Huatai Securities: Demand is improving in the first quarter, and there is hope for the performance recovery of the electric power new energy industry.

Huatai Securities research report believes that the first quarter of 2025 will see strong demand in various areas of the electric new energy industry, and performance recovery is expected. In particular, the demand for new energy vehicles in the first quarter is not weak in the off-season, and it is expected that most of the lithium battery industry chain enterprises will see an increase in output and stable profits; the demand for wind power in the first quarter is high, with onshore and offshore wind projects accelerating, leading to high growth in production and shipments in the industry chain; the photovoltaic industry chain will see price increases driven by rush installations, with first quarter losses expected to narrow compared to the previous quarter; in the energy storage sector, the demand in the first quarter is supported by the rush for installations and exports in China and the United States, while large-scale energy storage projects in Europe support performance; in the industrial control field, demand is strong in the first quarter, with high interest in AIDC and robotics.