in this round of market rebound, the slightly inferior performance of the energy storage concept began to erupt, many shares quickly pulled up, capital inflows are obvious. Energy storage is an important part of China's strategic emerging industries. In recent years, a series of encouraging policies have been accelerated to support the development of energy storage industry and promote the industry to enter the stage of large-scale development.

Huang wenzhong, an analyst at great wall guorui securities, pointed out that the scale of China's new grid-connected energy storage projects in 2024 is expected to reach 34.5GW, 85.4GWh, 43.4GW and 107.1GWh respectively under the benchmark and optimistic scenarios, corresponding to a growth rate of 74% to 118. In 2024, under the continuous promotion of the "14th Five-Year Plan" energy storage development plan and market mechanism reform, with the continuous opening of the power market and the maturity of the energy storage business model, China's energy storage industry is expected to show a good growth trend.

post-holiday energy storage sector has rebounded, mainly due to the recovery of turnover, photovoltaic production, European module inventory de-stocking exceeded expectations. Zhu Yue, an analyst at CITIC Jiantou Securities, pointed out that in terms of household storage, most companies' shipments have not yet resumed, and the turnaround node may be in the second quarter of 2024. In terms of large reserves, the domestic large reserves bid more exuberant, income policy continued to improve, maintain a high increase in judgment. This year, the global large reserves are expected to achieve more than expected growth, household storage and shipment recovery of certainty is more significant. It is expected that the future of the large storage integration leading overseas business will contribute to the performance elasticity. Household storage batteries and inverters have bottomed out and rebounded. It is suggested to pay attention to the demand elasticity of household storage inverters and battery systems under the expectation of inventory bottoming out. It is recommended to recommend Goodway, Jinlang Technology, Keshida, Helai, Deye, Yuneng Technology, Panneng Technology, etc. Pay attention to enterprises with good profitability under the continuous high growth of domestic large reserves, and suggest to pay attention to Shenghong shares, Shangneng Electric, Hewang Electric, etc; pay attention to the performance elasticity brought by overseas large storage volume to integrators, it is recommended to pay attention to sunshine power supply, Nandu power supply, Kolu electronics and so on.

Goodway (688390)

Shipments expected to resume quarter by quarter

The company's 2023 performance bulletin shows that it is expected to achieve revenue of 7.352 billion yuan, an increase of 56.1 percent over the same period last year; net profit attributable to the parent of 0.868 billion yuan, an increase of 33.7 percent over the same period last year; and net profit after deducting non-return to the parent of 0.829 billion yuan, an increase of 32.2 percent over the same period last year. CITIC Construction Investment Securities pointed out that due to the impact of market supply and demand, overseas dealers have higher inventories and intensified industry competition. In this context, the company continued to focus on the main track, promote product change and technological innovation, to research and development and market depth, brand potential to further enhance, photovoltaic inverter and household system business to achieve high-speed growth, business performance further improved. With the gradual lifting of the energy crisis, European residential electricity prices returned to normal levels, end-user storage and installation demand fell, the European market appeared more serious inventory problems, making the company's shipments in the second half of 2023 continued to decline. It is expected that with the recovery of terminal demand in the European household market in March-April, as well as the gradual de-inventory to normal levels, the company's 2024 shipments are expected to resume quarter by quarter.

Jinlang Technology (300763)

Broad space for future growth

The company continues to use share buybacks, cash dividends and other ways to reward investors and boost market confidence. As of January 31, 2024, the Company had repurchased a total of 689000 shares, representing 0.17 per cent of the Company's share capital. Dong Wu Securities pointed out that the company, as a leading company in optical storage inverters, ranked among the top three in global shipments in 2022. The company continues to iterate and update its products, and has recently upgraded to the sixth-generation technology platform, achieving multi-dimensional progress in four aspects: product performance, function, reliability and cost performance. The company's shipments slowed in 2023 as overseas demand growth slowed and dealers accumulated more inventory. Looking forward to 2024, the demand for grid-connected inverters has improved significantly since October 2023. It is expected that the energy storage will improve in the first quarter of 2024, thus driving the company's performance to resume growth. It is expected that more than 900000 inverters will be shipped in 2024, up more than 25% year on year. The subsequent reuse of industrial and commercial storage business and grid-connected channels will have broad growth space.

