On October 29, Sunshine Power released a record of investor relations activities.
In this exchange, Sunshine Power expressed confidence in achieving this year's 40-50G Wh energy storage shipment target, and the target for next year is still under discussion.
However, for the global energy storage market next year, Sunshine Power believes that it will maintain a relatively high growth rate of about 40%-50% . Energy storage has changed from the original point-like market to a global situation of full blossom . The overall growth rate is still relatively fast:
" Europe is expected to grow by about 50% in the next three years. In addition, the European Industrial and Commercial Reserve has experienced explosive growth this year and is expected to maintain a relatively rapid growth next year.
"The growth in the Americas is mainly in two countries, the United States and Chile. The growth in the United States is mainly due to the development of AI, which brings a lot of new power load demand.". The Middle East and Africa markets are also growing rapidly, and large projects have been tendered and landed one after another. Asia Pacific markets such as India and Australia have also maintained rapid growth.
The original text is as follows:
1. Shipment and regional structure of the Company's energy storage business in the first three quarters? Next year's global energy storage market growth, especially the judgment of the three major markets of the United States, Europe and China and the company's shipment target for next year? The company's energy storage shipment target for this year is 40-50GWh , which is confident to be completed, and the shipment target for next year is still under discussion and planning. Next year, we believe that the global energy storage market will maintain a relatively high growth rate , about 40%-50% . First, the demand for new energy distribution and storage is increasing, and second, the service cycle of some overseas power grids is very long. From the perspective of power grid security and stability, there is also a demand for distribution and storage. Third, driven by policies, the demand for dynamic electricity prices in Europe is also erupting in the user-side market, so it is judged that energy storage will continue to maintain a relatively rapid growth trend next year. The logic that the company has been sharing with you is that when new energy reaches a certain proportion, it needs to be balanced by energy storage, and the increase of energy storage brings new development space to new energy. New energy and energy storage are basically spiraling development logic, which has been deduced in Europe, the United States, Asia-Pacific and many other markets. There are some new changes in
China's energy storage market this year, gradually shifting from the mandatory distribution and storage market to the value-driven market , and the driving factors have changed: the first is the development of the spot market. In 2025, many provinces are entering the spot market, and the peak-valley difference of new energy prices is increasing. Expansion of arbitrage space for energy storage to participate in the spot market; Second, with the development of the capacity market, many provinces have successively introduced the capacity compensation tariff, and the investment returns of the provinces with the introduction of the capacity tariff are generally better. The energy storage itself has the economy to drive the development of domestic energy storage. It is estimated that the newly installed capacity of domestic energy storage will be about 130 GWh this year . Further growth between 150GWh and 200GWh next year. The
European market is mainly driven by the following factors: first, the high penetration rate of wind and solar power naturally requires the balance of energy storage; second, the security requirements of the power grid, the average service life of the European power grid is long, the cost of transformation and new construction is high, and energy storage is needed to delay the demand for power grid transformation; The third is the gradual improvement of the European spot market, ancillary services, capacity market and other mechanisms; The fourth is It is estimated that the growth rate in Europe will be about 50% in the next three years. In addition, the explosive growth of European industrial and commercial reserves this year is expected to maintain a relatively rapid growth next year, driven by the release of dynamic electricity prices in Germany and other countries, and the user side can reduce electricity costs through energy storage. The growth in the Americas is mainly in two countries, the United States and Chile. The growth in the United States is mainly due to the large amount of new electricity load demand brought by the development of AI. The Middle East and Africa markets are also growing rapidly, and large projects have been tendered and landed one after another. Asia Pacific markets such as India and Australia have also maintained rapid growth. Energy storage has changed from the original point-like market to a global situation of full blossom, and the overall growth rate is still relatively fast.
