储能行业24Q3总结：储能企业出海迎来收获期

Investment Rating - The report rates the electrical equipment sector as "Positive" as of November 12, 2024 [1]. Core Insights - The energy storage industry is experiencing a harvest period, with significant growth in both domestic and overseas markets. The domestic market remains competitive, but overseas profits are beginning to materialize for some companies [1][2]. - In the first nine months of 2024, China's newly installed energy storage capacity reached 41.1 GWh, a year-on-year increase of 59%, while the bidding capacity was 109.8 GWh, up 74% [1][4]. - The report highlights that while the U.S. energy storage market has not met expectations, the marginal suppression factors are diminishing, indicating potential for future growth [1][6]. - European household storage systems are stabilizing after a high base effect, with Germany's newly installed capacity decreasing by 16% year-on-year in the first nine months of 2024 [1][6]. Summary by Sections Domestic Market Performance - The inverter and large storage sectors saw a profit decline of 7% year-on-year in Q3 2024, while some companies began to realize overseas profits [1][7]. - Major large storage companies like Kehua Data, Sungrow Power, and Shenghong Co. reported capital expenditure growth of 49%, 74%, and 15% respectively in Q1 2024 [1][7]. International Market Insights - The U.S. added 6.64 GW of new energy storage capacity in the first nine months of 2024, a 52% increase year-on-year, although still below EIA forecasts [1][6]. - The report notes that high interest rates and grid connection queues are the main obstacles to U.S. energy storage growth, but recent policy changes suggest a positive shift [1][6]. Future Outlook - The report anticipates a stable increase in volume and price in 2025, with energy storage companies expected to see significant growth in earnings per share (EPS) [1][7]. - The overall industry performance in 2024 has been characterized by volume growth but price declines, leading to limited expansion in total industry output value [1][7]. Key Company Performance - Companies such as Sungrow Power and Kehua Data are highlighted for their performance, with Sungrow's Q3 2024 profit increasing by 93% year-on-year due to overseas revenue growth [1][29]. - The report provides a detailed overview of key companies' financials, indicating varying performance levels across the sector [1][29].