电力设备行业研究周报：10月动力电池装车量稳步增长

Investment Rating - The report maintains an "Overweight" rating for the industry [5] Core Insights - The sales of new energy vehicles in China showed a stable growth, with October 2024 sales reaching 1.43 million units, a year-on-year increase of 49.6%, resulting in a penetration rate of 46.8%. Cumulatively, from January to October 2024, sales reached 9.75 million units, up 33.93% year-on-year, with a penetration rate of 39.6% [15][1] - The installation volume of power batteries in October 2024 was 59.2 GWh, representing a year-on-year growth of 51%. The cumulative installation volume from January to October 2024 reached 406 GWh, up 38% year-on-year, indicating a sustained high growth rate [17][1] - The report highlights a significant increase in the installation volume of lithium iron phosphate batteries, which accounted for 79% of total installations in October 2024, with a year-on-year growth of 75%. In contrast, ternary battery installations decreased by 0.8% [23][1] Summary by Sections 1. New Energy Vehicle Sales - In October 2024, new energy vehicle sales in China reached 1.43 million units, a 49.6% increase year-on-year, with a penetration rate of 46.8% [15] - Cumulative sales from January to October 2024 were 9.75 million units, reflecting a year-on-year growth of 33.93% [15] 2. Power Battery Installation Overview - The total installation volume of power batteries in October 2024 was 59.2 GWh, marking a 51% year-on-year increase [17] - Cumulative installations from January to October 2024 reached 406 GWh, up 38% year-on-year [17] 3. Different Types of Power Battery Installations - In October 2024, lithium iron phosphate battery installations were 47 GWh, accounting for 79% of total installations, with a year-on-year growth of 75% [23] - Ternary battery installations were 12.2 GWh, representing 21% of total installations, with a year-on-year decrease of 0.8% [23] 4. Leading Companies in Power Battery Installations - In October 2024, CATL's power battery installations were 25.3 GWh, accounting for 43% of total installations, with a year-on-year growth of 51%. BYD's installations were 15.8 GWh, representing 27% of total installations, with a year-on-year increase of 54% [32] - Cumulatively, from January to October 2024, CATL's installations reached 183 GWh, up 45% year-on-year, while BYD's installations totaled 100.7 GWh, reflecting a 19% increase [32] 5. Market Review - The power equipment industry experienced a weekly decline of 2.66%, ranking 9th among 31 primary industries in the Shenwan classification [42] - The industry outperformed the CSI 300 index during the same period [42]