20240627_万联证券_2024年中期储能行业投资策略报告：大储稳步前行户储回暖初现_24页.pdf

Table_RightTitle|Table_Title Table_IndustryRank()Table_ReportType 2024 Table_ReportDate 2024 06 27 T abl e _S umm ary 2024(FERC)2023 31.39GW 2.1 2022 260%2024 2024 1-5 283 18.35GW/52.65GWh 82.77%/95.22%1 2 2023,8.7GW,90%,7.9GW,99%2024 14.3GW EIA 2024 1-4 1.75GW 2023 185.73%FERC 2023 2024 Table_Chart 300 Table_ReportList 2024 2025 Table_Authors:S0270522020001 02032255210:18819265007-45%-40%-35%-30%-25%-20%-15%-10%-5%0%5%10%电力设备 沪深300 5469 Table_Pagehead 2 24 2023 2024 Solarpower Europe 2024 22.4GWh 2023 30.23%11GWh 21%49%28pct 2024 7.7GWh 4.5GWh,108%67%WUDWzQqNnOoPqOpMrMrOnMbRcM9PpNrRoMnRfQnNsMeRoMxPaQmMxPvPqMtOxNmOsQ Table_Pagehead 3 24$st art$1 24Q1.5 1.1.5 1.2 23 24Q1.5 2.7 3.9 3.1.9 3.2.11 3.3.14 4.16 4.1.16 4.2.19 4.3.22 5.23 6.23 1.5 2 2022 2023.6 3 2023 Q1 2024 Q1.7 4.7 5.7 6 2017-2023.8 7.8 8 2017-2023.8 9 2023.9 10 2023.9 11.9 12.9 13 2023.10 14.10 15 2024 1-4.11 16/EPC.11 17.12 18.13 19.13 20/.14 21/EPC.14 22.14 23.15 24 2023/kWh.15 25 2022-2023.16 26 2022-2023.16 27.16 28.17 Table_Pagehead 4 24 29 2022 2023.17 30 2024.18 31 2024.18 32 2023 2024 1MW.19 33 2024 5-12 1MW GW.19 34 2023.19 35 2022 2023 GWh.20 36 2023.20 37.20 38.21 39.21 40 GWh.21 41 2024.21 42.22 43.22 44.22 45.22 Lc7J8Jr77KNsLMJWKJKFEZDzSda0ryHb0G1WUCrSdD734oyd82YdxFkTY/7oioRt Table_Pagehead 5 24 1 24Q1 1.1 2024 6 20 CI005477 28.14%1028.74 300 3.45%3503.28 7.01%2024 6 20 22.72%4 5 1 Wind,1.2 23 24Q1 23 PCS 29 PCS/EPC 4 2023 2023 7073.55 25.78%692.28 40.42%PCS 2023 1177.94 5062.04 60.09%22.04%156.36 497.05 75.23%35.13%Table_Pagehead 6 24 2 2022 2023 Wind,24 Q1 2023 2024 Q1 1390.59 11.06%156.00 6.09%PCS/EPC 2024 Q1 PCS 1015.61 211.05 12.40%8.30%117.48 29.43 0.30%16.57%16.93 19.73%1.23 38.33%Table_Pagehead 7 24 3 2023 Q1 2024 Q1 Wind,4 5 Wind Wind 2 23(CNESA),2023,289.2GW,21.92%91.39GW,99.62%2022 31.6%2022 12.3pct 2023Q1 2024Q1 同比变化 2023Q1 2024Q1 同比变化 2023Q1 2024Q1 同比变化 2023Q1 2024Q1 同比变化宁德时代 890.38 797.71-10.41%21.27 26.42 5.15 98.22 105.10 7.00%11.03 13.18 2.14亿纬锂能 111.86 93.17-16.70%16.83 17.64 0.81 11.40 10.66-6.49%10.19 11.44 1.25鹏 辉能 源 24.95 15.97-36.00%19.96 11.84-8.12 1.82 0.16-91.04%7.31 1.02-6.29国轩高科 71.77 75.08 4.61%18.94 17.86-1.08 0.76 0.69-8.56%1.05 0.92-0.13南都电源 41.97 29.83-28.93%7.34 9.81 2.47 1.01 0.83-18.34%2.41 2.77 0.36派能科技 18.41 3.86-79.05%40.22 35.76-4.46 4.62 0.04-99.13%25.09 1.04-24.06阳光电源 125.80 126.14 0.26%28.00 36.67 8.67 15.08 20.96 39.05%11.98 16.62 4.64锦浪科技 16.54 13.97-15.56%36.69 24.24-12.44 3.24 0.20-93.74%19.60 1.45-18.15固德威 17.19 11.26-34.50%39.05 27.47-11.58 