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<Research>BofAS Envisions Modest Recovery in CN ESS Battery Prices in 4Q, Raises EPS Forecasts & TPs for Energy Storage Stocks
In August, China's total orders for energy storage systems (ESS) reached 26GW/69GWh (a YoY surge of over 500%), showing that ESS demand remained robust even after the rush to i...
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<Research>BofAS Envisions Modest Recovery in CN ESS Battery Prices in 4Q, Raises EPS Forecasts & TPs for Energy Storage Stocks
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In August, China's total orders for energy storage systems (ESS) reached 26GW/69GWh (a YoY surge of over 500%), showing that ESS demand remained robust even after the rush to install wind and solar projects by the end of May, according to a report from BofA Securities.

In the broker's estimate, demand for ESS batteries will stay solid in 2025-30 thanks to strong domestic policies and sustained demand growth in overseas markets.

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Looking ahead, BofA Securities anticipates ESS battery prices to enjoy a modest recovery driven by robust demand in 4Q25. Taking into account demand growth fueled by supportive policies, the broker has lifted its EPS forecasts and target prices across energy storage companies. Further details are provided in a separate table.

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