2. The company's judgment on the guarantee of battery supply and the future price? At present, there is no obvious fluctuation in the price of lithium carbonate, the supply and demand are relatively benign, and the price is relatively stable. Some time ago, the supply of 314 batteries was somewhat tight, mainly due to the short-term capacity shortage caused by the high growth of global energy storage , but the overall capacity is still sufficient, the capacity of manufacturers is gradually revitalized, the tension is slowly slowing down, at present, the supply is relatively benign and stable. We have established long-term strategic partnerships with many excellent battery manufacturers in the industry to ensure the supply of batteries in various ways, and the overall judgment is that the company's supply of batteries will remain stable next year.
3. Progress and orders of AIDC business of the Company? Expectations for US shipment growth in 2026?The logic of AIDC is that we have advantages in high voltage, the company's inverters and energy storage systems are generally 1500V, 800V is our area of expertise, and we also have technology precipitation in solid-state transformers, which has been pre-studied for about 10 years in 35KV solid-state transformer technology, and has a deep accumulation of technology. Many customers in the third data center hope to supply green power directly. We see that the white paper released by Invida mentions the scheme of SST distribution and storage. We have advantages in this respect. We can provide the whole power supply architecture from green power to high voltage DC to cabinet to board to achieve precise power supply solutions. We will strive to cooperate with international cloud manufacturers and domestic Internet companies. Carry out product project establishment and development, and strive to achieve product landing and small-scale delivery in 2026. Energy storage in the United States will be about 40-50G Wh next year . The rapid development of AI will bring about a power gap. There are several solutions to the power gap. The co-construction of optical storage will become a relatively fast solution. We believe that the demand for energy storage in the United States is still relatively strong.
4. How much energy storage space does the scheme of AIDC with large storage bring? The data center can be understood as a load with high energy density. Firstly, it requires high power reliability and cannot interrupt the power supply. Secondly, the load fluctuates greatly, which has an impact on the power grid and its own power supply system. At the same time, the power cost of the data center accounts for half of the operating cost, and the efficiency requirement is very high. Based on these three characteristics, the application value of energy storage in data center is great. First, energy storage can help the data center solve the problem of capacity; second, the data center fluctuates greatly, and energy storage is needed to support such a peak load; third, the cost of electricity consumption in the data center is very high, and energy storage can adjust the power consumption strategy to achieve peak-valley arbitrage and reduce electricity charges.
5. Is there an AIDC application scenario for the company's energy storage this year? For databm, the price depends on the positioning of energy storage, and the price corresponding to different energy storage time is also different. The whole is one project, one discussion, and different projects and different manufacturers will be different.
6. Is there a price linkage mechanism between energy storage system and energy storage battery core? At that time, the price of lithium carbonate changed a lot, linkage is meaningful, now the whole is in a stable state, if the upstream price increases, the company will also appropriately transmit to the downstream.
7. What are the specific reasons for the substantial improvement in net operating cash flow? At the same time, there is a structural impact, the domestic and overseas business models and delivery conditions are different, and the overall efficiency of overseas collection is higher; the company itself has also made a lot of efforts to improve the accounts receivable, such as refining the credit management of customers, the management of accounts receivable in the later period, strengthening the assessment of collection efforts, and so on, with a variety of programs in parallel, gradually improving cash flow.
8. Specific product types and corresponding customer groups of AIDC power supply? Is there a better synergy between data center storage and energy storage? Is the docking of cloud vendors at home and abroad promoted synchronously? At present, the company gives priority to primary power supply, and the pace of secondary power supply will be slower. With regard to distribution and storage, the scale of global data center distribution and storage is calculated according to the load of data center, and the strong demand of data center brings strong demand for distribution and storage. Now domestic and foreign manufacturers are in contact.
9. Is it possible that the data center with all-weather green power supply will become the mainstream way? In addition, energy storage needs to be configured for a long time. Preliminary estimates show that the cost of 60% -70% green power is acceptable, and the cost of 100% power supply may be doubled. Generally speaking, the multi-element power supply scheme which realizes partial supply through green electricity is expected to be the mainstream way.
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