储能系列报告（一）：从“配角”到“主角”，储能前景广阔

Investment Rating - The report maintains an "Outperform" rating for the electric equipment and new energy sector [1] Core Viewpoints - The rapid development of new energy sources poses challenges to the power system's regulation and support capabilities, necessitating a transition from a "source-grid-load" model to a "source-grid-load-storage" model, with energy storage becoming a crucial foundation for the new power system [2][11] - The demand for energy storage is expected to grow significantly due to energy security and carbon neutrality strategies, with China's wind and solar installed capacity projected to continue increasing [2][30] - As of September 2025, China's new energy storage capacity has exceeded 100GW, representing over 40% of the global total, but the penetration rate remains low compared to the overall power system, indicating substantial growth potential [2][41] Summary by Sections Concept - Energy storage refers to devices that convert and store electrical energy, acting as a "reservoir" in the power system. It helps balance real-time energy production and consumption, improving power quality and efficiency [7][9] Logic - The demand for energy storage is driven by the need for energy security and carbon neutrality, with significant growth expected in wind and solar installations. By the end of 2024, China's wind and solar installed capacity is projected to reach 1.4 billion kW, accounting for 42% of total power generation capacity [2][19] - The penetration of new energy storage is still low, with only 2.7% of total installed capacity and 5.9% of new energy capacity as of September 2025, indicating ample room for growth [2][41] Technology Routes and Installation Status - The report outlines various technology routes for energy storage, including pumped hydro storage and electrochemical storage, with lithium batteries being the primary growth driver. The current installed capacity of new energy storage in China is substantial but still small relative to the overall power system [3][41] Investment Recommendations - The report suggests that the total installed capacity of wind and solar will continue to grow, and the penetration rate of energy storage has significant room for improvement. It recommends investing in leading companies in the energy storage sector, such as Sunshine Power and Haibo Technology, which are well-positioned to capitalize on the growth opportunities in both domestic and international markets [2][45]