[SMM Analysis] Power conversion system (PCS) is a core equipment in energy storage systems, responsible for bidirectional conversion between direct current and alternating current to meet the charging and discharging needs of power grids. Shanghai Metals Market (SMM) official website provides price information for three types of PCS, including two types of centralized PCS (1725kW and 2500kW) and one type of string PCS (215kW). Centralized PCS is more widely used in energy storage systems on the source-grid side. As the energy storage cell capacity increases, the system capacity also increases accordingly. In terms of prices, the price of 1725kW PCS is slightly higher than that of 2500kW PCS, while the price of 2500kW PCS is showing a downward trend. Although string PCS has the advantage of improving battery consistency and system reliability, its market penetration is relatively low due to its relatively high price, with a price of around 0.11 yuan/W.