电力设备新能源2024年12月投资策略：重点关注电网智能化投资，风电海内外需求景气共振

Investment Rating - The report maintains an "Outperform" rating for the power equipment and new energy sector [1][4]. Core Insights - The focus is on the investment in smart grid technology, with expectations of a new demand cycle for distribution network investments driven by the integration of renewable energy and market reforms [1]. - The offshore wind sector is anticipated to see significant growth, with new installations expected to exceed 12GW in 2025, a year-on-year increase of 50% [1]. - The lithium battery sector is experiencing a concentration of market share among leading companies, with a projected 25% growth in demand for energy storage batteries by 2025 [1]. - The photovoltaic sector is undergoing supply-side adjustments, with a recovery in prices expected in Q4 2024, and a focus on perovskite tandem applications [1]. Summary by Sections Smart Grid Industry Insights - The report highlights the urgent need for upgrades in the distribution network due to the increasing share of renewable energy and the transition from a unidirectional to a bidirectional energy flow [18]. - Key companies to watch include Guodian NARI, Dongfang Electronics, Sifang Co., and XJ Electric [1][18]. Wind Power Industry Insights - The report predicts a robust demand for both offshore and onshore wind power, with onshore installations expected to exceed 90GW in 2025, a 25% increase year-on-year [1][33]. - Key companies in the offshore wind equipment sector include Dongfang Cable, Tianneng Wind Power, and Daikin Heavy Industries [1][33]. Lithium Battery Industry Insights - The report notes a significant increase in demand for lithium batteries driven by the growth of electric vehicles and energy storage, with leading companies gaining market share [1][45]. - Key companies to focus on include CATL, EVE Energy, and Zhuhai Guanyu [1][45]. Photovoltaic Industry Insights - The photovoltaic sector is expected to see a recovery in prices and a shift towards advanced technologies like HJT and perovskite cells, with a production target of 20GW for tandem cells [1][45]. - Companies to monitor include Tongwei Co., Longi Green Energy, and JA Solar [1][45].