Guoxin Securities·2025-08-07 07:37Investment Rating - The investment rating for the electric equipment and battery industry is "Outperform the Market" (maintained) [2][7]. Core Insights - Apple has announced an additional investment of $100 billion in the U.S., bringing its total investment in the country over the next four years to $600 billion. This move may positively impact tariff exemptions for the supply chain [3][4]. - The application of steel-shell batteries in iPhones has been increasing, with expectations for significant growth in their deployment. The iPhone 16 series is set to feature one model with a steel-shell battery, while the iPhone 17 series will have two models equipped with this technology [5]. - The price of a single steel-shell battery is projected to reach $9-10, representing an increase of over 50% compared to soft-pack batteries, which will enhance the profitability of battery manufacturers [5]. Summary by Sections Apple Investment Impact - Apple's commitment to invest $100 billion in the U.S. is part of its "American Manufacturing Plan" aimed at integrating more of its supply chain domestically. This could lead to favorable tariff conditions for the industry [3][4]. Steel-Shell Battery Development - The steel-shell battery's advantages include high energy density and excellent heat dissipation. The increasing adoption in Apple's products is expected to benefit leading battery and equipment companies [5]. - The demand for new production lines for steel-shell batteries will likely result in significant order growth for equipment manufacturers, positively impacting their financial performance [5]. Company Focus - The report suggests focusing on Zhuhai Guanyu, a core supplier in Apple's battery supply chain, as it stands to benefit from the increasing application of steel-shell batteries in upcoming iPhone models [5].