新能源电池行业点评：10月电池产量113.1GWh，同比增长45.5%

Investment Rating - The industry investment rating is "Outperform the Market" and the rating has been maintained [2][9]. Core Viewpoints - The battery market continues to show rapid growth, with production and sales maintaining a strong upward trend. The oversupply situation is gradually improving, and leading companies in the industry are excelling in technology, scale, cost, and customer relationships [9]. - In October 2024, China's total battery production reached 113.1 GWh, representing a month-on-month increase of 1.6% and a year-on-year increase of 45.5%. The cumulative production from January to October was 847.5 GWh, with a year-on-year growth of 38.3% [5]. - The market remains an effective incremental market, with a focus on leading companies such as CATL, EVE Energy, Tianneng Battery, Keda Technology, and Zhongke Electric [9]. Summary by Sections Industry Performance - The new energy battery sector has shown a significant year-on-year sales growth of 47.4% in October, with total sales reaching 110.3 GWh. The sales of power batteries accounted for 79.1 GWh, which is 71.7% of total sales [6]. - The export of batteries in October increased by 38.6% year-on-year, totaling 19.9 GWh, with power battery exports at 10.8 GWh [6]. Production and Market Share - In October, lithium iron phosphate batteries accounted for 79.1% of total battery production, benefiting from low costs and high safety, indicating a steady increase in market share [5]. - The domestic power battery installation volume reached 59.2 GWh in October, with a year-on-year growth of 51.0% [7]. Key Stocks and Valuation - Key stocks in the industry include CATL, Zhongke Electric, Keda Technology, and EVE Energy, all rated as "Buy" with projected earnings per share (EPS) growth and favorable price-to-earnings (PE) ratios for 2023A, 2024E, and 2025E [4][9].