Zheshang Securities(SH:601878) 智通财经网·2025-12-18 07:10Core Viewpoint - The global energy storage demand is experiencing significant growth, with strong performance in domestic and international markets, driven by various factors including policy changes and market dynamics [1][2]. Demand Side - The global energy storage market is expected to see new installations of 271 GW, 444 GW, and 661 GW from 2025 to 2027, with year-on-year growth rates of 44%, 64%, and 49% respectively [2]. - In the domestic market, the energy storage tendering scale reached 112 GW/364 GWh from January to November this year, representing a year-on-year increase of 110%/161%. By 2026, domestic energy storage installations are projected to reach 264 GWh, a growth of 80% [2]. - The North American market is witnessing explosive growth in computing power, driving electricity and energy storage demand beyond expectations. By 2026, new energy storage installations in the U.S. are expected to reach 63 GWh, a 40% increase [2]. - In Europe, the demand for large-scale energy storage is surging, with expectations of 50 GWh in new installations by 2026, reflecting a 43% year-on-year growth [2]. - The Australian market is expected to accelerate energy storage development due to significant price fluctuations in the electricity market and supportive capacity investment plans and household storage subsidies [2]. Supply Side - Chinese companies are increasingly expanding their overseas energy storage collaborations, with cumulative overseas cooperation exceeding 19.6 GW/208.09 GWh from January to September this year, primarily in the Middle East, Australia, and Europe [3]. - The total export value of Chinese inverters reached $7.436 billion from January to October, marking a year-on-year increase of 6.38%. Leading domestic companies are expected to continue securing high-margin overseas orders [3]. - The industry is shifting from price competition to value competition, with independent energy storage development focusing on the entire lifecycle performance of energy storage systems. Companies with stronger hardware and software capabilities are likely to emerge as winners [3]. Investment Focus - Key system integrators to watch include Sungrow Power Supply (300274.SZ), Haibo Technology (688411.SH), Canadian Solar (688472.SH), Trina Solar (688599.SH), and Southern Power Grid Technology (688248.SH) [4]. - Notable PCS manufacturers include Sangfor Technologies (300827.SZ), Deye Technology (605117.SH), Airo Energy (688717.SH), Shenghong Technology (300693.SZ), Kstar (002518.SZ), Kehua Data (002335.SZ), GoodWe (688390.SH), and Jinlang Technology (300763.SZ) [4]. - Key energy storage cell manufacturers include CATL (300750.SZ, 03750) and EVE Energy (300014.SZ) [4]. - Important thermal management manufacturers include Inovance Technology (002837.SZ), Tongfei Technology (300990.SZ), and Shenling Environment (301018.SZ) [4].