电新公用环保行业周报：高切低依然是主旋律，看好风电及逆变器板块-2025-03-30

Investment Ratings - The report maintains a "Buy" rating for the Electric Equipment New Energy, Public Utilities, and Environmental Protection sectors [1]. Core Views - The overall sentiment indicates that during the April window period, a high-cut low strategy is the main theme, with valuations at low levels and good performance in Q1 2025, suggesting that marginal improvements in Q2 may stimulate sector recovery [3]. Electric New Energy Sector - In 2025, the overseas large storage market is expected to be favorable, with inverter companies likely to see improved production schedules in Q2 as inventory levels decrease. The inverter sector is anticipated to yield relative gains during the April performance window. Recommended stocks include Sungrow Power Supply and Dewei Co., Ltd. [4] - The land wind component and lithium battery sectors are expected to improve in Q1 2025 due to low base effects from last year, higher installation volumes, and price increases in certain segments. The performance of electric equipment remains uncertain, but good prospects in grid investment and exports, along with relatively low valuations, are noted. Stocks with price increase expectations include Hunan YN Energy, Jinlei Co., and Times New Materials. For electric equipment exports, recommended stocks are Samsung Medical, Siyuan Electric, and Haixing Electric [4]. - The offshore wind sector has experienced volatility due to uncertain project progress, but low valuations and national planning initiatives are expected to drive growth. Recommended stocks include Orient Cables and Zhongtian Technology [4]. Robotics and AIDC Sector - Despite short-term adjustments, the AIDC and robotics sectors are expected to present significant opportunities post-April performance window. The robotics sector is following a growth logic similar to the electric new energy sector, with a focus on "big and small brains, sensors, dexterous hands, and bionic design." The AIDC sector is shifting towards new logics such as green power, energy-saving designs, and new server technologies. Recommended stocks include Yingliu Co., Huichuan Technology, Hanwei Technology, Weichai Heavy Industry, Sifang Co., Jinpan Technology, and Jianghai Co. [5]. Wind Power - According to the National Energy Administration, the newly installed capacity for land wind in China is projected to be approximately 75.8 GW in 2024, representing a year-on-year increase of 9.68%. In contrast, offshore wind capacity is expected to be around 4.0 GW, reflecting a year-on-year decrease of 40.85%. For January-February 2025, the newly installed wind capacity is reported at 9.28 GW, down 6.17% year-on-year [8]. Lithium Battery Sector - The spot price of battery-grade lithium carbonate is reported at 74,200 CNY/ton as of March 28, 2025. The market is facing an oversupply situation, and downstream production may not meet previous expectations, indicating a potential downward trend in lithium prices [17]. - The supply side for lithium iron phosphate is showing positive production activity, although some leading companies have seen a decline in orders compared to earlier full production plans. Overall, production remains above February levels, with significant demand growth noted for power cells and high-voltage materials [17]. Public Utilities - As of March 28, 2025, the price of 5500 kcal thermal coal at Qinhuangdao Port is reported at 676 CNY/ton, a decrease of 6 CNY/ton from the previous week. The price of imported thermal coal at Fangcheng Port is 715 CNY/ton, down 10 CNY/ton, while the price at Guangzhou Port is 740 CNY/ton, down 20 CNY/ton [41].