电力设备与新能源行业行业周报：2024年中国新增并网风电装机约88GW

Investment Rating - The report maintains a "Buy" recommendation for the power equipment and new energy industry [1] Core Viewpoints - The report anticipates that China's newly installed wind power capacity will reach approximately 88GW in 2024 [1] - The wind power sector is expected to see a significant increase in both volume and price, with new installations projected at 90-100GW for onshore wind and 15-18GW for offshore wind in 2025, representing year-on-year growth of 18.8% and 83.3% respectively [5] - The energy storage market is projected to maintain high growth, with a compound annual growth rate (CAGR) of 37% from 2023 to 2030 [5] - The lithium battery sector is supported by three main drivers: increased consumption, policy support for new energy vehicles, and the growth of energy storage [5] - The photovoltaic (PV) industry is expected to rebound in the second half of 2025, driven by high-quality demand and industry self-discipline [5] Summary by Sections Market Review - From January 3 to January 10, 2025, the CSI 300 index decreased by 1.13%, while the new energy index also fell by 1.13%, ranking 10th among industries [10] - The top-performing sub-industries included fuel cells, lithium batteries, and power electronics, with increases of 5.56%, 4.18%, and 3.97% respectively [10] Valuation Analysis - As of January 10, 2025, the price-to-earnings (P/E) ratio for the power equipment and new energy industry was 24.37, which is at the 19.19% historical percentile, indicating a low valuation [13] - The P/E ratios for specific sectors as of the same date were: grid (22.61), energy storage (30.65), solar (19.37), new energy vehicles (24.22), and wind (27.47) [15] Industry Data Overview - Lithium carbonate prices were reported at 75,700 CNY/ton (+1.15%), while the prices for various lithium battery materials remained stable [36] - The photovoltaic industry is entering a downcycle, with significant price reductions observed in the supply chain, particularly for silicon materials [18] Key News - The report highlights several important developments, including the launch of AI models in the energy sector, plans for significant wind power projects, and the goal of achieving a 90% utilization rate for new energy by 2027 [52][58] - The report also notes the approval of multiple pumped storage projects and advancements in energy storage technologies [56][64] Key Announcements - Major contracts were announced by companies such as Samsung Smart, Wan Sheng Intelligent, and Hai Xing Power, indicating ongoing investment and development in the sector [5]