Zhitong Financial APP learned that Soochow Securities released a research report saying that the landing of the sea breeze project was accelerated and the demand for lithium electro-optical storage was weak. In terms of energy storage, it is expected to nearly double to 40G whites, and the industrial and commercial energy storage market is expected to exceed 4Gwh, an increase of 300% over the same period last year, but the storage battery inventory is obvious since September. European household storage demand is weak in the first half of the year, superimposed and inventory shipments are weak, and inventory is still needed in the fourth quarter, and is expected to return to normal in the first quarter of next year. In terms of wind power, the demand for land wind is good for 23 years, and the sea breeze has grown steadily for 23 years, and it has been lower than expected since the beginning of the year as a whole, but the project has been obviously started since August, with a positive expectation for 24 years, focusing on the leading parts of sea breeze. Recommended target:Dangsheng Technology (300073.SZ), Shangtai Technology (001301.SZ), 300919.SZ, etc. It is recommended to pay attention to:Ru Jing Technology (301525.SZ), Yuanli Co. (300174.SZ),Promote technology (300051.SZ) and so on.

Energy storage:

23Q2 US energy storage increased by 21% 1680MW/5597MWh, with an increase of 80%. In August 23, the number of electrochemical energy storage records reached 31.9GW, a ring increase of 7%. The installation side slowed down in August because the waiting time for grid connection was too high. CK Hutchison's interest rate is too high to wait and see, the installed capacity of the United States in 23 years is expected to grow by nearly 100%. Bidding for domestic energy storage is close to 55Gwh from January to September this year, Soochow Securities is expected to nearly double to 40Gwhaling this year, and the industrial and commercial energy storage market is expected to exceed 4Gwh, an increase of 300% over the same period last year, but the inventory of energy storage batteries is obvious since September; European household storage demand is weak in the first half of the year, and inventory shipments are weak, which is still needed in the fourth quarter, and is expected to return to normal in the first quarter of next year; strong demand for optical storage due to lack of electricity in Africa The global CAGR of energy storage for three years is 40-50%. Continue to be optimistic about energy storage inverters / PCS and energy storage battery faucets.

Electric vehicle:

Domestic sales in September were 904000, up 28% from a month earlier by 7%, and 9 million + vehicles are expected for the whole year. The recent new orders for new cars M7 and G9 are eye-catching, and the head car company L3 intelligent driver will gradually land at the end of the year, which will catalyze the demand. In September, 216000 electric vehicles were sold in nine mainstream European countries, with a month-on-month ratio of + 3% to 4%. After the withdrawal of German subsidies, demand dropped significantly, affecting the growth rate. Sales in nine mainstream European countries are expected to be 3 million +, an increase of 20% over the same period last year. 131000 electric vehicles were registered in the United States in September, compared with + 61% in September, and the forecast for the whole year was slightly lowered to 1.6 million, an increase of 50-60% over the same period last year.

On the production side, due to the falling price of lithium carbonate, the wait-and-see mood is heavy, and the energy storage begins to go to the storage, the quality of the peak season is not obvious, the industry production schedule is flat in October, and the peak season is still not obvious. Europe launched a countervailing investigation on Chinese electric vehicles, and Soochow Securities believes that it still needs to wait for details to affect China's electric vehicle exports. in addition, it has little impact on China's lithium industry chain. First, the share of H1 Chinese manufacturers in Europe has reached 30-40% in 23 years. Second, they have built production capacity in Europe. Recently, the electric car has fully reflected the Q3 production and profit revision, while the leading position of each link is stable and the 25-year valuation is only about 10x, and the plate attention has rebounded somewhat. The first is the battery link determined by profit, the structure with stable profit trend, the integrated electrolyte & negative lead, and the new technology leader is recommended.

Photovoltaic:

Silicon materials were flat this week, the prices of silicon wafers, batteries and components fell slightly, and terminal demand remained weak, but export data stabilized in September, with demand from India picking up significantly. The commissioning of Topcon continues to accelerate. It is expected that the penetration rate of Topcon this year will be nearly 30%. Next year, nearly 70% of Topcon BC batteries are expected to make some positive progress in the near future. This year, the installed capacity of 370GW photovoltaic cells worldwide is increased by more than 50%, and 20% is expected next year. We are optimistic about the leader in inverter, battery technology and integrated components.

Industrial Control & Robot:

Q1 industrial control company orders are slightly increased, May-September orders began to increase significantly compared with the same period last year, domestic substitution continues to accelerate, industrial control inflection point is approaching, while leading companies have layout robots, AI era has great potential, promising industrial control bibcock and humanoid robot bibcock.

Wind power:

The demand of land breeze is good for 23 years, the sea breeze grows steadily for 23 years, and the whole is lower than expected since the beginning of the year, but the project has been started obviously since August, and the expectation for 24 years is good, focusing on the leading parts of sea breeze.

Power grid:

The overall investment is sound, new energy and overseas demand are improving, and the decline in the price of bulk raw materials has significantly increased the gross profit margin of primary equipment, focusing on recommending primary equipment leaders, recommending electrical equipment to go to sea, UHV, electricity reform and other directions.

Recommended target:Dangsheng Technology (300073.SZ), Suntech (001301.SZ), Zhongwei (300919.SZ), Shenghong (300693.SZ), Hunan Yuneng (301358.SZ), Guodian Nanrui (600406.SH), Ankorui (300286.SZ), Juhe Materials (688503.SH), 002518.SZ, Xu Jidian (000400.SZ), 601865.SH, Riyue (603218.SH), Wechuan Technology (688320.SH), TCL Central (002129.SZ), Jinlei (300443.SZ), Tiannai Technology (688116.SH), CITIC Bo (688408.SH), Zhenhua New material (688707.SH), Sany Energy (688349.SH), Meichang (300861.SZ), Hongyuan Green Energy (603185.SH), New Power Alliance (300850.SZ), Jiayuan Technology (688388.SH), Nord (600110.SH), Daquan Energy (688303.SH), Company 9 (689009.SH), Xinjiang Goldwind Science & Technology (002202.SZ).

Recommended concerns are as follows:Rujing Technology (301525.SZ), Yuanli Technology (300174.SZ), Yuansheng Technology (300051.SZ), Yuanchen Technology (688659.SH), Shangneng Electric (300827.SZ), Yijing Optoelectronics (600537.SH), Huadian heavy Industry (601226.SH), Zenghui Technology (300423.SZ), Tonghe Technology (300491.SZ), Pawa (688184.SH), 002121.SZ, Oriental Sunrise (300118.SZ), channeling (301168.SZ), Kuaike Electronics (301278.SZ), Yubang New material (301266.SZ), Xinwangda (300207.SZ), Xiamen Tungsten Xinneng (688778.SH), Xinjie Electric (603416.SH), Leisai Intelligence (002979.SZ), Dale New material (300700.SZ), Ganfeng Lithium (002460.SZ), Tianqi Lithium Industry (002466.SZ), Zhongke Electric (300035.SZ), Mingyang Intelligence (601615.SH), Haili Wind Power (301155.SZ) and so on.

Risk Tips:The growth rate of investment has declined, the policy has fallen short of market expectations, and price competition has exceeded market expectations.