锂电产业链 24 年&2501业绩回顾：拨云见日，周期复苏启新程

Investment Rating - The report maintains a "Buy" rating for the lithium battery industry, indicating a positive outlook for investment opportunities in this sector [4]. Core Insights - The report highlights that the demand for electric vehicles (EVs) in China exceeded expectations in 2024, with sales reaching 12.859 million units, a year-on-year increase of 36.1% and a penetration rate of 40.9% [9]. - The first quarter of 2025 (25Q1) showed strong performance despite being traditionally a low season, with domestic EV sales of 3.075 million units, a year-on-year increase of 47.1% [9]. - The report emphasizes the resilience of the domestic battery industry, with leading companies like CATL maintaining strong market positions and benefiting from overseas expansion [18][19]. Summary by Sections 1. Demand: Domestic 2024 Exceeds Expectations, 25Q1 Not Dull - The report notes that the domestic EV market is expected to enter a new growth phase in 2025, with a projected penetration rate exceeding 50% [9]. - The demand for EVs is supported by favorable policies and technological advancements in fast charging and intelligent driving [9]. 2. Industry Chain: 25Q1 Enters Recovery Period - The lithium battery industry generated revenue of 226.57 billion yuan in 25Q1, a year-on-year increase of 12% [38]. - The report indicates that the industry is entering a recovery phase, with improvements in various segments, particularly in materials [38]. 3. Battery Cells: Stronger Players Stand Out - The report states that the domestic battery cell installation volume reached 184.3 GWh in 25Q1, a year-on-year increase of 52.8% [52]. - Leading companies like CATL and BYD continue to dominate the market, with a combined market share of 67% for the top two players [52]. 4. Materials: Gradually Emerging from the Cycle Bottom - The report highlights that the market for cathode materials, particularly lithium iron phosphate, is expected to maintain a strong position due to its cost advantages [27]. - The report suggests that the industry is witnessing a recovery in material prices, which is beneficial for overall profitability [41]. 5. Charging Equipment and Services: Recovery in Prosperity - The report notes a significant increase in installation of charging equipment, with a year-on-year growth of 75.3% in 25Q1 [6]. - The charging infrastructure is expected to continue improving, driven by advancements in fast charging technology [6]. 6. General Components: Positive Growth Trend - The report indicates that the performance of general components in the lithium battery industry is showing a positive growth trend, with various companies expected to benefit from the overall market recovery [38]. 7. Investment Recommendations - The report recommends investing in leading companies such as CATL, Yiwei Lithium Energy, and Fulin Precision, while also suggesting to pay attention to other emerging players in the industry [6].