机械行业点评：宁德换电模式加速，设备企业率先受益

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the mechanical equipment sector [1]. Core Insights - The report highlights the acceleration of the battery swapping model by CATL, benefiting equipment companies first [1]. - The battery swapping technology offers multiple advantages such as rapid energy replenishment, high safety, and low costs, indicating promising future development [1]. - The separation of vehicle and battery ownership is a new business model in the new energy sector, significantly reducing purchase costs for consumers [1]. Summary by Sections Industry Overview - CATL's subsidiary, Times Electric, signed a battery swapping project cooperation agreement with the leading second-hand car brand, Uxin [1]. - The battery swapping model can address the long charging times and low efficiency of new energy vehicles, with passenger car battery swaps completed in under 3 minutes [1]. - The battery separation model is expected to reduce purchase costs for passenger cars by approximately 20% to 40% and for commercial vehicles by 40% to 50% [1]. Market Dynamics - The current battery swapping services primarily target the B-end and C-end markets, including new energy taxi, ride-hailing, and public transport sectors [1]. - The number of cooperative enterprises and models is continuously increasing, with CATL's "Chocolate Battery Swapping Alliance" expanding [1]. - CATL aims to establish 10,000 battery swapping stations by 2027, with a target of over 1,500 stations by 2024 [1]. Key Companies and Valuation - Key beneficiaries in the equipment sector include Lianying Laser and Bozhong Precision, with the value of passenger car battery swapping stations estimated between 150 million to 350 million [4]. - The report provides profit forecasts for Lianying Laser and Bozhong Precision, indicating a positive trend in their earnings [4].