电力设备新能源行业周报：关税波动不改向上预期，板块回调充分-20250428

Investment Rating - The report maintains a "Recommended" investment rating for the renewable energy sector, indicating a positive outlook for the industry [7]. Core Insights - The report highlights that despite tariff fluctuations, the upward expectations for the sector remain intact, with sufficient corrections in the market [2]. - The report emphasizes the robust growth in the renewable energy sector, particularly in solar and wind energy, driven by technological advancements and increasing demand [4][5]. Weekly Market Review - From April 20 to April 25, 2025, the Shanghai Composite Index rose by 0.56%, while the Shenzhen Component Index and the ChiNext Index increased by 1.38% and 1.74%, respectively. The Shenwan Electric Power Equipment Index outperformed, rising by 2.40% [12]. - Within sub-sectors, solar equipment, wind equipment, batteries, and grid equipment saw increases of 0.74%, 4.05%, 3.38%, and 1.54%, respectively [12][13]. Key Sector Tracking - In 2024, XWANDA achieved total revenue of 56.021 billion yuan, a year-on-year increase of 17.05%, and a net profit of 1.605 billion yuan, up 64.99% year-on-year, driven by stable growth in consumer batteries and rapid growth in power batteries [3][21]. - The report suggests focusing on companies with clear alpha and those that have undergone sufficient corrections, particularly in the solar sector, such as Aishuo Co., Fulete, and Xiexin Technology [4]. Investment Recommendations - For solar energy, the report recommends focusing on companies that have adequately accounted for asset impairments and are well-positioned for the upcoming installation surge [4]. - In the wind energy sector, the report maintains a positive outlook, highlighting the strong domestic development trend and the competitive advantages of China's wind energy supply chain [4]. - In the electric vehicle sector, the report suggests prioritizing companies benefiting from low upstream raw material prices, such as CATL and Yiwei Lithium Energy, as the industry continues to recover from previous overcapacity [5]. Industry Price Data - The report notes that polysilicon prices remain under pressure due to high inventory levels and weak demand, with domestic prices around 36-38 yuan/kg [28]. - The price of silicon wafers has continued to decline, with N-type wafers experiencing significant drops, indicating a challenging pricing environment across the supply chain [29]. - Battery cell prices have stabilized, with P-type battery cells averaging 0.295 yuan/W, while N-type cells have also seen price reductions [31][33]. Important Company Announcements - The report includes significant announcements from various companies, such as BYD's luxury brand achieving a new sales record and strategic partnerships in the battery sector [18][19]. - Notable financial performances include Teri Technology reporting a revenue increase of 21.15% and a net profit growth of 86.62% [23].