Soochow Securities·2025-04-20 14:23Investment Rating - The report maintains an "Overweight" investment rating for the electric equipment industry [1] Core Views - The report highlights the EU's relaxation of trade barriers for electric vehicles and the significant potential for offshore wind energy projects [1] - Key recommended stocks include CATL, Sihua Intelligent Control, BYD, Sungrow Power Supply, and others, indicating strong growth prospects in their respective sectors [2] - The report emphasizes the robust growth in electric vehicle sales and the expected increase in demand for energy storage solutions, particularly in emerging markets [5][10] Industry Trends - The electric equipment sector has shown a mixed performance, with wind power and battery sectors experiencing growth, while photovoltaic and new energy vehicle sectors faced declines [5] - The report notes a significant increase in electric vehicle sales in March, with a year-on-year growth of 40% [25] - The energy storage market is projected to grow at a CAGR of 40-50% from 2023 to 2025, driven by demand in Europe and the Middle East [10] Company Performance - CATL reported Q1 2025 revenue of 84.705 billion, a year-on-year increase of 6.18%, with net profit rising by 32.85% [5] - Sihua Intelligent Control's revenue for 2024 is expected to grow by 14.44%, with a net profit increase of 22.55% [5] - BYD's sales in March reached 377,000 units, reflecting a 25% increase compared to the previous month [25] Investment Strategy - The report suggests that the robotics sector is poised for significant growth, with a projected market size exceeding 15 trillion, driven by advancements in humanoid robots [11] - In the electric vehicle sector, the report anticipates a 25-30% growth in sales for 2025, supported by new model launches and improved autonomous driving features [5][25] - The energy storage sector is expected to see a rebound in demand post-June 2025, with significant growth in both commercial and residential storage solutions [10]