电力设备行业投资策略报告：大储增势明确，户储多点并进

Investment Rating - The report maintains an "Outperform" rating for the energy storage industry, indicating a positive outlook for investment opportunities in this sector [69]. Core Insights - The energy storage industry is experiencing continuous improvement in fundamentals, with significant growth in both domestic and international markets. The report highlights the strong performance of large-scale storage projects and the increasing competitiveness of Chinese companies in the global market [63][66]. Market Review - The global energy storage market is thriving, with Chinese companies enhancing their competitiveness. In 2024, the cumulative installed capacity of energy storage in China reached 58.52 GW/128 GWh, representing an approximate 86% increase compared to the end of 2023 [66][68]. - The bidding data for energy storage projects in China shows a significant increase, with 817 projects completed from January to November 2024, totaling 53.11 GW/139.43 GWh, marking a year-on-year growth of 55.61% and 52.75% respectively [66]. Domestic Trends - Independent energy storage systems are becoming more economically viable, and commercial energy storage is expected to gain momentum. The report notes that the profitability of independent storage stations is improving, with utilization rates significantly higher than those of renewable energy paired storage [67][35]. - The report emphasizes the rapid growth of energy storage installations in the East China region, with over 9 GW added this year, particularly in Jiangsu, Zhejiang, and Xinjiang provinces [18]. Supply Side - The industry is facing intensified competition, leading to a decline in project prices. The price of battery-grade lithium carbonate has dropped from 500,000 CNY/ton at the beginning of 2023 to around 78,800 CNY/ton as of December 2024, a decrease of 41.67% year-on-year [16]. Overseas Trends - In the United States, large-scale storage projects are showing strong growth, with an installed capacity of 8.35 GW/24.96 GWh added in the first three quarters of 2024, reflecting a year-on-year increase of 83.43% and 82.11% respectively [48][68]. - The report indicates that the European market is expected to see an increase in large-scale storage installations, with projections suggesting that large storage will become the main growth driver in the region [72]. Investment Recommendations - The report suggests focusing on companies that will benefit from the growth of large-scale storage installations in the U.S., Middle East, and Europe, as well as those that can capitalize on the recovery of household storage demand in emerging markets [63].