Soochow Securities·2026-02-09 01:24Investment Rating - The report maintains an "Accumulate" rating for the power equipment industry [1] Core Views - The lithium battery sector is expected to transition from a seasonal low to a peak demand period, with significant growth anticipated in 2026 [1] - The report highlights the potential of space photovoltaic technology and solid-state batteries, indicating a promising future for these segments [1] Industry Trends - The power equipment sector saw a 2.2% increase, outperforming the market, with solar energy rising by 3.43% and lithium batteries by 0.77% [3] - In January, the energy storage sector recorded a procurement of 36.3 GWh, with a 42% increase in the average price of 4-hour systems over six months [3] - The demand for energy storage is expected to grow by over 60% in 2026, driven by new policies and market dynamics [3][4] Company Developments - Ningde Times is positioned as a global leader in power and energy storage batteries, with a low valuation and confirmed growth trajectory [4] - Sunpower is recognized as a global leader in inverters, with significant overseas market integration [4] - Other notable companies include Ganfeng Lithium, BYD, and Enjie, all of which are expected to benefit from the ongoing trends in the lithium battery and energy storage markets [4] Investment Strategy - The report emphasizes the importance of energy storage, predicting a compound annual growth rate of 30-50% over the next three years [3] - It recommends focusing on leading companies in the lithium battery and solid-state sectors, such as Ningde Times and Yiwei Lithium Energy, as well as companies involved in energy storage integration [4] - The report also highlights the potential of humanoid robots and automation technologies, suggesting a significant market opportunity in the coming years [4]