电力设备行业：从电价逻辑探讨海外工商储需求空间–欧洲、东南亚和非洲市场

国盛证券2025-07-02

2025 年来，我们注意到海外工商储需求快速爆发。本篇报告我们拟从电价角度探讨三个问题：1）海外工商储需求为何爆发？2）降本后工商储经济性如何？3）怎么看海外工商储需求空间？工商储供需探讨：电价政策&应急备电为工商储底层需求，系统成本下降带动需求进一步放量。需求端：1）欧洲：工业电价水平远高于美国，配备工商储可平滑发电波动，降低企业端用电成本。2）东南亚：发电成本（煤炭、天然气价格上涨）上升推高...

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