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Text |Huaxia Energy Network.As an extremely competitive part of the energy storage industry chain, what will be the performance of PCS providers in 2023?
Huaxia Energy Network learned that recently, Zhongguancun Energy Storage Industry Technology Alliance (CNESA) announced the list of the top 10 shipments of China's energy storage PCS providers.
The list shows that in 2023, the top 10 companies in the domestic market are: Kehua Digital Energy, Sineng Electric (SZ: 300827), Soying Electric, Shenghong Co., Ltd. (SZ: 300693), Inovance Technology (SZ: 300124), Xu Ji, Zhuzhou CRRC Times Electric (hereinafter referred to as "Zhuzhou CRRC"), NARI Jibao, InBev Electric and Hewang Electric (SH: 603063).
China's energy storage PCS providers are among the top 10 domestic market shipments in 2023 (**CNESA).
In 2023, in the overseas market, the top 10 companies are: Sungrow Power Supply (SZ: 300274), Kehua Digital Energy, NARI Jibao, Shenghong Co., Ltd., Shouhang New Energy, Crestec (SZ: 002518), Huazi Technology (SZ: 300490), Sineng Electric, Zhuzhou CRRC and Zhiguang Energy Storage.
China's energy storage PCS providers are among the top 10 overseas market shipments in 2023 (**CNESA).
According to reports, the ranking of the list is based on the "CNESA Global Energy Storage Database", based on the power energy storage project information submitted by energy storage companies, the shipment information of energy storage products, and the industry information obtained through public channels. Compared with the TOP10 list of PCS providers in terms of shipments in 2022, the PCS market pattern has undergone significant changes.
In the domestic market, in 2022 and 2023, the top three positions will always be occupied by Sineng Electric, Kehua Digital Energy, and Soying Electric, and Inovance Technology ranks fifth; In the overseas market, Sungrow and Kehua Digital Energy have always ranked in the top two, and Shenghong has always ranked in the top five. The market pattern of the strong is still very obvious.
Sineng Electric is the "champion" of domestic PCS shipments for two consecutive years in 2021 and 2022. In the early days, it was the leading manufacturer of photovoltaic inverters, and it has been in the domestic first-line for a long time, and then entered the field of energy storage PCS.
In 2022, the acceleration of the energy storage PCS business laid the foundation for its rapid growth in performance. According to the data, in 2022, the company's energy storage PSC and system integration products will achieve operating income of 10200 million yuan, a year-on-year increase of 6 times.
However, in 2023, although Sineng's PSC business continued to advance, it failed to maintain the first position, and was surpassed by Kehua Digital Energy and became the runner-up. In the overseas market, Sineng Electric will still be in third place in 2022, but in 2023, it will fall to eighth place.
In the domestic market, replacing the top position of Sineng Electric is Kehua Digital Energy; In the overseas market, Kehua Digital can rank second in a row in 2022 and 2023, and its position is stable.
Combining the domestic market and overseas markets, Kehua Digital can become the biggest winner in 2023.
Kehua Digital Energy has the same origin as the parent company Kehua Data Technology. Kehua Data's initial main business was UPS, which was in the first position in the industry. Because the UPS power system includes rectification, energy storage, conversion, and switching control, the working process involves current conversion and requires PCS technology. As a result, in the energy storage PCS industry, Kehua Digital Energy is in a first-mover position and has profound technology, which may be one of the important reasons why it can be recognized by customers at home and abroad.
According to reports, at present, Kehua Digital Energy's energy storage PCS customers not only include Huadian, Huaneng, Datang and other central power enterprises in China, but also include energy central enterprises such as PetroChina, China Power Construction, China Coal, etc., and overseas, covering the United Arab Emirates, Poland, Italy, Australia, the United States, Brazil and other markets.
In the overseas market, Sungrow has been in the first place for eight consecutive years.