Wo Mai shares (688032)

large storage business gradually up

Under the background of the rapid development of the global photovoltaic industry, the company actively seizes market opportunities and promotes further growth by increasing market development and enriching product types. It is expected that the company's micro-reverse shipments will rise steadily throughout 2023, with a year-on-year growth of 10%-20%; with the gradual de-inventory, the company achieved revenue of 0.618 billion yuan in the fourth quarter of 2023, an increase of more than 80% month-on-month, highlighting the company's business resilience. Huachuang Securities pointed out that the company's layout of energy storage business earlier, and micro-reverse business collaborative development, related products mainly include energy storage inverters, energy storage systems and so on. At present, the company's energy storage inverter has completed the grid-connected certification in Germany, Poland, France, Britain, Australia, Austria, Pakistan and other countries, and began to ship in 2023. The company's large storage business gradually started, there are domestic projects won the bid. At present, the company's energy storage integrated system with an annual production capacity of 5GWh,2024 planning capacity of 10GWh, the future is expected to create the company's second growth pole.

Shenghong shares (300693)

Performance Exceeds Market Expectations

the company expects to achieve revenue of 2.653 billion yuan in 2023, an increase of 76.49 percent over the same period last year, a net profit of 0.405 billion yuan, an increase of 80.99 percent over the same period last year, and a non-net profit of 0.383 billion yuan, an increase of 80.06 percent over the same period last year. The overall growth rate of the company's revenue and net profit exceeded market expectations. Huachuang Securities pointed out that the energy storage and charging pile industry has a high prosperity. The company is the first echelon of these two industries and is expected to fully enjoy the industry development dividend. Looking forward to 2024, under the continuous promotion of the "14th Five-Year Plan" energy storage development plan, demonstration projects, new energy storage policy and market mechanism reform, China's energy storage is expected to continue to develop at a high speed. With its excellent technical strength and market performance, the company has successfully ranked among the top four of China's energy storage PCS providers in 2023, once again proving its leading position in the energy storage field. The company's industry downstream business climate is high, optimistic about the overall sector valuation repair.

Shangeng Electric (300827)

ranked first in the industry

The company's 2023 earnings forecast shows that in 2023, the company achieved revenue growth of 92.43-113.81 percent year-on-year. In December last year, the power industry statistics show that last year, the new photovoltaic installed capacity of up to 216.88GW, an increase of 148. According to Sobi PV network statistics, the company in 2023 in the domestic PV inverter tender, the winning capacity reached 14.7GW, ranking fourth. At the end of 2023, India's shipments of photovoltaic inverters successfully exceeded 10GW. At present, the market competition situation of photovoltaic inverter manufacturers has formed a stable pattern with Huawei, Sunshine Power, Shangneng Electric and Zhuzhou Variable Flow as the first echelon. CITIC Construction Investment Securities pointed out that the company is the leader of domestic centralized photovoltaic inverter and energy storage PCS, and has entered the European ground photovoltaic market and the U.S. large storage market. It is expected to continue to create good performance under the background of continuous growth of photovoltaic and energy storage at home and abroad.

Solar Power (300274)

will continue to grow rapidly

The company takes photovoltaic inverter as the core and develops wind power and energy storage system business together. In recent years, it has expanded its new track horizontally, successively laid out new businesses such as key components of new energy vehicles, microgrid energy storage and new energy hydrogen production, and is committed to providing intelligent energy solutions. It has applied intelligent technologies such as Internet of Things, artificial intelligence, big data and block chain to new energy integration application scenarios such as scenery storage integration, scenery hydrogen production, light storage and charging integration, and deeply participated in the development direction of new quality productivity. Soochow Securities pointed out that the company continues to increase R & D innovation in the fields of power electronics technology, power grid support technology, and three-power integration technology. In 2023, R & D investment reached 2.5 billion billion yuan. At the same time, we will continue to promote cost reduction and efficiency and technological innovation, promote the coordinated development of the industrial chain, supply chain, service chain and ecological chain, lead the industry's total factor productivity, and promote the high-quality development of the renewable energy industry. With the continuous enhancement of the economy and reliability of renewable energy, under the background of green transformation demand, the industry has a broad space for development. As the industry leader, the company is expected to maintain rapid growth in the future.