2026年全球多市场户储有 望迎来景气向上周期 ——储能行业深度报告 研究团队：国联民生电新 邓永康/朱碧野/梁丰铄 报告日期：2026年3月31日 证券研究报告 * 请务必阅读最后一页免责声明 核心要点 01 26年全球多市场户储有望迎来景气向上周期 02 欧洲：收益模式完善+补贴刺激+地缘冲突有望推动需求高增 证券研究报告 * 请务必阅读最后一页免责声明 1 • 欧洲：收益模式完善+补贴刺激+地缘冲突有望推动需求高增。欧洲风光发电占比高影响电网消纳，催生配储需求； 2022-2024年间欧洲户储在户 光的平均渗透率为20%，仍处于较低水平，提升潜力较大。欧洲户储收益模式完善，净计量退坡+动态电价普及+VPP机制完善，提升户储经济 性；各国陆续推出补贴，刺激户储需求；叠加地缘冲突加剧或推动天然气和电价上涨，户储投资回收期缩短，有望推动欧洲需求高增。 • 澳洲：户用光伏渗透率高+配储率低，补贴刺激户储需求高增。截至2025年底，澳大利亚屋顶光伏渗透率达39%，户储渗透率仅10.6%，有较大 提升空间。2025年7月，澳大利亚政府推出补贴，刺激户储需求高增，2025H2新增户储装机18.3万套，同比+305%； ...

光伏概念股持续走弱，迈为股份跌近18%，固德威、横店东磁跌超9%，晶科能源、捷佳伟创、阿特斯、昱能科技、禾迈股份、天合光能等跟跌。 | | | 3月30日盘中，A股四大指数进一步下跌，创业板指跌幅扩大至2%，上证指数现跌0.71%，深证成指跌1.49%，科创综指跌1.85%；全市场超3800个 股下跌。 | 代码 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | --- | | 000001 | 上证指数 | 3886.11 | -27.62 | -0.71% | | 399001 | 深证成指 | 13555.36 | -205.01 | -1.49% | | 881001 | 万得全A | 6353.28 | -71.57 | -1.11% | | 000680 | 科创综指 | 1631.92 | -30.80 | -1.85% | | 399006 | 创业板指 | 3227.18 | -68.70 | -2.08% | ...

基于单层屋面的 目录 光伏系统安全应用技术白皮书 | 卷首语 | 1 | | --- | --- | | 一、行业背景 | 2 | | 1 市场背景 | 2 | | 2 光伏系统安全性应用趋势 | 4 | | 二、光伏对单层屋面的影响 | 7 | | 1 温度（红外线） | 7 | | 2 散热构造高度对系统的影响 | 8 | | 3 光伏在单层屋面的典型安装方式 | 9 | | 4 改造项目需求（荷载） | 12 | | 5 防火 | 13 | | 6 环境气候： | 15 | | 风（抗风揭、拉拔力） | 15 | | 雪（静荷载、承压性能） | 16 | | 雨（防水） | 17 | | 紫外线 | 19 | | 抗冰雹 | 20 | | 三、基于单层屋面的光伏系统安全应用解决方案 | 22 | | 1 设计 | 22 | | 2 安装 | 22 | | 3 运维 | 24 | | 4 案例 | 25 | 卷首语 基于单层屋面的 光伏系统安全技术白皮书 White Paper: Safe Application Technologies for Single-Ply Roof-Based Photovo ...

Investment Rating - The report maintains an "Overweight" rating for the power equipment industry, indicating a positive outlook for investment opportunities [1]. Core Insights - High oil prices are benefiting the renewable energy sector, with expectations for increased demand and profitability in lithium batteries [1]. - The report highlights significant growth in energy storage and electric vehicle markets, driven by government policies and technological advancements [4][5]. Industry Trends - The energy storage sector is experiencing robust growth, with countries like Croatia and Spain investing heavily in solar and storage projects. The report anticipates a global energy storage installation growth of over 60% in 2026, with a compound annual growth rate of 30-50% from 2027 to 2029 [4][5]. - In the electric vehicle market, there was a notable decline in retail sales in early March, but expectations for recovery are set for April, with a projected annual growth of around 3% [4][5]. - The report also notes a significant increase in lithium prices, with battery-grade lithium carbonate reaching 158,000 CNY/ton, reflecting a 4.8% increase [4]. Company Performance - Notable company performances include: - Ningde Times: 2025 revenue of 804 billion CNY, a 4% year-on-year increase, with a net profit of 32.6 billion CNY, down 19% [4]. - BYD: 2025 revenue of 804 billion CNY, with a net profit of 32.6 billion CNY, reflecting a 19% decrease [4]. - Other companies like Ganfeng Lithium and CATL are also highlighted for their strong market positions and growth potential [4][5]. Investment Strategy - The report suggests a focus on companies leading in energy storage and lithium battery production, such as Ningde Times, Ganfeng Lithium, and others, due to their strong growth prospects and market leadership [4][5]. - It emphasizes the importance of technological advancements and government policies in driving the growth of the renewable energy sector, particularly in energy storage and electric vehicles [4][5].

