Xinda Securities·2025-04-20 03:58Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the electric vehicle (EV) battery sector is expected to see an improvement in profitability as the lithium battery supply surplus is likely to reach a turning point. The decline in lithium carbonate prices is anticipated to lower battery costs and retail prices, stimulating downstream demand. The report also emphasizes the importance of the rapidly growing charging pile industry and related companies [2][3] - In the power equipment sector, 2025 is projected to be a significant year for grid investment, with increasing electricity demand from emerging industries like AI driving the need for power equipment. The rapid development of renewable energy is creating pressure on the grid, leading to a favorable investment outlook for global grid infrastructure [3] - The energy storage sector is expected to maintain high growth in 2025, with large-scale energy storage benefiting from improved market structures and commercial models. The report also notes the potential for industrial and commercial energy storage to gain traction through virtual power plants, while residential energy storage is likely to rebound as inventory levels decrease [4] - The photovoltaic (PV) industry is experiencing strong demand in Europe and robust domestic ground station demand, with new technologies like TOPCON and HJT accelerating the market. The report recommends several companies in the PV sector [4][5] Summary by Sections New Energy Vehicles - The lithium battery sector is recovering, with a potential turning point in supply surplus. The decline in lithium carbonate prices is expected to stimulate demand [2] - Key companies to watch include CATL, Yiwei Lithium Energy, and BYD among others [2] Power Equipment and Energy Storage - 2025 is expected to be a major year for grid investment, driven by increased electricity demand from new industries [3] - Recommended companies include Sifang Co., State Grid Corporation, and others [3] Energy Storage - Large-scale energy storage is projected to grow significantly, with improved market structures enhancing commercial viability [4] - Key companies include Nanjing Tech, Sungrow Power Supply, and CATL [4] Photovoltaics - The report notes high demand in Europe and a strong domestic market, with new technologies driving growth [5] - Recommended companies include Trina Solar, LONGi Green Energy, and others [5] Industrial Control & Robotics - The report indicates a new industrial control cycle is approaching, with manufacturing expected to recover [6] - Recommended companies include Inovance Technology and others [6] Low-altitude Economy - The report highlights the acceleration of eVTOL projects supported by government policies [7] - Key companies to watch include CATL and others [7]