Shengang Securities·2025-07-15 10:15Investment Rating - The report maintains an "Overweight" rating for the industry [7] Core Insights - The sales of new energy vehicles (NEVs) in China showed stable growth, with June 2025 sales reaching 1.329 million units, a year-on-year increase of 26.7%, resulting in a penetration rate of 45.8% [15] - The total installed capacity of power batteries in June 2025 was 58.2 GWh, reflecting a year-on-year growth of 36%, with a cumulative total of 300 GWh for the first half of 2025, up 47% year-on-year [16] - Lithium iron phosphate (LFP) battery installations saw significant growth, with June 2025 installations at 47.4 GWh, accounting for 81% of total installations, and a year-on-year increase of 50% [24] - Leading companies in the power battery sector, such as CATL and BYD, reported substantial growth in installed capacity, with CATL achieving 25.4 GWh in June 2025, a 33% increase year-on-year [38] Summary by Sections 1. New Energy Vehicle Sales - NEV sales in June 2025 reached 1.329 million units, a 26.7% increase year-on-year, with a penetration rate of 45.8% [15] - Cumulative NEV sales for the first half of 2025 were 6.937 million units, up 40.3% year-on-year, with a penetration rate of 44.3% [15] 2. Overall Power Battery Installation - The total power battery installation in June 2025 was 58.2 GWh, a 36% year-on-year increase [16] - Cumulative installations for the first half of 2025 reached 300 GWh, reflecting a 47% year-on-year growth [16] 3. Different Types of Power Battery Installations - LFP battery installations in June 2025 were 47.4 GWh, representing 81% of total installations, with a year-on-year growth of 50% [24] - In the first half of 2025, LFP battery installations totaled 243.9 GWh, also 81% of total installations, with a year-on-year increase of 73% [24] - In contrast, ternary battery installations were 10.7 GWh in June 2025, accounting for 18% of total installations, down 3.6% year-on-year [24] 4. Leading Companies' Power Battery Installations - In June 2025, CATL's battery installations were 25.4 GWh, making up 44% of total installations, with a year-on-year increase of 33% [38] - BYD's battery installations reached 12.5 GWh in June 2025, accounting for 21% of total installations, with a year-on-year growth of 17% [38] - For the first half of 2025, CATL's cumulative installations were 128.6 GWh, a 38% increase year-on-year, while BYD's were 70.4 GWh, up 39% [38]