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1.1 全球光伏装机持续前行
根据国际能源署数据，截止2020年底，全球累计光伏装机760.4GW。有20个国家的新增光伏容量超过了1GW。其中中 国、欧盟和美国分别以48.2GW、19.6GW和19.2GW的规模位列全球前三。
“光伏+储能”已成为多国光伏开发的标准配置，搭配储能将为光伏带来长期可持续的发展动力，预计2025年全球光 伏新增装机370GW，其中，中国光伏新增装机为127GW。储能逆变器在光伏并网逆变器的基础上叠加了储能电站的 功能，从而使日间产生的富余电量得以存在蓄电池，夜间再通过电池释放出来，解决了光伏发电不可调控的弊端。
1.2 十四五期间，预计国内光伏年均新增装机76-86GW
我国将2030年非化石能源占比目标提升至25%（此前2030年非化石能源占比目标为20%）。2019年我国非化石能源占 比已经达到了15.3%，预计2020年可以提升至16%；在此基础上2030年非化石能源占比目标达到25%，平均每年提升幅 度为0.9pct。考虑水电、核电的资源储备、建设周期及地理限制条件后，我们认为2030年的光伏、风电累计装机合理区间应该在 1800-2000GW左右，即未来十年风电+光伏年均装机规模达到130GW-150GW区间，其中十四五期间的合理年均新增装 机规模为108-124GW，十五五期间的合理年均装机规模为155-178GW。十三五期间这一数值为55GW左右。
1.3 储能两大根本驱动→七种场景
储能的本质驱动来自于新型电力系统所需灵活性资源及用户侧的低成本高质量用电需求，具体可分为发电侧、电网侧 和用户侧共七种场景（互有交叉）。
发电侧：平抑发电波动，维持电网平衡，以新能源配套储能为主。
电网侧：以调峰调频等辅助服务维持电网平衡需求为主，另外还有延缓电网投资需求。
用户侧：国内以工商业储能为主，海外包括户用储能和工商业储能。
1.4 2025年全球新增装机有望达196GWh
装机预测：2021年全球新增电化学储能装机9.69GW，同比增长100%，2025年当年新增可达74.77GW。
驱动因素：中国2020年主要由新能源发电侧、电网侧推动，工商业用户侧受近期火灾事故影响短期内略有迟滞但长期 无虞。美国的大型项目及用户侧储能均已实现市场化驱动，2021年有望翻倍以上。欧洲、澳洲、日本、南非、南美等 地的家庭储能正保持快速增长态势。
2.1 成立以来，公司不断横向拓展细分领域、纵向升级产品结构
1995年成立以来，意华通过内生增长、外延并购等，从通讯连接器、消费电子连机器，拓展至汽车连接器和光伏支架领域。
2.2 公司的产品，主要包括连接器和光伏支架
意华股份的主要产品为连接器和光伏跟踪支架；其中，连接器包括通讯连接器、消费电子连接器、汽车连接器等，光 伏支架主要产品为结构系统（可旋转支架）。
2.3 光伏跟踪支架是光伏发电系统的组成部分之一
光伏发电系统包括光伏组件、逆变器、光伏支架等核心设备及 其他配件。光伏支架作为电站的“骨骼” ，其性能直接影响光 伏电站的发电效率及投资收益。光伏支架上游为铝合金，钢材 以及其他非金属原材料，中游为光伏支架的设计和生产，下游 是光伏支架的运用即光伏电站。
2.4 汽车连接器业务进入战略收获期，成为业绩新驱动
公司汽车连接器的前期开发投入逐渐完备，业务已经开始进入收获期。前期公司的汽车连接器业务接连亏损，主要是由于 业务初期的投入建设支出较大等。2021年上半年，苏州远野收入0.33亿元、同比增长109.8%，实现净利润72万元、逐渐扭 亏为盈（去年同期亏损600万元)。
产品：公司汽车连接器业务覆盖新能源汽车及ASDS自动驾驶板块，目前的产品包括车载高速连接器HSD系列，BMS新能源连接器、车身 ECU/VCU、汽车玻璃升降连接器等。
客户：公司已获得 BYD、吉利、GKN、华为、东风、中车、安波福等大客户逾2亿元的项目，正在逐步放量中，且获得了客户的良好口碑。未来汽车连接器业务有望持续受益于下游客户的订单放量，规模效应显著增强。
01 Grasp the opportunity of optical storage certainty
1.1 Global photovoltaic installations continue to move forward
According to data from the International Energy Agency, by the end of 2020, the global cumulative installed photovoltaic capacity was 760.4GW. Twenty countries added more than 1GW of PV capacity. Among them, China, the European Union and the United States ranked the top three in the world with 48.2GW, 19.6GW and 19.2GW respectively.
