[SMM Analysis] Slight Increase in ESS Battery Cell Inventory in December as Overseas Prosperity Continues

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SMM January 10 News:

As of December 2024, ESS battery inventory increased by approximately 5% MoM, with the inventory-to-sales ratio rising to 1.57 months. In December, as the domestic "1230" grid connection rush for installations approached its end, new procurement demand for ESS battery cells gradually weakened. However, in overseas markets, due to policy uncertainties following the US election, some owners continued to install in advance. Considering the possibility of new policies being introduced in the US after the election, some battery cell enterprises are expected to maintain strong demand in the "overseas" market in Q1. Due to the rapid inventory digestion by battery cell enterprises in the earlier period, the ESS inventory in the industry reached its lowest point of the year in November. Driven by sustained demand from overseas customers, some battery cell enterprises began to slightly replenish inventory, leading to an increase in inventory in December. However, on an annual basis, the inventory-to-sales ratio of ESS batteries remained within a reasonable range of 1.5 to 2 months.

SMM New Energy Industry Research Department

Cong Wang 021-51666838

Xiaodan Yu 021-20707870

Rui Ma 021-51595780

Ying Xu 021-51666707

Disheng Feng 021-51666714

Yujun Liu 021-20707895

Yanlin Lü 021-20707875

Ye Yuan 021-51595792

Chensi Lin 021-51666836

Zhicheng Zhou 021-51666711

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Xiaoxuan Ren 021-20707866

Yushuo Liang 021-20707892

Jie Wang 021-51595902

Yang Xu 021-51666760