电池及储能行业周报：电车渗透率维持高位，国内储能市场迎高质量发展

Investment Rating - The report indicates a positive investment outlook for the battery and energy storage sectors, with a focus on high-quality development and market recovery [5][8]. Core Insights - The domestic electric vehicle penetration rate remains high, with expectations for 600,000 retail sales of new energy passenger vehicles in February 2025, translating to a penetration rate of approximately 48%. The overall market for new energy vehicles is projected to grow steadily, with annual sales potentially reaching 15 million units, a year-on-year increase of over 20% [6][14]. - The supply side of the industry is undergoing orderly adjustments, leading to price stabilization across various materials, including lithium salts and battery components [15][25]. - The energy storage market is transitioning to a high-quality development phase following the cancellation of mandatory storage configurations for new energy projects, which is expected to enhance market dynamics in the long term [18][43]. Summary by Sections Battery Sector - The battery sector saw an overall increase of 3.69% in the week of February 17-23, outperforming the CSI 300 index by 2.69 percentage points. Major inflows were noted for companies like Nandu Power and CATL, while significant outflows were observed for Shanghai Electric and Xianlead Intelligent [5][22]. - The industry is experiencing a favorable outlook with high electric vehicle penetration rates and stable growth in new energy vehicle sales, supported by favorable policies and market conditions [6][14]. - Key companies to watch include CATL, which is expected to ship 480 GWh in 2024 with a projected profit of approximately 50.5 billion yuan, and Teruid, which is benefiting from upgrades in the power grid investment structure [7][16]. Energy Storage Sector - The energy storage sector is witnessing a recovery in bidding activities, with 10 new projects and 11 awarded projects reported, totaling a scale of 2.94 GW/22.39 GWh [8][17]. - The recent policy changes promoting market participation for new energy projects are expected to drive long-term demand for energy storage solutions, despite a potential short-term decline in installed capacity [18][43]. - Companies like Sungrow Electric are highlighted for their comprehensive energy storage business model, which includes upstream inverter production and downstream project execution [20][9].