2026（第二届）起点锂电圆柱电池技术论坛暨圆柱电池20强排行榜发布会 活动主题： 全极耳技术跃升 大圆柱市场领航 活动时间： 2026年4月10日 活动地址： 深圳宝安维纳斯皇家酒店三楼维纳斯厅（深圳国际会展中心京基百纳店） 主办单位： 起点锂电、起点研究院SPIR 第一批赞助及演讲单位： 多氟多新能源/天鹏电源/鹏辉能源/楚能新能源/川源科技/鹏锦智能/大族锂电/亿鑫丰/蓝京新能源/力华电源/创明新能源/小鲁锂电/利维能/联动天翼/保力新/嘉智信诺/孚悦 科技/华普森/高视科技/有研新能源/中比新能源等 倒计时12天 2025年全球户用储能市场呈现出头部集中、中国主导、区域分化的核心特征： 全球出货量Top20企业中，中国厂商占据18席，凭借全产业链 成本与技术优势实现对海外市场的全面渗透； 行业CR5（前五企业）合计市场份额达45.9%，CR10合计市占率超71.8%，马太效应持续加 剧，头部企业的渠道、技术与品牌壁垒进一步加深。 据起点研究院（SPIR）《2026全球户用储能行业研究白皮书》披露，2025年全球户用储能市场延续高景气增长态势， 全年系统出货规模达 40GWh，同比增长43.88%。 随 ...

Group 1: Market Overview - The global household energy storage (HES) installation demand is expected to grow by 45% year-on-year in 2026, with a higher growth of 58% when excluding the US and Japan, where Chinese companies have low participation [2] - The replenishment of inventory is not expected to deplete the 2027 installation demand, with current replenishment pressure potentially higher than in 2022, which saw over 200% revenue growth in HES [2] Group 2: Regional Market Analysis - In the UK, the "Warm Home Discount Scheme" is expected to support an annual installation of 3GWh, with conservative estimates predicting growth from 600MWh in 2025 to 2.5GWh in 2026 [3] - Australia will continue its subsidy program for at least three years, with a projected installation of over 3GWh in 2026, supported by a 1GWh shipment framework agreement signed by Airo Energy [3][4] - Eastern Europe, particularly Hungary, Poland, and Austria, is expected to contribute around 1GWh in additional installations, while Ukraine's demand remains strong due to power outages and interest-free loan policies [4] Group 3: Penetration Rates and Long-term Potential - The penetration rate of new household storage in relation to new household photovoltaic installations is approximately 50%, while the penetration rate in the existing market is only 25% [5] - The EU has a rooftop photovoltaic installation potential of 2300GW, with only 400GW currently installed, indicating a tenfold installation space available [5] Group 4: Key Company Analysis - Airo Energy's revenue is projected to grow from 4 billion in Q1 2025 to 75-80 billion in 2026, with significant growth in exports and a strong R&D team [6] - Deye's market diversity shows that Europe accounts for 40-50% of its energy storage shipments, with significant contributions from Ukraine and the UK [7][8] - Jinlang Technology aims to double its household storage shipments to 500,000 units in 2026, with new battery pack business expected to contribute significantly [11][12] Group 5: Profit Forecasts - Deye's profit is expected to increase from 32-33 billion in 2025 to over 50 billion in 2026, with a strong Q1 performance indicating a potential annual profit exceeding 60 billion [10] - Airo Energy's revenue from large storage is expected to exceed 2GWh in 2026, contributing 10-15 billion to its overall revenue [6] - GoodWe's revenue target for 2026 is set at 120 billion, with a net profit margin of 10%, translating to a net profit of 12 billion [14]

