Soochow Securities·2025-06-02 11:44Investment Rating - The report maintains an "Overweight" rating for the electric power equipment industry [1] Core Views - The humanoid robot sector is expected to see significant growth, with a projected market space exceeding 15 trillion yuan and a production milestone in 2025 [9][10] - The electric vehicle market is experiencing a price war, with a projected annual sales growth of 30% [11] - The energy storage sector is anticipated to grow significantly, particularly in emerging markets, with a global installation CAGR of 20-40% from 2025 to 2028 [11] Industry Trends - The electric power equipment sector has shown varied performance, with nuclear power up by 3.8% and electric equipment down by 2.44% in the recent week [5] - The humanoid robot industry is witnessing rapid advancements, with multiple companies launching new products and securing significant funding [5] - The energy storage market in China is seeing new projects and installations, with a notable increase in demand for large-scale storage solutions [24][25] Company Insights - Companies like Ningde Times and BYD are highlighted as key players in the battery and electric vehicle sectors, with strong sales performance and growth potential [8] - Tesla's humanoid robot production is set to ramp up, with expectations of thousands of units by the end of the year [9] - The report emphasizes the importance of supply chain players in the humanoid robot sector, recommending companies involved in key components like actuators and sensors [10] Investment Strategy - The report suggests a focus on leading companies in the humanoid robot, electric vehicle, and energy storage sectors, including Ningde Times, BYD, and various component manufacturers [11][8] - It highlights the potential for significant returns in the humanoid robot market, comparing it to the early stages of the electric vehicle market [9][10] - The energy storage market is expected to benefit from policy adjustments and increasing demand, particularly in Europe and emerging markets [11]