证券日报网讯 12月25日，海博思创在互动平台回答投资者提问时表示，公司股价波动受市场环境、行 业政策等多重因素影响，目前不存在应披露未披露的信息。公司始终重视股东利益，将持续通过技术创 新和市场拓展提升核心竞争力，为投资者创造长期价值。 （文章来源：证券日报） ...

申万宏源研究指出，海博思创聚焦储能，系统集成领先企业。公司作为具备先发优势的储能系统集成领 跑者，目前业务已战略聚焦于储能系统集成及核心装备。2022-2024公司营收CAGR为77%，归母净利 CAGR为91%；2025 Q1-Q3实现营业收入79.13亿元，同比增长52.2%。储能系统业务是公司的业务核 心，未来增长将主要由该业务驱动。公司受益于全球储能市场的加速放量，储能业务有望迎来高速发 展。首次覆盖给予公司"买入"评级。 ...

Core Insights - The Chinese energy storage industry is at a critical transformation point, with explosive growth in overseas orders and a focus on solid-state battery technology as the next generation of battery solutions [1] - The transition from price competition to value-driven business models is reshaping the industry, driven by policy changes and market dynamics [4] Industry Overview - The global energy transition is marked by a shift towards green and low-carbon development, with renewable energy sources like wind and solar facing challenges due to their intermittency, making energy storage crucial for reliable power supply [3] - The Chinese energy storage market accounts for approximately 40% of global installed capacity, while Chinese companies hold a 90% market share in energy storage batteries and systems [5] Technological Advancements - Significant technological advancements have led to an 8-fold increase in energy density of lithium-based storage systems from 2021 to 2025, resulting in enhanced storage capacity, reduced costs, and smaller footprint [3] - The introduction of semi-solid batteries as a transitional technology towards all-solid-state batteries has begun to see industrial application, improving safety in energy storage systems [7][8] Market Dynamics - The industry has faced challenges such as price wars and a lack of differentiation between high-quality and standard products, but recent policy changes are shifting focus towards profitability and operational efficiency [4] - The overseas market is viewed as a significant growth opportunity, particularly in regions like Europe and Southeast Asia, where demand for energy storage solutions is surging due to rising energy costs and new industrial loads [5][6] Future Outlook - The integration of artificial intelligence in energy storage management is enhancing operational efficiency and product intelligence, contributing to the industry's evolution [7] - The future vision includes widespread adoption of solid-state batteries, potentially revolutionizing energy usage in households and buildings, with the capability to store significantly larger amounts of energy [8]

Core Viewpoint - The Chinese energy storage industry is at a critical transformation point, with explosive growth in overseas orders and advancements in solid-state battery technology, raising questions about the sustainability of China's leading position in the lithium battery sector and future growth drivers [1]. Group 1: Industry Trends - The development of green electricity combined with energy storage is seen as a potential ultimate solution for energy needs, with clean energy sources like wind and solar facing challenges due to their instability, making energy storage technology increasingly important [1]. - The domestic energy storage industry has experienced "involution," where technological advancements have led to cost reductions, resulting in price wars due to a lack of differentiation between high-quality and ordinary products [2]. - The introduction of the "136 Document" in 2025 is expected to shift the market focus from price-driven to value-driven, with independent energy storage stations entering the market and a transition towards profitability in energy storage operations [2]. Group 2: Technological Advancements - The evolution of energy storage technology is characterized by gradual improvements rather than sudden breakthroughs, with both existing technology upgrades and the development of next-generation solid-state batteries being essential for industry growth [3]. - Semi-solid batteries are being commercialized as a transitional technology, enhancing the safety of energy storage stations, while safety technologies from liquid battery research are being integrated into solid-state battery production [3]. - China's lithium battery industry is expected to maintain its competitive edge in the solid-state battery era due to significant R&D investments and a rich array of application scenarios, ensuring a smooth transition from liquid to solid-state batteries [3]. Group 3: Future Outlook - The development of energy storage technology is anticipated to fundamentally reshape energy usage scenarios, with visions of large-scale energy storage systems that could provide stable power for extended periods, alleviating electricity anxiety for consumers [3].

