电力设备新能源行业周报：关税靴子落地，板块回调充分-20250422

Investment Rating - The report maintains a positive investment rating for the photovoltaic and wind power sectors, indicating a favorable outlook despite recent tariff developments [4][5]. Core Insights - The impact of U.S. tariffs on the photovoltaic sector is limited due to established trade barriers and a shift in production to Southeast Asia and other emerging markets [4]. - The domestic wind power industry continues to show strong growth potential, with major players focusing on international markets and a high degree of localization in the supply chain [5]. - The electric vehicle sector is experiencing rapid growth, with a focus on cost-effective battery and structural components benefiting from low raw material prices [5]. Weekly Market Review - From April 13 to April 18, 2025, the Shanghai Composite Index rose by 1.19%, while the Shenzhen Component Index and the ChiNext Index fell by 0.54% and 0.64%, respectively. The Shenwan Electric Power Equipment Index decreased by 0.37%, underperforming the CSI 300 by 0.96 percentage points [12]. - Within sub-sectors, photovoltaic equipment, wind power equipment, batteries, and grid equipment saw changes of -1.92%, +2.31%, +0.46%, and -0.27%, respectively [12]. Key Sector Tracking - For Keda Li, the company achieved a revenue of 12.03 billion yuan in 2024, marking a 14.44% increase year-on-year, with a net profit of 1.472 billion yuan, up 22.55% from the previous year [3][27]. - The report highlights that the domestic wind power industry has a localization rate exceeding 90%, with strong competitive advantages in core components [5]. Investment Recommendations - In the photovoltaic sector, the report suggests that the impact of U.S. tariffs is mitigated by established trade barriers and a shift in production strategies [4]. - For wind power, the report recommends focusing on companies like Goldwind Technology and Mingyang Smart Energy, as well as cable manufacturers like Dongfang Cable and Zhongtian Technology [5]. - In the electric vehicle sector, it is advised to prioritize companies benefiting from low raw material prices, such as CATL and Yiwei Lithium Energy, as well as leading firms like Hunan YN and Longpan Technology [5].