I. Industry overview: Wide application scenarios and broad industry space

Portable energy storage has the characteristics of safety, portability, stability and environmental protection

Portable energy storage has the characteristics of safety, portability, stability and environmental protection. Portable energy storage can generally use built-in high-density lithium ion batteries to provide a stable AC and DC power system. Its charged amount is usually 0.2-2kWh, and has a larger output power of 100-2200W, equipped with AC, DC, Type-C, USB, PD and other interfaces, can match all kinds of mainstream electronic devices on the market.

There are five common outdoor energy sources: diesel generators, lead-acid batteries, photovoltaic power generation, automotive batteries and energy storage.

Early outdoor and emergency power supply is mainly provided by small oil-fired generators or lead-acid batteries. Among them, the generator has the advantages of high energy conversion and high thermal efficiency, but its use noise is too large, and will emit a lot of waste emissions, does not conform to the concept of today's green ecology; Lead-acid batteries are cost-effective and have a long life, but they can also cause serious environmental pollution problems, just like generators.

In recent years, lithium has become the main way of outdoor energy storage due to its improved energy efficiency, lightness, simplicity, low noise and large capacity. Outdoor energy storage equipment has been exploded. In addition, multifunctional output interfaces of outdoor energy storage devices, such as AC output, USB output and car charger interface output, are very convenient for users to use. Moreover, with the gradual decline of raw material prices, the price of portable energy storage gradually decreases, which has irreplaceable advantages compared with traditional outdoor power sources.

Application scenario: multi-scenario application, mainly focused on "outdoor" & "emergency"

Outdoor energy storage devices are used in various scenarios. Because of its portable characteristics, portable energy storage application scenarios are very diverse. It mainly consists of outdoor activities and emergency rescue, but also includes film and television production, aquaculture, wild farmland, outdoor work, stall operation and other fields.

Production and sales: Manufacturing end in China, sales throughout the world, mainly in the United States and Japan

The manufacturing end is mainly in China: According to the "China Portable Energy Storage Industry Development Research Report (2021)" released by China Chemical and Physical Power Supply Industry Association, China accounts for more than 90% of the production and shipment of portable energy storage equipment in the world, and is the main shipping place of portable energy storage equipment in the world. As the world's largest application market, the United States and Japan have gradually produced some own brands. Some brands adopt the mode of independent research and development and production, accounting for a small part of the shipping market, accounting for 3.2% and 2.1% respectively in 2020.

Sales network throughout the world, currently mainly in the United States and Japan. Thanks to the development of cross-border e-commerce in recent years, products represented by mobile energy storage begin to go global through online channels, and portable energy storage has a worldwide sales network. According to the "China Portable Energy Storage Industry Development Research Report (2021)" released by the China Chemical and Physical Power Industry Association, the United States is the world's largest portable energy storage application market, accounting for 47.3% of its sales, mainly due to the high proportion of American users traveling outdoors. Japan, as the second largest application market, accounted for 29.6%. Its application field is quite different from that of the United States. About 500,000 units were shipped in the field of emergency, while only about 50,000 units were shipped in the field of outdoor application, mainly caused by frequent natural disasters such as earthquakes in Japan and high demand for emergency power equipment. In Europe and Canada, demand for energy storage equipment continues to be dominated by outdoor activities and emergencies. The demand for energy storage in China is relatively small and the penetration rate is not very high.

Manufacturing in China: Rapid growth in shipments and output value

According to the data disclosed by China Chemical and Physical Power Supply Industry Association, from 2016 to 2021, China's portable energy storage shipments and output value increased significantly, which is a very obvious export-oriented industry.

Global market size: From 2016 to 2021, the global portable energy storage market size increased from RMB 60 million to RMB 11.13 billion, an increase of more than a hundredfold, with a CAGR of 184.23%. As can be seen from the change chart of portable energy storage market scale, the industry only started to take off in 2018. Although the development time is limited, it has matched its inherent product advantages in the market environment and accurately matched the needs of global residents and consumers. The development trend is promising and the market expansion has great potential.

Shipments in China: In 2016, the shipments of portable energy storage in China were only 48,000 units. With the rise of portable energy storage in the world, coupled with the catalysis of new energy industry, according to the estimates of the association, China's shipments in 2021 totaled about 4.388 million units, with a year-on-year growth of 128.7% compared with 2020, and a CAGR of 146.72% from 2016 to 2021.

China's output value scale: from 2016 to 2021, the output value grows rapidly along with the growth of shipment, from RMB50 million to RMB9.22 billion, with a CAGR of 183.89%.

