电力设备与新能源行业周观察：固态电池应用推进，看好风电景气上行

Investment Rating - Industry Rating: Recommended [3] Core Views - The solid-state battery technology aligns with the high energy density and long endurance requirements of eVTOL, which is expected to accelerate commercialization in this field and open up future applications in consumer electronics and power batteries [25][24] - The domestic production and sales of new energy vehicles (NEVs) have shown significant month-on-month growth, driven by increased quality supply and supportive policies, indicating a deepening electrification rate and potential for continued growth in penetration rates [26][27] - The recent bidding results for photovoltaic components by China Huaneng indicate a significant premium for BC components, reflecting downstream recognition of their economic value, which is expected to benefit companies with leading technology in this area [38][41] Summary by Sections 1. New Energy Vehicles - EHang completed the world's first eVTOL flight test using solid-state batteries, achieving a flight duration of 48 minutes and 10 seconds, with a significant increase in endurance of 60%-90% [24][25] - In October 2024, domestic NEV production reached 1.463 million units, a year-on-year increase of 33.0%, while sales reached 1.43 million units, reflecting a penetration rate of 46.84% [26][27] 2. New Energy - The bidding for 15GW of photovoltaic components by China Huaneng revealed that N-type TOPCon components averaged 0.707 yuan/W, while BC components reached 0.845 yuan/W, indicating a premium of 19.5% for BC components [41][38] - The solid-state battery's compatibility with high-capacity electrode materials positions early movers in the solid-state battery supply chain to benefit from accelerated industrialization [25][24] 3. Wind Power - China Electric Power Construction has initiated a tender for 25GW of wind power equipment, with expectations for strong installation momentum in 2025, projecting over 90GW for onshore wind and 12-15GW for offshore wind [42][45] - The average bidding price for onshore wind turbines has shown a decline, with a recovery in the overall market price expected as demand increases [58][67]