Minsheng Securities·2025-05-11 08:25Investment 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 projects, with new projects to determine prices 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 total deliveries for the first four months reaching 128,591 units [10]. - Leap Motor led the new energy vehicle sales in April with 41,039 units delivered, marking a year-on-year increase of 173.5% [14]. - BYD maintained its market leadership with 380,089 units delivered in April, totaling over 1.37 million units for the first four months [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 starting in June 2025 [34]. - The report highlights a downward trend in prices for polysilicon and solar cells, with market conditions affecting procurement and pricing strategies [36][38]. - The solar industry is expected to benefit from strong domestic and international demand, with recommendations for companies like LONGi Green Energy and JA Solar [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]. - The report emphasizes the importance of technological advancements and market dynamics in shaping the future of the electric equipment sector [4].