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Summary of Power and Public Utilities Industry Dynamics Analysis: Energy Storage Focus

This report analyzes the energy storage market, with emphasis on domestic and international developments in 2023. The key points include strong market performance, price stabilizations, policy impacts, and investment opportunities, along with associated risks.

Market Overview: The energy storage index rose sharply in June 2023, with a 370% increase compared to the 116% rise in the CSI 300 Index, outperforming the market by 254 percentage points.

Domestic Large-Scale Storage: In June, domestic large-scale storage bidding volume decreased by 320% month-on-month, but prices stabilized after a series of declines. EPC and system prices showed improvements, driven by falling battery costs (e.g., lithium carbonate prices dropped 292%, from 680 yuan/kWh in January to 68 yuan/kWh in June), enhancing project economics and demand.

Domestic Commercial/Industrial Storage: Rising peak-valley electricity price differences, particularly in 24 regions with differences exceeding 7 yuan/kWh, stimulated demand. Factors like summer peak pricing and temperature-related outages boosted interest in commercial storage applications.

Overseas Developments:

• Germany: Household storage installations grew significantly in 2023, with a 140% year-on-year increase in June, supported by high resident electricity prices.
• Italy: Q1 2023 saw substantial growth in household storage capacity (+479% year-on-year).
• United States: Overall storage growth slowed in Q1, but June-December 2023 projections indicate a potential 136% increase in new installations compared to 2022.

Investment Recommendations: Target companies include:

• For large-scale storage: Suppliers with technological advantages and product synergy like Shenghong Energy, and emerging integrators like Jinpan Technology.
• For commercial storage: Firms offering innovative solutions like Kel Energy and Cerneta Technology, benefiting from policy support and economic benefits.
• Additionally, South Grid Energy Storage operators are recommended for regional projects.

Risk Factors: Key risks include delayed policy implementation, project execution delays, potential adjustments in electricity prices, and challenges in international market expansion, which could impact growth trajectories.