电池及储能行业周报：电车需求稳步增长，储能市场增速较高

Investment Rating - The report maintains a "Market Perform" rating for the electric equipment and new energy sector, indicating a neutral outlook on investment opportunities in this industry [3]. Core Insights - The electric vehicle (EV) demand is steadily increasing, with the expected retail sales of new energy vehicles reaching 1.28 million units in November, translating to a penetration rate of approximately 53.3%. The overall market for new energy vehicles is projected to grow by 20.0% year-on-year, reaching 11.5 million units in 2024 [4][21]. - The supply side of the industry is undergoing orderly adjustments, leading to price stabilization across various materials, including lithium salts and battery components [22][4]. - The domestic energy storage market is experiencing high growth, with cumulative installed capacity reaching 23.42 GW/58.86 GWh by the end of October 2024, representing a year-on-year increase of 118% [25][24]. Summary by Sections Battery Sector - Market Performance: The battery sector saw a slight decline of 0.71% in the week of November 18-24, outperforming the CSI 300 index by 1.89 percentage points. Major inflows were noted in companies like Shenghua New Materials and Putailai, while major outflows were observed in CATL and Shanghai Electric [29][3]. - Demand Growth: The demand for electric vehicles is supported by policies such as vehicle scrappage and trade-in programs, with new models launched at the Guangzhou Auto Show enhancing consumer interest [4][21]. - Supply Adjustments: The lithium salt market is characterized by ongoing price fluctuations, while the prices of cathode materials are stabilizing amid a supply surplus. The prices of anode materials remain close to cost levels, indicating limited downward potential [22][4]. Energy Storage Sector - Tender Projects: In the week ending November 22, 2024, there were 16 new tender projects in the energy storage market, with a total scale of 3.48 GW/13.57 GWh. The average winning bid for energy storage EPC projects was 1.13 yuan/Wh, showing a slight decrease [24][49]. - Market Growth: The energy storage market is maintaining a high growth rate, with new installations in October 2024 reaching 2.04 GW/5.50 GWh, marking a year-on-year increase of 236% [25][24]. - Company Focus: Companies like Sungrow Electric have established a full industry chain layout in energy storage, including upstream inverters and downstream power stations, positioning themselves favorably in the market [27][7]. Investment Recommendations - CATL: As a global leader in lithium batteries, CATL is expected to ship 480 GWh in 2024, with an estimated profit of 50.5 billion yuan. The company is increasing its self-supply ratio of lithium salts, which will support its production capacity [5][23]. - Sungrow Electric: The company is benefiting from the upgrade of power grid investment structures and has turned profitable, leveraging its advantages in the charging operation market [5][23].