Q1总结：需求向好，业绩出现修复

Investment Rating - The report maintains an "Accumulate" rating for the electric power equipment and new energy sector [6] Core Views - The demand for the new energy vehicle industry chain is improving, leading to a recovery in performance. The first quarter of 2025 shows a positive trend in profitability across various segments, particularly in the energy storage and wind power sectors [1][5] - The report highlights the significant growth in domestic new energy vehicle sales, which reached 3.075 million units in Q1 2025, a year-on-year increase of 47.1% [2][28] - The energy storage market is experiencing a surge in demand, particularly in the U.S. due to tariff expectations, while the European and Asia-Pacific markets are also expected to grow [3] - The photovoltaic sector is seeing a release of pent-up demand, with losses narrowing compared to previous quarters, although challenges remain due to price pressures in certain segments [4] - The wind power sector is witnessing an upward trend in performance, driven by strong demand and favorable policies, particularly in offshore wind projects [5] Summary by Sections New Energy Vehicles - Domestic new energy vehicle sales reached 3.075 million units in Q1 2025, up 47.1% year-on-year, with battery installation capacity at 130.2 GWh, a 52.8% increase [2][28] - The European market also shows growth, with a 16.7% increase in new energy vehicle sales [2] - The report emphasizes the importance of companies with cost and technology advantages in the supply chain [2] Energy Storage - Domestic energy storage installations in Q1 2025 totaled 11.79 GWh, a decrease of 5.5% year-on-year, but the bidding scale reached 102.7 GWh, up 299% [3] - The U.S. market saw a significant increase in large-scale storage installations, with a 164% year-on-year growth [3] - The report suggests focusing on inverter companies benefiting from the growth in Europe and Asia-Pacific markets [3] Photovoltaics - The photovoltaic sector experienced a recovery in Q1 2025, with demand driven by new market policies, although profitability remains mixed across different segments [4] - The report notes that while some segments like silicon materials face pressure, others like glass and encapsulants are seeing improved profitability [4] Wind Power - The wind power sector is experiencing a performance turnaround, with strong demand and stable bidding prices [5] - The report highlights the potential for growth in offshore wind projects, supported by favorable government policies [5] Industrial Control - The industrial control sector shows signs of recovery, with a market size of 80.183 billion yuan in Q1 2025, a year-on-year increase of 2.35% [10] - The report indicates that leading companies are gaining market share in low-voltage frequency converters and servo motors, benefiting from accelerated domestic replacement [10]