CITIC Securities: Overseas energy storage manufacturers are weak, and the global competitive landscape is expected to be reshaped.

CITIC Securities Research Report indicates that with the transformation of overseas energy, the increase in the proportion of new energy drives the demand for flexibility adjustment resources. The overseas energy storage market, led by Europe and the United States, is expected to see a surge in demand. We believe that the domestic energy storage industry chain has significant advantages, with global market shares continuing to rise in areas such as electric cores and energy storage systems. Looking at overseas energy storage manufacturers, most companies have a high degree of dependence on the Chinese industry chain and face operational difficulties in the face of policy uncertainties. We believe that at the current point in time, the investment value of the overseas energy storage market is prominent, and we recommend focusing on leading manufacturers in the overseas energy storage industry chain, such as electric cores, PCS, and system integration.