CATL(SZ:300750) Guoyuan Securities·2025-03-07 09:55Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector [6]. Core Insights - The report highlights that the industry is showing positive signals with price stabilization and upward trends in various segments, particularly in photovoltaic and wind energy [2][4]. - The report emphasizes the strategic partnership between Ford and CATL for lithium iron phosphate batteries, which is expected to attract significant attention in the automotive sector [3]. - The wind energy sector is projected to experience substantial growth, with a 9.6% year-on-year increase in new installed capacity for 2024 [3]. - The photovoltaic industry is witnessing a rebound in prices and a decrease in inventory, indicating a recovery phase for leading companies [4]. Weekly Market Review - From February 23 to February 28, 2025, the Shanghai Composite Index fell by 1.72%, while the ShenZhen Component Index and the ChiNext Index dropped by 3.46% and 4.87%, respectively. The Shenwan Power Equipment Index decreased by 0.83%, outperforming the CSI 300 by 1.39 percentage points [10]. - Among sub-sectors, photovoltaic equipment saw an increase of 2.84%, while wind power equipment, batteries, and grid equipment experienced declines of 0.98%, 1.20%, and 1.53%, respectively [10][12]. Key Sector Tracking - The report notes that the top ten photovoltaic module manufacturers shipped a total of 502 GW in 2024, with the top four companies accounting for approximately 63% of the total shipments [3]. - The report also mentions that the domestic wind power bidding is progressing, with actual installations increasing rapidly, particularly in offshore wind energy, which is expected to be a significant year in 2025 [4]. Investment Recommendations - For the photovoltaic sector, the report suggests focusing on companies that have undergone significant corrections and have clear alpha, such as Aisuo, Fuyao Glass, and GCL-Poly Energy [4]. - In the wind energy sector, it recommends monitoring major players like Goldwind Technology and Mingyang Smart Energy, as well as component manufacturers like Pangu Intelligent [4]. - In the new energy vehicle sector, the report advises prioritizing companies benefiting from low upstream raw material prices, such as CATL and EVE Energy, and those poised to benefit from industry recovery, like Hunan Yuno and Longpan Technology [4].