电池及储能行业周报：以旧换新政策持续发力，储能市场增速较高

Investment Rating - The report assigns a "Standard Configuration" investment rating for the power equipment and new energy industry [4]. Core Insights - The report highlights a recovery in the supply-demand balance for photovoltaic silicon materials and a steady increase in electric vehicle demand, with a significant growth in the energy storage market [3][6]. Summary by Sections 1. Investment Highlights - Battery Sector: - The demand for electric vehicles is steadily increasing, with retail sales of domestic new energy passenger vehicles reaching 867,000 units from November 1-24, a year-on-year increase of 68% and a month-on-month increase of 7%. The market is expected to maintain strong sales momentum due to policies like vehicle scrappage and trade-in programs, with an estimated total of 12.5 million new energy vehicles sold in 2024, representing a growth of over 30% [6][24]. - The supply side is adjusting in an orderly manner, with prices stabilizing. Lithium carbonate prices are fluctuating, while the price of lithium iron phosphate is at the breakeven point. The demand for graphite anodes is improving, but prices remain close to cost levels [25][6]. - Energy Storage Sector: - There were 21 new bidding projects and 5 winning projects this week, with a total bidding scale of 3.97 GW/27.36 GWh. The average winning price for energy storage EPC projects was 0.79 yuan/Wh, showing a decrease [27][28]. - 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, a year-on-year increase of 118%. The new energy storage installations in October alone were 2.04 GW/5.50 GWh, marking a year-on-year increase of 236% and a month-on-month increase of 82% [28][27]. 2. Recommended Companies - Contemporary Amperex Technology Co., Limited (CATL): - Expected to ship 480 GWh in 2024 with an estimated profit of approximately 50.5 billion yuan. The self-supply ratio of lithium salt is increasing, with significant contributions from recycling projects [26][7]. - Sungrow Power Supply Co., Ltd.: - The company has achieved a full industry chain layout in energy storage, including upstream inverters and downstream power stations. It has successfully won multiple large-scale energy storage projects [31][9].