Huatai Securities: Photovoltaic boom drives the industrial chain to achieve a unified increase in quantity and profit, and we are optimistic about the steady advancement of the "anti-compete" movement.

Huatai Securities research report indicates that in the first half of 2025, the net profit of the power equipment new energy sector has significantly increased year-on-year. Since the beginning of this year, the demand for the new energy vehicle industry chain has been positive, coupled with a slowdown in supply release, prices have stabilized in most segments. It is optimistic about companies that have a competitive advantage at the turning point of supply and demand. In the first half of 2025, domestic large-scale energy storage installations and bidding have shown significant growth year-on-year, and the improved profit model of independent energy storage stimulates market demand. It is recommended to pay attention to the domestic energy storage and emerging market sectors. The rush to install solar power is driving the industry chain to rise simultaneously, and it is optimistic about the steady promotion of "anti-internal competition". Wind power performance continues to rise, and is optimistic about the wind turbine + offshore wind sectors. The industrial automation industry is on the rise, and continues to look for opportunities in the AIDC industry chain.