BTR NEW MATERIAL GROUP CO.(BJ:835185) GOLDEN SUN SECURITIES·2025-05-18 09:03Investment Rating - Maintain "Buy" rating for the electric equipment industry [6] Core Insights - The report highlights a downward trend in silicon wafer prices, with significant reductions in transaction prices due to weak downstream demand, leading to a supply-side production cut [15][16] - The offshore wind sector is experiencing a surge in project activity, with multiple wind turbine tenders and installations scheduled for Q2 [16] - The hydrogen energy sector is advancing with a large-scale green hydrogen project in Gansu, aiming for over 10,000 tons of annual production [17] - The energy storage market is seeing competitive bidding with average prices for storage systems ranging from 0.422 to 2.29 RMB/Wh [23][26] - The solid-state battery technology is gaining traction, with companies like BETTERY launching comprehensive solutions for solid-state battery materials [30] Summary by Sections New Energy Generation - Photovoltaics: Silicon wafer prices continue to decline, with N-type G10L wafers averaging 0.95 RMB/piece, a week-on-week drop of 5.94%. The industry operating rate has decreased to around 55% due to reduced demand [15][16] - Wind Power & Grid: The Huaren Shantou Honghai Bay offshore wind project has initiated turbine tenders, with a total capacity of 500MW. Q2 is expected to see significant performance releases in offshore wind [16] - Hydrogen & Energy Storage: A green hydrogen project in Gansu is set to produce over 10,000 tons annually, contributing to carbon reduction efforts. The energy storage sector is witnessing a robust bidding environment with substantial project sizes [17][18] Energy Storage - The average bidding price for energy storage systems in May ranges from 0.422 RMB/Wh to 2.29 RMB/Wh, indicating a competitive market [23][26] - The report recommends focusing on domestic and international large-scale energy storage opportunities, highlighting companies like Sunshine Power and Shangneng Electric [26] New Energy Vehicles - BETTERY has launched a solid-state battery material solution, including high-nickel cathodes and silicon-based anodes, which are expected to enhance battery performance significantly [30][31] - The report emphasizes the long-term trend towards solid-state batteries and suggests monitoring companies involved in this technology [31]