金吾财讯 | 中信建投表示，通过整理电力设备和新能源行业的半年报，该机构发现行业分化明显，锂电储能在收入端兑现高景气（大储主要是阳光电源个股权重大、上半年受到交付节奏的影响），海风、光伏下挫反映行业目前在底部徘徊、电力设备行业也持续进入景气周期，特别是出口链表现较为出色，但对于未来的担忧压低了板块的估值。扩产层面，行业整体依然温和。从各项指标（新增在建工程和购置固定资产的现金支出）来看26Q2同环比增速并不明显，而需求端来看，锂电储能如期兑现高景气，维持此前判断锂电行业可能在2027年仍然有可能保持25%左右增速（主要还是动力修复，储能驱动更为明显），与锂电行业宣布扩产量（不同环节落在25%-40%之间）整体匹配，当前板块由于对于需求预期增速较弱，所以估值上，板块整体估值落在2026年预期业绩的PE回落至15-20X，2027年业绩预期落在10-15X，若后续需求预期兑现，将有显著估值修复空间。高估值的板块有：AIDC电源设备、燃气轮机、铜箔、光伏等；估值水位相对较低的有：锂电、碳酸锂等。
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