3.36-0.29-108.57%19.57-2.56-22.13禾迈股份 5.80 3.31-42.91%46.41 49.09 2.68 1.76 0.67-61.83%30.38 20.31-10.07昱能科技 4.36 4.28-1.83%41.59 35.82-5.77 1.18 0.40-66.06%27.00 9.34-17.66德业股份 20.85 18.84-9.64%43.05 36.33-6.73 5.89 4.33-26.48%28.24 22.98-5.26上能电气 6.20 7.11 14.71%19.14 23.55 4.41 0.37 0.51 39.91%5.89 7.18 1.29科华数据 14.90 11.84-20.54%29.72 32.26 2.54 1.44 0.74-48.76%9.63 6.21-3.42盛弘股份 4.48 5.99 33.81%42.53 39.54-2.98 0.63 0.66 5.98%13.98 11.07-2.91科士达 14.03 8.31-40.75%32.03 33.36 1.33 2.34 1.24-46.91%16.65 14.92-1.73南网科技 4.60 5.05 9.85%24.56 32.15 7.58 0.30 0.42 38.21%6.60 8.31 1.70新风光 2.14 2.93 36.63%30.34 31.73 1.39 0.21 0.39 91.58%9.62 13.48 3.87金盘科技 12.97 13.05 0.60%22.69 25.39 2.70 0.87 0.95 8.57%6.72 7.25 0.53芯能科技 1.27 1.59 25.01%53.00 47.29-5.71 0.30 0.31 3.77%23.62 19.60-4.01阿特斯 118.31 95.97-18.88%15.91 17.75 1.84 9.18 5.79-36.98%7.76 6.03-1.73华自科技 3.95 7.72 95.39%20.62 15.62-5.01-0.32 0.03 110.59%-8.09 0.44 8.53智光电气 4.41 5.27 19.58%18.67 12.92-5.75 1.03-0.62-159.48%23.48-11.68-35.16科陆电子 6.39 10.44 63.53%32.86 33.23 0.37-0.42 0.07 116.93%-6.52 0.67 7.19苏文电能 5.81 4.97-14.42%28.94 17.37-11.57 0.96 0.51-46.46%16.54 10.35-6.19英维克 5.27 7.46 41.36%32.73 29.51-3.22 0.25 0.62 146.93%4.76 8.31 3.55同飞股份 2.73 2.74 0.57%28.16 26.33-1.83 0.28 0.05-81.88%10.39 1.87-8.52申菱 环境 4.63 4.94 6.78%28.98 25.97-3.02 0.41 0.50 21.92%8.94 10.21 1.27高澜 股份 1.51 1.79 18.53%22.73 24.38 1.65-0.06 0.06 197.29%-3.84 3.15 6.982 0 2 3 年Q 1 2 0 2 4 年Q 1 同比变化 2 0 2 3 年Q 1 2 0 2 4 年Q 1 同比变化 2 0 2 3 年Q 1 2 0 2 4 年Q 1 同比变化 2 0 2 3 年Q 1 2 0 2 4 年Q 1 同比变化1159.34 1015.61-12.40%20.47 24.30 3.83 117.83 117.48-0.30%10.16 11.57 1.40230.16 211.05-8.30%31.94 34.77 2.83 35.27 29.43-16.57%15.33 13.94-1.38159.85 146.99-8.04%18.54 20.32 1.78 12.12 7.86-35.14%7.59 5.35-2.2414.14 16.93 19.73%29.56 27.42-2.14 0.89 1.23 38.33%6.30 7.28 0.981563.48 1390.59-11.06%22.04 25.50 3.46 166.12 156.00-6.09%10.62 11.22 0.59集成/E P C储能产业链季度归母净利率（%，pc t）细分板块 证券简称单季度营业收入（亿元）季度 毛利 率（%，p c t）季度归母净利润（亿元）PCS归母净利润（亿元）温控细分板块电池归母 净利 率（%，p c t）营业收入（亿元）毛利 率（%，p c t）PCS集成/E P C温控电池 Table_Pagehead 8 24 6 2017-2023 7 CNESA CNESA 8 2017-2023 CNESA 2023 45.61GW 121.54%3 100%2023 47%22%19%88%2022 2pct 28%48%24%76%+2023 22GW 7.9GW 2023 10GW 67%Table_Pagehead 9 24 9 2023 10 2023 CNESA CNESA,3 3.1 2017-2023 0.39GW 31.39GW 6 CAGR 108%2023 31.39GW 2.1 2022 260%39.9%2022 18pct 59.4%60%50%2023 3.98GW 3.54GW 3.09GW 2.93GW 2.66GW 1 11 12 CNESA CNESA 41%56%3%+97%5pct Table_Pagehead 10 24 13 2023 CNESA 24 1-4 2024 2024 1-4 CESA 2024 1-4 5.75GW/15.72GWh,66.95%117.98%4 1.98 GW 31.66%199.84%6.54GWh 90.10%392.98%14 