Recently, Atlas Sunshine Power Group Co., Ltd. released a record of investor relations activities. Zhuangyan, president of the company, Pan Naihong, chief financial officer, Xu Xiaoming, secretary of the board of directors, and Zhang Lichen, representative of securities affairs, participated in the reception and responded to the shipment volume and capacity planning . According to
Atlas, module shipments are expected to be 7.5-8GW in the second quarter of 2025 and 25-30GW in the whole year . In terms of energy storage , Atlas expects energy storage system shipments to be 2.4-2.6G Wh in the second quarter of 2025 . It is expected to be 7.0-9.0 GWh for the whole year.
As of March 31, 2025, Atlas Energy Storage Technology (e-STORAGE) has a reserve of about 91 GWh energy storage system orders, including long-term service agreements . The amount of orders in hand with signed contracts is 3.2 billion US dollars (equivalent to about 22.98 billion RMB).
In terms of capacity planning, Atlas said that in view of the current photovoltaic market situation, it will be more cautious about domestic production expansion, and capacity planning will be inclined to energy storage and overseas high-profit markets in order to optimize the capacity structure. At the same time, we should pay close attention to policy and market changes, accelerate the transfer of some manufacturing and procurement links of photovoltaic and energy storage to areas with relatively low tariff costs.
The original text is as follows:
1. Outlook for the second quarter of 2025?
According to the Announcement on Voluntary Disclosure of the Company's Controlling Shareholder's Results for the First Quarter of 2025 and the Business Outlook for the Second Quarter of 2025 and the Year of 2025 issued by the Company on May 16, 2025, the module shipments in the second quarter of 2025 are expected to be between 7.5 and 8.0 gigawatts. The whole year is expected to be between 25 and 30 gigawatts (considering the current market price of photovoltaic products, the company has made a balance and trade-off between price and quantity). Energy storage system shipments are expected to be between 2.4 and 2.6 GWh in the second quarter of 2025 and between 7.0 and 9.0 GWh for the full year. (Due to the uncertainty of tariff in 2025, the company has adjusted the shipment forecast of energy storage systems, and some of the affected projects may be postponed to 2026.)
2. The energy storage shipment in the first quarter of 2025 is about 800MWh. I would like to ask your company to look forward to the energy storage shipment in the second quarter and the rest of this year. Under the current tariff background, is there any adjustment to the original annual energy storage shipment target in 2025? The shipment volume in the
first quarter is the seasonal decrease caused by the delivery rhythm of signed orders, and the shipment volume of energy storage in the second quarter is expected to be 2.4-2.6G Wh, with a significant increase in shipment volume. The current tariff policy has been eased, and we are working with customers to evaluate the follow-up order arrangements, and will make good use of the current window period to grasp the shipment. Shipments outside the United States are normal, and the company is a leading energy storage system integrator in major overseas storage markets such as North America, Europe, Australia and Latin America. Under the current tariff background, the company expects to ship 7.0-9.0 GWh of energy storage system in 2025.
3. What is the corresponding relationship between the energy storage 91GWh order reserve and the $3.2 billion order announced by the company?
As of March 31, 2025, Atlas Energy Storage Technology (e-STORAGE) has a reserve of about 91GWh energy storage system orders, including the signing of long-term service agreements, the amount of signed contracts in hand is US $3.2 billion (equivalent to about RMB 22.98 billion). This 91GWh is a project reserve, covering orders at different stages of signing, which can provide strong support for future signing. At present, the amount of signed orders is $3.2 billion.
4. What tariff levels are acceptable to US energy storage customers?
A: The tariff level acceptable to customers is higher than we thought. For the customer, whether the project is postponed or cancelled, it will have a significant impact on the customer's investment and premise investment.
5. Apart from TOPCon, what are the new views on HJT, BC and other technologies this year?
Different technical routes have different advantages in different application scenarios. In the period of deep integration of the industry, the company gives priority to the commercial value of different technology routes. In terms of R & D, the R & D companies of TOPCon upgrade and new technologies such as HJT and BC have not stopped.
6. What is the company's expansion plan and capacity plan for this year?
In view of the current photovoltaic market situation, we will be more cautious about expanding domestic production, and our capacity planning will be inclined to energy storage and overseas high-profit markets in order to optimize the capacity structure. Pay close attention to policy and market changes, accelerate the promotion of some manufacturing and procurement links of photovoltaic and energy storage, and transfer to areas with relatively low tariff costs.
7. What is the profitability of energy storage in the United States, the United Kingdom, Canada, Japan and other markets and the competition in the European market? The gross profit of
large-scale energy storage is affected by the price of upstream batteries and downstream demand, and the orders signed and delivered in the next year or so maintain healthy profits, and the delivery scale is expanding. The United States, Canada, the United Kingdom, the European Union, Japan and other markets have better profits. The competition of simply selling hardware equipment (such as DC system) is fierce, but the barrier of system integration level is high, which requires localized technical support, grid docking, long-term service in the later stage, etc. With large investment and complex technology, investors require system integrators to assume long-term responsibility, and enterprises with risk-taking ability and localized service ability can maintain a better competitive position and profit.
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