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五大指标洞察行业变化（23年、24Q1）：电网、储能、电力
Minmetals Securities·2024-05-17 10:07

Investment Rating - The investment rating for the renewable energy industry is "Positive" [1] Core Insights - The report highlights significant growth in the power grid and energy storage sectors, with a focus on new investment directions such as ultra-high voltage direct current and distribution networks [5][6][10] - The energy storage sector is experiencing a bifurcation in performance, with large-scale storage showing strong growth while household storage faces challenges [7][10] - The green energy sector is viewed as undervalued, with potential for significant growth driven by increasing installation capacity and favorable policy changes [11][14] Summary by Sections 1. 2023 & 2024 Q1 Summary and Investment Outlook - The power grid sector's overall profit growth reached 23.4% in 2023, an increase of 7.9 percentage points [5] - The return on equity (ROE) for the power grid sector improved to 10.4%, up 1.1 percentage points from the previous year [18] - The energy storage sector saw a 290% increase in new installations in China, totaling 22.0 GW in 2023 [8] 2. Five Key Indicators of Industry Changes - Profit growth in the inverter and large-scale storage segment was 150.8% year-on-year, while household storage profits decreased by 34.3% [28] - The ROE for the inverter and large-scale storage segment rose to 27.3%, an increase of 11.9 percentage points [30] - Capital expenditures in the inverter and large-scale storage segment grew by 46.9% in 2023 [33] 3. Key Company Performance Overview - Companies involved in ultra-high voltage and distribution networks are expected to see significant performance improvements as these sectors enter a growth phase [5][6] - The report suggests that companies with established supply chains in overseas markets, particularly in Europe, are well-positioned to benefit from increased demand for energy equipment [5] - The green energy sector is projected to recover from a performance vacuum, with an expected return to high growth due to increased capital expenditures [11][14]