Investment Rating - The report maintains an "Accumulate" rating for the electric equipment industry [1] Core Views - The electric vehicle market is experiencing rapid iteration with significant new model releases at the Shanghai Auto Show, indicating a competitive landscape [4] - Tesla's humanoid robot production is set to reach thousands by the end of the year, with a long-term goal of 1 million units by 2030, showcasing the industry's growth potential [4][10] - The energy storage market is projected to see substantial growth, particularly in the U.S., with expectations of record-high installations in 2024 [4][9] Industry Trends - Electric Equipment Performance: The electric equipment sector has shown a 2.4% increase, outperforming the market, with notable gains in wind power (4.52%) and new energy vehicles (3.8%) [4] - Market Dynamics: The report highlights a competitive pricing environment in the electric vehicle sector, with a projected increase in electric vehicle penetration rates [5] - Storage Market Insights: The U.S. energy storage market is expected to double its installation capacity in 2025, driven by strong demand and favorable economic conditions [9] Company Performance - BYD reported Q1 2025 revenue of 170.36 billion, a year-on-year increase of 36.3% [4] - Sunshine Power's revenue for 2024 is projected at 77.86 billion, with a year-on-year growth of 7.8% [4] - CATL, a leading player in the battery sector, is highlighted for its strong production and profitability outlook [6] Investment Strategy - The report recommends several key companies in the electric equipment and energy storage sectors, including CATL, BYD, and Sunshine Power, citing their strong market positions and growth potential [6][8] - The humanoid robot sector is identified as a significant growth area, with recommendations for companies involved in key components such as actuators and sensors [10]

Group 1: BOE Technology Group Co., Ltd. (京东方A) - BOE Technology indicated that the prices of mainstream LCD TV panels will rise starting January 2025 and continue until March 2025 [1] - The average operating rate of the LCD industry is expected to rise above 80% starting from November 2024 [1] - The company aims to ship approximately 140 million flexible MOLED panels in 2024, with a target of 170 million in 2025 [1] - The revenue breakdown for 2024 is projected to be 26% from TV products, 34% from IT products, and 40% from mobile and other products, with OLED business revenue accounting for 27% [1] Group 2: Weichuang Electric (伟创电气) - Weichuang Electric expects a 25.70% year-on-year increase in revenue and a 28.42% increase in net profit for 2024 [2] - The company is focusing on optimizing product structure and performance while enhancing supply chain management and production line construction [2] - Progress has been made in the green intelligent ship manufacturing industry, with certain series of inverters receiving certification from the China Classification Society [2] Group 3: NewEase (新易盛) - NewEase achieved a revenue of 8.647 billion yuan in 2024, representing a year-on-year growth of 179.15%, and a net profit of 2.838 billion yuan, up 312.26% [3] - The first quarter of 2025 saw revenues of 4.052 billion yuan and net profits of 1.573 billion yuan, reflecting growth rates of 264.13% and 384.54% respectively [3] - The increase in profit margins is attributed to sustained industry demand and a higher proportion of high-speed products [3] - The company is expanding its production capacity with the first phase of its Thailand factory operational in the first half of 2023 and the second phase expected to start in early 2025 [3]

Investment Rating - The industry rating is "Recommended" [5] Core Insights - The new energy vehicle industry is experiencing rapid growth, with significant increases in delivery and sales figures for various brands in March, including notable growth rates exceeding 20% for companies like BYD, NIO, and Li Auto. The overall market is expected to continue expanding due to factors such as improved supply, vehicle replacement policies, and the transition to smart electric vehicles [1][13][14] - The solar energy sector is poised for growth, driven by inventory and capacity reductions, with a focus on the structural opportunities in key materials and components. The report highlights the potential for price stabilization and recovery in the solar supply chain, particularly for silicon materials and innovative technologies like perovskite solar cells [26][27][28] - The offshore wind power sector is expected to see increased activity, with several key projects progressing in Guangdong and Shandong provinces. The report suggests that the domestic offshore wind market will benefit from ongoing project developments and rising demand for components like submarine cables and foundation piles [3][24][48] Summary by Sections 1. New Energy Vehicles - March saw strong performance in new energy vehicle deliveries, with brands like Xpeng and Li Auto showing significant year-on-year growth. The overall market is expected to benefit from favorable policies and technological advancements [1][13][14] - The lithium battery supply chain is anticipated to expand due to rising demand from energy storage and consumer electronics, with a focus on price stabilization and potential recovery in profitability for key players [14][17][19] 2. New Energy - The report notes short-term disruptions in silicon wafer production due to natural disasters, which may lead to price increases. However, long-term prospects remain positive for leading companies with strong technological and supply chain capabilities [2][22] - The solar energy market is expected to benefit from inventory and capacity adjustments, with a focus on the growth of perovskite technology and the potential for price recovery in silicon materials [26][27][28] 3. Wind Power - The offshore wind sector is highlighted as a key area for growth, with significant projects underway in Guangdong and Shandong. The report emphasizes the importance of domestic and international demand for components and the potential for increased profitability in the supply chain [3][24][48] - The report also discusses the expected recovery in onshore wind power pricing and the potential for domestic manufacturers to expand into international markets, driven by competitive advantages in technology and cost [52][54]

