CATL(SZ:300750) Minsheng Securities·2025-05-11 07:15Investment Rating - The report maintains a "Recommended" investment rating for key companies in the electric equipment and new energy sectors, including Ningde Times, Keda Li, and others [4]. Core Insights - The electric equipment and new energy sector saw a weekly increase of 4.02%, outperforming the Shanghai Composite Index, with lithium battery indices showing the highest growth at 6.90% [1]. - In April 2025, several new energy vehicle manufacturers reported strong delivery numbers, indicating robust market momentum and increasing competition [2]. - The Shandong province has set a fixed electricity price of 0.3949 yuan/kWh for existing solar projects, with new projects to be determined through market-based bidding starting June 2025 [3]. Summary by Sections New Energy Vehicles - In April 2025, new energy vehicle deliveries showed significant growth, with Li Auto delivering 33,939 units, a year-on-year increase of 31.6%, and Zero Run leading with 41,039 units, a 173.5% increase [10][14]. - BYD maintained its market leadership with 380,089 units delivered in April, totaling over 1.37 million units in the first four months of 2025 [21]. Photovoltaics - Shandong's new pricing mechanism for solar projects includes a fixed price for existing projects and a competitive bidding process for new projects, emphasizing market participation [34][35]. - The report highlights a downward trend in prices for polysilicon and solar cells, with polysilicon prices around 36-37 yuan/kg and solar cell prices showing signs of decline [36][39]. Electric Equipment and Automation - The State Grid announced the second batch of transmission and transformation equipment contracts for 2025, totaling 17.636 billion yuan, with significant allocations for various equipment types [4]. - Key companies to watch include Ningde Times, Keda Li, and others, which are expected to benefit from ongoing industry developments [4]. Market Trends and Recommendations - The report suggests three main investment themes in the electric vehicle sector, focusing on battery technology, new energy vehicle demand, and innovative technologies like solid-state batteries [25]. - In the photovoltaic sector, the report recommends focusing on leading companies in silicon material production and solar component manufacturing, anticipating a rebound in prices and demand [39].