SINOLINK SECURITIES·2025-04-20 10:23Investment Rating - The report maintains a "Buy" rating for JunDa Co., emphasizing the potential for value reshaping in the photovoltaic manufacturing chain, particularly in the battery cell segment [7][8]. Core Insights - The photovoltaic manufacturing industry is experiencing a trend of globalization, with the battery cell segment's position and leading companies' values expected to be reshaped. JunDa Co. is reiterated as a key recommendation, with a focus on the resilience of domestic and international demand post-installation rush [2][7]. - The wind energy sector is seeing significant developments, such as the signing of a 100,000 kW floating offshore wind power pilot project by WanNing, which is expected to be a major growth direction during the 14th Five-Year Plan period [2][9]. - The power grid sector is advancing with the State Grid's focus on ultra-high voltage project construction and the Southern Grid's procurement plans, indicating a strong emphasis on digitalization and smart grid upgrades [2][9]. Summary by Sections Photovoltaics & Energy Storage - The report highlights the ongoing globalization of the photovoltaic manufacturing chain, particularly in the component segment, with a focus on JunDa Co. and the observation of component production in May [2][7]. - JunDa Co. reported a significant reduction in losses in Q1 2025, with a revenue of 1.875 billion yuan, a year-on-year decrease of 49.52%, and a quarter-on-quarter increase of 7.14% [7][9]. - The report anticipates a recovery in profitability for the battery cell segment, driven by improved supply-demand dynamics and the optimization of leading companies' production structures [7][9]. Wind Power - The WanNing floating offshore wind power pilot project, with a planned capacity of 1 GW, is set to be a significant development in the wind energy sector, utilizing advanced floating wind turbine technology [2][9]. - The report suggests that floating wind power is expected to be a key development direction during the 14th Five-Year Plan, supported by national policies promoting marine economy and deep-sea technology [2][9]. Power Grid - The State Grid is prioritizing the construction of ultra-high voltage projects and accelerating the planning and digital transformation of regional power grids [2][9]. - The Southern Grid has announced plans for 30 procurement batches in 2025, highlighting its commitment to energy digitalization and smart grid upgrades [2][9]. - China West Electric's Q1 performance exceeded expectations, with a revenue of 5.26 billion yuan, a year-on-year increase of 10.9%, and a net profit of 290 million yuan, a year-on-year increase of 42.1% [9][10]. New Energy Vehicles & Lithium Batteries - Huawei's launch of the AITO M8 and the AITO S9 range extender aligns with market expectations, indicating strong consumer interest [3][11]. - The solid-state battery industry is progressing, with Ganfeng Lithium and LGES making significant advancements in solid-state battery development [3][14]. Hydrogen Energy & Fuel Cells - The report emphasizes the importance of downstream consumption in the hydrogen energy sector, particularly in marine fuels and heavy-duty trucks, as the global shipping industry moves towards regulatory-driven emissions reductions [4][10]. - The establishment of the "Hydrogen Corridor" in Western China is expected to support logistics applications and enhance hydrogen energy utilization [4][10].