降息与补贴加持，美国储能市场高景气延续

Investment Rating - The report indicates a positive investment outlook for the U.S. energy storage market, driven by high internal rates of return (IRR), interest rate cuts, and subsidies [2][3]. Core Insights - The U.S. energy storage market is experiencing sustained growth due to high IRR, interest rate reductions, and subsidies, with significant contributions from California and Texas, which account for nearly 70% of new installations [2][4]. - The report highlights that the simplification of interconnection processes and the abundance of planned projects will unlock further growth potential in the energy storage sector [2]. - The dominance of low-cost Chinese suppliers in the energy storage supply chain is emphasized, with recommendations to focus on integrators and companies with U.S. operations [2][3]. Market Drivers - High IRR is attributed to interest rate cuts, grid instability, and subsidies, with the EIA reporting a significant increase in energy storage installations [2][20]. - The report notes that the average IRR for energy storage projects exceeds 20%, with California's independent storage projects achieving an IRR of 28.9% [9][12]. Market Outlook - The report forecasts a 64.3% and 50% year-on-year growth in new energy storage installations for 2024 and 2025, respectively, due to a large number of planned projects and streamlined interconnection processes [2][3]. Industry Chain Analysis - The report identifies the irreplaceable role of low-cost Chinese suppliers in the energy storage market, with companies like CATL and BYD leading the battery supply segment [2][3]. - The U.S. is expected to increase tariffs on energy storage batteries from 7.5% to 25% by 2026, yet the high IRR of U.S. energy storage projects remains attractive [2]. Investment Recommendations - The report recommends focusing on integrators and companies such as Sungrow Power Supply and Canadian Solar, as well as those with U.S. operations like Tongrun Equipment and Kehua Data [2][3].