电气设备行业：持续看好光伏锂电新技术与风电整机盈利改善

Investment Rating - The report maintains a "Buy" recommendation for the electrical equipment industry, particularly focusing on photovoltaic (PV) lithium battery new technologies and the profitability improvement of wind power equipment [1]. Core Insights - The report emphasizes the importance of new technologies in the photovoltaic sector, particularly cost-reduction and efficiency-enhancing innovations such as BC, HJT, and bifacial technologies, which are expected to significantly influence the industry landscape [11][12]. - The solid-state lithium battery is highlighted as a trend-setting technology, with ongoing developments in core materials and production equipment, indicating a positive outlook for the solid-state battery market [12]. - Wind power equipment is benefiting from price improvements and cost optimization, leading to an upward trend in profitability. The report notes that the domestic offshore wind power installation is expected to reach approximately 8 GW in 2024 and 12-15 GW in 2025, with a year-on-year growth rate exceeding 50% [13][25]. - The report also identifies investment opportunities in the high-voltage power grid sector, particularly in ultra-high voltage, distribution networks, and overseas markets, suggesting a long-term investment value for related companies [13][28]. Summary by Sections Industry Overview - The report maintains a positive outlook on the photovoltaic sector, driven by new technologies that enhance cost efficiency and production capabilities [11][12]. - The solid-state battery technology is gaining traction, with significant advancements in materials and production processes [12]. Wind Power - The wind power sector is experiencing a recovery in profitability, with both offshore and onshore projects seeing increased activity. The report anticipates a substantial increase in offshore wind installations in the coming years [13][25]. - The report highlights the importance of technological advancements and competitive bidding strategies in improving the profitability of wind turbine manufacturers [12][25]. Power Grid - The report underscores the growing demand for ultra-high voltage equipment, with recent tenders indicating a robust market outlook for power grid infrastructure [28][30]. - Investment opportunities are identified in the distribution network sector, driven by the rapid development of distributed energy resources and increased electrification [28][30]. Lithium Battery Sector - The report notes the strengthening collaboration between automotive manufacturers and battery companies in the battery swapping industry, which is expected to create new growth opportunities [17][19]. - The battery swapping model is seen as a solution to address range anxiety and improve user experience, with significant implications for the entire battery supply chain [19][20].