CATL(SZ:300750) Huaan Securities·2025-03-17 05:34Investment Rating - Industry rating: Overweight [1] Core Insights - The offshore wind projects are progressing steadily, and photovoltaic module prices have increased again [1] - The photovoltaic sector is expected to benefit from a recovery in fundamentals and gradual policy implementation, approaching a right-side startup phase [20] - The energy storage sector is seeing unexpected growth in demand for lithium batteries used in data centers, with a focus on data centers and storage PCS segments [24] - The hydrogen energy industry is accelerating development due to strong policy support and increased investment and mergers within the sector [35] - The construction of high-voltage direct current (HVDC) projects is expected to maintain a high level of prosperity in 2025, with significant opportunities in the ultra-high voltage sector [39] Summary by Sections Photovoltaics - N-type module prices increased by 0.02 CNY/W, driven by demand from 430 and 531 projects, with production ramping up in March [12][19] - The photovoltaic sector's performance tracked a 1.67% increase, outperforming the market [12] - The industry is expected to see a price recovery in Q1 2025, with a focus on companies capable of navigating through cycles [20] Wind Power - The wind power sector saw a 2.53% increase, outperforming the market, with a significant rise in new installations in 2023 [21] - The market sentiment is boosted by the unexpected commencement of offshore wind projects, with a focus on tower and foundation segments [21] - Investment recommendations include undervalued stocks and those benefiting from offshore wind projects [21] Energy Storage - The energy storage sector is witnessing a robust demand for lithium batteries, particularly in data centers, with a focus on improving profitability models [24][30] - Notable growth in energy storage sales and margins reported by leading companies like CATL [24] - Various provinces are enhancing their energy storage subsidy policies, indicating a supportive environment for growth [25][26] Hydrogen Energy - Multiple provinces are actively promoting hydrogen energy development, with significant investments and mergers accelerating within the industry [35][37] - The establishment of hydrogen production and storage projects is gaining momentum, with a focus on comprehensive hydrogen energy ecosystems [36] - The market is expected to see a restructuring of the hydrogen energy landscape due to major transactions and strategic partnerships [37] Electric Grid Equipment - The commencement of the Gansu-Zhejiang ±800 kV HVDC project is a key development, with expectations of high demand for related equipment [39][40] - The construction of high-voltage transmission lines is projected to enhance the clean energy utilization capacity in the northwest region [39] - Investment recommendations focus on undervalued companies in the electric grid sector, particularly those involved in ultra-high voltage projects [39] Electric Vehicles - Domestic policies are focusing on consumption upgrades and technological industries, with initiatives to promote the replacement of old vehicles [41][42] - The automotive sector is expected to benefit from government support for electric vehicle upgrades and new energy vehicle development [41][44]