Investment Rating - The report maintains a "Positive" investment rating for the industry [5] Core Insights - The report highlights the ongoing price increases in the photovoltaic industry chain, with significant price adjustments for silicon wafers and battery cells, indicating a recovery in market sentiment for solid-state batteries [9][15] - The report emphasizes the importance of monitoring price changes in the industry chain, as well as the progress of mergers and acquisitions in the silicon material sector [15][36] Summary by Sections Photovoltaic - The prices of silicon materials have risen to approximately 47-49 CNY/kg, with silicon wafer prices for 183N, 210RN, and 210N reaching 1.45, 1.65, and 1.93 CNY per piece respectively [21][24] - The report notes that the photovoltaic industry is experiencing a reduction in low-price competition, with a focus on orderly exit of backward production capacity [16][36] - Key recommendations include investing in companies benefiting from this trend, such as Tongwei Co., GCL-Poly Energy, LONGi Green Energy, and Aiko Solar [36] Energy Storage - The introduction of capacity pricing for energy storage in Gansu province strengthens the logic for independent energy storage in China, with a capacity price set at 330 CNY/KW per year for the first two years [41][42] - The report indicates that the domestic energy storage market is expected to see continued growth, driven by favorable policies and increasing demand [39][50] - Recommended companies in this sector include Sungrow Power Supply and Deye Technology, with a focus on large-scale energy storage projects [36] Lithium Battery - The report notes a stable upward trend in the lithium battery sector, with a focus on companies with strong profitability and stable market positions, such as CATL and other quality second-tier companies [16][36] - The sentiment around solid-state batteries is improving, with significant advancements expected in materials and technology [16][39] Wind Power - The report highlights the acceleration of offshore wind projects in China, with expectations for increased profitability in the second half of the year as project deliveries ramp up [16][36] - Recommended companies include Mingyang Smart Energy and Zhongji Innolight, which are well-positioned to benefit from this trend [36] Power Equipment - The report emphasizes the importance of high-voltage direct current (HVDC) projects and the expected approval of new projects in the second half of the year [16][36] - Recommended companies in this sector include Sifang Co. and State Grid Information & Communication, which are expected to benefit from these developments [36] New Directions - The report discusses the potential of humanoid robots and advancements in solid-state battery technology, indicating a positive outlook for companies involved in these areas [16][36]

根据中国证券监督管理委员会于 2024 年 12 月 19 日出具的《关于同意北京海 博思创科技股份有限公司首次公开发行股票注册的批复》(证监许可〔2024〕1869 号），北京海博思创科技股份有限公司（以下简称"公司"）首次公开发行人民 币普通股 44,432,537 股，并于 2025 年 1 月 27 日在上海证券交易所科创板上市。 公司首次公开发行股票完成后，总股本为 177,730,148 股，其中有限售条件流通 股 142,080,723 股，占公司总股本的 79.94%，无限售条件流通股 35,649,425 股， 占公司总股本的 20.06%。 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 有限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为 自公司首次公开发行股票并上市之日起 6 个月，现锁定期即将届满，该部分限售 股将于 2025 年 7 月 28 日上市流通（原定上市流通日 2025 年 7 月 27 日为非交易 日，故顺延至 2025 年 7 月 28 日）。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 证券代码：688411 证券简称 ...

证券代码：688411 证券简称：海博思创 公告编号：2025-035 北京海博思创科技股份有限公司 根据中国证券监督管理委员会于 2024 年 12 月 19 日出具的《关于同意北京海 博思创科技股份有限公司首次公开发行股票注册的批复》(证监许可〔2024〕1869 号），北京海博思创科技股份有限公司（以下简称"公司"）首次公开发行人民 币普通股 44,432,537 股，并于 2025 年 1 月 27 日在上海证券交易所科创板上市。 公司首次公开发行股票完成后，总股本为 177,730,148 股，其中有限售条件流通 股 142,080,723 股，占公司总股本的 79.94%，无限售条件流通股 35,649,425 股， 占公司总股本的 20.06%。 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 2,284,129 股，占公司总股本的比例为 1.27%。具体内容详见公司于 2025 年 1 月 22 日在上海证券交易所网站（www.sse.com.cn）披露的《北京海博思创科技股份 有限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为 自公司首次公开发行股票并上 ...

