Project benefit and investment risk analysis are crucial for investment decisions in user-side energy storage projects. To evaluate the economic feasibility of energy storage projects under different scenarios, this paper examines the construction models, cost structures, and revenue sources of user-side energy storage projects. An economic benefit evaluation index system based on the "cost-benefit analysis method" is developed, and a "sensitivity analysis method" is introduced to quantify the impact of key factor variations on economic performance, thereby identifying project risks and proposing countermeasures. Taking a user-side energy storage project at a steel enterprise as a case study, indicators such as levelized cost of energy (LCOE), payback period, net present value (NPV), and internal rate of return (IRR) are calculated. The results show that all economic indicators meet industry benchmark requirements. On this basis, further sensitivity analysis and break-even analysis are conducted, and risk prevention and control measures are formulated based on the analysis results. The findings of this paper can serve as a reference for investment decisions in similar user-side energy storage power stations.