Sou Hu Cai Jing·2025-05-13 03:05Core Viewpoint - The energy storage industry in 2024 is experiencing significant challenges, with a stark contrast between leading companies and those struggling to survive amid price wars and market fluctuations [1][27]. Group 1: Employment Trends - Over 130,000 jobs have been lost in the photovoltaic sector, while the energy storage sector maintains a relatively stable workforce of around 400,000 employees across 20 listed companies, showing little year-on-year change [1][2]. - Notable increases in employee numbers were observed in leading companies such as CATL (13.73% increase) and Xinwanda (14.42% increase), while some companies like Tianneng and Aters saw significant reductions in their workforce [2][3]. Group 2: Financial Performance of Energy Storage Battery Manufacturers - The top energy storage battery manufacturers, including BYD and CATL, reported substantial revenues, with CATL's energy storage segment reaching 57.29 billion yuan [5][8]. - Despite a 60% year-on-year increase in global energy storage battery shipments, many companies, including CATL, faced declining revenues due to falling battery prices [6][7]. - The financial performance of 14 listed energy storage battery companies showed significant disparities, with some companies like BYD and Aters experiencing growth, while others like Tianneng and Funeng Technology reported substantial losses [9][10]. Group 3: Energy Storage Inverter Market - The energy storage inverter market is becoming increasingly competitive, with companies like Sungrow and TBEA leading in revenue, while others struggle to break the 10 billion yuan revenue mark [14][15]. - The average bidding price for new energy storage systems dropped by 43% in 2024, leading to significant revenue and profit disparities among inverter manufacturers [21][22]. - Only a few companies, such as Sungrow and Nari Technology, achieved both revenue and profit growth, while many others faced declining profits [16][22]. Group 4: Energy Storage System Integrators - The energy storage system integration market is characterized by significant revenue and profit differentiation, with leading companies like Sungrow and Shanghai Electric surpassing 200 billion yuan in revenue [20][21]. - The overall cash flow situation for energy storage integrators is concerning, with a notable increase in companies reporting negative cash flow from operating activities [24][25]. - Despite the competitive pricing environment, many integrators maintain healthy gross margins, indicating resilience through technological innovation and market positioning [25][26].