中泰证券股份有限公司 本次上市流通的限售股为公司首次公开发行网下配售限售股，股份数量为 2,284,129股，占公司总股本的比例为1.27%。具体内容详见公司于2025年1月22 日在上海证券交易所网站（www.sse.com.cn）披露的《北京海博思创科技股份有 限公司首次公开发行股票并在科创板上市发行结果公告》。上述股份锁定期为自 公司首次公开发行股票并上市之日起6个月，现锁定期即将届满，该部分限售股 将于2025年7月28日上市流通（原定上市流通日2025年7月27日为非交易日，故顺 延至2025年7月28日）。 二、本次上市流通的限售股形成后至今公司股本数量变化情况 （一）公司首次公开发行股票完成后，总股本为177,730,148股，其中有限售 条件流通股142,080,723股，无限售条件流通股35,649,425股。 4 （二）2025年4月27日，公司召开第二届董事会第十四次会议和第二届监事 会第七次会议，审议通过了《关于公司2022年股票期权激励计划第一个行权期行 权条件成就的议案》。符合行权条件的84名激励对象实际行权数量为2,362,344 股，因行权所获股票自行权日起3年内不得减持。行权 ...

Investment Rating - The investment rating for the industry is "Positive" (maintained) [3] Core Views - The photovoltaic manufacturing industry is currently facing challenges due to unclear downstream demand expectations and excess upstream capacity. However, the implementation of Document No. 136 is expected to clarify demand expectations, leading to improvements in both supply and demand dynamics within the industry [4][20] - The energy storage sector is experiencing a significant increase in project bidding, with June 2025 seeing a record high of 62.8 GWh in public bidding capacity, a 228% increase compared to June 2024 [5][9] - The photovoltaic sector is anticipated to rebound due to the "anti-involution" plan aimed at reducing excess capacity and promoting sustainable development within the industry [17][18] Summary by Sections Energy Storage - The energy storage industry is in a transitional phase, with ongoing government support expected to maintain resilient demand for storage projects. Key companies to watch include Haibo Shichuang and Sungrow Power [14][17] - The regions with high renewable energy penetration, such as Inner Mongolia, Ningxia, Xinjiang, and Hebei, are showing positive attitudes towards supporting energy storage projects [14][15] Photovoltaics - The photovoltaic sector is experiencing rapid capacity growth, outpacing demand, leading to significant losses for companies. The "anti-involution" plan aims to address this by facilitating the exit of outdated capacity and stabilizing prices [17][18] - The price of polysilicon has seen a dramatic decline, dropping from 65 RMB/kg at the beginning of 2024 to 35 RMB/kg by July 2025, but there are signs of recovery [18][19] - Companies to focus on include Tongwei Co., GCL-Poly Energy, and Xinte Energy in the polysilicon segment, and new technology firms like BQ Materials and Aiko Solar in the photovoltaic technology space [4][20]

