Soochow Securities·2025-06-22 15:26Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The solid-state battery industrialization is accelerating, and Tesla's humanoid robot plan adjustments do not change the industry trend [1] - The report highlights the strong growth potential in the humanoid robot sector, with a projected market space exceeding 15 trillion yuan and a production milestone year expected in 2025 [10] - The energy storage market is anticipated to see significant growth, particularly in the U.S. and Europe, with a projected annual installation increase of 20-30% [8][10] Industry Trends - The electric power equipment sector has shown a mixed performance, with a 0.79% decline in the electrical equipment index compared to the broader market [4] - The report notes a 37% year-on-year increase in electric vehicle sales in May, indicating a robust growth trajectory for the electric vehicle market [8] - The report emphasizes the importance of the energy storage market, with the U.S. expected to double its installation capacity in 2025 [8] Company Insights - Notable companies such as CATL, BYD, and Sungrow are highlighted as key players in the battery and inverter markets, with strong growth prospects [7] - The report suggests a focus on leading companies in the humanoid robot supply chain, including suppliers of actuators, reducers, and sensors [10] - The report identifies several companies with strong investment potential, including CATL, BYD, and Sungrow, due to their market leadership and growth strategies [7][10]