Investment Rating - The industry investment rating is "Outperform the Market" [40] Core Insights - The report highlights the establishment of the Low Altitude Economic Development Department by the National Development and Reform Commission, which aims to formulate and implement development strategies and policies for the low-altitude economy [41] - CATL plans to issue H-shares and apply for listing on the Hong Kong Stock Exchange to enhance its global strategic layout and competitiveness [42] - The solid-state battery industry is accelerating, with multiple companies signing strategic cooperation agreements to advance technology and product development [58] Summary by Sections New Energy Vehicle Sales - In November 2024, domestic new energy vehicle sales reached 151.2 million units, a year-on-year increase of 47% and a month-on-month increase of 6%, with a penetration rate of 45.6% [59] - Cumulative sales from January to November 2024 reached 11.262 million units, up 36% year-on-year [59] Battery Production and Market Share - In October 2024, CATL's battery installation volume was 33.20 GWh, holding a market share of 37.86%, while BYD's was 16.80 GWh with a market share of 19.16% [24] - The report anticipates that global new energy vehicle sales will reach 16.68 million units in 2024, a 23% increase year-on-year, with China, Europe, and the US expected to see sales of 11.21 million, 2.88 million, and 1.59 million units respectively [35] Battery Material and Pricing Trends - Lithium carbonate prices have slightly decreased to 75,600 CNY per ton, while prices for lithium iron phosphate and ternary cathodes have also dropped [44] - The report suggests monitoring companies leading in low-altitude economy development, solid-state battery materials, and those with recovering demand in consumer batteries [44]
锂电产业链双周评（12月第2期）：发改委正式设立低空经济发展司，宁德时代筹划在港交所发行上市
Guoxin Securities·2024-12-29 06:36