储能行业2023三季报总结：经营业绩保持增长盈利能力趋于稳定

行业研究行业研究/机械工业/新能源板块行业专题报告证券研究报告投资要点：20231209投资要点：202312092023年1-3Q储能行业各板块业绩均保持增长，毛利率不同程度提升。20231-3Q，储能行业合计实现营业收入5291.99亿元，同比+41.42%549.45亿元，同比+76.95%22.58%，同比+3.25pct；行业平均归母净利率为10.38%，同比+2.08pct。各板块经营业绩及毛利率同比均保持增长（369239.20，归母净利润32.2166.3821.092.59pct（）EPC775.59亿元，同比+26.39%57.95亿元，同比61.7，毛利率为18.75，同比3.39pct（）逆变器PCS板块：730.67119.14+141.78%，毛利率为32.83，同比4.7pct（）温控消防板块：实现营收95.31亿元，同比+9.28%10.14亿元，同比+32.02%33.30%，同比+2.36pct。2023Q32023Q3储能行业合计1856.44183.02亿元，同比+11.76%；储能行业平均毛利率为23.56%，同比+3.56pct；平均归母净利率为9.860.15pct（电池板12948.64119.643.2，毛利率为21.842.8pct（集成商EPC265.50亿元，同比+11.30%19.08亿元，同比-1.47%19.90%，同比3.6pct（）逆变器PCS板块：实现营收259.43亿元，同比49.7，归母净利润39.7534.294.64pct（温控38.26亿元，同比+15.23%5.04亿元，同比+65.26%，毛利率为34.36%，同比+3.63pct。续降本有望推动行业持续增长。近年来随着行业高速发展，新公司涌入较多，而龙头公司在成本、规模和产品品质上更加优势，有望在新一轮的行业周期中林电气、津荣天宇等。风险提示。储能下游需求不及预期；行业竞争格局恶化；行业政策变化风险。请务必阅读正文之后的信息披露和法律声明图目录图1 电池板块单季度经营情况 9图2 集成商EPC板块单季度经营情况 9图3 逆变器PCS板块单季度经营情况 10图4 温控消防板块单季度经营情况 10图5 储能行业单季度经营情况 11图6 储能行业单季度期间费用率变化（%） 11图7 储能行业各板块单季度财务费用率变化（%） 12表目录表1 储能行业2022年1-3Q~2023年1-3Q经营情况对比 6表2 储能行业2022年Q3~2023年Q3单季度经营情况对比 8表3 储能行业各板块单季度期间费用率变化（%） 12表4 储能行业各板块单季度经营性现金流净额变化（亿元） 12表5 储能行业各板块货币资金合计（亿元） 13表6 储能行业各板块应收账款及应收票据合计（亿元） 13表7 储能行业各板块库存合计（亿元） 13表8 储能行业各板块资产负债率（%） 14表9 储能行业各板块流动比率与速动比率 14表10 储能行业各板块存货周转天数、应收账款周转天数（天） 15于稳定35EPCPCS4个板块进行分析。20231-3Q5291.99亿元，同比+41.42%；合计实现549.45亿元，同比+76.95%22.58%，同比+3.25pct；行10.38%，同比+2.08pct。分板块看，223年Q（）电池板块：实现营收3690.42亿元，同比+39.20%，占储能行业总体营收的69.74%，相比去年同期下降1.11pct，实现归母净利润362.21亿元，同比+66.38%，占储能行业总体归母净利润的65.2，相比去年同期下降4.19pct（）集成商EC板块：实现营收775.59亿元，同比26.39，实现归母净利润7.95亿元，同比61.7（3）逆变器PCS板块：实现营收730.7亿元，同比7.36，实现归母净利润119.14亿元，同比141.8（）温控95.3110.14+32.02%。毛利率方面，223年Q（）电池板块平均毛利率为21.09，同比2.59pct（集成商EC板块平均毛利率为18.75，同比3.39pct（逆变器PCS板块平均毛利率为32.834.7pct（温控消防板33.30%，同比+2.36pct。表1储能行业2022年1-3Q~2023年1-3Q经营情况对比证券简称营业收入（亿元，%）22年 23年 同比1-3Q 1-3Q 变动毛利率（%，pct）22年 23年 同比1-3Q 1-3Q 变动归母净利润（亿元，%）22年 23年 同比1-3Q 1-3Q归母净利率（%，pct）22年 23年 同比1-3Q 1-3Q 变动电池宁德时代2103.402946.7740.1018.9521.922.97175.92311.4577.058.3610.572.21亿纬锂能242.83355.2946.3115.8616.780.9226.6634.2428.4710.989.64-1.34鹏辉能源65.0257.39-11.7318.8818.58-0.304.432.75-38.026.824.79-2.03博力威17.2017.712.9917.8816.54-1.341.220.28-77.317.091.56-5.52国轩高科144.26217.7850.9614.1216.992.871.502.9294.581.041.340.30派能科技35.6830.49-14.5532.1835.883.706.456.551.5418.0721.483.40普利特42.8164.9751.7713.9217.193.271.534.02163.143.576.192.62电池合计2651.213690.4239.2018.4921.092.59217.70362.2166.388.219.811.60集成商EPC科华数据36.4355.0251.0430.5829.01-1.572.884.4554.397.928.090.18南网科技11.0616.3547.7931.4026.81-4.591.361.6017.5812.299.78-2.51南都电源84.86110.3029.979.2710.971.706.084.58-24.677.174.15-3.01科陆电子20.9533.4559.7027.2129.071.86-1.03-0.78-24.35-4.90-2.322.58科士达27.4040.6848.5130.8232.962.144.476.9254.8916.3017.000.70苏文电能15.0218.7224.6227.5621.52-6.042.052.03-0.9213.6510.86-2.80科林电气14.8023.1856.5625.3923.03-2.361.131.8058.277.677.750.08金冠股份7.667.65-0.0621.5327.215.680.130.39197.991.735.163.43智光电气15.3219.0724.483.5917.8014.210.350.363.972.261.89-0.37津荣天宇10.8811.182.7416.9519.662.710.650.660.805.985.86-0.11阿特斯334.20391.1917.0510.3814.784.4012.5728.40126.023.767.263.50威腾电气11.2320.0878.8518