Evaluation of value-added efficiency in energy storage industry value chain: Evidence from China

With the determination of carbon peak and neutrality targets, and the need for the construction of new power systems, it is crucial for the high-quality development of the energy storage industry. This study aims to scientifically and accurately study the current situation and problems of its value chain, and analyze its driving factors and improvement paths. To that end, we constructed an empirical study under a combination of " Smiling Curve", Principal Component Analysis and three-stage DEA-Malmquist model. We based on the "Smiling Curve" theory, with the main business profit rate of 168 listed enterprises in the energy storage industry from 2017 to 2021 as the sample variable, the smile pattern of the value chain of the value storage industry is studied. Further, PCA is used to explore the value-added driving factors of upstream, midstream and downstream listed companies. Finally, the three-stage DEA-Malmquist model is used to evaluate the static and dynamic efficiency of each link in the value chain, excluding the influence of environmental and random factors. The results demonstrate that the value chain presents an arc-shaped smile, and the overall value-added capacity has improved after 2019, but the midstream link is still weak. The main driving factors of value-added efficiency of energy storage enterprises in different links are quite different. Under the new development requirements, enterprises should actively seek value-added breakthroughs. In addition, the value-added efficiency of energy storage enterprises is more sensitive to the external environment, verifying the need to consider environmental and random factors.