CESA+2024 1-4 2.04GW/5.52GWh 35.09%3.01GW/8.23GWh 52.32%0.70GW/1.98GWh 12.60%Table_Pagehead 11 24 15 2024 1-4 CESA 2023 2024 23 2024 1-5 283 EPC()18.35GW/52.65GWh 82.77%/95.22%3-6 1-5 16/EPC 3.2 Table_Pagehead 12 24 17 2023 EESA 2023 45 1 2023 9 2023 10 2023 11 2 2023 8 2023 11 0.35/2024 1 Table_Pagehead 13 24 18 EESA EESA+/19 EESA,2023 2023 50/10/2024 6 20 9.49/Table_Pagehead 14 24 70.11%2024 6.04%/EPC 2024 5 2h 0.57-0.85/Wh,0.66/Wh 41.6%21.4%2h EPC 0.72-2.41/Wh,1.36/Wh,17.82%3.03%EPC/EPC 20/21/EPC Wind EESA 2 EPC 1.4/Wh 0.8/Wh 0.45/Wh 80%5%/3 7.14%6.89%5.17%5%22 EESA 3.3 Table_Pagehead 15 24 23/2021 CNESA 2023 32 0.724/kWh 3.4%17 18 0.7/kWh 1/kWh 4 1.351/kWh 7.3%1.063/kWh 0.65%1.012/kWh 7.7%1.002/kWh 6.3%24 2023/kWh CNESA 2023 2022 2022 0.40 Table_Pagehead 16 24 0.59 14.25h 5203h 2022 45%65%317 25 2022-2023 26 2022-2023 2024 2024 1-5 2668 5.28GW/12.10GWh 2023 2023 9.46GW/22.10GWh 2024 27 4 4.1 23 8.7GW 2023,8.7GW,90%,7.9GW,4,Table_Pagehead 17 24 90.5%,70%2023,2023 2023 Q4 4.235GW 101%28 WoodMackenzie 2023 7.91GW 99%0.703GW 41%0.123GW 4%2023 90.54%29 2022 2023 WoodMackenzie EIA 2024 14.3GW EIA 2024 62.8GW 81%2024 14.3GW Table_Pagehead 18 24 30 2024 EIA EIA 2023 11 7.3 3.2GW 0.8GW EIA 2024 6.4GW 5.2GW 11.6GW 82%31 2024 EIA IRA FERC 24 2024 2023 EIA 2024 1-4 1.75GW 2023 185.73%2024 4 5 1.04 0.52GW 2023 267.35%197.33%2024 4 5 2024 1 2 EIA 2024 5-12 12.25GW 5-6 2021(IRA),(FERC)IRA FERC Table_Pagehead 19 24 32 2023 2024 1MW 33 2024 5-12 1MW GW EIA EIA,4.2 23 2023 Solarpower Europe 2023 17.2GWh 95.45%12GWh,118.18%69.77%3.6GWh,50%20.93%1.6GWh,77.78%9.3%34 2023 SolarPower Europe/71%2023 5.9GWh 156.52%3.7GWh 85.00%2.7GWh 92.86%34%22%15%71%Table_Pagehead 20 24 35 2022 2023 GWh 36 2023 SolarPower Europe SolarPower Europe,2022 EESA 2023H1 5.1GWh Q2 2022(5.2GWh)6.4GWh 8 3-6 2023 2024 2024 4 5 16.98/15.43 22.18%31.53%2.29 2.64 66.61%60.38%4 5 2023 37 EESA Table_Pagehead 21 24 38 39 2024 Solarpower Europe 2024 22.4GWh 2023 30.23%11GWh 21%49%28pct Solarpower Europe 2024 7.7GWh 4.5GWh,108%67%34%20%1 2023 12 177 9GW/71GWh 2030 Solarpower Europe 2024 7.7GWh,185%67%2 Solarpower Europe 2024 4.5GWh,67%82%40 GWh 41 2024 SolarPower Europe SolarPower Europe Table_Pagehead 22 24 4.3 2024 5 7.8 28.32%12.39%467.59 1.96%7.20%2023 6-7 42 43 Wind Wind 2024 5 32.98 1.96%40.94%,4 5 2024 5 94.30 16.81%11.70%,3 44 45 Table_Pagehead 23 24 5 2024(FERC)6 Table_Pagehead 24 24$en d$Table_InudstryRankInfo 6 10 6 10-10 6 10 Table_StockRankInfo 6 15 6 5 15 6-5 5 6 5 300 Table_RiskInfo Table_PromiseInfo Tale_ReliefInfo Table_AdressInfo 1528 28 2007 11