Sales in the world: sales network throughout the world, mainly in Europe, America and Japan

The sales end is mainly in the United States and Japan. According to the "China Portable Energy Storage Industry Development Research Report (2021)" released by China Chemical and Physical Power Supply Industry Association, the United States is the world's largest portable energy storage application market, accounting for 47.3% of its sales, among which the proportion of outdoor travel is high. Japan, as the second largest application market, accounts for 29.6%, and the scenarios mainly focus on emergency response.

The main application in the United States is outdoors. Demand for outdoor camping and the like is high in the United States, mainly in August. Outdoor camping demand not only requires tents, placemats, folding tables and chairs, sleeping bags and other traditional camping equipment, but also drives the booming development of electric cooker, coffee machine, kettle, projector, photographic equipment, UAV, mobile air conditioning, incubator and other equipment, and the common feature of these equipment is that they are faced with a concentrated and large amount of electricity demand. It drives the rapid development of outdoor mobile energy storage.

The main application scenario in Japan is emergency. Japan is a country with frequent earthquake disasters and strong national awareness of disaster prevention. Therefore, emergency standby products represented by portable energy storage are popular all year round in Japan. At present, the main application scenario of portable energy storage in Japan is emergency.

Outlook: Portable energy storage devices accelerate the replacement of traditional small oil-fired generators

At present, portable energy storage equipment has been recognized by the industry as an alternative to small generators. With the rise of green economy and new energy, new energy vehicles gradually replace fuel vehicles, electric vehicles gradually replace fuel motorcycles. Portable energy storage device integrates the functions of power bank and generator, filling the vacant area of energy storage field. In addition, portable energy storage devices have advantages such as lower unit cost, more convenient operation and higher efficiency than oil-fired generators. Therefore, this replacement has a certain inevitability.

According to the statistics of the association, the shipment and market size of traditional fuel mobile generators in 2020 will be 12.5 million and 25 billion yuan respectively, and the suppliers are mainly overseas manufacturers. With the rise of portable energy storage devices, the market size of traditional oil-fired generators will gradually shrink. It is estimated that by 2026, its shipment volume and market size will decline to 9.189 million units and 18.38 billion yuan respectively, and the replacement proportion may reach 18.6%.

Outlook Demand: New scenarios are in high demand to help market penetration

Outdoor activities: This field is mainly composed of outdoor leisure and outdoor work. Currently, outdoor leisure occupies a large share, and it is expected to be mainly outdoor leisure in the future. During 2021-2026, the new demand will increase from 2.108 million units to 13.55 million units, with a CAGR of 45.08% and a penetration rate of over 15%.

Emergency preparedness: This field mainly includes household emergency electricity and disaster emergency electricity. At present, the frequency of natural disasters is not decreasing, which is often accompanied by power failure, shortcomings and other emergencies, and brings the demand for disaster relief. Portable energy storage equipment can guarantee the basic needs of victims. It is estimated that 11.55 million new demand will be generated by the emergency sector in 2026, and the market penetration rate is expected to approach 20%.

Market outlook: The industry is expected to increase in volume and price in the long term, and the market scale is expected to approach 90 billion yuan in 2026

Shipment: Considering the demand of portable energy storage devices in various fields, the future global portable energy storage shipments will increase with the growth of demand, and the shipment is expected to reach 1,355 (outdoor) + 1,155 (emergency) + 600 (other) = 31.1 million units in 2026.

Unit price: With the technological evolution and large capacity of portable energy storage equipment, the average price of the equipment has exceeded 2000 yuan by 2021 and shows a stable rising trend. It is expected that the unit price of the equipment will be close to 3000 yuan in 2026. However, we believe that in the short term, with the increase of new entrants, the price war will be inevitable. In the long term, referring to the development path of shared power bank, the future industry may still belong to a few players. At that time, prices are expected to continue to rise.

Market size: The market size of portable energy storage industry is estimated to be close to 90 billion yuan by shipment * unit price in 2026, and the overall penetration rate is expected to reach 15%. In addition, we expect overseas battery companies to take market share with Chinese companies, but China will still play an important role at the supply end, providing more than 80% of the output value.

Ii. Industrial chain: Made in China --> Global sales

Made in China --> Global sales

Overseas: The outdoor culture of countries represented by the United States has a long history of development. The family view of living is relatively dispersed, there are more distributed power grids, and the demand for emergency power backup and outdoor power backup is high. Domestic: In the past two years, the way of travel and tourism has changed. The trend of "exquisite camping" and "moving camping" is obvious, and the whole industry chain ushered in a stage of rapid growth.

