CATL(SZ:300750) Minsheng Securities·2025-06-02 01:50Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sectors, including CATL, Keda, and others [5][6]. Core Insights - The report highlights the acceleration of perovskite industrialization and the planning of new ultra-high voltage transmission channels in Gansu, which is expected to enhance power transmission capacity significantly by 2030 [4][47]. - The electric vehicle sector is projected to remain a golden investment opportunity over the next decade, with continued demand driven by government policies and technological advancements [20]. - The photovoltaic industry is experiencing growth, with a notable increase in exports of solar modules, reaching approximately 21.39 GW in April 2025, a 2% year-on-year increase [3][30]. Summary by Sections New Energy Vehicles - XPeng's MONA M03 Max version was launched with two versions based on range, priced at 129,800 and 139,800 yuan for 502 km and 600 km ranges respectively [2][12]. - The vehicle features advanced AI driving capabilities and a stylish design, appealing to modern consumers [12][15]. Photovoltaics - The perovskite solar cell project by Maiwei is expected to generate annual sales of 4 billion yuan and a net profit of approximately 600 million yuan, with an internal rate of return of 19.92% [3][29]. - The report notes that the average conversion efficiency of N-type batteries has reached 26%, nearing theoretical limits, while perovskite-silicon tandem cells could achieve efficiencies up to 43% [29][30]. Electric Equipment and Automation - Gansu plans to add 2-3 new ultra-high voltage transmission channels, aiming for a total transmission capacity of 48 million kW by 2030 [4][47]. - The report emphasizes the importance of enhancing power transmission capabilities to leverage energy resources for economic development [47][48]. Market Performance - The electric equipment and new energy sector saw a decline of 2.44% in the past week, underperforming compared to the Shanghai Composite Index [1]. - The nuclear power index experienced the highest increase of 7.35%, while the lithium battery index saw the largest decline of 5.59% [1].