平安证券：大储企业非美市场拓展可期推荐阳光电源(300274.SZ)等

智通财经2025-06-20

智通财经APP获悉，平安证券发布研报称，大储主要企业商业模式和区域布局各异，非美市场出海布局可期。国内大储企业商业模式和区域布局各异，国际竞争力整体强劲。展望全年，该行看好欧洲、中东、澳洲等大储市场需求增长，后续将重点关注各参与者在上述市场的业务进展。推荐：光伏逆变器和大储环节领军者、全球市场竞争力强的阳光电源(300274.SZ);海外市场拓展顺利、重视欧洲和中东新兴市场的上能电气(300827...

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Recommend Sungrow (300274. SZ) and others","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"161027":1,"300274":1},"content_text":"智通财经APP获悉，平安证券发布研报称，大储主要企业商业模式和区域布局各异，非美市场出海布局可期。国内大储企业商业模式和区域布局各异，国际竞争力整体强劲。展望全年，该行看好欧洲、中东、澳洲等大储市场需求增长，后续将重点关注各参与者在上述市场的业务进展。推荐：光伏逆变器和大储环节领军者、全球市场竞争力强的阳光电源(300274.SZ);海外市场拓展顺利、重视欧洲和中东新兴市场的上能电气(300827.SZ);国内大储市场地位领先、加速拓展海外业务的海博思创(688411.SH)。平安证券主要观点如下：大储企业基本面：盈利表现分化，阳光、上能亮眼大功率光储产品包括大储逆变器、大储系统，以及用于光伏地面电站的集中式和大组串式逆变器，业内通常概称为“大机”。大机环节产品和渠道壁垒较高，业务模式以to B或to G为主，参与者需要具备大功率产品的研发能力，同时需具有大型项目案例积累、对电网有深厚理解，有提供完整服务的能力。选取阳光电源、阿特斯、海博思创、科华数据、上能电气、盛弘股份6家企业作为代表性企业，对其业务情况进行比较分析。6家企业业务布局各有侧重，2024、25Q1业绩表现分化。2025年第一季度，大储环节6家参与者中5家营收同比增长，或受益于中美市场抢装;净利润表现分化，阳光电源、上能电气一季度盈利同比表现突出。业务布局：商业模式各异，海外大储贡献增量6家参与者布局各异：阳光电源、上能电气以大型光伏逆变器为主业，迅速拓展大储系统业务;海博思创聚焦大储系统集成业务;阿特斯主营光伏组件，海外大储业务快速发展;科华数据覆盖光储逆变器和数据中心两大主业;盛弘股份覆盖电动汽车充电桩和光储逆变器两大主业。大储业务方面，2024年海外大储需求较好，阳光电源、上能电气业绩受益;海博思创作为国内大储领先企业，2024年营收同比亦增长。各企业大储商业模式和地域分布不同，毛利率存在差异：阳光电源主要面向海外市场，销售储能系统产品，2024年毛利率为6家中最高(36.7%);阿特斯同样面向海外高毛利市场，但业务模式包括工程承包等，毛利率低于纯产品销售模式。海博思创、上能电气、科华数据以产品销售为主，储能业务部分面向国内市场，毛利率低于海外占比居多的其余三家。区域布局：欧洲、中东、澳洲等非美市场需求可期海外大储市场空间广阔，主要参与者海外业务可期。区域布局来看，2024年阳光电源、阿特斯海外业务占比较高;上能电气、阿特斯、海博思创境外业务占比快速增长。国内大型光储需求短期面临不确定性，但海外大储空间可期。根据储能与电力市场不完全统计，2025年1-5月国内储能企业海外战略合作/订单/项目的签约规模达150GWh;其中，中东、澳洲、欧洲签约规模分别为46/30/15GWh。欧洲大储、工商储需求有望迎来增长，SPE预计2025年新增装机分别为16/36GWh，同比增速分别为86%/62%;中东、印度光储需求有望在政策扶持下继续增长;澳大利亚大储市场回报优良，项目管线快速增长。国内企业在非美大储市场拓展的机遇可期。风险提示：1.各市场需求增长不及预期的风险。2.全球市场竞争加剧的风险。3.市场限制政策收紧的风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"isLaohu8Offline":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.44.1","shortVersion":"4.44.1","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2544116342","isCrawlerRequest":true}

平安证券：大储企业非美市场拓展可期 推荐阳光电源(300274.SZ)等

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平安证券：大储企业非美市场拓展可期推荐阳光电源(300274.SZ)等