储能行业东风已至，五大高景气储能设备成长赛道未来可期-华安证券.pdf
S0010522070003 2023 年1 月12日 1 2 - 3 - 4 - 5 - 6 - 7 01 1.1 4 1 2022 / / / /kWh MW 1-24h min 70-80 15000-25000 0.21-0.25 - MW 1-24h min 65-75 15000-25000 0.20-0.24 kW- MW m-h ms 65-75 5000-15000 0.7-1.0 kW- MW NA NA 30-50 NA NA 50-80 /kg kW- MW s-30min ms 90 10000 9.2-12.7/ /MW kW- MW s-m ms 70-95 10000 12.7-17.3 /MW kW- MW m-h ms 50-85 300-1500 0.5-0.7 kW- MW m-h ms 85-95 6000-10000 0.6-0.8 kW- MW m-h ms 80 3000 0.9-1.2 1.2 5 PCS 2 1.2 6 60 PCS 20 5 2 3 60 PCS 20 2 5 2 11 PCS PCS 10 PCS 20 1.3 7 CNESA 2021 7GW 2025 41.3GW 55.85 2021 1.8GW 2025 23.3GW 89.68 5 CNESA 4 0.4 0.7 1 3.7 2.9 4.7 7 14.3 17.8 29.3 41.3 75.00 42.86 270.00 -21.62 62.07 48.94 104.29 24.48 64.61 40.96 -50.00 0.00 50.00 100.00 150.00 200.00 250.00 300.00 0 5 10 15 20 25 30 35 40 45 2015 2016 2017 2018 2019 2020 2021 2022E 2023E 2024E 2025E GW 0.6 0.6 1.6 1.8 5.9 7.2 14.4 23.3 0.00 166.67 12.50 227.78 22.03 100.00 61.81 0.00 50.00 100.00 150.00 200.00 250.00 0 5 10 15 20 25 2018 2019 2020 2021 2022E 2023E 2024E 2025E GW CNESA CNESA 1.3 8 CNESA 2021 19.5GW 203.5GW 1.5 /wh PCS 10 2023 32.6GW CNESA 6 GW GW 2021 203.5 19.5 2022 217.8 25.4 2023E 235.6 32.6 2024E 264.9 47.0 2025E 306.2 70.3 1.3 9 2021 2025 3000 3-4 10 CNESA 7 1.4 10 8 2022 2022 6 ; ; ; ; ; ; ; 2022 4 ; 2022 2022 3 2022 2 2025 2030 2021 2021 12 1.5 11 9 885921.TI iFinD 0 500 1000 1500 2000 2500 2021-04-23 2021-07-08 2021-09-16 2021-12-06 2022-02-22 2022-05-10 2022-07-20 2022-09-29 2022-12-15 2021 4 21 2021 12 2022 4 2022 8 1 2 - 3 - 4 - 5 - 6 - 7 02 - 2.1 14 10 / / / / / / / / 11 280AH 2.2 15 280Wh/kg 170Wh/kg 5000 60 - - - 12 2.3 16 PACK 1 LCO LMO LFP NCM/NCA 2 3 0.8 /kwh 2022 13 / /GWh / / / /Wh 2200 27.14 0.597 1400 4.76 0.067 800 9.65 0.077 1400 /GWh 2.55 / 0.036 0.777 2.4 17 iFinD 14 EPS PE 2021A 2022E 2023E 2024E 2021A 2022E 2023E 2024E 688063.SH 314.68 2.04 6.81 15.24 21.45 154.11 46.19 20.65 14.67 300750.SZ 433.50 6.52 11.52 17.97 24.16 66.46 37.64 24.13 17.95 002594.SZ 277.30 1.05 4.88 8.63 12.51 265.09 56.85 32.13 22.18 300014.SZ 84.85 1.42 1.67 3.22 4.84 59.62 50.74 26.39 17.52 / / / / / / / / / 300068.SZ 23.46 -1.58 0.84 1.11 1.76 -14.81 28.10 21.23 13.31 002074.SZ 30.65 0.06 0.25 1.01 1.51 535.11 124.24 30.41 20.34 002460.SZ 73.13 2.59 9.48 10.28 11.35 28.21 7.71 7.11 6.44 300207.SZ 22.15 0.49 0.59 1.30 1.75 45.05 37.52 17.09 12.62 2023 1 12 2.5 18 2023 GWh / / 75 16 15 2.5 19 0.1-0.2 /wh 0.8 /wh 0.5 /wh LCOS / 0.21-0.25 /kWh ✓ 1500 /kWh 6000 / 0.25 /kWh 300
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