电力设备与新能源行业8月第3周周报：光伏组件缺货涨价，储能行业启动“反内卷”-20250821

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy industry [1]. Core Insights - The photovoltaic module shortage has led to price increases, while the energy storage sector is initiating a "reverse involution" [1]. - In the new energy vehicle sector, the China Association of Automobile Manufacturers reported sales of 1.262 million units in July, a year-on-year increase of 27.4%, accounting for 48.7% of total new car sales for the month [1][25]. - The price of lithium carbonate has recently risen significantly, which is expected to restore profitability in related sectors, with a focus on battery and cathode material segments [1]. - Solid-state batteries have made progress in both new energy vehicles and energy storage applications, with a clear trend towards industrialization [1]. - The central economic work conference has emphasized the need to regulate "involutionary" competition and promote product quality in the photovoltaic sector [1]. - The hydrogen energy sector is being driven by continuous policy support, with pilot projects being launched in the energy sector [1]. Industry Dynamics - The electric equipment and new energy sector saw a weekly increase of 5.84%, outperforming the Shanghai Composite Index [10]. - The lithium battery index rose by 6.56%, while the wind power sector increased by 6.32% [13]. - The report highlights that the price of photovoltaic components has reached 0.7 yuan/W, with shortages primarily in the 710W large-format components [25]. - The energy storage market is witnessing significant project orders, such as a 2.8GWh independent energy storage project signed by Nandu Power [25]. - The report notes that the price of silicon materials remains stable, with mainstream prices for dense materials around 42-47 yuan/kg [15]. Company Dynamics - Ganfeng Lithium is collaborating with LAR to develop a lithium salt lake project with an annual production capacity of 150,000 tons of LCE lithium products [26]. - Keda Li reported a net profit of 769 million yuan for the first half of 2025, a year-on-year increase of 18.72% [26]. - Nandu Power reported a net loss of 232 million yuan for the first half of 2025, a year-on-year decline of 225.48% [26]. - Jinlang Technology reported a net profit of 602 million yuan for the first half of 2025, a year-on-year increase of 70.96% [26].