电力设备：美国或放宽电池材料限制，看好锂电出海机会

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The U.S. is easing restrictions on battery materials, benefiting lithium battery materials sector [1][11] - Domestic demand for new energy vehicles (NEVs) is strong, with Q1 2024 sales reaching 2.089 million units, up 31.7% year-on-year [2][14] - New regulations in the lithium battery industry may accelerate capacity clearance, favoring leading companies with management advantages [3][22] - Leading lithium battery companies are expanding overseas, creating new opportunities [4][24] - The negative electrode segment is expected to benefit first from favorable policies [5][6] Summary by Sections U.S. Policy Changes - The U.S. Treasury Department has decided to grant more flexibility to automakers regarding battery materials, particularly graphite and lithium salts, allowing EVs containing these materials to continue receiving tax credits [1][11] - The Inflation Reduction Act (IRA) initially restricted the use of Chinese materials but has now relaxed these rules until 2027 [11][12] Domestic Demand and Policy Support - In Q1 2024, China's NEV sales reached 2.089 million units, a 31.7% increase year-on-year, with a total battery installation of 85.2 GWh, up 29.4% [2][14] - The "old-for-new" policy is expected to further boost NEV sales, with tax exemptions for NEVs extended until 2025 [17][18] Industry Regulations and Capacity Clearance - The Ministry of Industry and Information Technology (MIIT) released a draft regulation aimed at guiding the lithium battery industry towards transformation and upgrading, which may lead to the exit of low-quality capacity [3][22] Overseas Expansion of Leading Companies - Leading battery manufacturers have established 32 overseas factories, with a total planned capacity of 552.5 GWh, primarily in Europe and North America [4][24][25] - The expansion of upstream material companies overseas is expected to enhance supply chain resilience and cost control [24][26] Investment Recommendations - Focus on leading companies with product differentiation and overseas capacity advantages, such as CATL, EVE Energy, and others in the negative electrode and electrolyte segments [6][5]