光储行业2024年度中期策略：平价渐行渐近，电改与消纳引领新一轮超预期

Investment Rating - The industry investment rating is "Buy" [1] Core Insights - The demand for solar storage is expected to exceed expectations due to the continuous breakthrough in the parity ratio of solar storage, driven by grid absorption and electricity reform [2] - The growth of electricity load combined with the construction of regulatory resources is gradually opening up space for solar installations [2] - The solar photovoltaic (PV) demand space is still breaking through, with various regions showing potential for growth [2] Summary by Sections 1. Demand Determined by Absorption - The concept of solar storage parity is defined as the controllability of power generation similar to thermal power through the combination of solar PV and energy storage, with the core being the ratio of solar PV to energy storage [31] - Current calculations indicate that the cost of electricity generated from solar PV combined with storage can reach parity with coal-fired benchmark prices when the solar storage ratio reaches 26.4% [2][34] 2. Solar Photovoltaic Demand - In China, the relaxation of absorption rates, acceleration of ultra-high voltage projects, and improvement in solar storage parity ratios are gradually breaking through installation limits [2] - In Europe, component price reductions and policy incentives are stimulating demand, while high inventory levels are gradually alleviating [2] - In the US, installation scales are surging, but uncertainties due to anti-dumping measures are causing developers to adopt a wait-and-see approach [2] 3. Energy Storage - The rapid development of renewable energy is creating opportunities across multiple scenarios for energy storage [2] - Large-scale energy storage is expected to benefit from electricity reforms and grid upgrades in China and Europe [2] - Industrial and commercial energy storage demand is gradually emerging due to time-of-use pricing adjustments and widening price differentials [2] 4. Investment Recommendations - For the solar PV sector, key companies to focus on include JinkoSolar, Junda Co., and LONGi Green Energy, which are leading in N-type technology innovation [2] - In the energy storage sector, companies like Sungrow Power Supply, and CATL are highlighted for their technological leadership and scale advantages [2]