锂电设备行业跟踪：曙光已现，海外需求及新技术迭代持续

Investment Rating - The industry investment rating is "Buy" [3] Core Insights - The industry demand continues to grow, with new energy vehicle sales expected to reach 8.32 million units from January to September 2024, representing a year-on-year increase of 33%. The demand for power batteries in new energy vehicles is also strong, with a total of 347 GWh installed, up 36% year-on-year [1][3] - Leading companies in the industry, such as CATL, reported a revenue of 92.3 billion CNY in Q3 2024, a decrease of 13% year-on-year, but a net profit increase of 26% to 13.1 billion CNY, with a gross margin of 31.17%, up 8.75 percentage points year-on-year [1][3] - The overseas market shows significant potential, with new energy vehicle registrations in Europe reaching 1.442 million units, a 1.6% increase year-on-year, and in the US, registrations reached 717,000 units, up 7.9% year-on-year. Leading battery companies are accelerating their expansion into overseas markets [1][3] - New technologies such as sodium-ion, solid-state, and composite electrolytes are evolving, with companies like CATL and Penghui Energy making significant advancements in solid-state battery technology [1][3] Summary by Sections Industry Demand - New energy vehicle sales are projected to be 8.32 million units from January to September 2024, a 33% increase year-on-year [1] - Power battery installations for new energy vehicles reached 347 GWh, a 36% increase year-on-year [1] Company Performance - CATL's Q3 2024 revenue was 92.3 billion CNY, down 13% year-on-year, but net profit rose 26% to 13.1 billion CNY, with a gross margin of 31.17% [1] - The company's capacity utilization rate improved to 65.33% in H1 2024, up from 60.5% in H1 2023 [1] Overseas Market - European new energy vehicle registrations reached 1.442 million units, a 1.6% increase year-on-year, with a penetration rate of 21% [1] - US new energy vehicle registrations were 717,000 units, a 7.9% increase year-on-year, with a penetration rate of 10.1% [1] Technological Advancements - CATL has been developing solid-state batteries for years and has released a battery suitable for aviation applications [1] - Penghui Energy announced its first-generation solid-state battery with breakthroughs in both process and material, set for small-scale production in 2025 and full-scale promotion in 2026 [1]