Soochow Securities·2026-01-26 02:32Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Viewpoints - The space for space photovoltaic technology is vast, and the potential for solid-state batteries and AIDC (Advanced Intelligent Driving Control) 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 supply constraints [3][4] - The report highlights the strong performance of various segments within the power equipment industry, including wind power, nuclear power, and lithium batteries, with notable price increases in lithium carbonate and other materials [3][4] Industry Trends - The energy storage market in China is experiencing rapid growth, with new installations reaching 66.43 GW and 189.48 GWh in 2025 [3] - The report notes that the U.S. energy storage market is also expanding, with a projected installation of 80 GWh in 2026, driven by data center demands and favorable policies [7] - The report indicates that the demand for solid-state batteries is increasing, with major companies accelerating their production lines [4] Company Performance - Companies such as Ningde Times, Sunshine Power, and others are expected to see significant profit growth in 2025, with projected increases ranging from 50% to over 100% [3][4] - The report mentions specific companies like Hunan YN, which anticipates a net profit of 1.15-1.4 billion yuan in 2025, reflecting a year-on-year increase of 93.75%-135.87% [3] - The report also highlights the expected losses for companies like Longi Green Energy and Tongwei Co., with projected net losses of 6-6.5 billion yuan and 9-10 billion yuan, respectively [3] Investment Strategy - The report suggests a focus on energy storage, lithium batteries, and solid-state technologies, with recommendations for leading companies in these sectors [4] - It emphasizes the importance of companies with strong technological advantages and overseas market access, particularly in the AIDC sector [4] - The report also highlights the potential for growth in the wind and solar power sectors, with specific recommendations for companies involved in these areas [4]