.63 billion yuan, down 17.03% year-on-year but up 7.03% quarter-on-quarter, indicating stabilization in performance [5][4]. Investment Recommendations - The report recommends actively monitoring midstream material companies for performance recovery investment opportunities and the potential for new technologies such as solid-state batteries and composite current collectors to drive future growth [1][2].