CICC released a research report stating that from January to August, energy storage + EPC procurement scale reached 79.88GW/271.79GWh, up 191% year-over-year (GWh basis), with energy storage projects increasing significantly. In August, bulk procurement and independent energy storage projects accounted for relatively high proportions at 38% and 56% respectively, with bulk procurement projects showing notable increases in January and August this year.
On the policy front, the National Development and Reform Commission recently issued the "Special Action Plan for Large-scale Construction of New Energy Storage (2025-2027)", specifying that national new energy storage installed capacity should reach over 180GW by 2027, while accelerating the improvement of energy storage market mechanisms. Both domestic energy storage project orders and profitability are expected to improve, supporting continued growth in energy storage sector prosperity and profit improvement for energy storage system integrators.
**Domestic Demand: Policy Support Ensures Sustainable Growth in Independent Energy Storage**
Horizontal comparison: January-August energy storage + EPC procurement scale reached 79.88GW/271.79GWh, up 191% year-over-year (GWh basis), with energy storage projects increasing significantly. Meanwhile, individual project capacity has grown larger, with multiple projects reaching 2GWh scale, and storage duration extending from 1-2 hours to 3-4 hours.
Vertical comparison: August alone saw energy storage + EPC scale of 25.8GW/69.4GWh, up 520% year-over-year and 169% month-over-month. By category, August bulk procurement and independent energy storage projects accounted for high proportions at 38% and 56% respectively. Bulk procurement is mainly conducted by central and state-owned enterprises with cyclical patterns, typically twice a year around Chinese New Year and supplementary procurement in the second half. This year, bulk procurement project proportions increased notably in January and August.
Independent energy storage has maintained consistently high proportions this year, primarily due to policy drivers - energy storage inclusion in capacity pricing systems has diversified revenue models. Additionally, data centers' need for stable power supply has increased storage configuration demand, making independent energy storage installation demand sustainable long-term.
**Industry Chain Impact: Rising Energy Storage Reliability Requirements and Diversified Revenue May Drive System Price Increases, Benefiting Related Integrators**
CICC believes that for energy storage system integrators, recent strong demand and rising battery cell prices, combined with policy encouragement, are expected to drive system price increases. August 4-hour energy storage system prices were 0.431 yuan/Wh, up 3% month-over-month. Q4 system prices are expected to continue rising, so manufacturers with battery cell inventory on the cost side may capture inventory premiums with potential profit growth. Long-term cost pressure from battery cells may be passed through pricing, while impact on large-scale energy storage PCS manufacturers' profits is relatively limited, mainly because numerous domestic PCS manufacturers create intense competition, making price increases difficult.
For stock recommendations, the report suggests large-scale storage targets Sineng Electric Co.,Ltd. (300827.SZ) and Beijing Hyperstrong Technology Co.,Ltd. (688411.SH), domestic industrial and commercial storage target Yuneng Technology Co.,Ltd. (688348.SH), and residential storage Ningbo Deye Technology Co.,Ltd. (605117.SH).
**Risk Factors** Energy storage demand falling short of expectations, battery cell price volatility risks, and overseas trade policy fluctuations.
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