Investment Rating - The report maintains a "Buy" rating for Hyperstrong with a 12-month target price of Rmb 106 per share, indicating an upside potential of 17.9% from the current price of Rmb 89.88 [15][10][3] Core Insights - The Battery Energy Storage System (BESS) is emerging as a critical solution for managing electricity grid stability during summer heatwaves in China, with record peak loads reaching 1,465 GW, an 11% year-over-year increase [1] - Hyperstrong is identified as a key beneficiary of the growing BESS demand, with projected volume growth rates of 65% in 2025, 43% in 2026, and 36% in 2027, leading to an estimated 38% EPS CAGR from 2024 to 2027 [3][13] - The cumulative tendering volume for BESS in China reached approximately 170 GWh in the first half of 2025, reflecting a 121% year-over-year increase, surpassing previous growth expectations [2][8] Summary by Sections BESS Demand and Market Trends - The demand for BESS continues to exceed expectations, with June 2025 tendering volume in China reaching 56.7 GWh, a 292% year-over-year increase [2][9] - The report notes a significant time lag of 4-8 months between tendering and installation, alleviating concerns regarding the exit of mandatory ESS installation policies [2] Company Positioning and Financial Projections - Hyperstrong is positioned as a leading BESS supplier in China, holding approximately 12% market share in 2024, with expectations of a decline to 6% by 2030 due to increased competition [13][3] - The report forecasts a 20% EPS growth from 2024 to 2030, supported by a 33% volume growth [3][13] Catalysts for Growth - Key near-term catalysts for Hyperstrong include sizable supply contracts, the launch of differentiated products, vertical integration strategies, and supportive policy reforms for the BESS business model [3][14]

Investment Rating - The report maintains a "Strong Buy" rating for the industry, indicating a positive outlook for investment opportunities [2]. Core Insights - The report highlights the focus on offshore wind power development and the need to combat price competition in the photovoltaic sector, suggesting a shift towards quality improvement and innovation [6][7]. - The offshore wind market is expected to grow due to supportive policies and decreasing investment costs, while the photovoltaic sector faces challenges with price declines and profitability pressures [6][7]. Summary by Sections Wind Power - The Central Financial Committee's sixth meeting emphasized the importance of developing offshore wind power as part of the marine economy, aiming for orderly construction and quality improvement [11]. - The wind power index increased by 1.3% over the week, underperforming compared to the CSI 300 index by 0.24 percentage points, with a current PE ratio of 19.69 times [12]. - Investment opportunities are identified in domestic offshore wind demand, recovery of profitability, and advancements in floating wind technology, with recommended companies including Mingyang Smart Energy, Goldwind Technology, and Dongfang Cable [7][18]. Photovoltaics - The report discusses the government's focus on addressing price competition in the photovoltaic industry, with expectations of continued price declines in the supply chain [6]. - The current PE ratio for the photovoltaic sector is approximately 31.75 times, indicating a challenging environment for profitability [5]. - Structural opportunities are suggested, with recommended companies including Dier Laser, Aiko Solar, and Longi Green Energy [7]. Energy Storage & Hydrogen - A series of independent energy storage projects have commenced in Inner Mongolia, indicating a push for new energy storage solutions [7]. - The report anticipates a resurgence in demand for new energy storage following a phase of adjustment, with investment opportunities in companies like Sungrow Power and Deye Technology [7]. - The hydrogen sector is highlighted for its potential, with a focus on companies involved in green hydrogen project investments, recommending Jilin Electric Power [7].

公司研究丨深度报告丨海博思创（688411.SH） [Table_Title] 海博思创：领航国内储能，逐浪全球征途 %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 海博思创成立于 2011 年，历经 14 年技术积累及市场探索，已成长为国内储能龙头企业并加 速向海外市场拓展。伴随国内储能终端商业模式改善，行业需求有望持续增长、产业链格局预 计向头部集中、盈利中枢有望逐步企稳，叠加海外市场加速放量，公司基本面具备高成长性。 2025-2030 年储能装机 CAGR 在 30%以上，强劲需求 beta 下公司有望迎来戴维斯双击。 分析师及联系人 [Table_Author] SAC：S0490514040001 SAC：S0490522030001 SAC：S0490520090003 SFC：BQK482 请阅读最后评级说明和重要声明 2 / 32 海博思创（688411.SH） cjzqdt11111 [Table_Title2] 海博思创：领航国内储能，逐浪全球征途 [Table_Summary2] 海博思创：领航国内储能，逐浪 ...

