电力设备与新能源行业1月第3周周报：汽车以旧换新细则出台，工信部推动氢能发展

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy sector [1]. Core Insights - The report highlights ongoing supply-side reforms in the photovoltaic sector, with expectations of price increases in silicon and battery segments due to supply constraints [1]. - The domestic wind power sector is expected to see steady progress in bidding and construction, with improved profitability in the machinery and components segments anticipated for 2025 [1]. - The introduction of the vehicle trade-in policy is expected to boost sales in the new energy vehicle sector, with a projected increase in demand across the supply chain [1]. - The report emphasizes the accelerated development of solid-state battery technology, suggesting that companies involved in battery, materials, and equipment sectors will benefit [1]. - Continued promotion of hydrogen energy policies is expected to enhance the industrialization of hydrogen, with recommendations to focus on companies with cost and technological advantages in electrolyzer production [1]. Summary by Sections Industry Dynamics - The electric equipment and new energy sector saw a 3.66% increase this week, outperforming the Shanghai Composite Index [5]. - New energy vehicle sales are projected to reach 12.87 million units in 2024, a 35.5% year-on-year increase, with expectations of 16 million units in 2025 [19]. - The report notes a significant increase in battery installation volumes, with a 41.5% year-on-year growth expected in 2024 [19]. Company Updates - Zhongke Electric is expected to report a net profit of 288-325 million yuan in 2024, reflecting a year-on-year increase of 590%-680% [21]. - Longi Green Energy anticipates a net loss of 8.2-8.8 billion yuan for 2024, while Tongwei Co. expects a net loss of 7-7.5 billion yuan [21]. - The report mentions that companies like Huayou Cobalt plan to increase their shareholding, indicating confidence in future performance [21].