.2817.47-0.810.500.8568.234.494.22-0.27海兴电力23.8728.7320.3637.8040.132.334.706.6942.4019.6823.283.60集成商EPC合计613.67775.5926.3915.3718.753.3935.8457.9561.675.847.471.63逆变器PCS上能电气10.6633.11210.5916.9319.512.590.452.08359.044.266.302.04阳光电源222.24464.15108.8525.3631.325.9620.6172.23250.539.2715.566.29禾望电气17.5526.1549.0429.4734.374.901.704.01135.929.7015.355.65盛弘股份9.3417.3385.4243.4842.25-1.231.312.73108.4414.0215.761.74固德威29.1656.5093.8030.9858.93224.499.4415.806.36锦浪科技41.6746.4111.3933.6035.812.217.037.526.8416.8816.19-0.69德业股份40.7363.2655.2933.5440.496.959.2715.6869.1322.7624.792.03昱能科技9.289.694.3839.5040.951.462.531.80-28.6527.2518.62-8.62禾迈股份9.3614.0850.4146.9044.32-2.583.624.1514.7338.6829.51-9.18逆变器PCS合计389.99730.6787.3628.7632.834.0749.28119.14141.7812.6416.313.67温控消防英维克14.8520.7239.5130.0032.632.631.172.1079.917.8710.152.28同飞股份6.7013.2798.0226.9727.390.420.861.4164.0512.8210.62-2.20高澜股份14.224.03-71.6320.1525.975.830.01-0.05-436.210.10-1.23-1.33申菱环境15.5618.6219.6128.3228.17-0.161.371.499.038.788.00-0.78青鸟消防34.0536.457.0536.8538.471.624.165.0521.4812.2213.871.65国安达1.842.2321.3348.8346.02-2.810.110.13-20.346.106.05-0.05温控消防合计87.2295.319.2830.9333.302.367.6810.1432.028.8110.641.83全部合计3742.095291.9941.4219.3422.583.25310.50549.4576.958.3010.382.08资料来源：，HTI按照季度进行拆分：2023Q31856.44亿元，同比+13.49%；合计实现183.02亿元，同比+11.76%23.56%，同比+3.56pct；9.86%，同比-0.15pct。分板块看，223Q3（）电池板块：实现营收1294亿元，同比+8.64%69.66%3.11pct，实现归母净119.645.13pct（集成商EC265.50亿元，同比11.30，实现归母净利润19.081.7（3逆变器PCS259.4349.7，实现归母净利润39.7亿元，同比51.64（）温控消防板块：实现营收38.26亿元，同比+15.23%，实现归母净利润5.04亿元，同比+65.26%。223Q3储能行业各板块毛利率均有不同程度提升（电池板块平均毛利率为21.842.8pct（集成商EPC板块平均毛利率为19.903.6pct；（逆变器PCS板块平均毛利率为34.294.64pct（温控消防板块平均毛利34.36%，同比+3.63pct。表2储能行业2022年Q3~2023年Q3单季度经营情况对比证券简称营业收入（亿元，%）同比3Q22 3Q23 变动毛利率（%，pct）同比3Q22 3Q23 变动归母净利润（亿元，%）3Q22 3Q23 同比归母净利率（%，pct）同比3Q22 3Q23 变动电池宁德时代973.691054.318.2819.2722.423.1594.24104.2810.669.689.890.21亿纬锂能93.57125.5334.1617.3018.341.0413.0612.73-2.5313.9610.14-3.82鹏辉能源24.3713.65-43.9920.8017.73-3.081.990.23-88.288.181.71-6.47博力威4.894.930.7719.5217.22-2.300.43-0.07-116.648.84-1.46-10.30国轩高科57.8865.4012.9813.6620.817.150.860.83-2.821.481.27-0.21派能科技17.154.92-71.2935.6025.21-10.383.81-0.38-110.0522.23-7.78-30.02普利特18.8124.5030.3016.3819.993.621.062.0188.935.658.202.54电池合计1190.361293.248.6419.0621.842.78115.46119.643.629.709.25-0.45集成商EPC科华数据14.3021.0547.2529.9428.56-1.368.555.86-2.69南网科技4.053.78-6.7131.6337.275.640.550.44-20.0313.6111.67-1.94南都电源28.5231.359.9410.8213.903.080.791.5293.292.764.852.09科陆电子7.0517.84153.2026.1826.08-0.100.530.5911.907.523.32-4.20科士达12.1812.462.2531.2733.151.882.291.91-16.5518.7715.32-3.45苏文电能6.096.527.0330.1219.08-11.040.970.65-33.4116.019.96-6.05科林电气4.929.8099.2326.3021.18-5.120.330.68107.766.686.960.29金冠股份3.093.265.5320.8926.885.990.080.08-3.152.592.38-0.21智光电气6.305.81-7.742.8523.6520.802.42-0.23-109.4138.36-3.91-42.27津荣天宇4.023.82-4.7915.5820.564.980.260.25-2.756.416.550.14阿特斯136.01130.14-4.3211.2715.284.008.019.1714.575.897.051.16威腾电气3.879.74151.8919.7517.87-1.880.180.46157.014.654.750.09海兴电力8.189.9421.5843.2443.310.071.752.3232.7521.3523.311.96集成商EPC合计238.55265.5011.3016.1419.903.7619.3619