Group 1 - The strategic partnership between Haibosichuang and Guangzhou Yuexiu Industrial Investment Fund aims to create a benchmark-level energy storage industry fund, providing full lifecycle capital support for quality energy storage projects and unlocking the value of green energy assets [1] - Haibosichuang plans to leverage its core advantages in the industry and finance sectors alongside Yuexiu Industrial Fund to establish a fund matrix that includes development-type, holding-type, and innovative asset securitization funds, paving a new path for financial innovation in the energy storage sector [1] - The company has signed a memorandum of understanding with Singapore-based Alpina to supply 5,000 integrated charging and storage machines from 2025 to 2027, targeting the rapidly growing electric vehicle charging market in Singapore and the Asia-Pacific region [1][2] Group 2 - The collaboration marks Haibosichuang's official entry into the Singapore market, using it as a strategic base to expand its energy storage business in the Asia-Pacific region [2] - The integrated charging and storage machine developed by Haibosichuang will be applied in Singapore, showcasing its flexibility and advanced technology in various scenarios, thus providing an innovative model for industry development [2] - Haibosichuang has also formed a strategic partnership with European energy storage developer Repono to jointly advance a grid-scale energy storage project with a total capacity of 1.4 GWh by 2027, contributing to Europe's energy transition [2] Group 3 - Haibosichuang has been actively expanding its international market presence, increasing its influence in the global energy storage sector, and participating in multiple grid-side and commercial energy storage projects [3] - The company's grid-side energy storage projects have positively impacted local grid stability and reliability, while its commercial energy storage solutions help businesses reduce electricity costs and improve energy efficiency [3] - The company employs a dual-driven model of "technology output + localized operation," establishing a comprehensive sales and service network in Europe, North America, and the Asia-Pacific region to meet diverse regional needs [3]

Core Viewpoint - The implementation of the "Document No. 136" marks a significant shift in China's energy storage industry from policy-driven growth to market-driven dynamics, prompting companies to innovate and explore new business models to adapt to the changing landscape [1][2]. Industry Transformation - The energy storage industry is transitioning from "policy nurturing" to "market survival," reshaping its value assessment and competitive logic due to the decline of supportive policies [1]. - The document prohibits making energy storage configuration a prerequisite for new energy projects, which is expected to stimulate market-driven growth [1]. New Business Models - Companies are exploring market-oriented profit models such as shared energy storage and capacity mechanisms, with new modes like solar-storage integration and customized commercial scenarios emerging [2]. - The "Energy Storage + X" strategy proposed by the company aims to break down industry barriers and enhance the economic value of energy storage systems by providing tailored solutions across various sectors [2]. Capacity Market Mechanism - Currently, there is a lack of a clear capacity market mechanism for new energy storage, but pilot explorations are underway in some provinces, with expectations for gradual establishment over the next three years [3]. Financial Performance - The company reported a 711% year-on-year increase in cash flow in its 2024 financial report, indicating strong financial health and potential for capacity expansion [5]. - The company has established four intelligent manufacturing bases with a total annual production capacity of approximately 40 GWh, with additional bases under construction [5]. Strategic Shift - The company is transitioning from being a traditional equipment provider to a comprehensive energy service provider, focusing on delivering high-value solutions rather than just energy storage systems [6][7]. - The company emphasizes the importance of value over price in the new market environment, aiming to provide customized designs and full lifecycle services to enhance product and service value [7]. Technological Development - The company has successfully developed and demonstrated a semi-solid battery storage system, with plans for large-scale applications in projects like the Zhejiang Longquan lithium iron phosphate storage demonstration project [9]. - The company favors lithium battery technology over sodium battery technology due to its established market presence and superior industrial ecosystem [9]. Global Expansion - The company is actively expanding its presence in international markets while addressing geopolitical risks through local partnerships and understanding regional regulations [10]. - Plans are in place to achieve a balance between domestic and international revenue within the next three to five years, with a significant portion of overseas revenue expected to come from Europe [11]. AI and Digital Transformation - The company is transitioning towards becoming a lifecycle value service provider, leveraging AI technologies to enhance operational efficiency and create new profit growth points [14]. - There are intentions to open the AI cloud platform to the industry, providing standardized data governance and intelligent analysis capabilities to contribute to the smart transformation of the energy storage sector [14].