CATL(SZ:300750) Guoyuan Securities·2025-04-10 06:19Investment Rating - The report maintains a "Buy" rating for the renewable energy sector, indicating that the sector's performance is expected to outperform the benchmark index by more than 10% [6][37]. Core Insights - The report highlights a clear upward trend in the renewable energy sector driven by policy support and inventory reduction, with significant opportunities in solar and wind energy [2][4]. - The report emphasizes the importance of the upcoming peak demand period for solar energy, which is expected to lead to increased production and price rebounds across the supply chain [4]. - The report notes that 2025 is projected to be a significant year for offshore wind energy, with various projects and tenders expected to accelerate, supported by favorable policies [4]. Weekly Market Review - From March 30 to April 3, 2025, the Shanghai Composite Index decreased by 0.28%, while the ShenZhen Component Index and the ChiNext Index fell by 2.28% and 2.95%, respectively. The Shenwan Electric Power Equipment Index dropped by 3.51%, underperforming the CSI 300 by 2.14 percentage points [11]. - The sub-sectors of solar equipment, wind equipment, batteries, and grid equipment experienced declines of -5.56%, -0.91%, -4.14%, and -1.23%, respectively [11][13]. Key Sector Tracking - Zhuhai Guanyu reported a total revenue of 11.541 billion yuan for 2024, a year-on-year increase of 0.83%, and a net profit of 430 million yuan, up 25.03% from the previous year [3][23]. - The report suggests focusing on companies with clear alpha potential in the solar sector, such as Aishuo Co., Flat Glass Group, and GCL-Poly Energy [4]. - In the wind energy sector, it recommends monitoring companies like Goldwind Technology and Mingyang Smart Energy, as 2025 is expected to see significant growth in offshore wind projects [4]. Price Data in the Supply Chain - The report indicates that the price of silicon materials remains stable, with domestic block material prices ranging from 38 to 43 yuan per kilogram, while the mainstream delivery price is around 40 to 42 yuan per kilogram [28]. - The price of silicon wafers has seen fluctuations due to supply disruptions, with major manufacturers raising prices to 1.3 yuan per wafer for 183N wafers and 1.6 yuan for 210N wafers [29]. - The average price of solar cells has shown significant differentiation, with P-type M10 cells maintaining an average price of 0.31 yuan per watt, while N-type cells have increased due to policy-driven demand [32].