The energy storage industry is entering a critical period of development in 2023.

According to GGII data statistics, the shipment volume of energy storage batteries in China in Q1 2023 was 42GWh. Q1 shipments were less than expected, but the growth remained unchanged throughout the year. In Q1 2023, the majority of key listed energy storage enterprises achieved rapid growth. From the perspective of various links in the energy storage industry chain, the performance of inverters has continued to explode, with differentiation in energy storage batteries and systems.

This article summarizes the Q1 performance of 29 upstream and downstream energy storage enterprises for reference.

PART.01

Sunshine power supply

In the first quarter of 2023, Sunshine Power achieved a total operating revenue of 12.58 billion yuan, a year-on-year increase of 175.42%; Realized a net profit attributable to the parent company of 1.508 billion yuan, a year-on-year increase of 266.90%. The significant increase in company performance is mainly due to the continuous expansion of the company's photovoltaic and energy storage business scale.

For household storage, the company has launched a new generation of integrated solutions for household light storage and charging, and has released a green electricity solution for the entire house of light storage and charging. We have launched the industry's first full series of liquid cooled energy storage solutions, PowerTitan and PowerStack, for large-scale ground and industrial and commercial power plants, featuring the professional integration of three electrical systems.

PART.02

Trina Solar

In the first quarter of 2023, Trina Solar realized an operating revenue of 21.318 billion yuan, up 39.59% year on year; In the first quarter, the net profit attributable to the parent company was 1.768 billion yuan, a year-on-year increase of 225.43%. The annual shipment volume of Tianhe Energy Storage in 2022 exceeded 2GWh, showing a growth rate of over 15 times. According to GGII research, Tianhe Energy Storage ranks seventh in the global market for shipment volume of Chinese energy storage system enterprises, and fourth in the domestic system integration market.

PART.03

Zhongtian Technology

      In the first quarter of 2023, Zhongtian Technology achieved a revenue of approximately 8.275 billion yuan; The net profit attributable to shareholders of the listed company is approximately 768 million yuan. Miao Yonghua, President of Zhongtian Technology New Energy, recently announced to the public that the order volume of Zhongtian Technology New Energy in the first quarter of 2023 increased by 230% year-on-year, and multiple production lines were operating at full capacity to fully complete order delivery. Multiple batches of products have been successively shipped to Xinjiang, Inner Mongolia, and other places.

PART.04

Paineng Technology

       Household energy storage enterprise - Paineng Technology released a revenue of 1.841 billion yuan in the first quarter of 2023, a year-on-year increase of 126.07%; The net profit was 462 million yuan, a year-on-year increase of 355.86%. Paineng Technology stated that in the first quarter, the company's product sales increased significantly compared to the same period last year; Meanwhile, the increase in sales prices and the optimization of product structure have led to a significant increase in operating revenue.

PART.05

Huabao Xinneng

        Portable energy storage enterprise - Huabao Xinneng achieved a revenue of 448 million yuan in the first quarter of 2023, a year-on-year decrease of 26.77%. In the first quarter, the company's Gross margin was 41.69%, down 6.73 percentage points year on year, mainly due to the impact of high cost inventory in the third and fourth quarters of last year and the price reduction of some products of the company.

PART.06

Zhiguang Electric

      In the first quarter of 2023, Zhiguang Electric had a total operating revenue of 441 million yuan, a year-on-year increase of 13.49%, and a net profit attributable to the parent company of 103 million yuan, a year-on-year increase of 149.32%. Zhiguang energy storage high-voltage cascade technology is a Technology roadmap to improve the security of large-scale battery cell combination applications through the innovation of power electronics topology. At present, Zhiguang's high-voltage cascade products have the option of direct access voltage of 6-35kV, and the grid connected power/capacity of single energy storage machine can reach 25MW/50MWh.

PART.07

Kelu Electronics

Kelu Electronics' main revenue in the first quarter of 2023 was 639 million yuan, a year-on-year increase of 10.07%; Net profit attributable to the parent company lost 41.620 million yuan, an increase of 11.44% year-on-year

PART.08

Eastern Sunrise

Dongfang Risheng achieved a revenue of 6.777 billion yuan in the first quarter of 2023, a year-on-year increase of 25.18%; The net profit attributable to the parent company was 310 million yuan, a year-on-year increase of 46.11%. The business of energy storage system, lamps and auxiliary photovoltaic products achieved an operating income of 1.45 billion yuan, a significant increase of 256.7% year on year, and a Gross margin of 20.6%.

PART.09

Huazi Technology

Huazi Technology released its first quarter report for 2023, with a revenue of 395 million yuan during the reporting period, a year-on-year decrease of 15.94%; The net profit loss attributable to the shareholders of the listed company was 31.965 million yuan.

