Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company's profitability improved sequentially in Q3 2025, with significant growth potential in independent storage and operation maintenance [1][8] - The company is expected to benefit from the increasing domestic independent storage capacity and favorable pricing policies [8] Financial Performance Summary - For Q1-Q3 2025, the company reported revenue of 7.91 billion yuan, a year-on-year increase of 52.2%, and a net profit of 620 million yuan, up 98.6% year-on-year [8] - Q3 2025 revenue reached 3.39 billion yuan, reflecting a sequential increase of 124.4% and a year-on-year increase of 14% [8] - The gross margin for Q3 2025 was 18.6%, with a net profit margin of 9% [8] - The company expects to maintain a total shipment of 30 GWh for the year, with projections of 70 GWh for 2026 [8] Earnings Forecast and Valuation - Revenue projections for 2023A to 2027E are as follows: 6.982 billion yuan (2023A), 8.270 billion yuan (2024A), 11.990 billion yuan (2025E), 19.252 billion yuan (2026E), and 28.081 billion yuan (2027E) [1] - Net profit forecasts are: 578.12 million yuan (2023A), 647.84 million yuan (2024A), 911.01 million yuan (2025E), 1.902 billion yuan (2026E), and 3.091 billion yuan (2027E) [1] - The expected P/E ratios are 85.51 (2023A), 76.31 (2024A), 54.26 (2025E), 25.99 (2026E), and 15.99 (2027E) [1]

Core Viewpoint - Haibosichuang, a leading player in the energy storage integration sector, reported significant growth in its financial performance for the first three quarters of 2025, indicating strong market demand and operational efficiency [1] Financial Performance - The company achieved a net profit attributable to shareholders of approximately 623 million yuan, representing a year-on-year increase of 98.65% [1] - Haibosichuang's operating revenue for the first three quarters reached about 7.913 billion yuan, reflecting a year-on-year growth of 52.23% [1]

Core Viewpoint - Haibosi Chuang (688411.SH) reported significant growth in revenue and net profit for the first three quarters of 2025, indicating strong operational performance and profitability [1] Financial Performance - The company's revenue for the first three quarters reached 7.913 billion yuan, representing a year-on-year increase of 52.23% [1] - Net profit attributable to shareholders was 623 million yuan, showing a year-on-year growth of 98.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 561 million yuan, reflecting an 80.92% year-on-year increase [1] - Basic earnings per share stood at 3.58 yuan [1]

Core Insights - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance [1] Financial Performance - The company's operating revenue for the first three quarters reached 7.913 billion yuan, representing a year-on-year growth of 52.23% [1] - The net profit attributable to shareholders was 623 million yuan, showing a year-on-year increase of 98.65% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 561 million yuan, reflecting a year-on-year growth of 80.92% [1] - The basic earnings per share stood at 3.58 yuan [1]

Core Viewpoint - Haibo Sichuang, established on November 4, 2011, is a leading provider of energy storage system solutions and technical services in China, set to be listed on the Shanghai Stock Exchange on January 27, 2025 [1] Group 1: Business Performance - In Q3 2025, Haibo Sichuang achieved a revenue of 7.913 billion yuan, ranking 2nd in the industry, with the industry leader, China Power, at 40.971 billion yuan [2] - The company's net profit for the same period was 624 million yuan, also ranking 2nd, while the industry leader's net profit was 2.502 billion yuan [2] - The main business revenue from energy storage systems was 4.512 billion yuan, accounting for 99.77% of total revenue [2] Group 2: Financial Ratios - As of Q3 2025, the company's debt-to-asset ratio was 68.17%, higher than the industry average of 42.24%, indicating greater debt pressure [3] - The gross profit margin for Q3 2025 was 18.01%, lower than the industry average of 25.60%, reflecting weaker profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 7.72% to 9,378, while the average number of shares held per shareholder increased by 15.31% to 4,044.95 [5] Group 4: Executive Compensation - The chairman and general manager, Zhang Jianhui, received a salary of 2.8537 million yuan in 2024, an increase of 586,300 yuan from 2023 [4] Group 5: Growth Prospects - The company reported a revenue growth of 22.66% year-on-year for H1 2025, reaching 4.522 billion yuan, with a net profit of 316 million yuan, up 12.05% [6] - The overseas revenue significantly increased to 298 million yuan, a year-on-year growth of 3,195.72% [6] - Forecasts for net profit from 2025 to 2027 are 999 million yuan, 1.32 billion yuan, and 1.793 billion yuan, respectively [6]

