Soochow Securities·2025-09-21 23:30Investment Rating - The report maintains an "Overweight" rating for the power equipment industry [1] Core Views - The demand for energy storage and lithium batteries is robust, with advancements in humanoid and solid-state technologies accelerating [1] - The report highlights a significant growth trajectory in the electric vehicle sector, with domestic sales expected to increase by 25% to 16 million units in 2025 [3][26] - The energy storage market is projected to experience a compound annual growth rate (CAGR) of 30-50% from 2025 to 2028, driven by demand in Europe, the Middle East, and the U.S. [3][7] Industry Trends - Energy Storage: The U.S. energy storage market saw a cumulative installation of 5.5 GW in the first half of 2025, a year-on-year increase of 27% [7] - Electric Vehicles: In August 2025, domestic electric vehicle sales reached 1.4 million units, reflecting a year-on-year growth of 27% [26] - Humanoid Robots: The humanoid robot market is expected to reach over 100 million units, with a market potential exceeding 15 trillion yuan [11] Company Insights - Ningde Times: Recognized as a global leader in power and energy storage batteries, with a low valuation despite strong growth prospects [6] - Sunpower: A leading inverter manufacturer with significant overseas market integration [6] - BYD: Continues to see strong sales growth in electric vehicles, with a focus on structural upgrades [6] Investment Strategy - The report recommends investing in leading companies in the lithium battery sector, such as Ningde Times, Yihua Lithium Energy, and Xinwangda, as well as companies involved in humanoid robotics and energy storage solutions [3][6]