电气设备：从“借船出海”到国产替代，大储PCS逻辑不断强化

Investment Rating - The report maintains a "Positive" investment rating for the electrical equipment industry [9]. Core Insights - The independent PCS (Power Conversion System) market is transitioning from "borrowing boats to go to sea" to domestic substitution, with significant growth expected by 2025 due to surging overseas energy storage demand and competitive advantages of domestic products [5][21]. - The independent PCS market is primarily dominated by American and German manufacturers, presenting substantial potential for domestic substitutes [7][33]. - Domestic manufacturers are leveraging cost advantages and rapid technological iterations to compete effectively against established foreign brands [6][29]. Summary by Sections From "Borrowing Boats to Go to Sea" to Domestic Substitution - Independent PCS can enter overseas markets through two main strategies: following domestic integrators or EPCs, and replacing foreign manufacturers [5][21]. - The year 2025 is identified as a critical year for accelerating domestic substitution in overseas markets [5][21]. Why Will Domestic Substitution Accelerate by 2025? - Cost pressures from domestic integrators are pushing overseas integrators to seek more cost-effective domestic PCS products [6][23]. - Rapid technological advancements in domestic PCS are creating competitive advantages over foreign brands like PE and SMA [6][23]. Market Potential and Elasticity for Domestic Substitution - The overseas independent PCS market is primarily led by American and German firms, with significant room for domestic manufacturers to grow [7][33]. - The profit margins for overseas sales are expected to be significantly higher than domestic sales, indicating substantial profit elasticity [37]. Current Progress of Domestic Independent PCS Manufacturers - Key players such as Sangfor Electric, Kehua Data, and Shenghong Co. have made strides in overseas markets, with certifications and initial deliveries to the U.S. market [8][41][42]. - Sangfor Electric has achieved North American certification and made its first delivery of large storage PCS to the U.S. in 2024 [41]. - Kehua Data has extensive experience in overseas projects and is focusing on expanding its international market presence [41]. - Shenghong Co. has also established a presence in the U.S. market with its large storage PCS products [41].