Summary of Key Points from Conference Call Records Industry Overview - The global household energy storage market is expected to see a demand growth rate of 45% in 2026, with a projected growth rate of 58% when excluding the low penetration markets of the US and Japan [1][5] - The UK market is anticipated to grow from 600 MWh in 2025 to 2.5 GWh in 2026, driven by the "Warm Home" subsidy plan aiming for 3 million new photovoltaic and storage systems by 2030 [2][5] - Australia is expected to exceed 3 GWh in demand due to continued subsidy policies, with significant contributions from companies like Airo Energy [2][5] - Eastern European countries such as Hungary, Poland, and Austria are expected to contribute approximately 1 GWh of incremental demand due to new subsidy policies [2] Company-Specific Insights Airo Energy - Airo Energy's shipments in Q1 2026 have been revised upwards, with expected revenues of 10-15 billion from large storage products [1][9] - The company anticipates a revenue increase from 40 billion in 2025 to 75-80 billion in 2026, with a conservative profit estimate of 9.4 billion [9] Deye Co., Ltd. - Deye is expected to achieve a profit of over 6 billion in 2026, with significant contributions from its diversified market presence [1][10] - The company is projected to benefit from a strong performance in the UK and Australian markets, with expected profits of at least 4 billion from the UK alone [10][11] Ginlong Technologies - Ginlong aims to double its household storage target to 500,000 units in 2026, with a new battery pack business expected to contribute significantly to profits [1][12] - The company forecasts a total profit of over 18 billion in 2026, with substantial growth in both household and commercial storage sectors [12][13] Goodwe - Goodwe's performance in Q1 2026 has been strong, particularly in the Australian market, with expectations of reaching a revenue target of 12 billion for the year [1][13] - The company has seen a significant increase in battery sales, with monthly sales reaching 4-5 billion [13] Sungrow Power Supply and Chint Power - Sungrow is positioned well in the North American market, with a projected profit of 19.1 billion in 2026 [1][14] - Chint Power has a 30% market share in North America and is expected to see significant growth due to its focus on data center storage solutions [14] Market Dynamics and Trends - The penetration rate of household storage in Europe is currently around 50% for new installations and 25% for existing markets, indicating substantial growth potential [6] - The overall market for household storage is expected to see an annual growth rate of 200% by 2026, driven by increasing demand and favorable policies [7] - The current inventory replenishment state is more pronounced than in 2022, with many companies experiencing a decline in inverter shipments despite growing demand [5] Valuation Insights - Based on the projected profits for 2026, companies like Deye and Airo Energy could see a valuation increase of 30-40% based on a price-to-earnings ratio of 25-30 [8][15] - Deye is considered a benchmark for the industry, with a potential market cap increase to 1.7-1.8 trillion based on its performance [15] Conclusion - The household energy storage market is poised for significant growth, with various companies positioned to capitalize on favorable market conditions and policy support. The overall sentiment is optimistic, with expectations of increased profits and market valuations across the sector.

Group 1 - Tesla plans to procure photovoltaic manufacturing equipment worth $2.9 billion from China, primarily for T-chain ground applications, with negotiations involving multiple TOPCon equipment manufacturers [5] - Key photovoltaic equipment manufacturers include Maiwei, Jiejia Weichuang, Aotewei, and others, while material manufacturers include Tongwei, Daqo Energy, and TCL Zhonghuan [6] - The article lists various companies involved in different segments of the photovoltaic industry, including battery and component manufacturers like Trina Solar and JinkoSolar, as well as inverter and energy storage system companies like Sungrow and GoodWe [6]

Core Viewpoint - The company, Placo New Materials (铂科新材), has a diverse customer base that includes several prominent companies across various industries [1] Group 1: Customer Base - The main customers of the company include ABB, BYD (比亚迪), Gree, GoodWe, Huawei, Jinlang Technology (锦浪科技), Midea, Megmeet (麦格米特), MPS, Flex, TDK, Delta, Weimais, Sungrow (阳光电源), Eaton, and ZTE [1]

固德威技术股份有限公司 关于向激励对象首次授予限制性股票的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 固德威技术股份有限公司（以下简称"公司"）《2026 年限制性股票激励 计划（草案）》（以下简称"《激励计划（草案）》"或"本激励计划"）规定 的限制性股票首次授予条件已经成就，根据公司 2026 年第二次临时股东会的授 权，公司于 2026 年 3 月 17 日召开第四届董事会第三次会议，审议通过了《关于 向激励对象首次授予限制性股票的议案》，确定 2026 年 3 月 17 日为首次授予日， 以 37.24 元/股的授予价格向 388 名激励对象授予 290.3930 万股。现将有关事项 说明如下： 一、限制性股票授予情况 （一）本次限制性股票授予已履行的决策程序和信息披露情况 1、2026 年 1 月 7 日，公司召开第四届董事会第二次会议，会议审议通过了 《关于公司<2026 年限制性股票激励计划（草案）>及其摘要的议案》《关于公 司<2026 年限制性股票激励计划实施考核管理办法>的议案 ...