储能行业10月月报

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating an expected return above the benchmark index by more than 10% [47]. Core Insights - The report highlights a strong growth trajectory in the energy storage sector, with significant increases in both domestic and international markets. It emphasizes the potential for improved margins in domestic large-scale storage and sustained high internal rates of return (IRR) in the U.S. market due to favorable economic conditions [2][42]. - The report suggests that the European household storage inventory is gradually returning to reasonable levels, which may enhance supplier shipments and improve performance and profitability [42]. Summary by Sections Domestic Energy Storage - In September, the domestic energy storage market completed 101 bidding projects with a total scale of 7.43GW/16.35GWh, showing a year-on-year increase of 10% in bidding scale but an 11% decrease in capacity [5]. - In August 2024, new operational energy storage projects in China totaled 1.85GW/4.74GWh, representing a year-on-year increase of 80% in capacity but a 45% decrease compared to the previous month [13]. - The commercial energy storage installation in August reached 208MW/468.4MWh, with a slight decrease of 1% in capacity but a 2.76% increase in energy [14]. Overseas Energy Storage - In Q2 2024, the U.S. energy storage market added 3.011GW/10.492GWh, marking a year-on-year increase of 74% in capacity and 86% in energy [16]. - The U.S. market is projected to add a total of 15.083GW of new energy storage capacity in 2024, reflecting a year-on-year increase of 130% [21]. - In Germany, September saw a decrease in new installations to 201.3MW/300.2MWh, down 46% year-on-year [29]. Industry Chain Prices - The report notes that lithium carbonate prices have stabilized, and the price of energy storage systems is expected to have limited downward potential due to ongoing high demand [42]. - The average price of U.S. grid-scale battery storage systems has decreased significantly, with a reported drop of 33.57% year-on-year [24]. Investment Recommendations - The report recommends focusing on companies with strong positions in the energy storage sector, including: - Power Conversion Systems: Shenghong Co., Kehua Data - Integrators: Southern Power Grid Technology, Weiteng Electric, Huazhi Technology - Thermal Control: Yingweike, Shenling Environment, Tongfei Co. - Household Storage: Pylon Technologies, Penghui Energy, Airo Energy - Batteries: CATL, Yiwei Lithium Energy, Zhongchuang Innovation, Guoxuan High-Tech [42].