20freenodepositcasino2021| Huatai Securities: There is support for household savings or continuous catalysis in the underlying performance of the Chinese and American markets

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Zhitong Financial APP learned that Huatai Securities released a research report saying that domestic grid connection and bidding data were strong at the beginning of 24 years. In the United States, the number of installations increased year on year in March and April, and the construction progress was more than half.20freenodepositcasino2021The proportion of projects increased significantly. The bank believes that the Chinese and US markets are expected to maintain high growth in energy storage capacity over the past 24 years, and the performance of the relevant targets for the year is supported. European household storage is still in progress, the bank is expected to be completed by the end of 24Q2 to Q3, the relevant target performance has been confirmed at the bottom, photovoltaic inverter improvement pace is faster than household storage, plate-related companies scheduling, shipments and other positive signals continue to release catalysis, this year performance is expected to achieve quarter-on-quarter improvement, the recent plate may have band valuation rebound market.

The main points of Huatai Securities are as follows:

Domestic: grid-connected bidding data is strong and is expected to maintain a high growth in 24 years.

Domestic energy storage installation and bidding data continue to increase. According to CNESA statistics, the scale of grid connection in April 24 was 1.20freenodepositcasino2021.24GW / 520freenodepositcasino2021.13GWh, year-on-year + 18% Universe 117%, month-on-month + 58.4% Accord 18.9% Ten. From January to April, the grid connection scale is 14.9GWh, year-on-year + 230.4%. From January to April, the bidding scale reached 15.27GW / 41.65GWh, which was + 140% and 135% compared with the same period last year.20freenodepositcasino2021We think it can form a strong support for 24 years of installed capacity. According to EESA, the installed scale of energy storage on the side of Chinese users has been 1.89GW/4.77GWh in 23 years, while from January to April, the filing scale has reached 3.71GW / 8.02GWh. We believe that the domestic energy storage will continue to be high, and the neutral forecast will reach 72.6GWh, which is + 55.8% compared with the same period last year.

The United States: the installed capacity of energy storage has increased rapidly, and the proportion of projects in more than half of the construction progress has increased significantly.

The installed capacity of energy storage in the United States continued to increase in April compared with the same period last year. According to EIA statistics, the installed scale of energy storage in the United States in April 24 was 523.3MW/1129.9MWh, with a power caliber of + 195.6% compared with the same period last year. From January to April 2004, the installed scale of US Energy Storage increased by 1759.3MW/3089.1MWh, which was + 186.3% and 830.5% compared with the same period last year. After the off-season in January-February, the data in the United States have been strong since March. According to EIA, by the end of April 24, the installed scale of the energy storage plan has reached 32.95GW, of which 17.9% are under construction and more than 50% progress, and the proportion has increased significantly from 8.5% in September 23 to 9.4pct.

20freenodepositcasino2021| Huatai Securities: There is support for household savings or continuous catalysis in the underlying performance of the Chinese and American markets

Europe: the demand for household savings has weakened, and the demolitions continue.

In Europe, the cumulative new installed capacity of German household savings declined in April and 24 years compared with the same period last year. From January to April, the installed 1550MWh was-12.19%, and that of stored 338MWh in April was-9.63% compared with the same period last year. As of May 20, the price of natural gas in Europe was 32.93 euros / MWh, basically returning to the mid-21-year level. Wholesale electricity price shows a downward trend and is gradually transmitted to residents. European household inventory is still under way, and we judge that inventory will return to normal by the end of 24Q2 to Q3. Photovoltaic inverter Q2 seasonal improvement superimposed new market volume, Q2 shipments showed a significant month-on-month increase, April domestic exports of 4.93 billion yuan, month-on-month + 15.2%, rebounded to the level of September 23.

Risk Tips:

Demand growth slows, market competition intensifies, upstream raw material prices rise sharply, and supporting policies fall short of expectations.

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