20250715-申港证券-电力设备行业研究周报_6月动力电池装车量稳步增长_10页_1mb

Summary of Industry Analysis Report

The report provides an update on the power equipment industry, with a specific focus on China's battery market for electric vehicles in June 2025. It highlights the positive momentum in new energy vehicle (NEV) sales and battery installations, emphasizing the role of key companies and market dynamics.

Key highlights include:

• NEV sales in June 2025: 1.329 million units, up 26.7% year-over-year, with a 45.8% market penetration rate. H1 2025 sales totaled 693.7 million, growing 40.3% YoY and maintaining a 44.3% penetration.
• Battery pack installation: Total of 58.2 GWh in June 2025, representing a 36% YoY increase. Cumulative H1 2025 installation was 300 GWh, with a robust 47% growth rate.
• Dominance of phosphate iron lithium batteries: Accounted for 81% of total installations in June, rising to 47.4 GWh (+50% YoY), while nickel cobalt manganese batteries saw a slight decline to 10.7 GWh (-3.6% YoY).
• Leading firms: CATL reported 25.4 GWh installation in June (+33% YoY), and BYD reached 12.5 GWh (+17% YoY). Both companies show strong year-to-date performance.
• Investment perspective: The analysis recommends a "Hold" rating for the industry, advising focus on market leaders like CATL that demonstrate superior growth and technological advantage.

Market performance was positive, with the power equipment sector gaining 2.5% in the week, outperforming broader indices. However, risks are noted, including potential downsides such as lower than expected EV sales or escalation of international trade issues.