.08-1.478.127.19-0.93逆变器PCS上能电气6.4511.3475.9012.8423.6410.810.220.73226.583.486.472.98阳光电源99.43177.9278.9525.1434.379.2411.6028.69147.2911.6716.124.46禾望电气6.5410.7464.2729.7835.876.090.571.99246.828.7718.519.74盛弘股份3.866.3163.4344.6243.49-1.130.630.9245.8316.2814.53-1.75固德威14.6318.3625.4932.7831.19-1.592.211.52-31.0415.078.28-6.79锦浪科技17.2513.90-19.4136.7833.65-3.133.051.24-59.2617.698.94-8.75德业股份17.0014.32-15.7742.0636.15-5.914.773.05-36.1028.0421.27-6.77昱能科技4.303.10-27.8838.9839.960.981.240.46-62.7628.8114.88-13.93禾迈股份4.223.43-18.7847.9000.67-58.2337.9519.52-18.43逆变器PCS合计173.69259.4349.3729.6434.294.6425.9039.2751.6414.9115.140.23温控消防英维克6.128.3336.0331.6633.511.850.651.1883.4110.5414.213.67同飞股份2.686.21131.4929.6828.41-1.270.380.7496.4114.0111.88-2.12高澜股份5.751.43-75.0818.6323.244.610.00-0.03778.88-0.05-1.90-1.85申菱环境4.767.1249.7730.7726.85-3.930.340.6284.097.098.721.62青鸟消防13.5713.922.5735.5040.835.331.792.1821.5813.2115.662.45国安达0.321.24288.6635.7753.1917.42-0.100.34-446.16-31.1327.7258.85温控消防合计33.2038.2615.2330.7334.363.633.055.0465.269.1813.173.99全部合计1635.801856.4413.4920.0023.563.56163.76183.0211.7610.019.86-0.15资料来源：，HTI季度盈利能力变化电池板块Q3营收增速放缓，盈利能力稳健。2023Q3电池板块营收相比Q2继续保持增长态势，增速放缓，毛利率/归母净利率分别为21.84%/9.25%，同比+2.78pct/-0.45pct，环比+1.28pct/-0.69pct，毛利率同环比均有提升，盈利能力稳健。图1电池板块单季度经营情况1600

营业收入（亿元，左轴） 净利润（亿元，左轴） 毛利率右轴） 净利率右轴）30%

25%20%800 15%60010%4005%2000 0%20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3资料来源：，HTI集成商EPC板块经营业绩小幅下降，盈利能力环比改善。2023Q3EPC板块营收及归母净利润与Q2归母净利率分别为19.907.193.6pct/0.93pct，环比+1.95pct/-0.19pct，毛利率同环比均有提升。图2集成商EPC板块单季度经营情况营业收入（亿元，左轴） 净利润（亿元，左轴） 毛利率右轴） 净利率右轴）20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3300 30%20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3250200150100500

25%20%15%10%5%0%-20%资料来源：，HTI逆变器PCS板块经营业绩小幅下降，盈利能力波动向上。2023Q3逆变器PCS板块营收/归母净利润环比-1.70%/-17.49%，毛利率/归母净利率分别为34.29%/15.14%，同比分别+4.64pct/+0.23pct，环比分别+2.33pct/-2.90pct，毛利率同环比均提升，盈利能力从2021Q4见底后波动向上。图3逆变器PCS板块单季度经营情况营业收入（亿元，左轴） 净利润（亿元，左轴） 毛利率右轴） 净利率右轴）300 40%35%25030%20025%150 20%15%10010%505%0 0%20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3资料来源：，HTI温控消防板块业绩持续改善，盈利能力提升。2023Q3温控消防板块营收及归母净利润同环比均保持增长态势，业绩持续改善，毛利率/归母净利率分别为34.36%/13.17%，同比分别+3.63pct/+3.99pct，环比+2.06pct/+2.95pct，毛利率及归母净利率同环比均有提升，盈利能力稳健。图4温控消防板块单季度经营情况营业收入（亿元，左轴） 净利润（亿元，左轴） 毛利率右轴） 净利率右轴）45 40%40 35%35 30%3025%2520%2015%1510 10%5 5%0 0%20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3资料来源：，HTI总体看，储能行业营收持续修复，盈利能力逐渐趋于稳定。2023Q3储能行业毛利率/+1.54pct/0.86pct，毛利率同环比均有提升。图5储能行业单季度经营情况2500

营业收入（亿元，左轴） 净利润（亿元，左轴） 毛利率右轴） 净利率右轴）30%2000

25%20%150015%100010%5005%0 0%20Q120Q220Q320Q421Q121Q221Q321Q422Q122Q222Q322Q423Q123Q223Q3资料来源：，HTI期间费用率略有提升2023Q310.68%，同比+1.06pct，环比+1.75pct，其中销售费用率、管理费用率、财务费用率、研发费用率环比分别+0.07pct、-0.12pct、+3.73pct、+0.02pct，储能行业整体期间费用率环比提升主要来自财务费用率增加。图6储能行业单季度期间费用率变化（%）期间费用率18.92%期间费用率18.92%销售费用率管理费用率财务费用率研发费用率14.44%15.02%15.34%4.47%114.05%13.68%13.17%12.05%10.62% 10.70%11.21%10.68%9.62% 8.93%1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q2315%10%5%0%-5%资料来源：，HTIEPCPCS、温控消防环比分别-2.31%、-3.51%。