机械设备：宁德时代加码换电业务，设备厂商率先受益

Investment Rating - The report maintains a "Recommended" rating for the mechanical equipment industry, indicating a positive outlook for the sector [5]. Core Viewpoints - The collaboration between Wuling and CATL to launch a battery swapping strategy for commercial vehicles marks a significant development in the industry, with the first model expected to be the Wuling Yangguang [2]. - CATL has been actively expanding its battery swapping business since 2019, with significant advancements in technology and partnerships, including the launch of the EVOGO brand and the chocolate battery swapping technology [3]. - The rapid growth of the new energy vehicle market in China, with a penetration rate reaching 40% from January to October this year, highlights the increasing demand for diverse energy replenishment methods, with battery swapping offering advantages over traditional charging [3]. - The establishment of a battery swapping network is anticipated to accelerate, benefiting equipment manufacturers as they are positioned to deliver complete battery swapping stations [3]. Summary by Sections Industry Development - CATL's goal is to build 10,000 battery swapping stations by 2027, with plans to cover over 30 cities by 2025 and expand to 70 cities by 2026 [3]. - The battery swapping model is gaining traction in commercial vehicles, with a 93.2% year-on-year increase in sales of battery-swapped vehicles in the first three quarters of 2024 [3]. Investment Opportunities - The report suggests that equipment manufacturers, such as Lianying Laser and Bozhong Precision, are likely to be the primary beneficiaries of the expanding battery swapping market due to their role in infrastructure development [4].