SINOLINK SECURITIES·2025-03-30 10:23Investment Rating - The report maintains a "Buy" rating for the photovoltaic and energy storage sectors, highlighting strong recovery potential in profitability and demand [5][6][7]. Core Insights - The photovoltaic and energy storage sectors are experiencing a recovery in profitability, with significant improvements expected in glass profitability in April and head battery cell production achieving profitability [2][5]. - The wind power sector is seeing accelerated project bidding in Jiangsu and other provinces, indicating a robust demand outlook for offshore wind projects [2][6]. - The electric grid sector is poised for significant growth, with a notable tender for ultra-high voltage equipment in 2025, indicating strong demand and potential for exceeding expectations [2][7]. - The new energy vehicle sector, particularly BYD, is showing solid performance with financial results meeting expectations, supported by scale effects and cost advantages [3][8]. - The lithium battery sector is benefiting from successful H-share issuance by CATL, which will enhance its financing capabilities for global expansion [3][5]. - The hydrogen and fuel cell sector is witnessing improvements in profitability for hydrogen stations, with significant project developments underway [3][5]. Summary by Relevant Sections Photovoltaic & Energy Storage - The photovoltaic industry is seeing a continuous recovery in profitability, with glass prices expected to rise due to decreasing inventory levels and strong demand [5][6]. - Head battery cell manufacturers are achieving profitability, and the overall supply-demand balance is improving, leading to a positive outlook for the sector [5][6]. - Investment recommendations focus on glass, battery cells, and new technologies, with a strong emphasis on companies with significant recovery potential [5][6]. Wind Power - The offshore wind sector is experiencing accelerated project bidding, with Jiangsu's 1.55GW project moving forward, indicating a strong demand outlook [2][6]. - The report highlights the potential for increased confidence and valuation in the wind power sector as project approvals normalize [6][7]. Electric Grid - The report notes a significant tender for ultra-high voltage equipment, with a total value of 1.96 billion yuan, indicating strong demand for grid infrastructure [2][7]. - Companies in the electric grid sector are expected to perform well, with overall earnings aligning with market expectations [7]. New Energy Vehicles - BYD's financial results for 2024 are in line with expectations, showcasing strong sales and profitability driven by scale and cost advantages [3][8]. - The new energy vehicle market is experiencing robust growth, with significant sales figures reported for electric vehicles [3][8]. Lithium Batteries - CATL's successful H-share issuance is expected to enhance its financing capabilities, supporting its global expansion and technological advancements [3][5]. Hydrogen and Fuel Cells - The hydrogen sector is seeing improvements in profitability for hydrogen stations, with significant project developments and a focus on scaling up hydrogen usage [3][5].