According to the CITIC Construction Investment Research Report, the lithium battery equipment industry naturally has strong capital expenditure cycle attributes. In the early days of high market growth, equipment companies relied on large-scale expansion of production by downstream battery manufacturers to achieve high growth, but when downstream capacity utilization declines and production expansion slows down, equipment orders will fluctuate more sharply than terminal demand, showing typical “second-order guidance” characteristics. Therefore, equipment manufacturers have been promoting platformization and diversification transformation, actively seeking a second growth curve.

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