Guosen Securities(SZ:002736) 智通财经网·2025-07-31 05:59Core Viewpoint - The energy storage industry is expected to experience rapid growth in the first half of 2025, driven by domestic market demand and increased exports, with significant increases in both energy storage systems and battery shipments [1][4]. Group 1: Domestic Market Performance - In the first half of 2025, domestic energy storage system shipments reached 110 GWh, nearly matching the total for 2024, with energy storage battery shipments at 265 GWh, reflecting a year-on-year increase of 128% [1]. - Domestic energy storage bidding reached 126.3 GWh, up 101% year-on-year, while awarded contracts totaled 189.8 GWh, a 182% increase [2]. Group 2: International Market Trends - The U.S. market showed stable growth in front-of-the-meter energy storage, with installed capacity reaching 5.65 GW in the first half of 2025, a 30% increase year-on-year, supported by the "Inflation Reduction Act" [2]. - In Europe, particularly Germany, front-of-the-meter energy storage installations saw a 10.8% decline, with new installations totaling 2.6 GWh, while front-of-the-meter installations increased by 130% to 0.58 GWh [2]. Group 3: Emerging Markets Potential - Emerging markets are projected to become significant export destinations for domestic energy storage companies, with orders from the Middle East, Australia, and East Asia reaching 35 GWh, 33 GWh, and 24 GWh respectively, totaling an estimated value of 600-700 billion yuan [3]. - The demand for energy storage in emerging markets is expected to rise due to power shortages and supportive government policies, positioning these markets as key areas for growth [3]. Group 4: Global Market Outlook - Global energy storage installations are forecasted to reach 221 GWh in 2025, with a year-on-year growth of 18%, followed by 191 GWh in 2026 and 190 GWh in 2027, reflecting a decline in growth rates thereafter [4]. - The projected value of global energy storage systems for 2025-2027 is 1787 billion yuan, 1550 billion yuan, and 1533 billion yuan, with corresponding year-on-year changes of +19%, -13%, and -11% [4]. Group 5: Investment Recommendations - The energy storage demand in emerging markets, driven by power shortages and policy support, presents significant opportunities for domestic companies. Key players in the solar energy storage supply chain include Yangguang Electric (300274.SZ), CATL (300750.SZ), and others [5].