Soochow Securities·2026-01-19 00:30Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Insights - The solid-state battery industry is accelerating its industrialization, and the potential for space photovoltaic technology is promising [1] - The energy storage sector is expected to see significant growth, with a projected increase of over 60% in 2026 due to rising demand and government support [3][6] - The report highlights the strong performance of electric vehicle sales and the increasing demand for lithium batteries, with a notable rise in lithium carbonate prices [3][6] Industry Trends - The power equipment sector has shown a strong performance, with electric vehicle sales reaching 1.71 million units in December, a year-on-year increase of 28% [3] - The global energy storage system shipments are expected to reach 498 GWh in 2025, a year-on-year growth of 99% [3] - The report notes that the domestic energy storage market is expected to experience a compound annual growth rate of 30-50% over the next three years [3] Company Performance - Companies like Ningde Times and BYD are highlighted for their strong growth potential, with Ningde Times expected to maintain a low valuation despite being a global leader in power and energy storage batteries [5] - The report mentions that companies such as Keda and Ganfeng Lithium are well-positioned to benefit from the rising prices of lithium and other battery materials [4][5] - Specific companies like Sunpower and Longi Green Energy are noted for their strong market positions in the inverter and solar panel sectors, respectively [5] Investment Strategy - The report suggests a focus on energy storage and lithium battery sectors, with recommendations for companies that are expected to benefit from the ongoing demand surge [3][4] - It emphasizes the importance of solid-state battery technology and the potential for significant returns in the robotics sector, particularly with Tesla's upcoming Gen3 robot [6] - The report advocates for investments in companies with strong supply chain capabilities and those that are positioned to capitalize on emerging market trends in energy and automation [6]