Analysis of Overseas Business and Investment Value Evaluation of Chinese Energy Storage Concept Stocks

Based on the latest collected data and analysis, I will comprehensively answer your questions about the overseas business of energy storage concept stocks from three dimensions: sustainability analysis, competitive advantage, and investment value.

: From January to June 2025, Chinese energy storage enterprises added 163 GWh of new overseas orders, a year-on-year increase of 246%, covering more than 50 countries and regions and involving over 50 enterprises[1][2]. This growth is mainly driven by the following factors:

1. Concentrated Outbreak of Demand in Emerging Markets
   : The Middle East, Australia, and Europe rank top three, all exceeding 20 GWh. The Middle East region is particularly prominent: CATL and BYD Energy Storage each received 10 GWh large orders[1][2].

2. Diversification of Technical Routes
   : In addition to mainstream lithium batteries, flow batteries and sodium-ion batteries are accelerating their entry into the international market. Guangdong Haishida Sodium Star received a four-year strategic order of no less than 1 GWh from overseas customers, and Beijing Prudent Energy’s all-vanadium flow battery system was successfully exported to the United States[2][3].

:

• Rigid Demand from Global Energy Transition
  : The energy storage industry has become a core track in international energy competition, serving as a key link in promoting renewable energy consumption and grid stability[2].
• Continuous Expansion of Application Scenarios
  : Extending from large power stations and household energy storage to multiple scenarios such as data centers and EV charging energy storage[2].
• Technical Accumulation of Chinese Enterprises
  : Formed relatively complete supporting capabilities in all links of the industrial chain, with cost advantages and technical iteration capabilities.

:

• Escalating Trade Barriers
  : The U.S. imposes import tariffs of up to 145% on China’s “new three” products, and the EU’s Green Deal has strict requirements[2][3].
• Geopolitical Risks
  : The model of setting up factories in Southeast Asia or re-exporting to enter the U.S. market faces new institutional obstacles[2].
• Intensified Competition
  : Established giants compete with new players, and price war pressure increases during the industry concentration improvement process[1][2].

: Leading enterprise in photovoltaic frames, not a pure energy storage enterprise. Its main products include photovoltaic frames, building-integrated photovoltaic (BIPV) products, and photovoltaic support structural parts[4].

:

1. Significant Scale Advantage
   : Achieved revenue of 8.183 billion yuan in 2024, a year-on-year increase of 51.8%, leading the frame industry[4].
2. Improved Capacity Layout
   : Capacity expansion at Wuhu Base and Vietnam Base, and international layout to address trade barriers[4][5].
3. High-quality Customer Resources
   : Has entered the supply chain of leading customers such as JinkoSolar, Canadian Solar, and Tongwei Co., Ltd.[4].

: Expected to achieve net profit of 50-60 million yuan in H1 2025, but a year-on-year decrease of 66.02% to 71.68%, mainly affected by the overall supply-demand mismatch and intensified competition in the photovoltaic industry[4].

: Energy storage system integrator, with early layout in overseas energy storage field.

:

1. Continuous Delivery of Overseas Orders
   : Achieved operating revenue of 3.586 billion yuan in the first three quarters of 2025, a year-on-year increase of 23.42%; net profit attributable to parent company was 232 million yuan, a year-on-year increase of 251.10%[1].
2. Global Layout
   : Has passed multiple certifications in Europe and the U.S., and established business networks in multiple global markets.
3. Profound Technical Accumulation
   : Has technical strength in core links such as energy storage PCS (Power Conversion System) and battery management system (BMS).

: Focused on power electronic equipment for energy storage solutions provider.

:

1. Rapid Growth of Overseas Revenue
   : H1 2025 semi-annual report shows that overseas business revenue was 977 million yuan, a year-on-year increase of 105.85%, and the proportion of overseas business revenue increased from 24.65% in H1 2024 to 44.73%[1].
2. Outstanding Technical Strength
   : Has core technical advantages in photovoltaic inverters and energy storage PCS.
3. Strong Market Expansion
   : With the diversification of investment entities in the photovoltaic and energy storage industries, the demand for the company’s products continues to grow[1].

1. Emerging Market Explosive Period
   : Emerging markets such as Pakistan and the Middle East show multi-point explosive demand for energy storage, which is expected to continue[3].
2. Technical Iteration Opportunities
   : New technical routes such as sodium-ion batteries and flow batteries provide overtaking opportunities for enterprises with differentiated technologies[2].
3. Application Scenario Expansion
   : Expansion of new scenarios such as AI data centers and microgrids brings incremental demand to the energy storage industry[2].

:

• Valuation Advantage
  : Current valuation is at a relatively low historical level, with room for valuation repair[4].
• Risk Warning
  : Mainly affected by the cyclical nature of the photovoltaic industry, and the energy storage concept is relatively weak[4][5].

:

• Performance Inflection Point
  : Overseas energy storage orders are being delivered one after another, driving significant performance improvement[1].
• Growth Certainty
  : Has first-mover advantage and customer accumulation in the energy storage system integration field.

:

• High Growth
  : The proportion of overseas business revenue is increasing rapidly, and the globalization strategy has achieved remarkable results[1].
• Technical Barrier
  : The technical threshold of power electronic equipment provides the company with strong bargaining power.

1. Short-term Focus
   : Leading companies with strong performance fulfillment capabilities and clear overseas order landing, such as Clou Electronics and Sineng Electric.
2. Mid-term Layout
   : Enterprises with differentiated technical advantages and emerging market layout.
3. Long-term Tracking
   : Innovative enterprises that have made breakthroughs in new technical fields such as sodium-ion batteries and flow batteries.

1. Trade Policy Risk
   : European and U.S. trade barriers may further escalate, affecting the export of Chinese energy storage products[2][3].
2. Industry Competition Risk
   : As more enterprises enter the energy storage field, price wars may further intensify[1][2].
3. Technical Iteration Risk
   : The development of new technical routes may impact existing technical routes[2].
4. Exchange Rate Fluctuation Risk
   : High proportion of overseas business may lead to exchange rate fluctuations affecting company performance.

The explosive growth of overseas energy storage business has mid-term sustainability, but it will shift from extensive growth to a high-quality development stage. Investment opportunities are mainly concentrated in high-quality enterprises with technical advantages, global layout, and performance fulfillment capabilities. As a leading photovoltaic frame enterprise, Yongzhen Co., Ltd. has a relatively weak energy storage concept but has manufacturing advantages; Clou Electronics and Sineng Electric have stronger professionalism and growth in core energy storage links.

[1] China Energy Storage Alliance (CNESA) - Chinese Energy Storage Overseas Expansion is Unstoppable: 163 GWh Orders in H1 2025, Surge 246% YoY!
[2] Bozhong Testing - H1 2025 Overseas Energy Storage Data Released: Established Giants Compete with New Players
[3] Sina Finance - Internationalization Path: Situation and Countermeasures of Guangdong’s New Energy Storage Overseas Expansion
[4] Guojin Securities - Yongzhen Co., Ltd. (603381): Frame Leader’s Scale Advantage Gradually Emerges, Acquires Genovate to Enter High-growth Track
[5] Zhongyuan Securities - Comprehensive Governance of Low-price Disorderly Competition in Photovoltaic Industry, Upstream Industry Chain Prices Rebound Sharply