雷达财经出品文|周慧 编|深海 在储能行业加速洗牌的背景下，头部企业南都电源迎来重大资本变动。 12月11日，南都电源发布公告称，公司控股股东杭州南都电源有限公司、上海益都实业有限公司、上海 南都集团有限公司正在筹划控制权变更、促进再生铅板块股权出售的相关事宜，该事项可能导致公司控 股股东及实际控制人发生变更。 天眼查资料显示，杭州南都电源有限公司是南都电源第一大股东，其实际控制人为周庆治，其也是南都 电源实际控制人。 雷达财经注意到，此次重大资本变动背后，南都电源近年业绩表现不太乐观。自2020年启动"弃铅转 锂"战略转型后，公司仍未能彻底走出亏损泥潭。截至2024年，南都电源近5年累计亏损达27.79亿元。 今年前三季度，公司实现营收59.11亿元，较去年同期减少24.80%；净利润则同比减少189.22%至-2.2亿 元。 值得注意的是，南都电源实控人周庆治，曾和绿城集团宋卫平并称"浙江地产双子星"。2006年，南都房 产上市失败后，周庆治转战新能源赛道，并带领南都电源成长为储能巨头。 储能巨头拟"易主" 12月11日晚，南都电源发布公告称，公司控股股东正筹划控制权变更、促进再生铅板块股权出售的相关 事 ...

Core Insights - The global lithium battery energy storage installation capacity increased by 68% year-on-year in the first three quarters of this year, indicating a significant growth in the energy storage industry [1][2] - Chinese energy storage companies received 163GWh of new overseas orders in the first half of 2025, a 246% increase year-on-year, with Europe, the Middle East, and Australia emerging as key markets [1][2] - The cancellation of mandatory energy storage policies in China has led to an increase in project internal rate of return (IRR), boosting companies' willingness to invest in energy storage [1][2] Industry Growth Drivers - The acceleration of global energy transition is driving demand in traditional markets like the US, China, and Europe, as well as emerging markets in the Middle East [3] - The maturation of energy storage business models in developed markets is contributing to explosive growth, with China shifting focus from policy-driven mandates to value exploration [3] - Technological advancements have reduced energy storage system costs by approximately 80% compared to three years ago, enhancing economic viability and stimulating market demand [3] Company Performance - Sungrow Power's energy storage system revenue reached 28.8 billion yuan, a 105% increase year-on-year, making it the company's largest revenue source [4] - Guoxuan High-Tech's total output of power and energy storage batteries was approximately 63GWh, with nearly 30% directed towards energy storage [4] - Envision's energy storage cell production is operating at full capacity, with significant demand from both domestic projects and international orders [7] Market Dynamics - The energy storage sector is becoming a new focal point for photovoltaic lithium battery companies, with many securing large contracts [5][6] - The entry of photovoltaic and wind power companies into the energy storage market is expected to create additional downstream market opportunities and drive industry consolidation [7] - The current policy environment is favorable for photovoltaic companies to develop energy storage businesses, with support for technology research, application expansion, and financial subsidies [8] Future Outlook - The energy storage market is projected to maintain a growth rate of 40% to 50% in the coming years, driven by increasing demand and technological advancements [7] - The industry is at a critical turning point in 2025, transitioning from rapid growth to high-quality development, necessitating caution against irrational price competition [9] - Recommendations for healthy industry development include maintaining quality standards, accelerating technological innovation, and establishing a capacity warning system to prevent disorderly expansion [9]

