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电力设备行业研究周报：2024新能源汽车表现亮眼
Shengang Securities·2025-01-21 07:30

Investment Rating - The report maintains an "Accumulate" rating for the industry [6] Core Insights - The sales of new energy vehicles (NEVs) in China showed stable growth, with December 2024 sales reaching 1.596 million units, a year-on-year increase of 34%, and an annual total of 12.865 million units, up 35.5% [11][12] - The penetration rate of NEVs reached 45.7% in December 2024, with an annual penetration rate of 40.9% [11] - The total installed capacity of power batteries in December 2024 was 75.4 GWh, reflecting a year-on-year growth of 57%, with a cumulative total of 549 GWh for the year, up 41% [12] - The report expresses optimism for the NEV market's development in 2025 as manufacturers accelerate their transition to new energy [11] Summary by Sections 1. New Energy Vehicle Sales - NEV sales in December 2024 were 1.596 million units, a 34% increase year-on-year, with a total of 12.865 million units sold in 2024, marking a 35.5% increase [11] 2. Power Battery Installation - The power battery installation volume in December 2024 was 75.4 GWh, a 57% year-on-year increase, with a total of 549 GWh for the year, reflecting a 41% growth [12] 3. Types of Power Batteries - In December 2024, lithium iron phosphate (LFP) battery installations reached 61 GWh, accounting for 81% of total installations, with a year-on-year growth of 95%. In contrast, ternary battery installations were 14.3 GWh, down 13.9% [18] - For the entire year, LFP battery installations totaled 409 GWh (75% of total), up 57%, while ternary batteries reached 138.9 GWh (25% of total), up 10% [18] 4. Leading Companies in Power Battery Installation - In December 2024, CATL's battery installation volume was 34.3 GWh (45% of total), up 61% year-on-year, while BYD's was 17.5 GWh (23% of total), up 59% [29] - For 2024, CATL's total battery installations were 246 GWh (45% of total), a 47% increase, and BYD's were 135 GWh (25% of total), up 28% [29] 5. Market Performance - The power equipment industry experienced a weekly increase of 3.66%, ranking 15th among 31 primary industries, outperforming the CSI 300 index [42] - The weekly performance of sub-sectors included significant gains in electric motors, other power equipment, photovoltaic equipment, and wind power equipment [42]