Dongguan Securities·2025-05-15 09:45Investment Rating - The industry investment rating is "Overweight," indicating that the industry index is expected to outperform the market index by more than 10% in the next six months [6]. Core Insights - In April 2025, the production and sales of new energy vehicles (NEVs) continued to show rapid growth, with production reaching 1.251 million units and sales at 1.226 million units, representing year-on-year increases of 43.8% and 44.2% respectively [4]. - The penetration rate of NEVs reached 42.4% in April, up 4.9 percentage points from the previous month, with exports also showing significant growth [4]. - The global power battery installation volume for the first quarter of 2025 was 221.8 GWh, a year-on-year increase of 38.8%, with major Chinese companies holding a significant market share [4]. - The report highlights a continued increase in the share of lithium iron phosphate (LFP) batteries, which accounted for 82.8% of total installations in April 2025, with a year-on-year growth of 75.9% [4]. Summary by Sections New Energy Vehicle Market - In April 2025, NEV production and sales reached 1.251 million and 1.226 million units respectively, with year-on-year growth rates of 43.8% and 44.2% [4]. - The penetration rate of NEVs was 42.4% in April, reflecting a 4.9 percentage point increase month-on-month [4]. - Exports of NEVs reached 200,000 units in April, a year-on-year increase of 76% [4]. Battery Installation and Market Share - In April 2025, the total power battery installation volume was 54.1 GWh, with LFP batteries making up 44.8 GWh, representing 82.8% of the total [4]. - The cumulative installation volume for power batteries from January to April 2025 was 184.3 GWh, with LFP batteries accounting for 81.4% of this total [4]. - The top five companies in domestic battery installations were CATL, BYD, and others, with a combined market share of 42.9% [4]. Future Outlook - The report anticipates continued rapid growth in NEV sales driven by government incentives and the development of renewable energy [4]. - The demand for lithium batteries is expected to maintain a strong growth trajectory, supported by improvements in supply-demand dynamics and the gradual elimination of outdated production capacity [4]. - The solid-state battery industry is progressing towards commercialization, presenting new growth opportunities in materials and equipment sectors [4].