Sungrow Power Supply(SZ:300274) Di Yi Cai Jing·2025-05-14 13:33Core Insights - The energy storage industry is adapting to market pressures and is increasingly focusing on overseas markets to improve revenue despite low profitability [1][2] - Many companies are optimistic about their energy storage business, with significant sales growth reported in recent financial results [1][2] Industry Overview - The domestic energy storage market is highly competitive, with low profit margins; net profit growth is largely dependent on overseas markets [2] - In Q1, the newly installed capacity for energy storage in China was 5.03 GW/11.79 GWh, marking a year-on-year decline of 1.5%/5.5%, the first negative growth since 2022 [2][3] - The decline in installed capacity is attributed to project construction cycles and policy adjustments, with a slowdown in project development due to unclear revenue expectations in the electricity market [3] Company Performance - Companies like Aters have reported over 500% year-on-year growth in energy storage sales, positioning themselves as leading system integrators in major overseas markets [1] - Sunshine Power's Q1 revenue reached 19.036 billion yuan, a 50.92% increase, with energy storage systems contributing significantly to profitability [5] - In contrast, Haibo Si Chuang, which has a lower overseas revenue share, reported a decline in profit margins, with energy storage product margins dropping from 37% in 2020 to 18% in 2024 [4] Market Dynamics - Recent tariff reductions on Chinese energy storage products exported to the U.S. are expected to stabilize performance expectations and enhance competitiveness [7][8] - The global energy storage market is projected to see a 37% increase in new installations this year, with significant growth potential anticipated through 2035 [9]