Core Viewpoint - The current shortage of battery cells is the most critical issue facing the energy storage industry, leading to various operational challenges and financial pressures for companies [2][4][19]. Group 1: Supply Chain Challenges - Battery cell shortages have forced many energy storage companies to operate at reduced capacity, with some only able to maintain two-thirds of their production lines [3][4]. - The average delivery time for energy storage battery cells has increased from 30 days to 75 days, with 38.7% of small and medium-sized energy storage companies forced to cut production due to shortages [3][4]. - Companies are experiencing a shift from a buyer's market to a seller's market, with increasing prepayment requirements and longer lead times for battery cell orders [8][12]. Group 2: Financial Implications - The inability to secure battery cells has led to significant financial losses, with companies facing daily penalties due to delayed orders and unfulfilled contracts [14][19]. - The average asset-liability ratio for listed companies in the energy storage sector reached 65.3% in the first half of 2025, indicating rising financial pressure [30]. Group 3: Market Dynamics - The energy storage industry is experiencing a price war, with lithium battery storage system prices dropping nearly 80% over the past three years, leading to widespread losses across the sector [6][22]. - The emergence of a secondary market for battery cells has grown rapidly, with an estimated 5GWh of battery cells expected to flow through this market by September 2025, representing over 15% of total demand [27]. Group 4: Strategic Responses - Companies are adopting strategies such as splitting orders among multiple suppliers to mitigate supply risks, although this increases management and logistics costs [11][21]. - Some firms are exploring vertical integration by investing in battery cell production to secure supply chains, while others are focusing on higher-margin projects to ensure survival [32][33]. Group 5: Future Outlook - Industry experts predict that the battery cell shortage will persist for at least 6 to 12 months, with potential improvements expected post-2026 as new capacities come online and alternative technologies mature [34]. - The ongoing competition and supply chain challenges are prompting companies to innovate and adapt, with a focus on both technological advancements and market strategies to ensure long-term viability [36].

Investment Rating - The report maintains an "Overweight" rating for the power equipment and new energy sector [10]. Core Insights - The necessity of energy storage in AI data centers (AIDC) has been emphasized, marking it as a critical component rather than an optional configuration [9][10]. - The report highlights the expected growth in data center installations in the U.S., projecting over 12GW of new capacity this year and 20-30GW annually in the next two years [7]. - The introduction of the 800V direct current (DC) architecture is identified as a significant advancement for future power supply solutions, with a focus on medium-voltage rectifiers and solid-state transformer (SST) technologies [8][10]. Summary by Sections Industry Overview - The report discusses the increasing demand for energy storage solutions due to the fluctuating power loads in AI data centers, which require reliable energy management systems [6][9]. - It notes that lithium battery storage is becoming the primary solution for addressing gaps in the U.S. power system, especially given the limitations of gas and nuclear power capacity additions [7]. Key Recommendations - The report recommends investing in leading companies in the energy storage and electrical equipment sectors, particularly those with proven capabilities in large-capacity battery production and established case studies in data center energy storage [9]. - Specific attention is drawn to companies like Mingyang Electric, which is highlighted for its strong growth potential and market position [19][20]. Market Trends - The report indicates a shift towards high-voltage direct current (HVDC) systems and SST solutions as essential components for future energy distribution frameworks [8][10]. - It emphasizes the importance of certification and local service capabilities for suppliers in competitive markets like Europe and North America [9].

Core Insights - The competition among major internet companies has shifted from app performance to the environmental impact of their data centers, with Douyin planning to procure over 200MWh of large-scale lithium battery storage and renewable energy equipment to ensure uninterrupted power supply for its core business [1][4] - Douyin's aggressive procurement strategy reflects a sense of urgency in its green energy initiatives, aiming to respond to carbon neutrality policies, reduce reliance on traditional power grids, and ensure business continuity [4][6] - The industry is collectively transforming under policy guidance, with a mandatory requirement for new data centers to achieve over 80% green electricity usage by the end of 2025, pushing all data center operators to accelerate their green initiatives [4][6] Company Actions - Douyin's tender specifies that bidders must have experience with large-scale lithium battery storage systems of at least 30MWh, with a tight timeline for project completion by the end of December [4] - Tencent has already implemented a successful integrated wind, solar, and storage project, which is the first of its kind in China, generating 14 million kWh annually, equivalent to the annual electricity consumption of 5,000 households [6][8] - Tencent's project not only reduces carbon emissions by nearly 8,000 tons annually but also saves over 3.5 million yuan in electricity costs, demonstrating that green transformation can yield economic benefits [8] Industry Trends - The shift towards green computing is becoming a core competitive advantage in the data center industry, as the demand for computing power continues to grow alongside the digital economy [8][10] - The green electricity ratio directly impacts operational costs, and more clients are considering environmental performance when selecting cloud service providers [8] - Future policies will further clarify the direction of green energy initiatives, with ongoing plans to enhance the integration of computing power and energy management through innovative mechanisms [10]

