CITIC Securities: It is expected that the global household storage market will reach an accelerated growth inflection point by 2025.

CICC Securities research report stated that we expect the global household energy storage market to reach an accelerated growth inflection point by 2025, with a projected CAGR of nearly 15% over the next 3 years. Highlight markets include Australia, Asia, Africa, and Latin America. In Europe, after a two-year consolidation period, inventory reduction is evident and industry demand is returning to normal steady growth. The channel landscape is being reshaped, with leading energy storage channel operators evolving towards a "light asset service provider" and "regional oligopoly" model, forcing equipment supply to consolidate towards leading players. In Australia, the penetration rate for household energy storage capacity/increment is only around 7%/20%, offering significant room for improvement compared to Europe's corresponding rates of over 15%/40%. With the subsidy policy for high-capacity household energy storage systems set to be implemented by 2025, project investment payback periods could be reduced to around 5 years, potentially igniting demand for household energy storage in Australia, leading to a potential 3-6 fold increase in annual installations. Chinese household energy storage suppliers hold a leading position in the Australian market, and manufacturers with competitive advantages are expected to benefit significantly. In Asia, Africa, and Latin America, emerging markets face significant electricity shortages, with urgent demands for power allocation and grid expansion. Some countries are increasing policy support for household energy storage systems, driving continued growth in household energy storage installations, particularly in Southeast Asia and South Asia, where significant growth is expected and household energy storage systems have the potential to flourish.