Sales chain: The sales trend is online, with three-party platforms as the main channels

At present, almost all portable energy storage brand enterprises adopt a combination of online and offline mode to achieve global sales. Among them, online sales is its most important sales channel. From 2016 to 2018, online sales accounted for less than 50%. Since the outbreak of the novel coronavirus in 2020, the formation of global online consumption habits has accelerated. The increasing popularity of consumption habits will contribute to the global development of portable energy storage industry. In 2021, portable energy storage accounted for more than 80% of global online sales.

Online sales are mainly supported by Amazon, Tmall Taobao, Lotte, independent station and other platforms, while offline sales are mainly provided by supermarket. Jackery has partnered with Harbor Freight, HomeDepot, Lowe's and other well-known U.S. retailers to further enhance its brand.

Sales chain: Overseas social media plays an important role, and the four major brands have different priorities

Huabao Xinneng, Delan Minghai, Zhenghao Technology, Anke Innovation four major storage companies are committed to independent brand marketing through social networking, email, advertising and other means. Among them, the proportion of marketing through overseas social media is relatively high, with Youtube and Facebook as the main diversion.

Anker: Although Anker lags in the sales of energy storage devices, it has the largest number of followers on Facebook, Instagram, Twitter and Youtube, which has an overwhelming advantage, mainly driven by Anker's "ace single product" charger. Specifically, YouTube is the largest diversion channel for Anker's official website in social media layout, accounting for 58.29%. It has 460,000 fans on Facebook.

BLUETTI: Currently, its performance on TikTok is the most brilliant, the number of followers has exceeded one million, beating Anker, a single video can reach an average of 100,000 + views.

ECOFLOW: It hasn't made a big push on TikTok compared to other brands, but on Facebook, EcoFlow runs seven groups, four of which have over 10,000 members, and its fans are more engaged and active than most people think.

Jackery: Compared with the other three brands, the number of fans of Jackery in all channels is above the median, and the number of fans on Facebook and Instagram is over 15W.

Iii. Company concern: Leading enterprises have obvious advantages, and many enterprises accelerate to enter the bureau

Four domestic brands: Jackery, Anker, ECOFLOW, BLUETTI

The industry overall upward trend is obvious, Chinese brands have strong global competitiveness

Although Amazon platform sales data have seasonal changes, but the overall upward trend is obvious. The big increase in July was mainly due to the increase in sales due to Prime Day. At the same time, there was a certain overdraft of the August data, so there was a certain decline in August, but the overall upward trend is almost certain.

From the shipment of each site, Chinese brands occupy in each site have strong competitiveness. The main strong brands include Huabao Xinneng, Zhenghao Technology, Anke Innovation, Delan Minghai; They have obvious advantages in Europe and Japan; In the US local market, Champion Power, Westinghouse and other companies also have strong competitiveness.

Huabao Xinneng: vigorously promote the global self-owned brand strategy, the rapid growth of household storage business

Initial development and technology accumulation stage: Founded in 2011, the company started from ODM business of power bank. With the continuous development of the business, the company in the lithium battery power management, industrial design, structural design and other aspects of technology accumulation is deepening. In this process, the company has accumulated high-quality supplier resources such as Panasonic, LG Chemical, Bic Battery, Avnet and so on, and expanded well-known customers including Tesla, BMW, Superba Battery, DSG, Clas Ohlson and so on. The production, supply and marketing system has been improved day by day, and the strength of the company has been gradually enhanced.

Anke innovation: continuous expansion of sales scale, monthly sales record high

According to the company announcement, in 2021, the total income of Anke innovation was 12.574 billion yuan, with a year-on-year growth of 34.45%, and the revenue scale exceeded 10 billion yuan for the first time. According to the latest 2022 report, the revenue scale of Anker Innovation still maintains a stable expansion trend, with a total revenue of 5.887 billion yuan in 2022H1, a year-on-year growth of 9.62%.

According to the data disclosed by Jiuqian database, in July 2022, the sales volume of portable energy storage devices under Anker, Anker's independent brand, reached a new high in Amazon. The monthly sales volume ranked 14th, reaching 4,800 pieces, with a year-on-year growth of 71.42%, and the sales volume reached 2.8 million dollars.

Zhenghao Technology: Started with crowdfunding and distributed globally

Since its establishment in 2017, Zhenghao Technology has launched Rui RIVER and De DELTA series products. Since 2019, the company began to launch products through crowdfunding platforms such as Kickstarter in North America and Makuake in Japan, repeatedly setting sales records.

Product appearance simple fashion: Zhenghao products small volume, simple tone, in line with the current public aesthetic, help to improve the brand volume. Recently, was known as set