表3储能行业各板块单季度期间费用率变化（%）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池15.57%13.60%13.25%14.59%12.87%12.66%12.37%11.13%11.02%9.99%9.38%10.11%10.54%8.74%11.79%集成商EPC22.57%17.60%17.65%19.68%16.29%15.34%16.73%22.81%10.87%9.93%9.04%10.64%10.66%8.18%8.17%逆变器PCS22.00%12.51%15.00%12.01%15.88%16.86%14.23%15.62%18.90%13.80%10.21%12.43%13.91%9.31%7.00%温控消防36.59%16.30%20.36%19.90%27.44%18.19%20.04%17.70%23.35%18.63%19.33%20.45%25.99%18.80%15.29%资料来源：，HTI2023Q31.25%，环比+3.73pct，对行业整体期间费用率增加223Q3EPCPCS1.29%1.20%1.30%、0.20%，环比分别+3.84pct、+2.75pct、+4.60pct、+1.32pct。图7储能行业各板块单季度财务费用率变化（%）电池集成商、电池集成商、EPC逆变器PCS温控、消防1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q233%2%1%0%-1%-2%-3%-4%资料来源：，HTI储能行业整体运营良好应收账款及应收票据环比略有增加2023Q3229.86EPC+282.19%+130.48%，电池、PCS板块环比分别-8.28%、-102.26%。表4储能行业各板块单季度经营性现金流净额变化（亿元）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池28.3732.7452.42105.53108.50156.6927.29163.4979.23129.2386.94368.31229.81193.41177.39集成商EPC-7.603.956.2231.81-7.63-2.421.6926.40-8.5718.3028.8657.96-8.9213.9053.14逆变器PCS-10.2512.537.7337.20-26.99-0.64-1.8434.16-20.8317.052.3662.58-7.8071.42-1.61温控消防-4.26-6-5.260.811.118.66-2.870.281.678.46-3.920.410.94合计6.2649.0167.60183.1968.62154.4428.25232.7146.96164.86119.83497.31209.18279.14229.86资料来源：，HTI货币资金：2023Q32846.52+3.65%，其中电EPC环比分别5.165.42PC7.54-14.13。表5储能行业各板块货币资金合计（亿元）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池327.50375.89646.53730.13739.24765.88781.72927.61959.821444.911475.431784.852051.622229.512344.56集成商EPC42.8743.6238.0181.9854.0059.0154.6775.43100.16116.60141.10158.18139.37207.86219.13逆变器PCS47.7354.7265.73101.6873.8372.9199.01166.66150.94197.09202.92236.74260.82265.33245.33温控消防15.3617.0417.8026.4417.8225.8121.3526.5222.1218.4121.0444.9950.8043.6737.50合计433.46491.27768.07940.23884.89923.61956.751196.221233.031777.001840.482224.752502.612746.372846.52资料来源：，HTI1627.15亿EPC板块环比PCS、温控消防环比分别+6.89%、+8.64%、+9.99%。表6储能行业各板块应收账款及应收票据合计（亿元）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池273.14270.80300.34356.51363.12348.72372.19425.03453.00605.95797.62891.59836.95972.311039.33集成商EPC107.61128.34117.29152.00119.75173.54133.70171.46123.12194.75143.32220.81221.03270.80267.31逆变器PCS83.6992.1995.43106.01113.43109.16124.98134.88131.78135.85166.53210.23226.75230.60250.52温控消防23.9038.8133.9439.4141.1847.8551.5550.2551.1558.1663.8755.7456.7263.6369.99合计488.34530.14547.01653.93637.47679.27682.41781.62759.05994.711171.341378.371341.451537.341627.15资料来源：，HTI存货：2023Q31345.58+4.50%EPC板块环比-0.75%，其余各板块环比有不同幅度增加，电池、逆变器PCS、温控消防环比分别+3.89%、+9.04%、+7.30%。表7储能行业各板块库存合计（亿元）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池170.11163.93164.99202.54252.75336.52459.77520.81768.41936.44996.04991.35843.16688.22714.98集成商EPC63.6470.1772.09109.7976.61151.3389.62147.7991.67199.81111.76213.14235.00229.70227.98逆变器PCS44.9355.7960.3264.5774.3895.78135.95155.85189.45238.99290.15284.34297.49343.15374.17温控消防9.2714.2710.5815.8919.7319.5023.1821.5324.3323.1027.6523.6125.5026.5128.45合计287.95304.16307.99392.79423.48603.13708.52845.971073.861398.341425.601512.431401.151287.591345.58资料来源：，HTI资产负债率略有下降，偿债能力提升偿债能力：2023Q365.39%，环比-0.29pctEPCPCS68.04%、60.82%、59.07%、31.58%，环比均有小幅下降。