Shanghai Aijian Securities·2025-08-28 11:19Investment Rating - The report rates the power equipment industry as "Outperforming the Market" [1] Core Insights - The energy storage industry is expected to experience significant growth driven by the recovery of user-side storage, rapid growth in industrial and commercial storage demand, and the integration of AI with energy storage solutions [2] - The global demand for large-scale energy storage systems is anticipated to grow rapidly, with a projected installation of 86.7 GWh in the first half of 2025, representing a 54% year-on-year increase [2] - The report emphasizes the importance of energy storage in achieving carbon neutrality goals, predicting that global energy storage demand will reach over 4000 GW by 2050 [2] Summary by Sections 1. Energy Storage: A Solution to Power Supply and Demand Mismatch - Energy storage is crucial for addressing the temporal mismatch between power supply and demand, enhancing the stability and sustainability of energy systems [7] 2. Demand: Optimistic Outlook for Domestic Industrial Storage and Overseas Expansion - The report highlights the diverse drivers of global energy storage demand, with optimistic trends expected in the U.S., Europe, and emerging markets [2][3] - In China, the penetration rate of user-side storage is low, indicating significant growth potential [2] - The U.S. is expected to experience a surge in demand due to policy changes, while Europe is witnessing rapid growth in industrial and large-scale storage markets [2] 3. Industry Landscape: Uncertain Future with Strong Integration of Battery and System Integration Companies - The report notes that the energy storage industry is still evolving, with battery manufacturers and power conversion system (PCS) companies increasingly competing and integrating vertically [2] - The competitive landscape is characterized by a stable dual-leader position in inverters held by companies like Sungrow and Huawei [2] 4. Investment Themes: Focus on Overseas Expansion and AI Integration - The report suggests focusing on user-side storage recovery, the rapid growth of industrial storage demand, and the benefits of AI integration in energy storage solutions [2] - The anticipated recovery in user-side storage demand is expected to begin in Q4 2024, with significant growth in global industrial storage demand [2] 5. Technical Trends: Lithium-ion Dominance, Sodium-ion Acceleration, and Rise of Long-duration Storage - The report outlines a future where lithium-ion technology remains dominant, sodium-ion technology accelerates, and long-duration storage solutions gradually emerge [2][3] - The expected growth in energy storage technologies is driven by the need for renewable energy integration and the reduction of reliance on lithium resources [2]