Investment Rating - The report assigns a "Buy" rating to several companies in the battery industry, including Ningde Times, Yiwei Lithium Energy, Guoxuan High-Tech, and others, with target prices indicating significant potential upside [1][18]. Core Insights - The battery industry is experiencing robust supply and demand, with a notable increase in the production and installation of power batteries. In Q1 2025, the total production and sales of power and other batteries in China reached 326.3 GWh and 285.8 GWh, respectively, marking year-on-year growth of 74.9% and 73.7% [2][18]. - The cumulative installation of power batteries in Q1 2025 was 130.2 GWh, reflecting a year-on-year increase of 52.8%. In March alone, the installation volume reached 56.6 GWh, with significant month-on-month growth [2][18]. - The report highlights the impact of tariffs on the export of energy storage batteries to the U.S., indicating potential short-term fluctuations. In 2024, China's lithium-ion battery exports to the U.S. amounted to $15.315 billion, with energy storage batteries being a major product [2][18]. Summary by Sections Production and Sales - In Q1 2025, China's total battery production and sales reached 326.3 GWh and 285.8 GWh, respectively, with year-on-year growth rates of 74.9% and 73.7% [2][18]. - The power battery installation volume in March 2025 was 56.6 GWh, showing a month-on-month increase of 62.3% [2][18]. Market Dynamics - The market concentration for power battery installations slightly decreased, with the top three and five companies holding 71.7% and 80.6% market shares, respectively [2][18]. - Ningde Times' market share in power battery installations decreased by 2.1 percentage points to 42.4% in March 2025 [2][18]. New Product Developments - Several companies, including BYD and Yiwei Lithium Energy, have launched new battery products aimed at electric two-wheelers and power tools, showcasing advancements in power density and charging capabilities [2][18]. Strategic Collaborations - Ningde Times has entered into a strategic cooperation agreement with NIO to support the development of NIO's battery swap network, indicating a proactive approach to market expansion [2][18]. Export Trends - The report notes that energy storage batteries are significantly affected by recent tariff increases, with expectations of shared burdens between Chinese storage companies and U.S. end-users in the short term [2][18].

亿纬锂能深化海外市场布局，拿下欧洲物流车"订单"。 4月10日，亿纬锂能公众号平台发布消息称，与 KION Battery Systems GmbH（以下简称：KBS）正式签署了战略合作协议。 根据协议， 亿纬锂能将为KBS提供适配欧洲物流车辆电池系统需求的21700圆柱电池解决方案。 合作 推进欧洲工业运输场景的零碳转型， 共同构建可持续能源价值链。 据了解，KBS由 全球领先的工业车辆及供应链解决方案供应商凯傲集团（KION Group）与全球电池系统集成商BMZ集团（BMZ Holding） 合资成立，总部位于德国，持续 为欧洲工业车辆市场提供高端锂离子电池系统解决方案。 产品方面，KBS的锂电池系统可覆盖24V至80V电压范围，适配叉车、自动导引车（AGV）等，支持快充（1-2小时充满）和长循环寿命（超 4000次）。目前在德国、 波兰、美国等设有多个工厂。 而亿纬锂能深耕圆柱电池领域，已构建了丰富的圆柱电池产品体系（包括 18、21、33、40、46等系列），可 提供多样化锂电池技术路线及 全场景锂电池产品应用。目前其圆柱电池产品已广泛应用于消费、储能及动力等市场，并与各领域龙头企业保持合作。 同时 ...