Orient Securities·2025-03-04 10:40Investment Rating - The report maintains a "Buy" rating for the industry, particularly highlighting companies such as Ningde Times (300750) and Wanma Co., Ltd. (002276) [8][13]. Core Insights - The demand for new energy vehicles (NEVs) in China is expected to continue its upward trend, with sales projected to reach 12.865 million units in 2024, representing a 35% year-on-year increase. The installed capacity of power batteries is anticipated to be 548.4 GWh, marking a 41% increase [11][12]. - The overall profitability of the industry is showing signs of stabilization and slight improvement, with upstream lithium resources and downstream batteries recovering significantly. However, midstream materials are still affected by the depreciation of lithium carbonate [11][12]. - The solid-state battery technology is gaining traction, with significant advancements expected in the near future. The focus is on sulfide solid electrolytes paired with high-nickel ternary cathodes and silicon-carbon anodes [12][15]. Summary by Sections Industry Overview - The report discusses the ongoing road tests of solid-state batteries by Mercedes-Benz, aiming for a range exceeding 600 miles (approximately 965.61 km) [15][16]. - The second-generation Kirin battery from Ningde Times is being installed in the Xiaomi SU7 Ultra, showcasing high discharge and charge rates [17]. Price Tracking of Battery Materials - Lithium carbonate is priced at 75,000 CNY/ton, showing a decrease of 1.25% from the previous week. Meanwhile, cobalt products have seen price increases, with electrolytic cobalt at 184,000 CNY/ton, up 13.23% [8][37]. - The report provides a comprehensive price tracking table for various battery materials, indicating fluctuations in prices across different categories [37]. Investment Recommendations - The report suggests focusing on companies such as Ningde Times (300750), Shangtai Technology (001301), and Yihua Energy (300014) for potential investment opportunities [13][29].