电力设备行业周报：光伏行业减产推动库存去化，氢能市场快速发展

Investment Rating - Industry Investment Rating: Overweight [1] Core Insights - The photovoltaic industry is experiencing production cuts that are driving rapid inventory destocking, with the market's focus shifting to the actual price increases along the supply chain [3][11] - In wind energy, 144GW of wind power was approved nationwide in 2024, with over 220GW of wind turbine contracts awarded, indicating a strong market sentiment and upward expectations for the wind energy sector [3][23] - The energy storage market is in a rapid growth phase, with a focus on the PCS (Power Conversion System) segment, as traditional markets expand and new markets emerge [4][28] - The hydrogen energy sector is witnessing strong development, with multiple regions actively investing in hydrogen production and storage [4][34] - The electric vehicle market showed strong performance in December, with recommendations to continue investing in high-profit segments such as lithium batteries and structural components [5][39] Summary by Sections Photovoltaic - Production cuts in the photovoltaic sector are leading to quick inventory destocking, with the most sensitive indicators being inventory days for battery cells, silicon wafers, modules, and silicon materials [3][11] - The main industry chain's four segments are expected to see prices drop to leading companies' cash costs, with a potential price recovery starting in Q4 2024 [13][21] - Investment recommendations focus on companies that can "cross the cycle," particularly those in the first tier of the main industry chain [22] Wind Energy - The wind energy sector saw a significant increase in approved projects, with 2024 expected to reach 89GW of new installations, a 17% year-on-year increase [23][25] - Key investment opportunities include low-valued stocks and companies benefiting from offshore wind projects [24] Energy Storage - The energy storage market is rapidly developing, with a focus on the PCS segment, and significant projects are being awarded, such as a 2.8GWh independent energy storage project in Shandong [28][29] - The market is expected to see over 100GWh of new installations in 2024 [29] Hydrogen Energy - The hydrogen energy sector is experiencing strong growth, with significant price reductions in electrolyzers and advancements in hydrogen transportation [34][35] - Investment opportunities are emerging in hydrogen production and storage segments [34] Electric Vehicles - December saw strong sales in the electric vehicle market, with Tesla's global deliveries reaching over 1.78 million units, despite facing challenges from competition and market conditions [39][40] - Continued investment in high-profit segments is recommended, particularly in lithium batteries and structural components [5][39] New Technologies - The low-altitude economy is being promoted through infrastructure development and policy support, with a projected market size exceeding 1 trillion yuan by 2026 [4][31]