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SMM, February 21:
As of January 2025, ESS battery inventory increased by approximately 2% MoM, with the inventory-to-sales ratio rising to 1.52 months. In January, the ESS market demand entered the traditional off-season. However, supported by the early release of overseas rush for installations, the decline in battery cell production and sales was relatively small compared to previous years. On the inventory side, although Q1 is the off-season for ESS demand, on one hand, ESS battery cell enterprises cleared inventory at low prices at the end of 2024, keeping industry inventory at a relatively low level. On the other hand, some battery cell producers, having clear subsequent order demands, began stockpiling in advance, leading to a slight increase in ESS battery cell inventory levels this month. Looking ahead, ESS industry inventory is expected to fluctuate within a reasonable range of 1.5-2 months. Driven by stockpiling demand from some enterprises, the inventory-to-sales ratio may show a slight upward trend.
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
