关于报告的所有内容，请于公众『市场分析报告』阅读原文 《2026年将是电力的超级周期，锂电储能+新能源+电气设备，最正宗的11家公司》 当前，全球能源市场正处在一次深刻的结构性变革之中。人工智能（AI）算力需求的爆发式增长，以及随之而来 的数据中心建设浪潮，正在将电力消耗推向新的历史高点。国内外企业争相投入，带动了从发电设备、储能系统 到电网升级等整个电力产业链的投资持续扩大。另外可再生能源系统在经济性上已具备强大竞争力，储能设施与 风电、光伏的新增装机容量正共同步入一轮新的快速增长期。 中国的电力设备制造业凭借快速响应能力，正积极满足全球激增的需求，变压器、开关、电缆等关键产品的出口 额增长显著。本文围绕这场由多重动力驱动的"电力超级周期"，以"AI需求引领、电力系统升级、中国制造出 海"为核心脉络，系统梳理2026年的关键投资机会与产业链上的核心公司，旨在帮助投资者聚焦核心赛道，把握 实实在在的产业增长红利。 一、AI浪潮如何引爆全球电力新周期 人工智能的训练与日常应用，催生了数据中心建设的爆发，这使得电力消耗成为影响产业发展的最关键变量。以 美国市场为例，预计2025至2027年，专为AI服务的新增数据 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 195.40 per share [5][7]. Core Viewpoints - The report emphasizes the value reassessment logic for the company as a leader in power electronics, highlighting the sustained growth potential in energy storage and international expansion [1][17]. - Short-term demand fluctuations are not a major concern, as independent energy storage is expected to see significant growth due to peak shaving needs and capacity pricing incentives [10][18]. - The transition to system parity for energy storage is seen as a core beneficiary direction, with the industry reassessment just beginning [3][21]. Summary by Sections Company Positioning - The company is positioned as a leader in power electronics, with a strong foothold in photovoltaic inverters and energy storage systems, and is expanding into hydrogen energy and AIDC [1][4][17]. - The company achieved a global market share of 25% in photovoltaic inverter shipments and 14% in energy storage shipments in 2024 [17]. Short-term Demand Concerns - The report indicates that the domestic peak shaving gap is widening, leading to a phase of high growth in independent energy storage, supported by new capacity pricing mechanisms [10][18]. - The introduction of capacity pricing has significantly improved the economic viability of energy storage projects, as demonstrated by a case study in Gansu [18]. Long-term Growth Drivers - The report forecasts a compound annual growth rate (CAGR) of 44.5% for global energy storage installations from 2024 to 2030, with a projected total of 1556 GWh of new installations by 2030 [3][21]. - The company is expected to benefit from the growth in data center loads in the U.S. and the acceleration of large storage capacity tenders in Europe and other regions [1][3]. Financial Projections - The company’s net profit is projected to reach RMB 155.4 billion, RMB 186.2 billion, and RMB 216.7 billion for the years 2025, 2026, and 2027 respectively, with significant upward revisions from previous estimates [5][9]. - The report anticipates an increase in earnings per share (EPS) to RMB 7.50, RMB 8.98, and RMB 10.45 for the same years [5][9]. Valuation - The report assigns a price-to-earnings (PE) ratio of 21.76x for 2026, reflecting an increase from previous estimates, and suggests that the company’s valuation recovery is still in its early stages [5][9].