CMS·2025-09-15 07:31Investment Rating - The investment rating for the industry is "Strongly Recommended" for key companies such as Ningde Times, Yiwei Lithium Energy, and Sunshine Power [3]. Core Insights - The domestic energy storage policy continues to strengthen, with demand expected to exceed expectations and be sustainable. The National Development and Reform Commission and the Energy Administration have issued a plan to increase the new energy storage installed capacity to over 180GW by 2027, which will double the current capacity within the next two and a half years [1][8][12]. - The bidding scale for the domestic energy storage market reached a historical high of 25.8GW/69.4GWh in August 2025, indicating a robust demand outlook despite previous concerns following the cancellation of mandatory energy storage requirements [14]. Industry Policy - The new energy storage capacity pricing mechanism is being established, with various provinces implementing supportive policies. For instance, the pricing standard for new energy storage capacity is set at 100 yuan/kW/year from October to December 2025, increasing to 165 yuan/kW/year from January 2026 [9][11]. - The cancellation of mandatory energy storage requirements has led to a trend where provincial capacity policies are expected to support the industry's future development [9][12]. Key Companies and Financial Metrics - Ningde Times: Market cap of 149.28 billion, 2025 EPS of 14.9, PE of 22, rated "Strongly Recommended" [3]. - Yiwei Lithium Energy: Market cap of 15.1 billion, 2025 EPS of 2.2, PE of 33, rated "Strongly Recommended" [3]. - Sunshine Power: Market cap of 27.76 billion, 2025 EPS of 5.9, PE of 23, rated "Strongly Recommended" [3]. - Hai Bo Si Chuang: Market cap of 3.29 billion, 2025 EPS of 4.8, PE of 38, not rated [3]. - Sheng Hong Co., Ltd.: Market cap of 1.2 billion, 2025 EPS of 1.5, PE of 26, rated "Strongly Recommended" [3]. - Kehua Data: Market cap of 3.56 billion, 2025 EPS of 1.2, PE of 59, rated "Strongly Recommended" [3]. - He Wang Electric: Market cap of 1.54 billion, 2025 EPS of 1.4, PE of 25, rated "Strongly Recommended" [3]. Market Performance - The absolute performance of the energy storage and new energy sector has shown significant growth, with a 12-month increase of 67.9% [6]. Future Outlook - The energy storage installed capacity is projected to double within the next two and a half years, with an average annual installation requirement of 34GW/136GWh to meet the 2027 target [8][12]. - The demand for energy storage is expected to remain strong and sustainable, supported by ongoing policy initiatives and high bidding activity in the market [14].