财富FORTUNE·2025-11-03 13:05Core Viewpoint - The article discusses the rapid growth of energy storage demand driven by AI computing needs and highlights the strategic responses from key players in the energy storage industry, particularly focusing on the competition between Sungrow Power Supply and CATL [2][5]. Group 1: Energy Storage Market Dynamics - The demand for energy storage systems is surging, with a target of 180 million kilowatts of new storage capacity in China by 2027, indicating a significant market opportunity [2]. - BloombergNEF projects that global cumulative installed capacity will reach 2 terawatts (TW) and 7.3 terawatt-hours (TWh) by 2035, marking the energy storage market's explosive growth [3]. - The energy storage sector is expected to see an annual addition of approximately 35 gigawatts (GW) in China over the next three years, creating a massive market [2]. Group 2: Company Performance and Strategies - Sungrow Power Supply has seen its energy storage business surpass its photovoltaic segment as the largest revenue source, with a target of 40-50 gigawatt-hours (GWh) in shipments this year [3]. - CATL, a major supplier for Sungrow, is expanding its energy storage business, with a third-quarter shipment of approximately 180 GWh, of which about 20% is for energy storage [4]. - Both companies are pursuing different technological paths in energy storage, with CATL focusing on large cell technology and Sungrow developing a 30-foot storage system [4]. Group 3: Competitive Landscape - The competition between CATL and Sungrow has intensified as both companies shift from being partners to direct competitors, with CATL expanding into system integration and Sungrow focusing on market applications [5]. - Despite Sungrow's impressive stock performance, its net profit of 11.88 billion yuan is significantly lower than CATL's 49 billion yuan, highlighting a disparity in financial strength [5]. - The strategic focus of CATL is on full industry chain layout and technological autonomy, while Sungrow emphasizes system integration and market expansion [5]. Group 4: Resource Dynamics and Investment Outlook - The rapid expansion of the energy storage market is leading to increased demand for lithium resources, with companies like CATL investing in lithium mining ventures [6]. - Investment characteristics differ between the two companies, with Sungrow showing higher growth potential and CATL offering more certainty due to its established market position [6]. - The evolving role of energy storage in the new power system indicates a dynamic competitive landscape, with the next three years being crucial for Chinese energy storage companies to secure technological advantages and global market presence [6].