On November 3, Atlas released a record of investor relations activities in October.
The content shows that Atlas shipped 19.9 GW in the first three quarters of this year, including 5.1 GW in the third quarter. In terms of energy storage, the company shipped 5.8GWh of large-scale energy storage in the first three quarters, with a year-on-year growth of 32%; in the third quarter, the shipment reached 2.7 GWh, with a year-on-year growth of 50% and a quarter-on-quarter growth of 27%, setting a new quarterly shipment record.
Regarding the situation of anti-involution in the photovoltaic industry, Atlas said that the upstream links such as polysilicon materials and silicon wafers have achieved initial results, and the downstream component links are greatly affected by the start-up rhythm of photovoltaic projects . At present, the price of components has stabilized and there is no extreme low price. It shows that anti-involution has a certain effect on price stabilization. However, the downstream price has not yet rebounded, and the upstream price has risen, so the enterprises in the middle and lower reaches are still facing greater pressure. The anti-involution of photovoltaic downstream still needs to be released by some policies on the demand side of downstream power plants.
In response to the issue of energy storage shipments, Atlas replied: "The company's global energy storage shipments this year are expected to be 7-9 GWh , which is expected to be completed according to this guidance.". Next year's energy storage shipments are expected to increase significantly from this year, and the specific forecast range will be released in a week or two through the announcement of U.S. stock Atlas, which will provide formal guidance on 2026 shipments. Energy storage shipments are basically mainly overseas.
The original text is as follows:
1. What new demands does the development of AI bring to the field of energy storage, especially in the application of data centers? What is the progress of the company's order acquisition and project docking in relevant markets?
Answer: The application of energy storage in the field of AI, especially for the energy storage needs of data centers, has become a new development direction, which involves new technical requirements in power electronics, EMS and response speed, and is still in the stage of gradual advancement.
2. How is the PV industry expected to develop in terms of price trends and anti-involution measures?
Answer: Upstream links such as polysilicon materials and silicon wafers have achieved initial results in anti-involution. The quarterly reports of some enterprises show that losses have narrowed or losses have been turned into profits, indicating that the industry is gradually returning to rationality. The downstream module link is greatly affected by the start-up rhythm of photovoltaic projects. At present, the module price has stabilized, and there is no extreme low price, indicating that anti-involution has a certain effect on stabilizing the price. However, the downstream price has not yet rebounded, and the upstream price has risen, so the enterprises in the middle and lower reaches are still facing greater pressure. The anti-involution of photovoltaic downstream still needs to be released by some policies on the demand side of downstream power plants.
3. What is the outlook for the profit and price trend of energy storage business in the fourth quarter and next year?
Answer: When we signed forward orders for energy storage projects, we expected a relatively healthy gross profit margin, rather than a profiteering market. At the same time, our fixed assets investment in energy storage is lighter than that in photovoltaic, and the conversion ability from gross profit to net profit is relatively strong, which is still converted into a higher net profit margin under some twists and turns in the third quarter.
4. How to judge the trend of global energy storage demand? In the case of changes in domestic policies, has the business model of energy storage run through?
A: Industry reports vary widely in their forecasts for the future growth of global energy storage. At present, it focuses on high-price markets, including the United States, Canada, the United Kingdom, Australia and some South American countries, while actively developing the Japanese and European markets, where project reserves have increased significantly. China's energy storage market is expected to be more market-oriented, which will benefit enterprises with advanced technology and strong solution capabilities, especially first-line manufacturers. With the advancement of domestic energy storage marketization, enterprises will benefit from the increasing willingness to develop energy storage power stations .
5. Is it necessary to raise the guidance for energy storage shipments this year? And shipment expectations for next year?
A: The company's global energy storage shipments this year are expected to be 7-9 GWh, which is expected to be completed according to this guidance. Energy storage shipments next year are expected to be significantly higher than this year, and the specific forecast range will be released in a week or two through the announcement of U.S. stock Atlas, which will provide formal guidance for 2026 shipments. Energy storage shipments are basically mainly overseas, and Atlas is also a model for overseas energy storage to go out.
6. How to deal with the requirements of FEOC and the tariff impact on exports from China or Southeast Asia to the United States?
Answer: The company is actively promoting OBBB's response plan on FEOC compliance, including the use of the company's own capacity in Southeast Asia and the United States, as well as the adjustment of the supply chain, to meet the FEOC-related proportion requirements. In addition, as energy storage projects that start before the end of 2025 can still be eligible for FEOC exemption, there is some flexibility for demand customers in 2026. For the new tariff, the tariff cost has been taken into account in the quotation process of the newly signed order.
7. What is the outlook for the price of raw materials for batteries next year?
A: Overall, we do not expect significant fluctuations in the price of energy storage cells. Lithium carbonate resources are not in short supply, and with technological progress, low-cost resources are in sufficient supply. The current supply chain tension is mainly a phased phenomenon, which is related to the mismatch between capacity type and demand caused by production line switching, while short-term policy factors also cause a certain demand for rush loading. Prices will stabilize in the long run. The company has advanced the strategic layout, Dafeng battery factory has been running smoothly, self-built capacity is not a complete substitute for outsourcing, but to strengthen the control of technology, R & D and production process, so as to respond quickly to major changes in the market.
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