宇树科技开启上市辅导

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The report highlights that the electric vehicle (EV) battery sector is expected to see an optimization in its structure, leading to a potential recovery in profitability. Factors contributing to this include a long-term significant correction in the lithium battery sector, a potential turning point in the oversupply of lithium batteries, and a decrease in lithium carbonate prices which may lower battery costs and stimulate downstream demand. Additionally, advancements in fast charging technology and new materials are expected to enhance the penetration rate of EVs [2][3] - In the power equipment and energy storage sectors, 2025 is anticipated to be a significant year for grid investment, with the grid becoming a bottleneck for renewable energy development. The report suggests that the demand for power equipment will increase due to rising electricity needs from emerging industries like AI, and the rapid development of renewable energy will drive the construction and upgrade of grids globally [2][3] - The energy storage market is projected to maintain high growth in 2025, with improvements in the electricity market and auxiliary service market expected to enhance the commercial viability of large-scale energy storage. The report also notes that the demand for household energy storage is likely to rebound as inventory levels decrease and summer electricity demand rises [3] - The photovoltaic (PV) sector is experiencing sustained high demand in Europe, with domestic ground power station demand remaining strong. The report indicates that cost reductions in the supply chain are expected to accelerate global PV market demand, with new technologies like TOPCON and HJT entering mass production [3][15] Summary by Sections New Energy Vehicles - The report indicates that battery-grade cobalt sulfate prices increased by 0.5%, and battery-grade lithium carbonate prices rose by 2.4% [9] - In June 2025, the installed capacity of power batteries reached 58.2 GWh, marking a year-on-year increase of 45.9% and a month-on-month increase of 7.6% [12] - In June 2025, the sales of new energy vehicles reached 1.329 million units, a year-on-year increase of 26.7% [14] Power Equipment and Energy Storage - The report emphasizes that 2025 is expected to be a significant year for grid investment, with a favorable outlook for the power equipment sector due to increased electricity demand from emerging industries and the need for grid upgrades [2][3] Photovoltaic Industry - The report notes that the price of polysilicon increased by 5.7%, indicating a positive trend in the PV supply chain [15][16] Wind Power Industry - The report states that from January to May 2025, the newly installed wind power capacity reached 46.28 GW, representing a year-on-year increase of 134.2% [17]