3 6 Ke·2025-11-20 01:58Core Viewpoint - The acquisition of Precision Energy by Longi Green Energy raises concerns about whether energy storage will become the next "photovoltaic" industry, especially given the historical price drops and competitive pressures seen in both sectors [1][3][19]. Industry Comparison - Energy storage has not experienced the same level of widespread losses across the entire industry as seen in photovoltaics, with leading companies maintaining strong profit margins despite competitive pressures [3][4][5]. - For instance, CATL's energy storage cell gross margin remains around 27%, while Sungrow's system gross margin is close to 40% [3][4]. - Tesla, despite not manufacturing cells or inverters, has consistently achieved over 30% gross margin on its energy storage systems [5]. Market Dynamics - The energy storage market is showing signs of "de-photovoltaicization," indicating a divergence in the paths of the two industries [6]. - The fundamental differences between energy storage systems and photovoltaic components lie in their risk profiles and operational complexities, with energy storage being a high-risk, non-linear, and highly integrated system [7][8]. Operational Challenges - Energy storage systems require more intensive maintenance compared to photovoltaic systems, which can lead to operational failures if not managed properly [9][10]. - Reports indicate that at least 20% of energy storage plants are underperforming, highlighting potential operational risks as the industry matures [9]. Technological Evolution - The shift towards software-defined energy storage systems is crucial, as the integration of advanced algorithms and management strategies can significantly enhance performance and longevity [13][16]. - Companies that can effectively manage data and operational strategies will have a competitive edge, making price competition less relevant [17]. Future Outlook - The industry must avoid a return to price wars that could undermine the value of energy storage as a high-end system asset [20]. - The focus should be on capturing "invisible value" through differentiation in technology and operational excellence rather than merely competing on hardware prices [20].