Soochow Securities·2025-12-29 02:10Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The lithium battery storage sector is experiencing unexpected demand during the off-season, with lithium carbonate prices rising beyond expectations [1] - The report highlights significant growth in energy storage projects, particularly in Inner Mongolia and Ningde Times, indicating a robust market outlook [3] - The report emphasizes the strong performance of various segments within the power equipment industry, including wind, solar, and electric vehicles, with notable price increases in lithium and related materials [3] Industry Trends - Energy Storage: Inner Mongolia's independent energy storage projects are nearing 30GWh in scale, and Ningde Times has secured a 20GWh battery cell supply [3] - Electric Vehicles: November saw 1.82 million electric vehicle sales in China, a year-on-year increase of 21%, with expectations for continued growth [3] - Lithium Prices: Domestic lithium carbonate prices have increased significantly, with battery-grade lithium carbonate reaching 111,300 CNY/ton, a 7.8% increase [3] Company Insights - Ningde Times is projected to be a global leader in power and energy storage batteries, with a low valuation and confirmed growth [6] - Other companies such as BYD and Ganfeng Lithium are also highlighted for their strong market positions and growth potential in the lithium battery sector [6] - The report suggests that companies like Sunshine Power and Huichuan Technology are well-positioned to benefit from the ongoing trends in energy storage and electric vehicles [6] Investment Strategy - The report recommends focusing on energy storage and lithium battery sectors, anticipating over 60% growth in global energy storage installations in the coming years [3] - It also suggests that the demand for lithium and related materials will continue to rise, with companies like Ningde Times and Yiwei Lithium Energy being top picks [3] - The report indicates a favorable outlook for the wind and solar sectors, with expected price increases and strong demand in emerging markets [3]