储能观察系列（1）：2023年中国储能装机高增

Investment Rating - The industry investment rating is maintained as "Overweight" [3] Core Insights - In 2023, China's energy storage installed capacity increased significantly, with an addition of 46.6 GWh, approximately three times that of 2022 [3] - The shipment of energy storage batteries in China reached about 185 GWh in 2023, with a slowdown expected in the second half of the year [3] - The average bidding price for energy storage systems dropped to 0.79 yuan/Wh by the end of 2023, a nearly 50% decrease compared to the beginning of the year [3] - The report anticipates continued growth in energy storage installations in 2024, driven by government support for a new energy system and the increasing volatility of the power grid due to rising wind and solar energy [3] Summary by Sections Installed Capacity and Shipment - In 2023, China's energy storage installed capacity saw a high growth rate, supporting the construction of a new power system [3] - The distribution of installations was concentrated in regions such as Xinjiang, Inner Mongolia, Gansu, Guizhou, and Hunan [3] Price Trends - The bidding prices for energy storage systems have reached a bottom level, with limited room for further significant declines [3] - The lithium carbonate price has decreased due to a slowdown in global energy storage demand and increased competition in the industry [3] Investment Opportunities - The report suggests focusing on three main investment lines for 2024: Chinese commercial and industrial sectors, the U.S. export chain, and the European recovery [3] - Specific companies to watch include Suwen Electric, Xinneng Technology, and Jinguang Co. in China; CATL, EVE Energy, and Sungrow Power in the U.S. export chain; and Pylon Technologies and Airo Energy in Europe [3]