电力设备与新能源行业行业周报：江苏765万千瓦海上风电项日开启竞配

Investment Rating - The report rates the electric power equipment and new energy industry as "Recommended" [10]. Core Viewpoints - The industry is currently experiencing a valuation at historical lows, with the price-to-earnings (P/E) ratio at 46.9 times as of December 20, 2024, which is 54.2% of its 10-year historical valuation percentile [8][22]. - The report highlights that the lithium carbonate price has slightly decreased to 75,600 CNY/ton (-1.01%), while the prices of various lithium battery materials show mixed trends [10][35]. - The photovoltaic industry is entering a down cycle in pricing, with significant price drops across the supply chain, indicating a potential oversupply situation [10][72]. Summary by Sections Valuation Analysis - As of December 20, 2024, the P/E ratios for various sub-industries are as follows: - Power grid: 25.2 times (37.6% of historical percentile) - Energy storage: 86.8 times (57.0%) - Solar energy: 117.2 times (94.5%) - New energy vehicles: 33.2 times (20.5%) - Wind power: 48.2 times (79.7%) [8][23]. Industry Data Tracking - Lithium carbonate price is at 75,600 CNY/ton, with a decrease of 1.01% [10][75]. - The photovoltaic supply chain is experiencing price declines, with polysilicon prices remaining stable at 35.0 CNY/kg [10][24]. - The report notes that the gross profit margins in the photovoltaic sector are under pressure, with the overall industry gross profit reaching -0.09 CNY/W [72]. Key News Tracking - Significant announcements include major contracts from Changgao Electric and Qifan Cable, as well as equity incentive plans from Goldwind Technology [9]. - The report mentions the launch of a competitive bidding process for a 7.65 million kW offshore wind power project in Jiangsu [30][114]. - The report also highlights the approval of a 14.5 billion USD loan guarantee for Hanwha QCells to support solar supply chain manufacturing in Georgia, USA [65]. Important Announcements Tracking - Key announcements include Jiangsu Huachen's issuance of convertible bonds to raise up to 460 million CNY [9]. - Goldwind Technology's stock incentive plan has been approved, allowing for the issuance of 39.4 million shares at a price of 4.09 CNY/share [9]. - The report notes that major contracts have been awarded in the offshore wind sector, with a total value of approximately 415.82 million CNY for the Yangjiang wind farm project [9].