电力设备与新能源行业行业周报：政府工作报告强调加快建设“沙戈荒”基地-2025-03-11

Investment Rating - The report maintains a positive outlook on the power equipment and new energy industry, highlighting high growth potential and certainty in sectors like energy storage and lithium batteries [5][11]. Core Insights - Energy storage is expected to maintain high prosperity with a cumulative installed capacity CAGR of 37% from 2023 to 2030, emphasizing the importance of selecting leading companies in the sector [5]. - Lithium battery demand is supported by three main factors: policy-driven growth in new energy vehicle demand, the explosion of energy storage, and a recovery in material supply [5]. - The photovoltaic sector is anticipated to rebound in the second half of 2025, driven by high-quality demand and industry collaboration [5]. Summary by Sections Market Review - From February 28 to March 7, 2025, the CSI 300 index increased by 1.39%, the ChiNext index by 1.61%, and the new energy index by 1.16%, ranking 16th among industries [11]. Valuation Analysis - As of March 7, 2025, the price-to-earnings ratio (TTM) for the power equipment and new energy industry is 26.64, which is at 29.69% of its 10-year historical valuation percentile, indicating it is at a historical low [15][17]. Industry Data Tracking - The photovoltaic industry is entering a downcycle in pricing, with significant price drops in silicon materials and components, leading to a pressure on profit margins [20][25]. - As of March 5, 2025, the price of high-grade dense silicon is 38.00 yuan/kg, with single-sided monocrystalline PERC components priced at 0.69 yuan/W [21]. Key News Tracking - The report highlights significant developments in the wind power sector, including a total of 4.12GW of wind power projects awarded in February 2025, with major players like Envision and Goldwind leading the bids [50]. - The report also notes the establishment of a new company by State Grid in Xiong'an, indicating ongoing investments in the energy sector [63].