锂电池行业2024年年报总结及展望：业绩显著改善，板块可关注

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the lithium battery industry [1][4]. Core Insights - The lithium battery index has outperformed the CSI 300 index since the beginning of 2025, with a rise of 4.75%, surpassing the CSI 300 index by 2.95 percentage points as of May 16, 2025 [4][11]. - The revenue for the lithium battery sector in 2024 was 2.25 trillion yuan, a slight increase of 0.07% year-on-year, while net profit was 110.14 billion yuan, down 22.02% year-on-year [7][21]. - In Q1 2025, the sector's revenue reached 527.3 billion yuan, up 18.12% year-on-year, with 68.87% of companies reporting positive growth [7][18]. - The demand for new energy vehicles (NEVs) in China continues to grow, with sales reaching 4.299 million units in the first four months of 2025, a year-on-year increase of 46.27% [7][52]. - The report highlights a differentiated pricing trend in the lithium supply chain, with lithium carbonate prices down 15.51% year-to-date, while cobalt prices have increased by 43.11% due to external policy influences [7][21]. Summary by Sections Market Performance - The lithium battery sector has shown a significant recovery in performance, with the index rising 4.75% in 2025, outperforming the CSI 300 index [11][12]. - The performance of specific stocks within the sector has varied, with some stocks experiencing substantial gains while others have seen declines [12][13]. Sector Revenue and Profitability - The lithium battery sector's revenue has shown a compound annual growth rate (CAGR) of 21.80% from 2018 to 2024, with a peak revenue of 2.25 trillion yuan in 2024 [17][21]. - The net profit for the sector has fluctuated, with a significant drop in 2024, but a recovery is expected in 2025 with a projected positive growth in net profit [21][23]. New Energy Vehicle Sales - Global NEV sales reached 4.11 million units in the first quarter of 2025, reflecting a year-on-year growth of 27.93% [49][52]. - China's NEV sales have also surged, with a total of 4.299 million units sold in the first four months of 2025, marking a 46.27% increase year-on-year [51][52]. Raw Material Pricing - The report notes a significant price differentiation in the lithium supply chain, with lithium carbonate prices decreasing while cobalt prices have increased due to policy changes [7][21]. Investment Evaluation and Focus Areas - The report suggests maintaining an "Outperform the Market" rating based on the sector's growth prospects and valuation levels, recommending focus on three main investment lines [4][7].