电力设备行业周报：光伏供需持续改善，储能有望加码

Investment Rating - The industry investment rating is "Recommended" [2] Core Viewpoints - The photovoltaic supply and demand continue to improve, and energy storage is expected to increase [1] - The report highlights the positive outlook for the new energy vehicle sector, driven by strong retail sales and supportive policies [16][17] - The lithium battery sector is seeing a rebound with strategic partnerships and project restarts, indicating a recovery in the supply chain [18][19] - The wind power sector is advancing with new project bids and competitive configurations, indicating growth potential [34][35] - The report emphasizes the importance of grid equipment and energy storage in supporting the overall energy transition [37][40] Summary by Sections 1. Investment Strategy and Key Focus Areas - New energy vehicles are projected to achieve retail sales of 750,000 units in March, with a penetration rate of 45.5% [16] - The lithium battery sector is experiencing a revival with the resumption of a 100,000-ton anode material project and a strategic partnership between BYD and JD.com [18] - The photovoltaic sector is seeing improved export figures and stable pricing, with expectations for increased production in March and April [23][27] - The wind power sector is witnessing significant project developments, including a competitive configuration for 5.8GW of offshore wind projects in Shanghai [34] - The grid equipment sector is advancing with the completion of key high-voltage projects, enhancing the overall power supply capability [37] 2. Industry Data - The industry comprises 399 listed companies with a total market capitalization of approximately 4,188.45 billion shares and sales revenue of 49,966.59 billion yuan [2] - The average price-to-earnings (PE) ratio for the industry is 126.67, indicating high investor expectations [2] 3. Recent Market Performance - The power equipment and new energy sector saw a decline of 1.06% this week, with battery stocks rising by 0.36% and photovoltaic equipment falling by 4.18% [5]