Core Insights - Haibosi Technology reported a significant increase in revenue and net profit for the third quarter, indicating strong financial performance [1] Financial Performance - The company's revenue for the first three quarters reached 7,912,573,263.28 yuan, representing a year-on-year increase of 52.23% [1] - The net profit attributable to shareholders was 622,601,425.43 yuan, showing a year-on-year increase of 98.65% [1] Shareholder Composition - Among the top ten circulating shareholders, several new institutional investors have entered, including: - Industrial and Commercial Bank of China - Dongfanghong Hong Kong and Shanghai Flexible Allocation Mixed Securities Investment Fund - China Construction Bank - Rongtong Industry Trend Selected Stock Fund - China Life Insurance - Traditional - Ordinary Insurance Product [1] - Other new shareholders include Shanghai Pudong Development Bank and Agricultural Bank of China, indicating growing institutional interest [1]

Core Insights - Haibo Sichuang Technology Co., Ltd. has successfully passed the SA8000 social responsibility standard certification, marking a significant achievement in its ESG strategy and indicating its advanced level in social responsibility management [1][2] - The SA8000 certification is recognized as the first auditable international standard for social responsibility, established by Social Accountability International in 1997, focusing on employee health and safety, fair labor practices, and anti-discrimination [1] - The certification enhances Haibo Sichuang's competitiveness in the "social" dimension of ESG, providing a crucial advantage in industry competition [1] Company Strategy - The company integrates social responsibility management into its core strategic agenda, embedding these principles throughout its operational processes, including system improvement, process optimization, employee training, and rights protection [1] - Haibo Sichuang aims to leverage the SA8000 certification as a new starting point to deepen its social responsibility management and improve its ESG governance framework [2] - The company is committed to safeguarding employee rights, promoting sustainable supply chain development, and engaging in social welfare initiatives as part of its corporate social responsibility efforts [2]

Financial Performance - The company's operating revenue for Q3 2025 reached ¥3,390,302,844.34, representing a year-on-year increase of 124.42%[2] - The total profit for the period was ¥368,051,434.02, a significant increase of 2,856.67% compared to the same period last year[2] - The net profit attributable to shareholders was ¥306,761,599.99, reflecting an increase of 872.24% year-on-year[2] - The net profit after deducting non-recurring gains and losses was ¥301,047,340.59, up 1,033.61% from the previous year[2] - The basic earnings per share for the period was ¥1.70, an increase of 608.33% compared to the same period last year[3] - The diluted earnings per share was ¥1.69, representing a year-on-year increase of 634.78%[3] - Total revenue for the first three quarters of 2025 reached ¥7,912,573,263.28, a significant increase of 52.0% compared to ¥5,197,683,632.35 in the same period of 2024[16] - Operating profit for the first three quarters of 2025 was ¥700,659,622.12, up 101.0% from ¥348,225,173.44 in the first three quarters of 2024[17] - Net profit attributable to shareholders for the first three quarters of 2025 was ¥622,601,425.43, compared to ¥313,421,446.03 in the same period of 2024, reflecting a growth of 99.0%[18] - Basic earnings per share for the first three quarters of 2025 increased to ¥3.58, up from ¥2.35 in the first three quarters of 2024[18] Assets and Liabilities - The total assets of the company at the end of the period were ¥14,121,339,997.84, an increase of 28.71% from the end of the previous year[3] - Total assets as of the end of the reporting period amounted to ¥14,121,339,997.84, compared to ¥10,971,504,698.05 at the end of the previous year, representing a growth of 28.0%[15] - Total liabilities increased to ¥9,626,612,629.17 from ¥7,824,458,227.57, marking a rise of 23.0%[15] - The total non-current assets were reported at RMB 1,007,128,325.39, up from RMB 1,004,080,000.00, showing a marginal increase[13] - Non-current assets totaled ¥1,694,897,536.26, up from ¥1,298,388,193.60, indicating a growth of 30.5%[15] Cash Flow - The net cash flow from operating activities was reported as -¥802,208,517.85, indicating a significant cash outflow[2] - Cash flow from operating activities for the first three quarters of 2025 was ¥6,469,858,432.95, compared to ¥2,551,138,337.33 in the same period of 2024[21] - Net cash flow from operating activities was -802,208,517.85, compared to -1,520,564,729.43 in the previous period, indicating an improvement[22] - Total cash inflow from investment activities was 4,205,944,773.63, while cash outflow was 4,876,624,901.09, resulting in a net cash flow of -670,680,127.46[23] - Cash inflow from financing activities amounted to 1,531,062,220.18, with cash outflow of 1,102,492,350.31, leading to a net cash flow of 428,569,869.87[23] - The total cash and cash equivalents at the end of the period was 1,428,754,013.07, down from 2,473,656,186.57 at the beginning of the period[23] Research and Development - The company's R&D investment totaled ¥86,988,531.29, accounting for 2.57% of operating revenue, a decrease of 2.66 percentage points year-on-year[3] - Research and development expenses for the first three quarters of 2025 were ¥224,412,049.65, an increase from ¥195,994,055.79 in the same period of 2024[17] - New product and technology developments are ongoing, with a focus on enhancing competitive advantages in the market[10] Market Strategy and Outlook - The company aims to leverage its competitive advantages in the domestic energy storage market and accelerate global market expansion[6] - The company is actively pursuing market expansion strategies, although specific details were not disclosed in the conference call[10] - Future performance guidance remains optimistic, with expectations for continued growth in key financial metrics[10] Operational Expenses - Payments to employees increased to 328,912,889.39 from 223,129,131.89, reflecting a rise in labor costs[22] - The company reported cash outflow for purchasing goods and services at 6,349,571,572.28, up from 3,632,463,672.16, indicating higher operational expenses[22] Tax and Other Income - The company received tax refunds totaling 29,205,561.86, which is an increase from 332,456.80 in the previous period[22] - Cash received from other operating activities was 182,034,893.46, compared to 197,445,251.65 previously, showing a slight decrease[22] - Cash received from the disposal of fixed assets was 2,993,320.00, down from 4,387,000.00, suggesting reduced asset liquidation[22] Accounting Standards - The company plans to implement new accounting standards starting in 2025, which may affect future financial reporting[24]

