CATL(SZ:300750) Minsheng Securities·2025-08-17 13:53Investment Rating - The report maintains a "Buy" rating for key companies in the electric equipment and new energy sector, including Ningde Times, Keda Li, and others, based on their strong market positions and growth potential [5][6]. Core Insights - The global power battery installation volume reached 504.4 GWh in the first half of 2025, marking a year-on-year increase of 37.3%. Ningde Times leads the market with a share of 37.9% [2][11][15]. - The top ten solar module suppliers shipped approximately 247.9 GW in the first half of 2025, reflecting a 10% increase year-on-year, with a significant focus on the domestic market [3][30][34]. - The report highlights the ongoing transition in the photovoltaic industry, emphasizing the need for differentiation and sustainable profitability amid competitive pressures [35][48]. Summary by Sections 1. New Energy Vehicles - The global power battery installation volume for the first half of 2025 reached 504.4 GWh, a 37.3% increase year-on-year. Ningde Times and BYD dominate the market, holding a combined market share of 55.7% [2][11]. - Ningde Times installed 190.9 GWh, a 38% increase, while BYD followed with 89.9 GWh, experiencing a 56% decline [12][15]. 2. New Energy Generation - The top ten module suppliers shipped 247.9 GW in the first half of 2025, with a focus on the domestic market, which accounted for approximately 58% of total shipments [3][30]. - The report notes that the industry is in a low point, with a need for companies to balance scale and profitability to navigate the current market challenges [35][48]. 3. Electric Equipment and Automation - The State Grid Corporation of China announced a procurement of 2.066 million metering devices, with a 12% year-on-year increase in demand for electric meters [4]. - Key companies to watch include Ningde Times, Keda Li, and others, which are expected to benefit from ongoing market trends [4]. 4. Market Performance - The electric equipment and new energy sector saw a weekly increase of 5.84%, outperforming the Shanghai Composite Index, with industrial automation and battery indices showing significant gains [1].