Sungrow is a long-established photovoltaic inverter manufacturer that has been in the energy storage market since 2006. Overseas markets are the focus of Sungrow's efforts all year round. At the H1 performance briefing in August last year, Sungrow said that the overseas proportion of energy storage business is also relatively stable, at more than 80%. The United States, Europe, Asia-Pacific and Australia have a high proportion of overseas markets, while the Middle East market continues to strengthen.
However, in the domestic market, Sungrow ranked fourth in 2022, but in 2023, it fell out of the top 10 list.
There are also some new faces on the 2023 list.
In the domestic market, Xu Ji and Zhuzhou CRRC Times Electric are the two biggest "dark horses". In 2022, neither appeared in the top 10 list, but in 2023, they are in sixth and seventh place, respectively.
Xu Ji is one of the main players of energy storage PCS, and has long put forward the goal of "striving to be the first in China in the field of energy storage power electronics". According to the data, in 2022, Xu Ji's PCS shipments will be about 2GW, PCS operating income will exceed 200 million yuan, and the gross profit margin will be between 10% and 20%. And by 2023, the shipment of PCS products will exceed 45GW, revenue increased by 268% year-on-year. There are institutions**, by 2024, Xu Ji may double the revenue of PCS.
Zhuzhou CRRC is the world's largest rail transit equipment manufacturer, but it was not well known in the field of energy storage until 2021, and it will not begin to exert its strength in 2022, and quickly become a "dark horse" and a "nail household" for large energy storage orders.
According to the data, in 2022, CRRC Zhuzhou will complete the delivery of 20 energy storage system project orders, with a total of more than 10 grid-connected projects, and in 2023, the company's new energy storage industry will exceed 6 billion yuan. It is with its high growth in the field of energy storage that CRRC Zhuzhou has become the most profitable of the four core subsidiaries of CRRC since 2022.
In the domestic energy storage market, Zhuzhou CRRC has two major labels, one is the "frequent customer" of the central power enterprises, and the name of Zhuzhou CRRC is common in the bidding notice of the central state-owned enterprises; Second, it has repeatedly shaken the industry by approaching the bottom line of the cost and winning the bid at an ultra-low price.
It is worth mentioning that in the overseas market, Zhuzhou CRRC has also been promoted.
In 2023, it has moved from outside the top 10 to ninth place. Being able to occupy a place in the overseas market of PCS, which focuses on technology and quality, shows that the strength of Zhuzhou CRRC should not be underestimated. According to its official WeChat, CRRC Zhuzhou has more than 60 years of converter technology innovation and more than 20 years of energy storage technology accumulation.
In the overseas market, in addition to Zhuzhou CRRC, there are two "dark horses" that have entered the top ten list for the first time - Crestec and Huazi Technology, ranking sixth and seventh respectively.
Crestec's early main business was also UPS, which began to develop energy storage related products in 2016 and generated revenue for the first time in 2017. According to CNESA, its global shipments in 2021 ranked 10th among domestic companies. Crestec attaches great importance to overseas markets and has a layout as early as 2001. In 2021, its overseas market revenue accounted for 3582%, and in the first half of 2023, it rises to 656%。
Huazi Technology's main business is new energy and environmental protection business, which includes lithium battery equipment business, clean energy control equipment, energy storage equipment and systems, etc. In May last year, Huazi Technology said in an interview that the company can provide all key energy storage equipment except battery cells, including PCS, CCS, EMS, BMS, monitoring and protection, etc.
Huazi Technology publicly stated that the company's energy storage PCS products of various types have strong technical capabilities and product quality assurance, and the market application is expected to achieve breakthrough development in continuous growth. According to various data, the overseas users of Huazi Technology are concentrated along the "Belt and Road", especially in African countries including Ethiopia, Uganda, Zambia, etc.
Huaxia Energy Network noted that in the context of the energy storage industry has become a red ocean, competition has intensified, and production capacity has been cleared, compared with 2022, the energy storage PCS market pattern has undergone major changes.
With the intensification of the first-class war and the opening of the knockout round, the market position in 2024 is also destined to usher in greater changes. Especially in the field of PCS, as the core equipment of grid-based energy storage in the emerging technology direction, the market competition may be stronger in the coming year.