阿特斯(688472)：稳健的国际化组件企业 储能业务上新台阶

Core Insights - The company is a global leader in solar energy storage systems, with over 20 years of experience in the photovoltaic sector and has expanded into energy storage since 2018 [1][2] - The energy storage business accounted for over 20% of total revenue in the first half of 2025, with gross profit contribution exceeding 50% [1][2] - The company maintains a profit-first approach in its photovoltaic business, optimizing shipment schedules and focusing on high-margin overseas orders, making it one of the few companies expected to achieve positive gross margins in its solar business by mid-2025 [1][2] - The company is actively expanding its global production capacity to mitigate trade barriers amid escalating international trade tensions [1][2] Energy Storage Business - The company has made significant strides in its energy storage business since its first delivery in 2018, achieving over 10GWh of large-scale energy storage system shipments by the end of 2024 [2] - In the first three quarters of 2025, the company shipped 5.8GWh of energy storage systems, with a record high of 2.7GWh in Q3 [2] - The profitability of the energy storage business has improved significantly, with revenue contribution nearing 20% and gross profit contribution exceeding 50% in the first half of 2025 [2] Photovoltaic Business - The company is recognized as a top-tier supplier in the global photovoltaic market, consistently ranking high in shipment volumes [2] - The company focuses on maintaining stable operations while optimizing shipment schedules to prioritize profitability [2] - The company leverages its international channel capabilities and brand advantages to explore high-margin orders globally [2] Global Production Strategy - The company is responding to increasing trade barriers by developing a global production strategy, establishing a supply chain across China, Thailand, and the United States [2] - This strategy aims to address the uncertainties posed by international geopolitical factors [2] Market Demand - There is a strong demand for energy storage in overseas markets, particularly in the U.S., where significant investments in data centers are expected to create new applications for energy storage [3] - The estimated demand for energy storage from data centers in the U.S. could reach between 122GWh and 245GWh by 2030 [3] - Non-U.S. markets, such as Europe and Australia, are also experiencing significant growth in energy storage demand, driven by large-scale auctions [3]