Core Viewpoint - The energy storage industry is facing significant challenges due to ongoing price competition, which is undermining the healthy development of the sector [2][3]. Price Competition - The price of energy storage systems has decreased by approximately 80% over the past three years, with recent bids falling below 0.4 CNY/Wh, which deviates significantly from production costs [3]. - In August 2025, the average bid price for 2h and 4h lithium battery storage systems reached historical lows, with a specific project bid at 0.389 CNY/Wh [3]. - The trend of price competition is also spreading internationally, particularly in the Middle East, where prices have reached 73-75 USD/kWh, closely approaching China's lowest costs [5]. Market Dynamics - The energy storage market is experiencing overcapacity and intense competition, leading many companies to adopt low-price strategies to capture market share [5]. - As of 2023, low-price competition has become evident, continuing into 2024 and 2025, with over 300,000 registered energy storage companies [5]. Industry Outlook - The energy storage industry is described as being in a "dual state," where leading companies are securing numerous orders while many others face declining profit margins and risk elimination from the market [6]. - A positive trend is emerging as more companies are resisting low-price competition, shifting focus from price wars to value wars through differentiation and global strategies [6]. Innovation and Safety - Companies are urged to enhance research and development to escape homogenized competition and improve product performance and safety [7]. - CATL, as a leading enterprise, has invested over 80 billion CNY in R&D since 2014 and holds over 43,000 patents, emphasizing the importance of data and scientific principles in their commitments [7].

Core Viewpoint - The storage industry in China is responding to the "anti-involution" initiative, with over 150 companies signing a proposal to promote fair competition and healthy development in the sector [1][2]. Group 1: Industry Response - As of August 14, 152 companies have actively participated in the initiative, including major players like BYD, EVE Energy, Huawei Digital Energy, and Xiamen Hichain Energy Technology [1]. - Among the top ten lithium-ion battery manufacturers, nine have joined the initiative, and eight out of the top ten energy storage system integrators are also participants, indicating strong support from the industry [1]. Group 2: Industry Challenges - The new energy storage capacity in China reached 94.91 million kilowatts (22.2 billion kilowatt-hours) by the end of June, reflecting a growth of approximately 29% compared to the end of 2024 [1]. - Despite rapid growth, the price of lithium battery storage systems has plummeted nearly 80% over the past three years, leading some companies to face a situation of "increased revenue without increased profit" [1]. Group 3: Proposal Details - The initiative emphasizes reasonable pricing and fair competition, encouraging companies to base their market participation on technology, service, reputation, and performance capabilities [2]. - It advocates for integrity, transparency, professionalism, and prudence in bidding activities, aiming to eliminate false commitments and irrational low-price competition [2]. - The initiative is seen as essential for sustainable development in the industry, promoting healthy market environments and accelerating technological advancements [2].

Core Insights - The report discusses the recently published draft amendment to the pricing law, emphasizing the concept of "anti-involution" and prohibiting dumping prices below cost [2] - The focus is on the recovery of prices within the photovoltaic industry, with expectations for polysilicon prices to return above industry cost levels due to supply-side reforms [2] - The report highlights potential price recovery opportunities across various segments of the photovoltaic supply chain, including silicon materials, solar glass, wafers, cells, and modules [2] Industry Performance - The report provides a performance overview of different industries, noting that the steel industry saw a 20.7% increase in January, 19.1% in March, and 38.2% over the past year [1] - The construction materials sector experienced increases of 18.5% in January, 15.5% in March, and 33.0% year-on-year [1] - The non-ferrous metals industry reported a 14.7% increase in January, 22.1% in March, and 40.3% over the past year [1] - The telecommunications sector had a performance of 13.0% in January, 29.1% in March, and 51.5% year-on-year [1] - The pharmaceutical and biotechnology sector saw increases of 11.6% in January, 18.7% in March, and 33.0% over the past year [1] Key Focus Areas - The report identifies three main focus areas for investment opportunities: 1. Price recovery opportunities in the supply chain driven by supply-side reforms, particularly in polysilicon, solar glass, wafers, cells, and modules [2] 2. Long-term growth opportunities arising from new technologies, specifically monitoring the progress of perovskite GW-level production lines and the expansion of BC [2] 3. The recovery trends in profitability for lithium battery components, including lithium iron phosphate, lithium hexafluorophosphate, and copper foil [2]