PART.10

Jinpan Technology

On the evening of April 10th, Jinpan Technology disclosed its performance report for the first quarter of 2023. On the basis of achieving double growth in revenue and net profit in 2022, the company's net profit for the first quarter of this year once again increased significantly. Specifically, in the first quarter of this year, Jinpan Technology achieved a revenue of 1.297 billion yuan, a year-on-year increase of 41.06%; The net profit attributable to shareholders of the listed company was 87 million yuan, a year-on-year increase of 107.73%.

PART.11

Yineng Electric Power

On the evening of April 25th, Yineng Electric Power disclosed its 2022 annual report and 2023 first quarter report. In 2022, the company's overall business remained stable, achieving a revenue of 200750757.45 yuan, a year-on-year decrease of 2.25%, and a net profit of 16941068.01 yuan, a year-on-year decrease of 35.66%.

In the first quarter of this year, the company achieved a revenue of 60046900 yuan, a year-on-year increase of 55.13%; The net profit attributable to the parent company was 6.34 million yuan, a year-on-year increase of 35.29%; Deduction of non net profit of 6.1323 million yuan, a year-on-year increase of 32.37%. In addition, Yineng Power announced that the company has successfully developed an energy storage system, which has advantages such as high safety and reliability, intelligence, and integration, making it an important attempt for the company to enter the new energy field.

PART.12

CATL

On the evening of April 25th, Yineng Electric Power disclosed its 2022 annual report and 2023 first quarter report. In 2022, the company's overall business remained stable, achieving a revenue of 200750757.45 yuan, a year-on-year decrease of 2.25%, and a net profit of 16941068.01 yuan, a year-on-year decrease of 35.66%.

In the first quarter of this year, the company achieved a revenue of 60046900 yuan, a year-on-year increase of 55.13%; The net profit attributable to the parent company was 6.34 million yuan, a year-on-year increase of 35.29%;  Deduction of non net profit of 6.1323 million yuan, a year-on-year increase of 32.37%. In addition, Yineng Power announced that the company has successfully developed an energy storage system, which has advantages such as high safety and reliability, intelligence, and integration, making it an important attempt for the company to enter the new energy field.

PART.13

BYD

BYD's revenue in the first quarter was 120.174 billion yuan, a year-on-year increase of 79.83%; The net profit attributable to the parent company was 4.13 billion yuan, a year-on-year increase of 410.89%, which has exceeded the net profit of 3.045 billion yuan obtained throughout 2021.

BYD installed 27GWh of Q1 power and energy storage batteries, an increase of 83% year-on-year. Benefiting from European household storage and global power plant projects, it is expected that the company's battery production will exceed 200GWh in 2023, with a year-on-year increase of more than double. Among them, the shipment of energy storage batteries will reach 30-40GWh, an increase of 150%.

PART.14

Yiwei Lithium Energy

Yiwei Lithium Energy achieved a revenue of 11.186 billion yuan in the first quarter of 2023, a year-on-year increase of 66.11%; The net profit was 1.14 billion yuan, a year-on-year increase of 118.68%.

PART.15

Penghui Energy

On April 26th, it was announced that the revenue for the first quarter of 2023 was 2.495 billion yuan, a year-on-year increase of 50.14%; The net profit attributable to the parent company was 182 million yuan, a year-on-year increase of 101.46%. The growth in revenue and profit is mainly due to the growth of the company's energy storage business, with significant growth in household and large energy storage businesses.

PART.16

Guoxuan High Tech

According to the 2023 first quarter report of Guoxuan High Tech, the company's revenue in the first quarter reached 7.177 billion yuan, a year-on-year increase of 83.26%. In 2022, its energy storage battery system revenue reached 3.51 billion yuan, a year-on-year increase of 186.49%, accounting for 15.22%.

PART.17

Nandu Power Supply

Recently, Nandu Power released its annual report for 2022 and first quarter report for 2023. In 2022, Nandu Power achieved a revenue of approximately 11.749 billion yuan, a year-on-year decrease of 0.84%; Realized a net profit attributable to the parent company of approximately 331 million yuan, turning losses into profits. After two consecutive years of losses, Nandu Power finally turned losses into profits in 2022.

In the first quarter of 2023, Nandu Power achieved a revenue of approximately 4.197 billion yuan, a year-on-year increase of 44.83%; The net profit attributable to the parent company was approximately 101 million yuan, a year-on-year decrease of 78.88%.

PART.18

Zhuhai Guanyu

In Q1 2023, Zhuhai Guanyu's operating revenue was 2.377 billion yuan, a decrease of 20.89% compared to the same period last year. The net loss attributable to shareholders of the listed company was 140 million yuan, a decrease of 374.67% compared to the same period last year. It is reported that the current customers of power and energy storage batteries of Zhuhai Guanyu mainly include Haojue, Cummins, Zhonghua Auto, SAIC Motor, GM, Jaguar Land Rover, Liuzhou Wuling New Energy, Nanwang Technology, ZTE, Sonnen, etc. The main products are automotive start stop system batteries, household energy storage batteries, communication backup batteries, and electric motorcycle batteries. The overall production capacity is small and still in the initial stage.

