全球首次eVTOL固态电池飞行测试完成，诺德股份攻克3微米锂电铜箔

Investment Rating - The report maintains a "Positive" investment rating for the electric vehicle industry in China [1]. Core Viewpoints - The demand for electric vehicles (EVs) remains strong, with sales in China reaching 8.32 million units from January to September 2024, a year-on-year increase of 33%. The installed capacity of power batteries reached 346.6 GWh, up 36% year-on-year [11][23]. - The overall profitability trend is stabilizing and slightly improving, with upstream lithium resources and downstream batteries showing significant recovery. However, midstream materials are still affected by the depreciation of lithium carbonate [11][24]. - The lithium battery industry is entering a phase of sustained profitability improvement, supported by resource price stabilization, industry consolidation, and product structure enhancement. Many companies in the supply chain are expected to have a price-to-earnings (PE) ratio below 20 times for 2025, indicating investment value [11][24]. Summary by Sections Industry Overview - The report highlights significant technological advancements, including the global first eVTOL solid-state battery flight test conducted by EHang in collaboration with Xinjie Energy, which achieved a flight duration of 48 minutes and 10 seconds, improving energy density by 60% to 90% compared to traditional batteries [10][27]. - Nord Holdings has developed a 3-micron ultra-thin lithium battery copper foil, which enhances energy density while reducing the amount of copper foil required per GWh [10][29]. Market Trends - The report notes that the penetration rate of EVs continues to rise, with strong growth momentum expected in lithium demand across various segments, including power, storage, and exports [11][23]. - The third-quarter reports indicate a slight upward trend in profitability, with upstream lithium resources and downstream batteries recovering significantly, while midstream materials face challenges due to lithium carbonate depreciation [11][24]. Investment Recommendations - The report suggests focusing on companies such as CATL (300750, Buy), Shengtai Technology (001301, Not Rated), and others in the charging infrastructure and solid-state battery sectors [11][24].