Core Points - The Guangdong Provincial Department of Industry and Information Technology recently announced the 2025 list of green manufacturing enterprises, with Haibo Sichuang's Zhuhai Intelligent Manufacturing Base being recognized as a provincial-level green factory, highlighting the company's commitment to green and low-carbon development [1][2] - The selection of green factories is part of Guangdong's efforts to achieve dual carbon goals in the industrial sector and to establish a green manufacturing system, aiming to identify benchmark enterprises for industrial green transformation [1] - Haibo Sichuang integrates green development concepts throughout its production and operations, utilizing advanced technologies for efficient energy use and pollution reduction [1][2] Company Initiatives - The recognition as a green factory demonstrates Haibo Sichuang's comprehensive strength in green production technology, environmental management, and sustainable development practices, serving as a replicable model for the energy storage industry [2] - The company has established a sustainable development management system covering strategic planning, organizational transformation, and data governance, with a carbon management system that includes emissions assessment and carbon footprint certification for key products [2] - In addition to the Zhuhai base, Haibo Sichuang's Beijing Intelligent Manufacturing Base has also been established as a green factory, expanding the company's green manufacturing footprint [2] Future Plans - Haibo Sichuang aims to continue adhering to green development principles, leveraging the advantages of the Guangdong-Hong Kong-Macao Greater Bay Area to deepen innovations in green production technology [2] - The company is committed to contributing to the green and low-carbon transformation of national manufacturing and the development of new productive forces [2]

Market Performance - The other power equipment sector increased by 1.81% compared to the previous trading day, with Haidao Sichuang leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Stock Performance - Haidao Sichuang (688411) closed at 280.30, rising by 13.21% with a trading volume of 62,200 hands and a transaction value of 1.677 billion [1] - Luhong Co., Ltd. (300693) closed at 42.87, up 5.46%, with a trading volume of 191,900 hands and a transaction value of 805 million [1] - Other notable stocks include Oulu Tong (300870) at 220.49, up 5.21%, and Dongfang Electric (600875) at 21.92, up 4.13% [1] Capital Flow - The other power equipment sector experienced a net outflow of 197 million from institutional investors, while retail investors saw a net inflow of 98.81 million [2] - The capital flow data indicates that Oulu Tong (300870) had a net inflow of 151 million from institutional investors, despite a net outflow from retail investors [3] - Dongfang Electric (600875) also saw a significant net inflow of 12 million from institutional investors, with a minor net inflow from retail investors [3]