"Photovoltaic + energy storage" has become the standard configuration of photovoltaic development in many countries, and energy storage will bring long-term sustainable development power for photovoltaic. It is expected that 370GW of photovoltaic installed capacity will be added globally in 2025, among which 127GW of photovoltaic installed capacity will be added in China. Energy storage inverter superimposed the function of energy storage power station on the basis of photovoltaic grid-connected inverter, so that the surplus electricity generated during the day can be stored in the battery, and then released through the battery at night, solving the drawbacks of photovoltaic power generation cannot be regulated.
1.2 During the 14th Five-Year Plan period, it is estimated that 76-86GW will be newly installed annually in China
The country has raised its non-fossil energy share target to 25% by 2030, up from 20% previously. In 2019, the share of non-fossil energy in China reached 15.3 percent, and is expected to increase to 16 percent in 2020. On this basis, the proportion of non-fossil energy in 2030 will reach 25%, with an average annual increase of 0.9 PCT. After considering the resource reserve, construction cycle and geographical constraints of hydropower and nuclear power, we believe that the reasonable range of cumulative installed capacity of photovoltaic and wind power in 2030 should be about 1800-2000GW, that is, the average annual installed capacity of wind power and PV in the next ten years should reach 130GW-150GW. Among them, the reasonable average annual new installation scale during the 14th Five-Year plan is 108-124GW, and the reasonable average annual installation scale during the 15th five-year plan is 155-178GW. During the 13th Five-Year Plan period, this value is about 55GW.
1.3 Two fundamental drives of energy storage → Seven scenarios
The essential drive of energy storage comes from the flexible resources required by the new power system and the low cost and high quality power demand of the user side, which can be divided into seven scenarios (intersecting each other) of the generation side, the grid side and the user side.
Generation side: to smooth the fluctuation of power generation, maintain the balance of power grid, and mainly use new energy to support energy storage.
On the power grid side, auxiliary services such as peak regulation and frequency modulation are mainly used to maintain the balance demand of the power grid, and the demand for delaying the investment of the power grid is also delayed.
User side: Domestic energy storage is mainly industrial and commercial energy storage, while overseas energy storage includes household energy storage and industrial and commercial energy storage.
1.4 The global installed capacity is expected to reach 196GWh in 2025
Installed capacity forecast: In 2021, the global installed capacity of new electrochemical energy storage is 9.69GW, with a year-on-year growth of 100%, and in 2025, the new capacity can reach 74.77GW.
Driving factors: In 2020, China is mainly driven by the new energy power generation side and the power grid side, and the industrial and commercial users are slightly delayed in the short term but safe in the long term due to the impact of recent fire accidents. Both large projects and user-side energy storage in the U.S. are already market-driven and are expected to more than double in 2021. Europe, Australia, Japan, South Africa, South America and other places are maintaining a rapid growth of home energy storage.
Yihua Shares: photovoltaic bracket rookie, automotive connector into the harvest period
2.1 Since its establishment, the company has continuously expanded and segmented areas horizontally and upgraded product structure vertically
Since its establishment in 1995, Yihua has expanded from communication connectors, consumer electronics and machines to automotive connectors and photovoltaic supports through endogenous growth and extension acquisition.
2.2 The company's products mainly include connectors and photovoltaic supports
The main products of Yihua are connectors and photovoltaic tracking brackets; Among them, connectors include communication connectors, consumer electronics connectors, automotive connectors, and so on. The main products of optical volt bracket are structural systems (rotatable bracket).
2.3 Photovoltaic tracking support is one of the components of photovoltaic power generation system
Photovoltaic power generation system includes photovoltaic module, inverter, photovoltaic support and other core equipment and other accessories. As the "skeleton" of power station, the performance of photovoltaic scaffold directly affects the power generation efficiency and investment income of photovoltaic power station. The upstream of the PV bracket is aluminum alloy, steel and other non-metallic raw materials, the middle reaches is the design and production of the PV bracket, and the downstream is the application of the PV bracket, namely the PV power station.
2.4 Automotive connector business has entered the strategic harvest period and become a new driver of performance
The company automobile connector early development investment gradually complete, business has begun to enter the harvest period. The early company's automotive connector business losses, mainly due to the initial investment in the construction of larger spending. In the first half of 2021, Suzhou Eno's revenue was 33 million yuan, a year-on-year increase of 109.8%, and its net profit was 720,000 yuan, gradually turning a loss into a profit (a loss of 6 million yuan in the same period last year).
Products: The company's automotive connector business covers new energy vehicles and ASDS autonomous driving plate, the current products include vehicle high-speed connector HSD series, BMS new energy connector, body ECU/VCU, automotive glass lift connector, etc.
Customers: The company has obtained more than 200 million yuan of projects from BYD, Geely, GKN, Huawei, Dongfeng, CRRC, Ambofu and other big customers, and is gradually increasing the volume, and has won a good reputation from customers. The future automotive connector business is expected to continue to benefit from the downstream customer order volume, scale effect significantly enhanced.