电力设备行业跟踪周报：人形机器人国内外共振，锂电储能龙头估值低-20250507

Investment Rating - The report maintains an "Overweight" rating for the electric equipment industry [1]. Core Views - The report highlights the resonance of humanoid robots domestically and internationally, indicating a significant growth potential in this sector. It also notes that leading companies in lithium battery storage are currently undervalued [1][6]. - The investment strategy emphasizes the strong growth prospects in humanoid robotics, energy storage, and electric vehicles, with specific recommendations for key companies in these sectors [6][10]. Industry Trends - The humanoid robot sector is expected to see substantial growth, with projections of over 100 million units in the long term, corresponding to a market space exceeding 15 trillion yuan. The year 2025 is identified as a pivotal year for mass production [10]. - In the energy storage sector, the report notes a significant increase in demand, particularly in the U.S. market, with expectations of a doubling in installed capacity in 2025 compared to previous years [9][10]. - The electric vehicle market is also highlighted, with a projected 25% growth in sales for 2025, driven by competitive pricing and new model releases [6][10]. Company Summaries - CATL (宁德时代): Expected to maintain strong performance with a projected EPS growth from 10.02 yuan in 2023 to 14.02 yuan in 2025, with a "Buy" rating [8]. - BYD (比亚迪): Anticipated to see continued sales growth and structural upgrades, with an EPS forecast of 9.89 yuan in 2023 rising to 15.84 yuan in 2025, also rated as "Buy" [8]. - LONGi Green Energy (隆基绿能): Despite a projected decline in revenue, it remains a key player with a "Buy" rating [8]. - Sungrow Power Supply (阳光电源): Expected to benefit from global inverter demand, with a strong growth outlook and a "Buy" rating [8]. - GCL-Poly Energy (通威股份): Positioned to benefit from supply-side reforms, with a projected EPS growth from 3.02 yuan in 2023 to 0.85 yuan in 2025, rated as "Buy" [8]. Investment Strategy - The report recommends a focus on leading companies in the humanoid robotics, energy storage, and electric vehicle sectors, highlighting specific firms such as CATL, BYD, and others as strong investment opportunities [6][10]. - It emphasizes the importance of technological advancements and market dynamics in shaping the future of these industries, particularly in the context of rising demand and competitive pressures [6][10].