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锂电池产业链跟踪点评：1-2月磷酸铁锂电池装车量同比大幅增长
东莞证券·2025-03-17 11:43

Investment Rating - The industry investment rating is "Overweight" (maintained), indicating an expectation that the industry index will outperform the market index by more than 10% over the next six months [4]. Core Insights - In January and February 2025, the production and sales of new energy vehicles (NEVs) experienced rapid growth, with production reaching 190.3 million units and sales at 183.5 million units, both showing a year-on-year increase of 52% [3]. - The penetration rate of NEVs reached 41.9% in February, up 3 percentage points from the previous month, indicating a positive trend in market adoption [3]. - The global power battery installation volume in January 2025 was 64.3 GWh, a year-on-year increase of 25.7%, with leading companies like CATL and BYD holding significant market shares [3]. - The domestic power battery installation volume in February 2025 was 34.9 GWh, showing a year-on-year growth of 94.1%, with lithium iron phosphate batteries accounting for 81.5% of the total installation volume [3]. Summary by Sections New Energy Vehicle Market - In February 2025, NEV production and sales reached 88.8 million and 89.2 million units, respectively, with year-on-year growth rates of 91.5% and 87.1% [3]. - The export of NEVs in February was 13.1 million units, a year-on-year increase of 60.5% [3]. Power Battery Market - The cumulative power battery installation volume for January and February 2025 was 73.6 GWh, reflecting a year-on-year increase of 46.5% [3]. - The market share of lithium iron phosphate batteries increased significantly, with a cumulative installation volume of 58.6 GWh, representing a year-on-year growth of 199.9% [3]. Investment Recommendations - The report suggests that the demand for lithium batteries will remain high due to the dual drivers of energy storage and new energy vehicles, with expectations for continued growth in 2025 [3]. - Key companies to watch include CATL, Yiwei Lithium Energy, and others that are expected to benefit from the ongoing trends in the industry [3].