储能｜需求改善释放估值弹性，逆变器配置价值凸显

Core Viewpoint - The inverter sector is experiencing a recovery in sentiment, driven by expectations of a shift in market trading styles, fundamental turning points, and valuation corrections [1][2] Group 1: Market Trends and Expectations - Short-term focus is on the anticipated shift in market trading styles, fundamental turning points, and valuation corrections, while long-term views suggest that the industry logic is not deflationary, with potential for technological premiums in networked energy storage and AIDC [2] - The inverter sector has faced pressure on performance and valuation since 2024, nearing historical lows, but is expected to see a turnaround in 2025 Q1 due to sustained overseas large-scale storage demand and improved domestic orders and shipments [2][3] Group 2: Performance and Valuation Insights - In 2024 Q4, the U.S. installed capacity for energy storage reached a record high of 3.4 GW, with a year-on-year growth of 37%, and projections for 2025 Q1 suggest a further increase to 4.3 GW, doubling year-on-year [3] - The market is expected to see significant performance improvements for domestic companies in the second quarter of 2025, as channel inventory continues to decrease and seasonal impacts from Q1 fade [4] Group 3: Investment Strategy - Current PE valuations for storage companies are generally below the historical 30th percentile, indicating significant potential for performance improvement post-2025 Q2 due to policy stimuli and industry recovery [6] - The inverter sector is identified as a high-probability investment opportunity during the performance vacuum period in April, with recommendations to focus on undervalued leading companies and those with significant fundamental recovery potential [6]