表8储能行业各板块资产负债率（%）1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池57.13%55.78%52.60%53.28%55.97%59.96%64.04%65.80%71.06%67.50%68.63%68.63%66.01%68.28%68.04%集成商EPC51.03%50.98%50.75%56.43%50.99%58.11%51.73%60.09%51.30%62.28%53.92%62.84%63.09%61.71%60.82%逆变器PCS54.54%55.54%56.41%54.65%54.54%54.54%53.36%53.00%54.20%57.30%59.08%60.30%58.75%59.16%59.07%温控消防34.76%40.66%37.62%42.28%41.93%38.11%37.78%39.61%38.02%39.28%40.41%34.16%31.61%31.80%31.58%合计54.79%54.05%52.29%53.80%54.46%58.20%60.14%62.56%66.25%65.11%65.76%66.35%64.20%65.69%65.39%资料来源：，HTI流动比率与速动比率：2023Q3储能行业流动比率为1.44，环比+0.04，速动比率为1.18，环比+0.03，整体相对稳定。表9储能行业各板块流动比率与速动比率流动比率1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池1.631.712.111.891.711.411.3031.231.281.311.361.41集成商EPC1.441.441.411.331.451.281.461.241.481.241.431.33逆变器PCS1.701.631.611.661.641.661.701.711.711.681.631.571.651.621.64温控消防2.312.162.452.372.202.3082.882.842.84合计1.621.651.881.701.671.441.401.311.241.291.301.321.361.401.44速动比率1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池1.351.421.851.631.441.140.990.960.820.920.941.011.091.171.21集成商EPC81.061.120.941.110.941.120.901.060.900.901.021.02逆变器PCS1.381.311.301.361.291.261.211.251.071.151.091.08温控消防1.951.761.881.781.742.051.911.831.861.811.692.192.422.372.36合计1.321.351.591.441.381.131.061.010.910.950.971.021.081.151.18资料来源：，HTI周转速率：2023Q394.18天，环比+0.07天，应收账款天71.85天，环比+0.90天，整体看企业营运能力基本保持稳定。分板块看，2023Q3电EPCPCS79.10天、94.51天、181.13天、110.53天，环比分别-0.40天、-0.96天、+4.82天、-6.75天，应收账款周转66.7976.0379.81+1.77-2.89+0.91天、-10.37天。表10 储能行业各板块存货周转天数、应收账款周转天数（天）流动比率1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池173.56149.14136.00125.86106.17107.98119.39100.08106.74109.5294.7682.4091.3479.5079.10集成商EPC175.69130.76126.50101.30108.9394.87103.3584.64121.8897.97118.4086.66105.9695.4794.51逆变器PCS230.60113.58119.6891.44147.83137.28147.51133.14262.92228.31216.70166.61186.02176.30181.13温控消防205.43129.00111.5099.74168.42116.97115.8292.73133.01107.86110.2290.76144.37117.28110.53合计181.82136.63129.81110.19114.33108.07120.70100.47122.28118.14109.4891.92104.8794.1194.18速动比率1Q202Q203Q204Q201Q212Q213Q214Q211Q222Q223Q224Q221Q232Q233Q23电池137.88122.57115.99103.8086.1478.7673.7267.1758.0559.8659.2653.6762.9265.0366.79集成商EPC221.12173.95156.0296.91136.2294.83125.7583.12132.8379.95122.9770.6977.2878.9276.03逆变器PCS290.95147.80145.20111.36147.75119.72112.0697.43127.94103.7296.2885.9588.6978.9079.81温控消防309.58203.20186.34149.57215.70169.11161.82138.38190.95171.81167.89140.75214.44182.84172.47合计181.79143.58133.48105.04108.9592.1492.2977.5976.1170.8171.5161.9270.5070.9571.85资料来源：，HTI投资策略质上更加优势，有望在新一轮的行业周期中胜出。风险提示储能下游需求不及预期；行业竞争格局恶化；行业政策变化风险。APPENDIX1SummaryInvestmentpoints:In2023Q1-Q3,allstorageindustrysectorssawgrowth,withvaryingdegreesofgrossmarginincrease.TheindustrytotaledRMB529.19billioninoperatingrevenue(+41.42%YoY)andRMB54.94billioninnetprofitattributabletotheparent(+76.95%).Averageindustrygrossmarginwas22.58%(+3.25pct)andnetprofitmarginwas10.38%(+2.08pct).Allsectors'performanceandgrossmarginsincreasedYoY.Forexample,theBatterysectorearnedRMB369.04billioninrevenue(+39.20%YoY),RMB36.22billioninnetprofit(+66.38%)andachievedagrossmarginof21.09%(+2.59pct).InQ3,thestorageindustryexperiencedconsistentimprovements.ThesectorrecordedanoperatingincomeofRMB185.64billion(+13.49%YoY),netprofitofRMB18.30billion(+11.76%),averagegrossmarginof23.56%(+3.56pct),andanetprofitmarginof9.86%(-0.15pct).Again,theBatterysectorhadRMB129.32billionrevenue(+8.64%YoY),RMB11.96billioninnetprofit(+3.62%)andagrossmarginof21.84%(+2.78pct).Investmentadvice:Webelievethatassolarandwindpowercontinuetogrow,storage'sroleinimprovinggridsafetyandstabilityisbecomingincreasinglyimportant.Policysupportandcostreductionsinthebatterysupplychainwilllikelycontinuetofuelindustrygrowth.Asnewcompaniesfloodtherapidlydevelopingindustry,industryleaderswithcost,scale,andproductqualityadvantagesarepoisedtosucceedinthenewindustrycycle.ToppicksincludeNingdeTimes,EVEEnergy,etc.Riskwarning:Potentialrisksincludeunanticipatedstoragedownstreamdemand,industrycompetitionaggravating,andpolicychangerisk.附录APPENDIX重要信息披露本研究报告由海通国际分销，海通国际是由海通国际研究有限公司(HTIRL)，HaitongSecuritiesIndiaPrivateLimited(HSIPL)，HaitongInternationalJapanK.K.(HTIJKK)和海通国际证券有限公司(HTISCL)的证券研究团队所组成的全球品牌，海通国际证券集团(HTISG)各成员分别在其许可的司法管辖区内从事证券活动。IMPORTANTDISCLOSURESThisresearchreportisdistributedbyHaitongInternational,aglobalbrandnamefortheequityresearchteamsofHaitongInternationalResearchLimited(“HTIRL”),HaitongSecuritiesIndiaPrivateLimited(“HSIPL”),HaitongInternationalJapanK.K.(“HTIJKK”),HaitongInternationalSecuritiesCompanyLimited(“HTISCL”),andanyothermemberswithintheHaitongInternationalSecuritiesGroupofCompanies(“HTISG”),eachauthorizedtoengageinsecuritiesactivitiesinitsrespectivejurisdiction.HTIRL分析师认证AnalystCertification:我，吴杰，在此保证（i）本研究报告中的意见准确反映了我们对本研究中提及的任何或所有目标公司或上市公司的个人观点，并且（ii）我的报酬中没有任何部分与本研究报告中表达的具体建议或观点直接或间接相关；及就此报告中所讨论目标公司的证券，我们（包括我们的家属）在其中均不持有任何财务利益。我和我的家属（我已经告知他们）将不会在本研究报3个工作日内交易此研究报告所讨论目标公司的证券。I,JieWucertifythatitheviewsexpressedinthisresearchreportaccuratelyreflectmypersonalviewsaboutanyorallofthesubjectcompaniesorissuersreferredtointhisresearchand(ii)nopartofmycompensationwas,isorwillbedirectlyorindirectlyrelatedtothespecificrecommendationsorviewsexpressedinthisresearchreport;andthatI(includingmembersofmyhousehold)havenofinancialinterestinthesecurityorsecuritiesofthesubjectcompaniesdiscussed.Iandmyhousehold,whomIhavealreadynotifiedofthis,willnotdealinortradeanysecuritiesinrespectoftheissuerthatIreviewwithin3businessdaysaftertheresearchreportispublished.利益冲突披露ConflictofInterestDisclosures海通国际及其某些关联公司可从事投资银行业务和/或对本研究中的特定股票或公司进行做市或持有自营头寸。就本研究报告而言，以下是有关该等关系的披露事项（以下披露不能保证及时无遗漏，如需了解及时全面信息，请发邮件至ERD-Disclosure@）HTIandsomeofitsaffiliatesmayengageininvestmentbankingand/orserveasamarketmakerorholdproprietarytradingpositionsofcertainstocksorcompaniesinthisresearchreport.Asfarasthisresearchreportisconcerned,thefollowingarethedisclosuremattersrelatedtosuchrelationship(Asthefollowingdisclosuredoesnotensuretimelinessandcompleteness,pleasesendanemailtoERD-Disclosure@iftimelyandcomprehensiveinformationisneeded).海通证券股份有限公司和/或其子公司（统称“海通”）12002074.CHand002324.CH的投资银行项目。投资银行项目包括：1、海通担任上市前辅导机构、保荐人或主承销商的首次公开发行项目；2、海通作为保荐人、主承销商或财务顾问的股权或债务再融资项目；3、海通作为主经纪商的新三板上市、目标配售和并购项目。