PART.19

Goodwell

In Q1 2023, Goodway achieved a revenue of 1.7 billion yuan, a year-on-year increase of 165%; Realized a net profit attributable to the parent company of 340 million yuan, a year-on-year increase of 3474%. In the first quarter, the company's inverter sales increased significantly compared to the same period last year, and battery sales reached a new high. In 2022, the sales of energy storage inverters by Goodway were approximately 227300 units, accounting for approximately 33.03%; The sales volume of energy storage batteries is approximately 267.06MWh.

PART.20

Keshida

Keshida achieved a revenue of 1.403 billion yuan in the first quarter, a year-on-year increase of 150.23%; The net profit was 234 million yuan, a year-on-year increase of 330.38%.

PART.21

Deye Co., Ltd

Deye Group's revenue in the first quarter of 2023 was 2.085 billion yuan, a year-on-year increase of 147.88%, mainly due to the expansion of the inverter business scale; The net profit attributable to the parent company was 589 million yuan, a year-on-year increase of 345.64%. In 2022, Deye Group achieved a revenue of 5.956 billion yuan, a year-on-year increase of 42.9%, and a net profit of 1.517 billion yuan, a year-on-year increase of 162.3%. Among them, the revenue of energy storage inverters is 2.418 billion yuan, and the revenue of micro inverters is 807 million yuan.

PART.22

JinkoSolar

JinkoSolar expects to realize a net profit attributable to the owners of the parent company of 1.6 billion to 1.7 billion yuan in the first quarter of 2023, an increase of 298.89% to 323.82% year on year. The net profit attributable to the owners of the parent company after deducting non recurring gains and losses was 1.2 billion to 1.3 billion yuan, an increase of 299.48% to 332.77% year-on-year.

PART.23

Jinlang Technology

Jinlang Technology achieved a revenue of 1.654 billion yuan in the first quarter of 2023, a year-on-year increase of 50.09%, and a net profit attributable to the parent company of 324 million yuan, a year-on-year increase of 97.27%. With the release of Vietnam's production capacity in Q2 2023, it will gradually enter the US market. It is expected that the shipment of energy storage inverters by Jinlang Technology will increase by 3-4 times in 2023.

PART.24

Nanwang Technology

On April 20th, Nanwang Technology released its annual report and first quarter report. In 2022, the operating revenue was approximately 1.79 billion yuan, a year-on-year increase of 29.2%; The net profit was approximately 206 million yuan, an increase of 43.82% year-on-year. In the first quarter of 2023, the revenue was 460 million yuan and the net profit was 30.3663 million yuan. The technical services of the South Grid energy storage system are divided into two categories: debugging technical services and integration services.

PART.25

South Grid Energy Storage

According to the 2023 first quarter report of Nanwang Energy Storage, the company's main revenue was 1.409 billion yuan, a year-on-year decrease of 26.11%; The net profit attributable to the parent company was 380 million yuan, a year-on-year decrease of 8.61%; Deducting a net profit of 380 million yuan, an increase of 310.4% year-on-year; The debt ratio is 42.41%, the investment income is 1.6513 million yuan, the financial expenses are 124 million yuan, and the Gross margin is 56.27%. At the performance response meeting, Nanwang Energy Storage stated that several demonstration electrochemical energy storage projects currently under construction have a capital internal rate of return of around 5% approved for their entire lifecycle.

PART.26

Yingweiteng

Yingweiteng released its first quarter report for 2023. Among them, the photovoltaic energy storage business achieved a revenue of 115 million yuan, a year-on-year increase of 291.33%, accounting for 11.39% of the company's main business revenue.

PART.27

Linyang Energy

In the first quarter of 2023, Linyang Energy achieved a revenue of 1.065 billion yuan, a year-on-year increase of 8.22%, and a net profit attributable to the parent company of 197 million yuan, a year-on-year increase of 10.03%.

PART.28

Invik

In the first quarter of 2023, the company achieved a revenue of 527 million yuan, a year-on-year increase of 31.81%, and a net profit attributable to the parent company of 25.1 million yuan, a year-on-year increase of 97.84%. The increase in revenue is mainly due to the increase in revenue from cabinet temperature control energy-saving products, which the industry believes is mainly driven by the revenue from energy storage business. The company's secretary also stated that in the first quarter of 2023, the computing power equipment and computer room temperature control business related to liquid cooling continued to show a rapid growth trend in the second half of 2022.

PART.29

Gaolan Co., Ltd

Gaolan Group's revenue in the first quarter of 2023 was approximately 151 million yuan, a year-on-year decrease of 64.4%; The net profit loss attributable to the shareholders of the listed company is approximately 5.78 million yuan. Gaolan Co., Ltd. is committed to pure water cooling equipment and control systems for power electronic devices. The company's product application fields include traditional DC transmission, new energy generation, flexible AC transmission and distribution, and high-power electrical transmission. At the same time, the company actively expands to petroleum and petrochemical, rail transit, military communication, medical equipment, data centers, energy storage power stations, and other fields.

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