2025年风光储网行业投资策略：储能海风景气上行，电网设备稳定增长

Industry Investment Rating - The report maintains a "Recommend" rating for the power equipment industry, with a focus on the growth potential in the renewable energy sector, particularly in photovoltaics (PV), wind power, energy storage, and grid equipment [1][4] Core Views - The report highlights the upward trend in the energy storage, offshore wind, and grid equipment sectors, driven by global decarbonization efforts and the need for grid modernization [1][2][3] - Photovoltaic sector is expected to see a recovery in 2025, with global PV installations projected to grow by 15-20%, driven by demand from emerging markets and technological advancements in BC and HJT cells [1] - Wind power sector is set for high growth, especially in offshore wind, with domestic projects expected to accelerate in 2025, supported by improved regulatory frameworks and increased project reserves [2] - Grid equipment sector is poised for stable growth, benefiting from global grid investment cycles and the need to integrate renewable energy sources into the grid [3] - Energy storage sector is expected to maintain high growth, with global energy storage installations projected to reach 260GWh in 2025, a 57% year-on-year increase, driven by falling lithium carbonate prices and policy support in Europe and the US [4] Photovoltaic Sector - Demand-side growth: Global PV installations are expected to grow by 15-20% in 2025, with emerging markets in the Middle East, South Asia, and Africa leading the charge [1] - Supply-side improvements: Industry regulations have raised barriers to capacity expansion, leading to a consensus among leading companies to reduce production, which is expected to alleviate supply-demand imbalances by 2025 [1] - Technological advancements: BC and HJT cell technologies are accelerating, with HJT cells benefiting from overseas expansion trends and new silver-reducing technologies driving down non-silicon costs [1] Wind Power Sector - Onshore wind: Demand-side growth is supported by strong bidding activity, while supply-side improvements include pricing self-regulation agreements among major manufacturers, reducing price competition [2] - Offshore wind: Domestic offshore wind projects are expected to see significant growth in 2025, with a rich pipeline of projects ready for grid connection [2] - Global expansion: Chinese companies are increasingly entering overseas markets, benefiting from global offshore wind growth [2] Grid Equipment Sector - Global grid investment: The sector is in a long-term upward cycle, with developed economies needing to replace aging grid infrastructure and integrate more renewable energy sources [3] - Domestic growth: Chinese grid equipment companies are expected to benefit from increased investment in grid infrastructure, particularly in ultra-high voltage (UHV) and smart grid projects [3] - Export opportunities: Overseas business is expected to remain stable, with Chinese companies well-positioned to capitalize on global grid investment trends [3] Energy Storage Sector - Global growth: Energy storage installations are expected to reach 260GWh in 2025, driven by falling lithium carbonate prices and policy support in Europe and the US [4] - Emerging markets: Energy storage demand is rapidly increasing in regions with weak grid infrastructure, driven by the declining cost of energy storage systems [4] - Profitability improvements: Falling system prices are expected to ease profit pressures on companies, particularly in China [4]