电力设备行业跟踪周报：锂电和大储需求向好、风光明年逐步好转

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1]. Core Insights - Demand for lithium batteries and large-scale energy storage is positive, while wind and solar energy are expected to gradually improve next year [1]. - The report highlights a significant increase in the sales of new energy vehicles, with November sales reaching 1.512 million units, a year-on-year increase of 47% [1]. - The report anticipates a compound annual growth rate (CAGR) of 30% for global lithium demand by 2025, driven by robust demand in emerging markets [1]. Summary by Sections Industry Performance - The electric equipment sector saw a decline of 2.15% recently, underperforming the broader market [1]. - Key performers included companies like Ningde Times and Sunshine Power, which are expected to benefit from the growing demand for energy storage and electric vehicles [1]. Company Developments - Ningde Times plans to distribute a cash dividend of 1.23 billion yuan to shareholders [1]. - The company has formed a joint venture with Stellantis to establish a battery factory in Spain, with a total investment of 4.038 billion euros [1]. - Other companies like Goldwind Technology and GCL-Poly are also making strategic moves to enhance their market positions [1]. Market Trends - The report notes that the U.S. energy storage market is experiencing strong demand, with a projected installation growth of 40% in 2025 due to anticipated tariff increases on storage batteries [12]. - The global solar installation market is expected to grow by approximately 20% in 2024, with domestic demand recovering post-Chinese New Year [1]. - The report emphasizes the importance of supply-side reforms in stabilizing prices and improving profitability across the industry [1].