继续强烈推荐海外户储 20260303 摘要 2026 年海外储能投资排序为户储 > 工商业储能 > 大储，户储受益于欧 洲能源价格风险溢价及多国补贴加码，确定性最高。 澳洲与英国补贴力度大幅提升，澳洲补贴规模从 100 亿增至 300 亿人 民币，预计 2026 年需求景气度明确，英国需求将于 2026Q2 起体现。 欧洲工商业储能处于爆发前期，电价机制市场化（如德、荷动态电价） 打开套利空间，大客户复购率接近 100%驱动订单滚动。 数据中心扩张对电网产生网络性冲击，迫使企业转向就地供能与配储， 光储有望成为北美解决供电缺口的阶段性核心方案。 功率器件（IGBT 等）自 2025 年 11 月起已发生两次涨价，需警惕其对 储能产业链成本及交付节奏的潜在负面影响。 艾罗能源 2026 年澳洲户储增量约 10 亿元，工商业储能预计倍数增长； 固德威盈利处于"龙抬头"阶段；德业股份在中东等新兴市场领先。 板块估值处于 2026 年 20 倍附近，第一梯队公司同比增速预期 70%以 上，市场保守假设下 EPS 具备显著上修空间。 Q&A 在当前宏观事件与区域政策变化背景下，为什么继续重点推荐户用储能，核心 催化因 ...

Core Viewpoint - The company reported that over 80% of its overseas revenue comes from international markets, highlighting its strong global presence and sales strategy [1] Group 1: Revenue and Sales Strategy - The company's photovoltaic module and system sales primarily rely on direct sales, with distribution playing a supplementary role [1] - Large-scale energy storage is mainly sold through direct sales channels [1] Group 2: Global Presence - The company has established subsidiaries or offices in over 20 countries and regions worldwide [1] - In Europe, the company has sales offices in countries such as Germany, the UK, Spain, and Italy, employing local talent for operations and sales management [1] - The company is actively expanding and deepening its market presence in these regions [1]

Core Insights - Fujian Province has made significant advancements in technological innovation since the start of the 14th Five-Year Plan, focusing on innovation-driven development and reforming the scientific research system [1][2] - The province ranks 14th nationally in regional technological innovation capability, with notable performance in human resource investment in innovation, high-tech industry benefits, and R&D spending in high-tech manufacturing [1] Group 1: Innovation and Research Initiatives - Fujian has implemented 95 major scientific projects and over 15,000 provincial research projects, achieving breakthroughs in key technologies such as next-generation lithium batteries and high-purity metal targets [1] - The number of high-value invention patents per 10,000 people reached 9.63 in 2024, a 130% increase from 4.19 in 2020 [1] Group 2: Enterprise Development and Support - The number of national high-tech enterprises is projected to grow at an average rate of 24% annually from 2020 to 2025, with 371 national-level specialized and innovative "little giant" enterprises cultivated [2] - Fujian has provided 4.25 billion yuan in R&D funding support to 11,433 enterprises, and approximately 68,000 enterprises benefited from tax deductions on R&D expenses totaling 310 billion yuan [2] Group 3: Economic Impact - The province boasts four trillion-yuan industrial clusters and 20 industrial clusters exceeding 100 billion yuan, with the digital economy expected to reach 3.2 trillion yuan in 2024, accounting for over 55% of the regional GDP [2]