HaitongSecuritiesCo.,Ltd.and/oritssubsidiaries(collectively,the"Haitong")havearoleininvestmentbankingprojectsof002074.CHand002324.CHwithinthepast12months.Theinvestmentbankingprojectsinclude1.IPOprojectsinwhichHaitongactedaspre-listingtutor,sponsor,orlead-underwriter;2.equityordebtrefinancingprojectsof002074.CHand002324.CHforwhichHaitongactedassponsor,lead-underwriterorfinancialadvisor;3.listingbyintroductioninthenewthreeboard,targetplacement,M&AprojectsinwhichHaitongactedaslead-brokeragefirm.002074.CH及002324.CH目前或过去12个月内是海通的投资银行业务客户。002074.CHand002324.CHare/wereaninvestmentbankclientsofHaitongcurrentlyorwithinthepast12months.002074.CH,002324.CH及杭州南都电源有限公司目前或过去12个月内是海通的客户。海通向客户提供非投资银行业务的证券相关业务服务。002074.CH002324.CHand杭州南都电源有限公司are/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-investment-bankingsecurities-relatedservices.合肥国轩高科动力能源有限公司及300068.CH目前或过去12个月内是海通的客户。海通向客户提供非证券业务服务。合肥国轩高科动力能源有限公司and300068.CHare/wereaclientofHaitongcurrentlyorwithinthepast12months.Theclienthasbeenprovidedfornon-securitiesservices.海通在过去的12个月中从合肥国轩高科动力能源有限公司及002324.CH获得除投资银行服务以外之产品或服务的报酬。Haitonghasreceivedcompensationinthepast12monthsforproductsorservicesotherthaninvestmentbankingfrom合肥国轩高科动力能源有限公司and002324.CH.评级定义（从2020年7月1日开始执行）：海通国际（以下简称“HTI”）采用相对评级系统来为投资者推荐我们覆盖的公HTI的评级定义。并且HTI发布分析师观点的完整信息，投资者应仔细阅读全文而非仅看评级。在任何情况下，分析师的评级和研究都不能作为投资建议。投资者的买卖股票的决策应基于各自情况（比如投资者的现有持仓）以及其他因素。分析师股票评级优于大市12-1810%以上，基准定义如下中性12-18个月内预期相对基准指数变化不大，基准定义如下。根据FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。弱于大市12-1810%以上，基准定义如

评级分布RatingDistribution 下各地股票基准指数：日本–TOPIX,韩国–KOSPI,台湾–TAIEX,印度–Nifty100,美国–SP500;其他所有中国概念股–MSCIChina.RatingsDefinitions(from1Jul2020):HaitongInternationalusesarelativeratingsystemusingOutperform,Neutral,orUnderperformforrecommendingthestockswecovertoinvestors.InvestorsshouldcarefullyreadthedefinitionsofallratingsusedinHaitongInternationalResearch.Inaddition,sinceHaitongInternationalResearchcontainsmorecompleteinformationconcerningtheanalyst'sviews,investorsshouldcarefullyreadHaitongInternationalResearch,initsentirety,andnotinferthecontentsfromtheratingalone.Inanycase,ratings(orresearch)shouldnotbeusedorrelieduponasinvestmentadvice.Aninvestor'sdecisiontobuyorsellastockshoulddependonindividualcircumstances(suchastheinvestor'sexistingholdings)andotherconsiderations.AnalystStockRatingsOutperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Neutral:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.Underperform:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100,US–SP500;forallotherChina-conceptstocks–MSCIChina. 截至2023年9月30日海通国际股票研究评级分布优于大市 中性 弱于大市(持有)海通国际股票研究覆盖率 89.3% 1.1% 9.6%投资银行客户* 3.9% 5.8% 10.0%*在每个评级类别里投资银行客户所占的百分比。上述分布中的买入，中性和卖出分别对应我们当前优于大市，中性和落后大市评级。只有根据FINRA/NYSE的评级分布规则，我们才将中性评级划入持有这一类别。请注意在上表中不包含非评级的股票。此前的评级系统定义（直至2020年6月30日）：买入，未来12-18个月内预期相对基准指数涨幅在10%以上，基准定义如下中性，未来12-18FINRA/NYSE的评级分布规则，我们会将中性评级划入持有这一类别。卖出，未来12-18个月内预期相对基准指数跌幅在10%以上，基准定义如下各地股票基准指数：日本–TOPIX,韩国–KOSPI,台湾–TAIEX,印度–Nifty100;其他所有中国概念股–MSCIChina.HaitongInternationalEquityResearchRatingsDistribution,asofSeptember30,2023OutperformNeutralUnderperformHTIEquityResearchCoverage89.3%1.1%9.6%IBclients*3.9%5.8%10.0%*Percentageofinvestmentbankingclientsineachratingcategory.BUY,Neutral,andSELLintheabovedistributioncorrespondtoourcurrentratingsofOutperform,Neutral,andUnderperform.