Core Viewpoint - The article highlights the significant growth in the global energy storage market, particularly in lithium battery shipments and installations, driven by various factors including renewable energy demands and energy security needs [4]. Company Performance Summary - **Tesla**: Revenue of $97.69 billion with a 1% increase; energy storage revenue of $10.086 billion, showing a 67% year-on-year growth; net profit decreased by 53% to $7.091 billion [3]. - **Wärtsilä**: Revenue of €6.449 billion, a 7% increase; net profit increased by 88.5% to €507 million [3]. - **海博思创**: Revenue of 8.27 billion yuan, an 18.44% increase; net profit of 647 million yuan, up by 11.92% [3]. - **Fluence**: Revenue of $2.7 billion, a 22% increase; net profit increased by 129.03% to $30.4 million [3]. - **阿特斯**: Revenue of 46.161 billion yuan, a decrease of 10.03%; net profit decreased by 21.09% to 2.291 billion yuan [3]. - **华宝新能源**: Revenue between 3.4 billion to 3.7 billion yuan, a significant increase of 146.94%-159.91%; net profit between 200 million to 250 million yuan, up by 215.13%-243.91% [3]. - **新网光**: Revenue of 1.895 billion yuan, an 11.39% increase; net profit of 170 million yuan, up by 2.77% [3]. - **特变电工**: Net profit expected between 3.9 billion to 4.3 billion yuan, a decrease of 59.81% to 63.55% [3]. - **上海电气**: Net profit expected between 680 million to 810 million yuan, an increase of 138.6% to 184.2% [3]. - **易事特**: Net profit expected between 180.1 million to 236.4 million yuan, a decrease of 58% to 68% [3]. - **晶科能源**: Net profit expected between 80 million to 120 million yuan, a decrease of 98.39% to 98.92% [3]. - **科陆电子**: Revenue between 4.3 billion to 4.5 billion yuan, a slight increase of 2.38%-7%; net profit expected to be a loss between 380 million to 480 million yuan [3]. - **育都电源**: Revenue between 8.4 billion to 9.5 billion yuan, a decrease of 35.22% to 42.01%; net profit expected to be a loss between 1.2 billion to 1.56 billion yuan [3]. - **智光电气**: Net profit expected to be a loss between 250 million to 350 million yuan [3]. - **华自科技**: Net profit expected to be a loss between 360 million to 420 million yuan [3]. - **东方日升**: Net profit expected to be a loss between 2.7 billion to 3.5 billion yuan [3]. Industry Growth Insights - The global lithium battery energy storage system installations are projected to reach 63 GW/165 GWh in 2024, representing a year-on-year growth of 61.5% and 77.4% respectively [4]. - The primary drivers for market growth include the demand for renewable energy consumption in China, increased demand for energy storage systems in the US grid, the green energy transition in Europe, energy security needs, and cross-border grid interconnectivity [4]. - Global shipments of lithium batteries for energy storage are expected to grow over 55% year-on-year, with specific segments like power storage, residential, and commercial storage showing growth rates of over 70%, 25%, and 40% respectively [3].

Core Viewpoint - The article highlights the commencement of the Shandong Baimingcheng lithium battery control board and energy storage system project, which is expected to significantly contribute to the local economy and the lithium battery industry [1]. Group 1: Project Overview - The Baimingcheng project was signed on February 10 in the Jining Qufu Economic Development Zone with a total investment of 1.06 billion yuan [1]. - Upon completion, the project is expected to produce approximately 500,000 units of intelligent high and low voltage automotive and energy storage general BMS protection boards, 500,000 sets of intelligent chargers, 300,000 sets of motor controllers, and a lithium battery energy storage system with a capacity of 10 GWh [1]. - The anticipated annual output value of the project is estimated to reach 2 billion yuan [1].