证券研究报告·行业跟踪周报·电力设备 电力设备行业跟踪周报 储能锂电淡季不淡、光伏反内卷持续推进【勘 误版】 增持（维持） [Table_Tag] [Table_Summary] 投资要点 2025 年 12 月 22 日 证券分析师 曾朵红 执业证书：S0600516080001 021-60199793 zengdh@dwzq.com.cn 证券分析师 阮巧燕 执业证书：S0600517120002 021-60199793 ruanqy@dwzq.com.cn 行业走势 -15% -8% -1% 6% 13% 20% 27% 34% 41% 48% 2024/12/23 2025/4/22 2025/8/20 2025/12/18 电力设备 沪深300 相关研究 《储能全球开花需求旺盛，AIDC 和人 形加速》 2025-12-14 《储能锂电淡季不淡、AIDC 和人形加 2025-12-07 东吴证券研究所 1 / 50 请务必阅读正文之后的免责声明部分 速》 ◼ 电气设备 9787 下跌 3.12%，表现弱于大盘。（本周，12 月 15 日-12 月 19 日），发电设备跌 3.77%，风电 跌 3 ...

Core Insights - Global sales of all-electric and plug-in hybrid vehicles in August increased by 15% year-on-year, marking the slowest growth rate since January, indicating a more challenging situation compared to the previous year [1] - China's electric vehicle sales growth slowed to 6% in August from an average of 36% per month in the first half of the year, although strong sales are still expected in Q4 due to new subsidy plans and seasonal rebounds [1] - The total global sales of pure electric and plug-in hybrid vehicles reached 1.7 million units in August, with China accounting for over half of the global total [1] Regional Performance - Sales in China reached 1.1 million vehicles, while Europe saw a 48% increase to approximately 283,453 vehicles, and North America experienced a 13% growth to 201,255 vehicles [2] - Other global regions recorded a 56% increase, exceeding 144,280 vehicles [2] - In the U.S., August sales are expected to reach a new high, with strong performance anticipated in September, although a significant decline may follow [2]

Summary of Conference Call Records Industry Overview - The records primarily discuss the electric vehicle (EV) and battery industry, focusing on sales performance and market dynamics in Europe, the United States, and China. Key Points and Arguments Electric Vehicle Sales Performance - In Europe, cumulative EV sales from January to April reached nearly 25%, with some countries like the Soviet Union exceeding 28% [1] - In the U.S., EV sales growth was reported at 10% for the first quarter, while traditional vehicles saw a higher growth rate of approximately 16% [1] Battery Procurement Trends - European automakers are expected to increase battery procurement significantly starting in Q2, following a period of inventory digestion in Q1 [1] - The overall battery procurement volume is anticipated to rise in the second half of the year, with a target growth rate of around 25% for Europe [1] Domestic Market Insights - In China, the market remains robust, with major automakers maintaining a penetration rate above 50% in the first four months of the year [2] - The expected annual growth rate for the domestic market is projected to be between 25% to 30% [2] Energy Storage and Power Supply - The energy storage sector has seen substantial growth, with some manufacturers reporting nearly 70% year-over-year increases in shipments [2] - The overall performance of energy storage manufacturers is expected to remain strong, with stable growth rates around 30% [2] Profitability and Market Share - Companies like LG are struggling with profitability, with a reported annual profit margin of only 6%, and many overseas manufacturers have yet to achieve profitability [6] - The market share for certain manufacturers has been declining, with some reporting a drop to below 10% [6] Production Capacity and Future Outlook - Companies are ramping up production capacity, with expectations to exceed 80% of planned output for the year [4] - The average operating rate is projected to remain above 10%, with hopes of achieving 4% to 5% credit rates in the latter half of the year [4] Regional Production Plans - Companies are expanding their production capabilities in Asia-Pacific, Europe, and the U.S., with plans to increase production capacity significantly in the second half of the year [5] - The overall production capacity is expected to reach 50% to 60% by the end of the year, with potential for further increases [5] Cost and Pricing Dynamics - The cost of raw materials and production has been impacted by price fluctuations, with some companies reporting significant cost increases due to supply chain issues [8] - Companies are also facing challenges related to pricing strategies, particularly in the context of rising costs and competitive pressures [9] Future Developments and Innovations - Companies are focusing on innovation, with new product developments aimed at meeting customer demands for lighter and more efficient products [12] - The introduction of new technologies and materials is expected to enhance product offerings and improve market competitiveness [12] Conclusion - The electric vehicle and battery industry is experiencing dynamic changes, with varying growth rates across regions and segments. Companies are adapting to market demands through increased production capacity, innovation, and strategic procurement practices. The overall outlook remains positive, with expectations for continued growth in the coming quarters.