电新周报：小鹏人形机器人IRON亮相上海车展，计划26年量产电力设备与新能源

Investment Rating - The investment rating for the electric power equipment and new energy industry is "Positive" [2] Core Insights - The report highlights that the landscape for power batteries is expected to optimize, with profitability in the sector likely to recover. Factors contributing to this include a long-term significant correction in the lithium battery sector, a potential turning point for the oversupply of lithium batteries, and a decrease in lithium carbonate prices which may lower battery costs and stimulate downstream demand. Additionally, advancements in fast charging technology and new materials are expected to enhance the penetration rate of new energy vehicles [2][3] - The report emphasizes that 2025 is anticipated to be a significant year for grid investment, with the electric grid becoming a bottleneck for new energy development. The demand for electric equipment is expected to rise due to increased electricity consumption from emerging industries like AI, and the rapid development of new energy sources is expected to drive the construction and upgrade of power grids globally [2][3] Summary by Sections New Energy Vehicles - The lithium battery sector has experienced a long-term correction, but a recovery in profitability is anticipated. The report notes a 40.1% year-on-year increase in new energy vehicle sales in March 2025, with a total of 1.237 million units sold [11] - The report suggests focusing on companies involved in fast charging technology and new materials, including CATL, BYD, and others [2][3] Electric Power Equipment and Energy Storage - The report indicates that the energy storage sector is expected to maintain high growth in 2025, with large-scale energy storage benefiting from improved market structures and business models. The commercial energy storage sector is also highlighted as having promising investment opportunities [3] - Key companies to watch include Sanyou Electric, Sunshine Power, and others involved in energy storage systems and components [3] Photovoltaics - The report notes sustained high demand in Europe and strong domestic demand for ground-mounted power stations. The reduction in costs is expected to accelerate the installation of photovoltaic systems [3][15] - Recommended companies include Trina Solar, LONGi Green Energy, and others [3] Industrial Control and Humanoid Robots - The report suggests that a new industrial control cycle is approaching, with a PMI of 50.5% in March 2025 indicating a recovery in manufacturing. The humanoid robot sector is also highlighted, with significant advancements expected in the coming years [5][6] - Companies such as Huichuan Technology and others are recommended for investment [5][6] Low-altitude Economy - The report discusses the rapid development of the low-altitude economy, with policies supporting the establishment of a national low-altitude traffic network [5] - Key companies in this sector include CATL and others [5]