Investment Rating - The report maintains an "Overweight" investment rating for the power equipment industry [1]. Core Views - The report emphasizes that leading companies in the power equipment sector are maintaining their competitive advantages despite the challenges posed by U.S. tariffs [1]. Industry Trends - The power equipment sector has seen a decline in various segments, with electrical equipment down by 3.51%, lithium batteries and new energy vehicles both down by 2.37%, and photovoltaic down by 5.75% [4]. - The report highlights significant financing activities in the humanoid robot sector, with Agility raising $400 million for production expansion and other AI companies completing substantial funding rounds [4]. - The report notes that the demand for energy storage is increasing, with the National Development and Reform Commission releasing guidelines for green low-carbon technology demonstration projects [4]. Company Performance - BYD reported a production of 395,000 new energy vehicles in March 2025, with sales of 377,000 vehicles, including 73,000 sold overseas [4]. - Tongwei Co. has repurchased 100 million shares, accounting for 2.3% of its total share capital, to support employee stock ownership plans [4]. - The report provides detailed financial forecasts for several companies, indicating expected revenue and net profit growth for 2024 and 2025 [6][7]. Investment Strategy - The report identifies several key sectors for investment, including humanoid robots, energy storage, electric vehicles, industrial control, photovoltaic, wind power, and the power grid [4]. - It highlights the expected compound annual growth rate (CAGR) for global energy storage installations from 2023 to 2025 to be between 40% and 50% [4]. - The report recommends specific companies within these sectors, such as CATL, BYD, and Sunshine Power, citing their strong market positions and growth potential [4].

证券研究报告|行业研究周报 [Table_Date] 2025 年 3 月 16 日 [Table_Title2] 电力设备与新能源行业周观察 [Table_Summary] 报告摘要 1.新能源汽车 中汽协公布 2 月新能源汽车产销数据 在以旧换新等政策的支持下，我国新能源汽车 2 月销量实现同 比大幅提升。我们认为，在新增优质供给增加和相关政策等因 素的推动下，国内电动化率持续深化，未来渗透率有望继续提 升，将带动全产业链需求增长。 2.新能源 产业链价格持续修复，光伏板块迎反弹契机 [Table_Title] HVDC 产业应用趋势增强，雷赛智能发布灵巧手解决 方案 短期视角来看，下游抢装带来短期装机需求超预期改善，叠加 部分产能收缩低价竞争有所缓解，二季度产业链价格中枢有望 持续上移，在市场高切低背景下，光伏板块存在反弹空间；中 长期来看，光伏行业发展进入成熟期，行业正通过技术迭代和 全球化布局构建新型竞争壁垒，关注具备技术领先优势、供应 链整合能力及全球化布局的龙头企业。 2025 年政府工作报告及六部门联合发布的《关于推动海洋 能规模化利用的指导意见》共同助推海风/海洋发展新机遇 我们持续看好国内 ...

Core Insights - The report recommends several stocks, including Tencent Holdings, Xiaomi Group, Leap Motor, Mingyang Electric, Dongmu Co., Bojun Technology, Jinggong Technology, and Xinjie Electric, indicating a focus on sectors such as media, automotive, and new energy [1] - The upcoming Two Sessions are expected to emphasize fiscal support for the development of new productivity, with the government likely to issue long-term special bonds to support strategic emerging industries [1] - The report anticipates that significant investments will flow into advanced manufacturing sectors, including semiconductors and artificial intelligence, to accelerate technological breakthroughs and industrial upgrades [1] Company Summaries Tencent Holdings (00700.HK) - Tencent is the largest social platform in China, with a robust user base supporting its various business segments, including a gaming market share of 48.2% in 2023 [9][11] - The company is expected to benefit from the growth of its gaming sector, with projected net profits of 1,703.64 million, 1,911.76 million, and 2,162.84 million for 2024-2026, reflecting growth rates of 47.86%, 12.22%, and 13.13% respectively [11] Xiaomi Group (01810.HK) - Xiaomi is a leading global smartphone company, with smartphone revenue consistently exceeding 50% of total revenue, reaching 54.67% in the first three quarters of 2024 [13] - The company is advancing its "human-vehicle-home" ecosystem strategy and aims to become a global leader in hard technology, with projected adjusted net profits of 253.15 million, 319.16 million, and 383.86 million for 2024-2026 [14] Leap Motor (09863.HK) - Leap Motor focuses on the high cost-performance market, with a product matrix that includes five models and monthly sales exceeding 20,000 units as of June 2024 [15][17] - The company has partnered with Stellantis to expand into overseas markets, with plans to launch products in nine European countries by the end of 2024 [16] Mingyang Electric (301291.SZ) - Mingyang Electric anticipates a net profit of 600-700 million for 2024, driven by growth in the renewable energy sector and data center construction [18] - The company is expected to benefit from the increasing demand for offshore wind power, with projections of 10-15 GW of new installations in 2025 [19] Dongmu Co. (600114.SH) - Dongmu Co. is a leading manufacturer in powder metallurgy and soft magnetic materials, with a revenue of 2.353 billion in the first half of 2024, reflecting a year-on-year growth of 33.50% [23] - The company is positioned to benefit from the growing demand for foldable screens, with a projected CAGR of 30% in foldable smartphone shipments from 2024 to 2028 [24] Bojun Technology (300926.SZ) - Bojun Technology has seen significant growth, with revenues of approximately 2.6 billion in 2023, a year-on-year increase of about 87% [27] - The company is expanding its modular business and has secured orders totaling 7.1 billion, ensuring high growth potential for the next three years [27] Jinggong Technology (002006.SZ) - Jinggong Technology is a leader in carbon fiber equipment, with a market share of over 50% in China, benefiting from the increasing demand in commercial aviation and new energy vehicles [31][32] - The company expects revenues of 1.776 billion, 2.019 billion, and 2.504 billion for 2024-2026, with corresponding net profits of 212 million, 258 million, and 357 million [32] Xinjie Electric (603416.SH) - Xinjie Electric has shown a revenue growth of 10.93% in the first half of 2024, with a net profit increase of 21.74% [33] - The company is positioned to benefit from the recovery of high-end manufacturing and increased capital expenditure in the manufacturing sector [34]