Group 1 - The core point of the news is that Haibo Sichuang's stock price dropped by 5.25% to 261.50 CNY per share, with a trading volume of 513 million CNY and a turnover rate of 5.09%, resulting in a total market capitalization of 47.094 billion CNY [1] - Haibo Sichuang, established on November 4, 2011, focuses on the research, production, and sales of electrochemical energy storage systems, providing a full range of energy storage system products and one-stop solutions for various industry clients [1] - The company's main business revenue composition is as follows: energy storage systems account for 99.77%, new energy vehicle leasing for 0.10%, other (supplementary) for 0.07%, and technical services for 0.06% [1] Group 2 - From the perspective of fund holdings, Huafu Fund has one fund heavily invested in Haibo Sichuang, specifically the Huafu New Energy Stock Fund A (012445), which held 140,000 shares, representing 3% of the fund's net value, making it the seventh-largest holding [2] - The Huafu New Energy Stock Fund A (012445) was established on June 29, 2021, with a latest scale of 566 million CNY, achieving a year-to-date return of 66.99% and a one-year return of 62.26% [2] - The fund manager of Huafu New Energy Stock Fund A is Shen Cheng, who has been in the position for nearly four years, with the fund's total asset scale at 5.195 billion CNY and a best return of 48.32% during his tenure [3]

Core Viewpoint - Company HaiBoSiChuang plans to expand its production capacity by investing 2 billion yuan in a new smart green energy storage factory project, responding to the rapid development of the energy storage market and the national "dual carbon" strategy [1][2]. Group 1: Project Details - The project will be located in Beijing's Fangshan District and will focus on the research, manufacturing, and testing of energy storage integration systems [2]. - The construction period is approximately 36 months, with an expected completion and production start date in December 2028 [2]. - Funding for the project will come from the company's own or self-raised funds, with cash as the investment method, and it will not involve fundraising [2]. Group 2: Financial Performance - As of the end of Q3 2025, the company had cash and cash equivalents amounting to 3.03 billion yuan, with 1.43 billion yuan in cash [3]. - The company has achieved a cumulative net profit of 2.03 billion yuan from 2022 to 2025 [5]. - Revenue growth has been significant, with operating income increasing from 838 million yuan in 2021 to 8.27 billion yuan in 2024, and a 52.23% year-on-year increase in the first three quarters of 2025 [4][6]. Group 3: Market Position - HaiBoSiChuang ranks among the top three globally for new energy storage installations in 2023, being second in power scale and third in energy scale [4]. - The company holds a leading position in the domestic market, with a revenue share of 93.41% from domestic sales in the first half of 2025 [6]. - The company has also expanded its international presence, with overseas revenue reaching 298 million yuan, accounting for 6.59% of total revenue [6]. Group 4: Stock Performance - Since its listing on January 27, 2025, at an issue price of 19.38 yuan per share, the company's stock price has surged to 275.99 yuan per share by December 24, 2025, representing an increase of over 13 times [7].

Core Viewpoint - The other power equipment sector experienced a significant increase of 3.7% on December 24, with Xinle Energy leading the gains, reflecting positive market sentiment in this industry [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3940.95, up by 0.53%, while the Shenzhen Component Index closed at 13486.42, up by 0.88% [1]. - Notable stocks in the other power equipment sector included: - Xinfu Energy (300593) with a closing price of 30.24, up by 20.00% and a trading volume of 632,300 shares, totaling a transaction value of 1.83 billion [1]. - Zhongheng Electric (002364) closed at 27.67, up by 10.02% with a trading volume of 547,300 shares [1]. - Jinshi Technology (002951) closed at 15.29, up by 10.00% with a transaction value of 209 million [1]. Group 2: Capital Flow - The other power equipment sector saw a net inflow of 1.933 billion in main funds, while retail investors experienced a net outflow of 762 million [2]. - The capital flow for key stocks included: - Maigemit (002851) had a main fund net inflow of 460 million, but retail funds saw a net outflow of 189 million [3]. - Zhongheng Electric (002364) had a main fund net inflow of 401 million, with retail funds experiencing a net outflow of 210 million [3]. - Shanghai Electric (601727) recorded a main fund net inflow of 83.28 million, while retail funds had a net outflow of 21.53 million [3].

