Changjiang Securities·2025-04-14 01:33Investment Rating - The report maintains a "Positive" investment rating for the industry [3] Core Viewpoints - The report emphasizes the importance of focusing on undervalued stocks that have shown good performance in the first quarter, particularly in the sectors of energy storage, power equipment, and lithium batteries, while also keeping an eye on themes related to robotics and AI [13][14] Summary by Sections 1. Photovoltaics - The report notes a decline in demand for installations, but highlights positive advancements in new technologies, such as Longi Green Energy's BC 2.0 product, which has improved bifacial rates to 75%-80% and achieved a battery production efficiency of over 27% [19][34] - The report suggests monitoring the price changes in the supply chain and the production situation of components in April, as well as advancements in new technologies like BC [34][22] 2. Energy Storage - The report indicates that the impact of tariffs is diminishing, and a recovery in the sector is expected. It highlights the significant demand growth in non-U.S. markets and suggests that the market has already priced in the negative expectations regarding tariffs [14][40] - Key recommendations include focusing on leading companies like Sungrow Power Supply and Deye Technology, as well as companies with strong performance in household storage and large-scale storage [14][40] 3. Lithium Batteries - The report identifies that the lithium battery sector has already reflected pessimistic expectations and is currently at a bottom stage. It anticipates a recovery opportunity as the performance window in mid to late April approaches [14][40] - Recommendations include focusing on companies with strong product upgrades and price elasticity, as well as those involved in overseas supply chains and new technologies [14][40] 4. Wind Power - The report notes that offshore wind construction is gradually accelerating, and the onshore wind production is showing positive trends. It expects significant recovery in the industry by 2025 [14][40] - Recommended stocks include Dongfang Cable and Mingyang Smart Energy, which are well-positioned for growth in offshore and export markets [14][40] 5. Power Equipment - The report highlights the potential for increased domestic demand and accelerated investment in the power grid, suggesting that there are opportunities in overseas markets that have been overlooked [14][40] - Key recommendations include focusing on companies like State Grid Corporation and Mingyang Electric, which are involved in power AI and digital transformation [14][40] 6. New Directions - The report emphasizes the importance of sectors with continuous catalysts, such as AI and robotics, and recommends stocks like Megmeet and Kehua Data, which are involved in server power and UPS systems [14][40]