锂电行业2025年投资展望：基本面企稳回暖，新技术应用进程提速

Investment Rating - The report maintains a positive outlook for the lithium battery industry, with an investment rating of "Buy" for 2025 [1]. Core Insights - The lithium battery sector is expected to recover in 2025, driven by a stabilization of fundamentals and accelerated application of new technologies [3][41]. - The profitability of the battery segment is projected to continue its upward trend, with leading companies benefiting from differentiated products and overseas business growth [2][39]. - The report highlights the ongoing industrialization of solid-state batteries and the increasing demand for fast-charging technologies as key growth drivers for the sector [11][12]. Summary by Sections Battery Segment - The battery segment is characterized by strong bargaining power due to high customization demands, leading to stable profitability. The segment is expected to maintain a recovery trend in profitability through 2025 [2][39]. - Leading companies like CATL and Guoxuan High-Tech are anticipated to benefit significantly from their differentiated product offerings and overseas market expansions [2][39]. Material Segment - Despite some companies facing profit margin declines, the concentration in the lithium battery materials sector is expected to increase, leading to a potential recovery in profit levels [4]. - The report identifies key beneficiaries in the material segment, including companies like Zhongwei and Shengtai Technology, which are positioned to gain from ongoing product iterations and cost reductions [4][12]. New Technologies - The report emphasizes the rapid industrialization of solid-state batteries, which are expected to replace existing high-end applications in the medium to long term. Companies with advanced solid-state technology, such as Guoxuan High-Tech and CATL, are highlighted as potential beneficiaries [4][11]. - The demand for fast-charging capabilities is driving material upgrades, with companies like Xinde New Materials and Tiannai Technology positioned to benefit from innovations in conductive agents and lithium salts [12][29]. Market Outlook - The global power battery installation scale is projected to reach approximately 993 to 1,053 GWh in 2025, reflecting a year-on-year growth of 14% to 20% [29][30]. - The report notes that the lithium carbonate and cathode material prices are expected to remain stable at low levels through 2025, with limited potential for reversal [18][29].