Guotou Securities·2025-07-16 14:42Investment Rating - The report maintains an investment rating of "Outperform the Market - A" [5] Core Insights - The lithium battery industry is expected to see steady growth driven by the increasing demand for new energy vehicles, with solid-state batteries emerging as a key focus due to their advantages in energy density and safety [1][4] - The photovoltaic industry is currently facing an oversupply situation, with prices expected to decline further in the short term, despite some stabilization trends [2][9] - The wind power sector is experiencing a rise in project initiation, particularly in offshore wind, with strong growth potential anticipated in both domestic and international markets [3][10] Summary by Sections Lithium Battery Industry - The demand for new energy vehicles is projected to grow significantly, with domestic sales of passenger vehicles expected to reach 11.05 million units in 2024, a 40.2% increase year-on-year [14] - The global usage of lithium batteries for new energy vehicles is forecasted to reach 894.4 GWh in 2024, marking a 27.2% increase [14] - Solid-state batteries are highlighted as a revolutionary technology, offering higher energy density (400-500 Wh/kg) and enhanced safety compared to traditional liquid batteries [39][40] Photovoltaic Industry - The supply chain remains oversupplied, with silicon material prices nearing the cash cost line of leading companies, leading to significant cash flow pressure [2][9] - The average transaction price for silicon materials has dropped to 32,000-35,000 yuan/ton, with further declines possible [2] - The report suggests focusing on leading companies in the silicon material sector and major players in the photovoltaic chain, such as Tongwei Co. and LONGi Green Energy [9] Wind Power Industry - Offshore wind projects are gradually ramping up, with significant growth expected due to a low base and ongoing project advancements [3] - The report emphasizes the importance of monitoring bidding volumes and prices in the second half of the year to gauge future profitability in the onshore wind sector [3][10] - Key companies to watch include Mingyang Smart Energy and Goldwind Technology, which are positioned to benefit from the high demand in both domestic and international markets [10]