电池行业月报：11月中国电池装车量同比增50%；宁德时代宣布在西班牙投资建厂

Investment Rating - The report assigns a "Buy" rating to companies such as CATL (宁德时代), BYD, and others, indicating a positive outlook for their future performance [5][16]. Core Insights - The battery industry in China is experiencing significant growth, with a 50% year-on-year increase in battery installation volume in November 2024, driven by the rise in new energy vehicle sales [1]. - Lithium iron phosphate (LFP) batteries continue to dominate the market, accounting for 80% of the total battery installation volume in November [1]. - The total battery production in China reached 117.8 GWh in November, marking a 33.3% year-on-year increase, while sales reached 118.3 GWh, up 40.1% year-on-year [2]. - Exports of batteries from China also showed strong growth, with a total of 21.9 GWh exported in November, reflecting a 23.5% year-on-year increase [2]. Summary by Sections Battery Installation and Sales - In November, the total battery installation volume in China was 67.2 GWh, with a year-on-year increase of 49.7% and a month-on-month increase of 13.5% [1]. - Cumulative battery installation volume from January to November reached 473.0 GWh, representing a 39.2% year-on-year increase [1]. Production and Export - The production of batteries in November was 117.8 GWh, with a month-on-month increase of 4.2% [2]. - The export of energy storage batteries significantly outperformed that of power batteries, with energy storage battery exports increasing by 90% year-on-year [2]. Company Developments - CATL has announced the launch of new heavy-duty commercial vehicle batteries, indicating a strategic expansion into the commercial vehicle sector [3]. - BYD has also introduced new battery models for engineering machinery, highlighting the competitive landscape in the battery market [3]. Investment Implications - The report anticipates continued high growth in battery installation volumes in December, supported by strong sales in the new energy vehicle sector [4]. - The establishment of overseas factories by Chinese automakers and battery manufacturers, such as CATL's joint venture in Spain, is seen as a strategic move to mitigate export challenges [4]. - Companies with cost and technological advantages, particularly CATL, are recommended for investment consideration [4].