Investment Rating - The report assigns a "Buy" rating for the company, Haibo Sichuang, as a leading player in the energy storage system integration sector, benefiting from the accelerated global energy storage market growth [8][9]. Core Insights - Haibo Sichuang focuses on energy storage, establishing itself as a leader in system integration with a projected revenue CAGR of 77% from 2022 to 2024 and a net profit CAGR of 91% during the same period. The core business driving future growth is the energy storage system [8][9]. - The global energy storage market is expected to continue its growth trend, with BNEF forecasting an additional installed capacity of 221 GWh by 2025. Key markets include China, the US, Europe, and emerging regions like the Middle East, which are all contributing to a diversified growth landscape [8][9]. - The domestic energy storage market is experiencing high growth, with independent storage accounting for 58% of the market in the first half of 2025, indicating a shift towards market-oriented operations [8][9]. Summary by Sections 1. Company Overview - Haibo Sichuang has transitioned from a battery system origin to a focus on energy storage integration, achieving a cumulative installed capacity of over 20 GWh since 2019 [19]. - The company has a concentrated ownership structure, with a core management team possessing extensive industry experience and technical expertise [1][19]. 2. Energy Storage Market - The global energy storage industry is entering a structural growth phase, with a projected CAGR of approximately 17% from 2024 to 2035 [36]. - The US energy storage market is thriving, with significant growth driven by AI computing demands leading to a power shortage, making energy storage a necessity [38][41]. - The European market is showing structural differentiation, with large-scale and commercial storage growing rapidly, while household storage faces short-term challenges [44]. 3. Competitive Advantages - The company has established a strong technological foundation, with a comprehensive lifecycle technology framework and a significant number of patents [8][9]. - Haibo Sichuang has secured deep partnerships with major state-owned enterprises, ensuring a stable order source while expanding its customer base [8][9]. - The company is accelerating its global expansion, having formed strategic partnerships with international giants like Fluence [8][9]. 4. Financial Forecast and Valuation - The company is expected to achieve revenues of 132.22 billion, 253.00 billion, and 351.49 billion yuan from 2025 to 2027, with corresponding net profits of 10.42 billion, 22.52 billion, and 31.31 billion yuan [7][9]. - The report estimates a target market capitalization of 670 billion yuan for the company, indicating a potential upside of 43.24% from its current market value [9].

Core Viewpoint - The company Haibo Sichuang announced the initiation of the "Haibo Sichuang Intelligent Green Energy Storage Factory Project" with a total investment of 2 billion yuan [1] Group 1: Project Overview - The project will be located in the Beijing High-end Manufacturing Base in Fangshan District, Beijing [1] - The core business of the project includes research, development, manufacturing, and testing of energy storage integration systems [1] - The project aims to establish an integrated energy storage industrial base that includes system integration production lines, R&D testing centers, and supporting facilities [1] Group 2: Strategic Goals - The initiative is designed to enhance the scale and intelligence of high-end energy storage product R&D, manufacturing, and testing capabilities [1]

Core Insights - The announcements highlight various corporate activities including project investments, contract wins, equity acquisitions, share buybacks, and shareholding adjustments across multiple companies in different sectors. Project Investments - Haibo Technology plans to invest 2 billion yuan in the "Haibo Intelligent Green Energy Storage Factory Project" [1] Contract Wins - Baosheng Co., Ltd. has won a contract worth approximately 1.2 billion yuan from the Singapore Power Authority for power cable projects [1] - Qianjiang Water Conservancy has secured a contract for the integrated water supply and drainage project in Qimen County, Huangshan City [1] - Ningbo Construction has won a construction contract worth 428 million yuan as part of a consortium [1] Equity Acquisitions - Shanghai Jianlong intends to acquire a 40% stake in Hanxing Energy for 200 million yuan [1] - Ningbo Port plans to acquire 100% equity of the Comprehensive Bonded Zone Terminal for 706 million yuan to enhance its competitive edge [1] - Jinko Environment aims to acquire 100% equity of Eric for 84.8 million yuan [1] Share Buybacks - Weimais plans to repurchase shares with an investment of 50 million to 100 million yuan [1] Shareholding Adjustments - Yuan Meihe, a shareholder of Oke Yi, plans to reduce his stake by up to 1.89% [2] - Biological Holdings intends to increase its stake by investing between 50 million to 100 million yuan [2] - Chang'an Trust and Zhongbao Investment No. 1 Trust plan to reduce their holdings in Unisplendour by no more than 1% [1]