The east wind of the energy storage industry has arrived, and the leader of the industrial chain is ready to go
From the perspective of status: new energy storage is clean energy and the pillar of social progress. Policies drive the rapid development of energy storage industry outside China. From the perspective of development stage: China’s energy storage is a development stage from 0-1, and the power grid / generation side has a certain room for improvement at the level of business model. The energy storage industry chain is becoming more and more mature. It is suggested to consider from the perspectives of value, performance growth, proportion of energy storage revenue, industry barriers and concentration: (1) from the perspective of value, the cost of batteries and energy storage converters accounts for a relatively high proportion, and Sungrow Power Supply Co.Ltd(300274) and other companies benefit; (2) From the perspective of performance growth, pay attention to overseas home storage in the short term, pay attention to electric energy storage in the medium and long term, and open the quadratic curve of energy storage growth; (3) In terms of the proportion of energy storage revenue, companies with high proportion of energy storage revenue and good flexibility include Guangzhou Great Power Energy&Technology Co.Ltd(300438) , Pylon Technologies Co.Ltd(688063) , Ningbo Deye Technology Co.Ltd(605117) , and histron in the field of system integration; (4) From the perspective of industry barriers, energy storage batteries have high requirements for cycle life. At present, leading lithium iron phosphate batteries such as Contemporary Amperex Technology Co.Limited(300750) and others have cost-effective advantages; (5) From the perspective of industry concentration, the energy storage battery industry is highly concentrated, and enterprises such as Contemporary Amperex Technology Co.Limited(300750) , Byd Company Limited(002594) , Eve Energy Co.Ltd(300014) , etc. have significant scale advantages.
Energy storage battery: short-term differentiated competition gives play to their respective advantages, and the technology and cost are continuously tested in the medium and long term. In terms of scale, the energy storage battery is in the stage of development from 0-1, and the quantity is small, so its gross profit margin is relatively high, Contemporary Amperex Technology Co.Limited(300750) of the energy storage cell is higher than that of the power cell. In the medium and long term, after large-scale cost reduction, cost will be an important competitive factor. The integrated layout of the head battery plant is perfect, and the cost advantage in the later stage is relatively significant, which helps to occupy the core position in the field of power energy storage with high demand growth and high cost control requirements. Although the overall scale of household energy storage and portable energy storage is small, the profit margin is high. Pylon Technologies Co.Ltd(688063) , Guangzhou Great Power Energy&Technology Co.Ltd(300438) and others focus on this field and have certain first mover advantages in product design, understanding and channels. With the gradual maturity of the industrial chain, sodium battery is expected to be gradually applied in the field of large energy storage by virtue of its low-cost advantage.
Energy storage converter: high quality requirements, affecting battery life
Chinese converter manufacturers have high market share and strong competitiveness in the global market. In the field of large energy storage, Sungrow Power Supply Co.Ltd(300274) ‘s core advantages are reflected in: (1) independent R & D layout of the whole industry chain, (2) channel advantages. There is a certain overlap between photovoltaic customers and energy storage customers. In the field of home / portable energy storage, Jiangsu Goodwe Power Supply Technology Co.Ltd(688390) layout is the earliest, and its scale is currently leading in China. Ningbo Deye Technology Co.Ltd(605117) develops rapidly, and Huabao Xinneng has a certain first mover advantage in the field of portable energy storage.
Energy storage system integration & industrial chain extension: multiple participants, taking into account channels and technologies
System integration: in addition to Sungrow Power Supply Co.Ltd(300274) and histron, the top system integrators in China’s installed capacity are mainly enterprises from the power industry. Their advantage is that they have a better understanding of the operation characteristics of the power grid and have certain advantages in downstream bidding channels Jiangsu Linyang Energy Co.Ltd(601222) choose to cooperate with the head battery enterprise to explore the energy storage power station. Industrial chain extension: Shaanxi Baoguang Vacuum Electronic Apparatus Co.Ltd(600379) baoguangzhi middle school specializes in power grid energy storage auxiliary frequency modulation business and has rich experience in power market projects Jade Bird Fire Co.Ltd(002960) layout the energy storage and fire fighting market, with the advantage of having self-developed chips and strengthening the technologies of temperature sensing, smoke sensing and gas detection Shenzhen Envicool Technology Co.Ltd(002837) provide high-quality temperature control. The company has been deeply engaged in the temperature control industry for many years, promoting the technical upgrading of the industry from air cooling to liquid cooling, and taking the lead in the market share among similar products Fujian Nebula Electronics.Ltd(300648) and Contemporary Amperex Technology Co.Limited(300750) and other battery leaders established in-depth cooperation, covering all energy storage market segments.
Risk warning: the downstream demand is lower than expected, and the upstream price rise affects the downstream profit space
