Minsheng Securities·2025-04-13 09:03Investment Rating - The report maintains a "Recommended" rating for several key companies in the electric power equipment and new energy sectors, including CATL, Keda, Zhongke Electric, Hunan YN, Dongfang Cable, and Mingyang Electric [5][6]. Core Insights - The new energy vehicle market shows strong growth, with significant delivery increases from various manufacturers, including Li Auto, Leap Motor, NIO, and BYD, indicating a competitive landscape [2][11]. - The Hi-MO 9 solar module from LONGi has secured a major project in Europe, showcasing its high efficiency and potential to enhance energy generation while reducing land use [3][35]. - Southern Power Grid is investing over 100 billion yuan in Guangdong to develop a new energy system, significantly increasing power transmission capacity in the region [4]. Summary by Sections New Energy Vehicles - In March 2025, several new energy vehicle manufacturers reported strong delivery numbers, with Li Auto delivering 36,674 units, Leap Motor 37,095 units, and BYD leading with 377,420 units [2][11][21]. - The overall trend in the new energy vehicle market is positive, with significant year-on-year growth across various brands [2][11]. Photovoltaics - The Hi-MO 9 solar module, based on advanced HPBC 2.0 technology, has been selected for a major project in Europe, with a power output of up to 660W and a conversion efficiency of 24.43% [3][35]. - This project is expected to generate approximately 360 GWh of green electricity annually, significantly contributing to carbon emission reductions [38]. Electric Power Equipment and Automation - Southern Power Grid's investment strategy aims to enhance the new energy system in Guangdong, with projects like offshore wind power and pumped storage hydropower being accelerated [4]. - The investment will increase the power transmission capacity from 15.5 million kW to 32.66 million kW in the eastern and western regions of Guangdong [4]. Market Performance - The electric power equipment and new energy sector experienced an 8.09% decline in the week of April 7-11, 2025, underperforming compared to the Shanghai Composite Index [1]. - Among the sub-sectors, the wind power index saw the smallest decline at 3.53%, while the solar energy index faced the largest drop at 9.28% [1]. Investment Recommendations - The report suggests focusing on three main investment lines: battery segment leaders like CATL, companies benefiting from the 4680 technology iteration, and firms developing solid-state batteries [25][43].