电力设备行业跟踪周报：人形机器人量产在即，锂电需求略有好转

Investment Rating - The report maintains an "Accumulate" rating for the electric equipment industry [1] Core Views - The humanoid robot production is set to ramp up, with significant market potential projected at over 100 million units, corresponding to a market space exceeding 15 trillion yuan. The year 2025 is anticipated to be a pivotal year for mass production [7][8] - The electric vehicle sector shows strong growth, with April sales of new energy vehicles reaching 1.23 million units, a year-on-year increase of 44%. The overall market is expected to grow by 25% in 2025, driven by consumption stimulus policies [27][29] - The energy storage market is experiencing a surge, particularly in the U.S. and Germany, with significant increases in installed capacity expected in 2025. The U.S. is projected to add 19-20 GW of new installations this year, doubling the previous year's figures [9][14] Industry Trends Humanoid Robots - The humanoid robot market is in its early stages, with a projected long-term market space of over 100 million units. The current phase is likened to the early days of the electric vehicle market, indicating substantial growth potential [7][8] - Key catalysts for growth include updates from major players like Tesla and advancements from domestic tech companies in humanoid robotics [7] Energy Storage - The U.S. energy storage market saw a 984 MW increase in March, with a year-on-year growth of 85%. The average storage duration is approximately 3.4 hours, indicating a robust demand for energy storage solutions [9][14] - Germany's energy storage market is also expanding, with expectations of doubling capacity by 2025 due to regulatory pressures for renewable energy integration [14] Electric Vehicles - April saw a total of 1.23 million new energy vehicles sold in China, with significant contributions from leading manufacturers like BYD and Xpeng. The market is expected to continue its upward trajectory, supported by favorable policies [27][29] Company Summaries - CATL (宁德时代) is highlighted as a global leader in power and energy storage batteries, with a low valuation and strong growth prospects [6] - BYD is noted for its continuous improvement in electric vehicle sales and structural upgrades, maintaining a strong market position [6] - Other companies such as Sunshine Power (阳光电源) and Keda Li (科达利) are also recommended for their robust growth and market leadership in their respective segments [6]