Energy storage maintains high prosperity; 23 stocks report positive earnings

Securities Times reporter Liang Qiangang

On March 31, at the opening ceremony of the 14th International Energy Storage Summit and Exhibition, the “Energy Storage Industry Research White Paper 2026” (abbreviated as the “White Paper”) released by the Zhongguancun (000931) Energy Storage Industry Technology Alliance (CNESA) showed that, as of the end of 2025, China’s newly added energy storage capacity of new-type energy storage exceeded 100GW, accounting for more than two-thirds of the country’s total electricity energy storage scale. In the global new-type energy storage market, its share surpassed 50% for the first time, reaching 51.9%.

The “White Paper” expects that from 2024 to 2035, the cumulative installed capacity of global battery energy storage will surge by 8 to 17 times. The global energy storage installed-capacity landscape will shift from being dominated by China, the United States, and Europe, gradually expanding to regions such as India and the Middle East.

CNESA expects that after the industry experiences explosive growth in the early stage, it will enter a period of growth-rate switching. From 2026 to 2030, the conservative and ideal scenario annual compound growth rates will be approximately 20.7% and 25.5%, respectively. Although the relative growth rate will slow somewhat, the absolute incremental amount will still remain at a high level.

Liu Deshun, chief engineer of the National Energy Administration and director of the Department of Energy Conservation and Science and Technology Equipment, said that in the “15th Five-Year Plan” period, new-type energy storage will become the main carrier for adding flexible regulation capability to power systems. At the same time, the rapidly developing new-type energy storage industry also faces challenges, such as the need to further improve market mechanisms and project management standards, and the need to further enhance the maturity of some energy storage technologies.

Regarding the future market situation for energy storage cells, Huang Feng, president of Chint Neng New Energy Co., Ltd., said that from 2026 to 2027, energy storage cells will be in a relatively tight state, and the supply-demand relationship will be the determining factor. Huang analyzed that China’s cell production and sales account for more than 90% of the global total; in 2025, China’s domestic production and sales are about 600GWh (according to company estimates). In the second half of the year, a “shortage of a single cell” has already emerged, with actual production capacity of over 500GWh. If the industry average growth rate of 35% is applied, this year’s demand will reach 800GWh to 850GWh, and the whole market will still face pressure.

Guoxin Securities said that global energy storage demand is entering a phase driven by both domestic and overseas factors: China’s capacity-linked electricity price policy rollout has sparked an explosion of market-driven orders; in the United States, a surge in data center loads has led to a shortage of power supply, accelerating the installation of large-scale storage; and in Europe, an unstable power grid combined with high natural gas prices is stimulating demand for residential storage as well as commercial and industrial storage.

Soochow Securities believes that at the national level, the introduction of capacity compensation electricity tariffs, continued support from energy storage for data centers in the United States, and many projects in Europe and the Middle East will drive strong demand for large-scale storage. In addition to Australia’s residential storage policy, countries including the United Kingdom and Poland have strengthened subsidies for residential storage. Residential storage is entering a new round of growth cycle, commercial and industrial storage will continue to grow, and it is expected that global energy storage installed capacity will grow by more than 60% in 2026.

In terms of performance, according to statistics from Securities Times · Data News, based on the lower limit of attributable net profit for 2025 annual reports, performance express reports, and profit forecasts (if there is no lower limit, the figure in the announcement is used), there are 23 energy-storage concept stocks whose attributable net profit year-on-year growth includes those turning from loss to profit. Four companies turned from loss to profit in attributable net profit: Enjie Co., Ltd. (002812), G. B. S. S. Co., Ltd. (600884), Penghui Energy (300438), and Goodwe (固德威).

Enjie expects attributable net profit for 2025 to be between 109 million yuan and 164 million yuan, turning from loss to profit year-on-year. The company said that since the third quarter of last year, downstream demand in the lithium battery separator film industry has continued to grow. At the same time, benefiting from improvements in industry supply and demand conditions, separator product prices have gradually stabilized, and some product prices have rebounded.

Among the non-turn-to-profit stocks, Lead Intelligent (300450), TianCi Materials (002709), and RuiTai New Materials have relatively high growth rates in attributable net profit. Lead Intelligent achieved attributable net profit of 1.564 billion yuan in 2025, up 446.58% year-on-year. During the reporting period, the company helped multiple global leading enterprises complete GWh-level energy storage project deliveries in the energy storage equipment sector, with a cumulative order scale that leads the industry.

In terms of funding, according to Data News statistics, as of the market close on March 31, there are 15 energy-storage concept stocks with net purchases financed since March exceeding 100 million yuan, including BYD (002594), Sunggong Electric, Baichuan Shares (002455), Xinwangda (300207), and Puritalke (603659), among others.

BYD’s net financed purchases since March totaled 1.91 billion yuan, ranking first. In the energy storage segment, the company has launched a newly developed Haohan energy storage system and is equipped with the world’s largest 2710Ah energy storage-specific blade battery, achieving a breakthrough in energy density to a new level. A research report from Huaqin Securities believes that BYD is a leading enterprise in the global new energy vehicle industry; flash charging drives a comprehensive upgrade of the product matrix, and the technology and products are entering a new cycle.

(Editor: Zhang Yang HN080）

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