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory.PleasenotethatstockswithanNRdesignationarenotincludedinthetableabove.Previousratingsystemdefinitions(until30Jun2020):BUY:Thestock’stotalreturnoverthenext12-18monthsisexpectedtoexceedthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.NEUTRAL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobeinlinewiththereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.ForpurposesonlyofFINRA/NYSEratingsdistributionrules,ourNeutralratingfallsintoaholdratingcategory. SELL:Thestock’stotalreturnoverthenext12-18monthsisexpectedtobebelowthereturnofitsrelevantbroadmarketbenchmark,asindicatedbelow.Benchmarksforeachstock’slistedregionareasfollows:Japan–TOPIX,Korea–KOSPI,Taiwan–TAIEX,India–Nifty100;forallotherChina-conceptstocks–MSCIChina.海通国际非评级研究：海通国际发布计量、筛选或短篇报告，并在报告中根据估值和其他指标对股票进行排名，或者基于可能的估值倍数提出建议价格。这种排名或建议价格并非为HaitongInternationalNon-RatedResearch:HaitongInternationalpublishesquantitative,screeningorshortreportswhichmayrankstocksaccordingtovaluationandothermetricsormaysuggestpricesbasedonpossiblevaluationmultiples.Suchrankingsorsuggestedpricesdonotpurporttobestockratingsortargetpricesorfundamentalvaluesandareforinformationonly.海通国际A股覆盖：海通国际可能会就沪港通及深港通的中国A股进行覆盖及评级。海通证券（600837.CH），海通国际于上海的母公司，也会于中国发布中国A股的研究报告。但是，海通国际使用与海通证券不同的评级系统，所以海通国际与海通证券的中国A股评级可能有所不同。HaitongInternationalCoverageofA-Shares:HaitongInternationalmaycoverandrateA-SharesthataresubjecttotheHongKongStockConnectschemewithShanghaiandShenzhen.HaitongSecurities(HS;600837CH),theultimateparentcompanyofHTISGbasedinShanghai,coversandpublishesresearchonthesesameA-SharesfordistributioninmainlandChina.However,theratingsystememployedbyHSdiffersfromthatusedbyHTIandasaresulttheremaybeadifferenceintheHTIandHSratingsforthesameA-sharestocks.海通国际优质100A股（Q100）指数：海通国际Q100指数是一个包括100支由海通证券覆盖的优质中国A股的计量产品。这些股票是通过基于质量的筛选过程，并结合对海通证券A股团队自下而上的研究。海通国际每季对Q100指数成分作出复审。HaitongInternationalQuality100A-share(Q100)Index:HTI’sQ100Indexisaquantproductthatconsistsof100ofthehighest-qualityA-sharesundercoverageatHSinShanghai.Thesestocksarecarefullyselectedthroughaquality-basedscreeningprocessincombinationwithareviewoftheHSA-shareteam’sbottom-upresearch.TheQ100constituentcompaniesarereviewedquarterly.盟浪义利（FIN-ESG）数据通免责声明条款：在使用盟浪义利（FIN-ESG）数据之前，请务必仔细阅读本条款并同意本声明：第一条义利（FIN-ESG）数据系由盟浪可持续数字科技有限责任公司（以下简称“本公司”）基于合法取得的公开信息评估而成，本公司对信息的准确性及完整性不作任何保证。对公司的评估结果仅供参考，并不构成对任何个人或机构投资建议，也不能作为任何个人或机构购买、出售或持有相关金融产品的依据。本公司不对任何个人或机构投资者因使用本数据表述的评估结果造成的任何直接或间接损失负责。第二条盟浪并不因收到此评估数据而将收件人视为客户，收件人使用此数据时应根据自身实际情况作出自我独立判断。本数据所载内容反映的是盟浪在最初发布本数据日期当日的判断，盟浪有权在不发出通知的情况下更新、修订与发出其他与本数据所载内容不一致或有不同结论的数据。除非另行说明，本数据（如财务业绩数据等）仅代表过往表现，过往的业绩表现不作为日后回报的预测。第三条本数据版权归本公司所有，本公司依法保留各项权利。未经本公司事先书面许可授权，任何个人或机构不得将本数据中的评估结果用于任何营利性目的，不得对本数据进行修改、复制、编译、汇编、再次编辑、改编、删减、缩写、节选、发行、出租、展览、表演、放映、广播、信息网络传播、摄制、增加图标及说明等，否则因此给盟浪或其他第三方造成损失的，由用户承担相应的赔偿责任，盟浪不承担责任。第四条如本免责声明未约定，而盟浪网站平台载明的其他协议内容（如《盟浪网站用户注册协议》《盟浪网用户服务（含认证）协议》《盟浪网隐私政策》等）有约定的，则按其他协议的约定执行；若本免责声明与其他协议约定存在冲突或不一致的，则以本免责声明约定为准。SusallWaveFIN-ESGDataServiceDisclaimer:PleasereadthesetermsandconditionsbelowcarefullyandconfirmyouragreementandacceptancewiththesetermsbeforeusingSusallWaveFIN-ESGData