前十大流通股东累计持有： 991.2万股，累计占流通股比： 27.81%，较上期变化： 991.20万股。 | 名称 | 持有数量(万股) | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 魏巍 | 478.37 | 13.42 | 新进 | | 聂小希 | 177.00 | 4.97 | 新进 | | 肖燕丽 | 145.83 | 4.09 | 新进 | | 西部利得碳中和混合发起A | 49.54 | 1.39 | 新进 | | 孔令洁 | 30.00 | 0.84 | 新进 | | 李绍钢 | 29.02 | 0.81 | 新进 | | 北京汇众益智科技有限公司 | 25.27 | 0.71 | 新进 | | 荆培玲 | 20.53 | 0.58 | 新进 | | 共青城润卿私募基金管理合伙企业(有限合伙)-润卿成长1 | | | | | 号私募证券投资基金 | 18.06 | 0.51 | 新进 | | 梁俊梅 | 17.58 | 0.49 | 新进 | 一、主要会计数据和财务指标 | 报告期指标 | 2025年一季报 | ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 82.53 CNY, based on a 2025 PE of 17.02X [6]. Core Insights - The company is a leading domestic energy storage system integrator, with over 99% of its revenue coming from energy storage systems. It has shown significant revenue growth, achieving a year-on-year increase of 213% in 2022 and 166% in 2023 [1][4]. - The company has made substantial advancements in overseas markets, particularly in Europe, the United States, and the Asia-Pacific region, with notable partnerships and product certifications [3][4]. - The company is actively developing new products, including self-researched energy storage PCS, and is focusing on innovative technologies such as grid-type technology and silicon carbide applications [2]. Company Overview - Established in 2011, the company specializes in energy storage systems and power battery systems, providing comprehensive solutions for various sectors including traditional and renewable energy generation [13][24]. - The company has a concentrated ownership structure, with the actual controllers holding a combined 32.33% of the shares [13]. Financial Performance - The company forecasts revenues of 82.35 billion CNY, 114.60 billion CNY, and 142.83 billion CNY for 2024, 2025, and 2026, respectively, with year-on-year growth rates of 17.9%, 39.2%, and 24.6% [4]. - The net profit attributable to the parent company is projected to be 6.40 billion CNY, 8.62 billion CNY, and 10.63 billion CNY for the same years, with growth rates of 10.73%, 34.71%, and 23.23% [4]. Market Position - The company ranks among the top energy storage integrators in China, consistently achieving high shipment volumes and market share [19][49]. - The global energy storage market is expected to grow significantly, with a projected CAGR of 60.3% from 2023 to 2027, driven by increasing demand for energy storage solutions [49][50].

公司报告 | 首次覆盖报告 海博思创（688411） 证券研究报告 国内储能系统集成龙头的出海二次腾飞 公司基本情况：公司成立于 2011 年，主要产品包括储能系统，动力电池 等；其中储能系统业务的营收占比已达 99%以上。市场地位看，公司为国 内储能系统集成商龙头企业，2021- 2023 年全球以及国内电池储能系统集 成商新增储能装机规模和出货量均位居前列。 公司业绩方面：近年来公司营收持续快速增长，2022-2023 年公司营收均 实现同比大幅增长（yoy+213%/166%）。 看点 1—新产品：积极自研储能 PCS，深入布局构网型技术、碳化硅应用 技术、并网仿真技术等 公司积极探索研发组串式 PCS 产品路线，集安全性、高效率、灵活度、低 成本等诸多优势于一体。同时，公司深入布局构网型技术、碳化硅应用技 术、并网仿真技术等电力电子相关创新技术，并将逐步应用到自研储能变 流器产品中。 看点 2—海外市场：2024 年以来，公司在欧洲、美国、亚太地区均取得 明显突破 公司聚焦大型储能和工商业储能，针对海外市场特点推出了海外产品系列， 且均已通过海外产品认证，得益于产品和境外市场需求的契合点，公司海 外市 ...

Company Overview - Company is a leading player in the energy storage system integration market, recognized as a national "specialized, refined, characteristic, and innovative" small giant and a national high-tech enterprise [1] - In 2023, the company ranked fifth globally and second in the Asia-Pacific market for energy storage system shipments, with a significant increase in revenue and net profit from 2020 to 2023 [1] - The company achieved a revenue of 6.982 billion yuan in 2023, with a CAGR of 166.2% from 2020 to 2023, and a net profit of 578 million yuan, with a CAGR of 624.9% from 2021 to 2023 [1] Business and Supply Chain - The company focuses on energy storage system integration, sourcing battery cells and some PCS products, while gradually increasing self-research and production capabilities for key components [2] - The company has four operational production bases and two under construction, with a designed annual production capacity of 2.0 GWh for energy storage systems, but actual production fell short of market demand in 2023 [2] - The company plans to use 300 million yuan from its IPO proceeds to expand its energy storage system capacity by 2 GWh [2] Supply Chain Dynamics - The company is reducing its reliance on major suppliers, with EVE Energy becoming the largest supplier in the first half of 2024, accounting for 35.1% of total procurement [3] - The concentration of customers is decreasing, with sales to the top five customers dropping from 78% in 2021 to 58% in 2024H1, indicating a diversification in the customer base [3] Domestic Market Outlook - The domestic energy storage installation growth is slowing, but the company is well-positioned to capitalize on opportunities for continued growth, with projected new installations of 38.6 GW in 2024 [4] - The cancellation of mandatory配储 requirements is expected to shift the drivers of energy storage installations towards market-driven factors, potentially enhancing project utilization rates and promoting high-quality development in the sector [4] International Market Expansion - The global energy storage market is experiencing robust growth, with expectations for new installations of 62.6 GW in 2024 and 83.2 GW in 2025 [5] - The company is gradually expanding its overseas business, having signed a 10 GWh framework contract with European clients and holding orders worth over 60 million USD in international markets [5] - Strategic partnerships with leading global energy storage companies are being established to enhance the company's international market presence [5]

Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the energy storage system integration market, with significant growth potential in both domestic and international markets [7][29]. - The company has demonstrated impressive revenue growth, with a projected revenue of 8.27 billion yuan in 2024, reflecting an 18.4% year-on-year increase [6][17]. - The company is focusing on reducing dependency on major suppliers and enhancing its self-research capabilities for key components [7][46]. Company Overview - The company, established in 2011, specializes in energy storage system integration and has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise [7][13]. - In 2023, the company ranked fifth globally and second in the Asia-Pacific region for energy storage system integration shipments [7][29]. - The company achieved a revenue of 6.98 billion yuan in 2023, with a compound annual growth rate (CAGR) of 166.2% from 2020 to 2023 [6][17]. Business Focus - The company has shifted its focus primarily to energy storage systems, with 99% of its revenue coming from this segment in 2023 and 2024 [19]. - The company is actively working to expand its production capacity, planning to invest 300 million yuan to increase its energy storage system production capacity by 2 GWh [39][42]. Market Dynamics - The domestic energy storage market is expected to continue growing, with new installations projected at 38.6 GW in 2024 and 45.4 GW in 2025 [8]. - The company is also expanding its international presence, with ongoing market development activities in North America, Europe, and Australia [8][9]. Financial Performance - The company reported a net profit of 578 million yuan in 2023, with a projected net profit of 647 million yuan in 2024, indicating a year-on-year growth of 11.9% [6][17]. - The company's earnings per share (EPS) are expected to increase from 3.64 yuan in 2024 to 5.05 yuan in 2025 and 6.67 yuan in 2026 [6][17]. Supply Chain Management - The company is working to reduce its reliance on major suppliers, with a notable shift in supplier dynamics as it aims to diversify its procurement sources [7][46]. - The company has established long-term procurement agreements with key suppliers, including CATL and EVE Energy, to secure its supply chain [46].

近日，华夏能源网（公众号hxny3060）零距离参观了海博思创（SH:688411）这家储能系统集成龙头的智能制造基地。 后中争先，两大优势加速走向海外 早在去年3月举行的第六届储能嘉年华盛典上，张剑辉就指出，国内的储能市场规模只占全球的三分之一，对于中国储能企业来 说，不仅要兼顾国内市场，还要看到还有三分之二的广阔市场在海外。 海博思创向外界展示了其战略定力与创新动能。海博思创董事长、首席执行官张剑辉指出，回首公司发展历程，海博思创一直 专注于产品和技术。随着近年来储能产业的高速发展，公司也迎来了发展的"黄金期"。 今年1月27日，海博思创正式在科创板挂牌上市。日前其公布的业绩快报显示，2024年海博思创实现营收82.7亿元，同比增长 18.44%；净利润6.47亿元，同比增长11.92%。在已经公布业绩的新能源上市公司中，这份成绩单极为亮眼。 上市首年，今年对海博思创会是非常关键的一年。但面对整个储能市场的大变局，海博思创的压力不小。在136号文叫停新能源 强制配储后，所有储能企业都要尽快改变营销模式，去挖掘新的增长潜力。 对此，张剑辉表示，今年公司将重点推进三个重要战略：立足国内市场，保持市场领先优势和 ...

出品 | 搜狐财经 作者 | 王泽红 "可以明确的说，不会（减慢），头部企业（现在）都是满产满销的销售状态。" 过往数年，海博思创业绩爆发式增长，从2021年至2023年，营收增长超8倍，净利润暴增38倍，并于2025年1月登陆科创板。 根据其上市后首份业绩预告看，2024年 "增收又增利"，实现营收82.7亿元，同比增长18.44%；归母净利润6.47亿元，同比增长11.92%。 经过前期快速扩张，在国内已占据较高市场份额的前提下，这家储能龙头2025年业绩增速是否会持续？面对搜狐财经的疑问，海博思创联合创始人、运营 总裁舒鹏语气坚定且从容，透着一股自信。 "今年有预期的业绩目标，最终我们需要的这种目标规模肯定会全力去实现，但在过程中会尽量的去多做纯市场行为的订单，减少纯粹的低价竞争。" "规模很重要，如果没有规模，就没有供应一线的集中优势；但在规模之外，海博思创更看重健康的发展。"过去两年，尤其是2024年，储能行业洗牌严 重，在此情形下，他认为一家民营企业、特别是现在作为一家上市公司，海博思创要更加注重高质量的发展。 "我们会在规模和利润中寻找到一个平衡点。"他坦言，我们不会与行业同行拼规模、拼资金，而 ...

他还谈到，在行业竞争中，规模很重要，但更看重健康发展。舒鹏坦言，过去两年，特别是去年，整个 储能行业洗牌非常严重，作为民营企业和上市公司，海博思创更加关注高质量发展，会在规模和健康发 展中寻找到平衡点，"减少纯粹的低价竞争。" 4月15日消息，第十三届储能国际峰会暨展览会（ESIE2025）期间，海博思创联合创始人、运营总裁舒 鹏表示，海博思创将重点关注独立储能，以AI赋能交易，让储能电站给光伏电站、工厂赚钱，很高兴 看到市场化交易提前到来。 国家发改委、能源局发布的《关于深化新能源上网电价市场化改革促进新能源高质量发展的通知》 （136号文）在新能源行业持续发酵。文件叫停"强制配储"，新能源上网电量全部入市、建立新能源可 持续发展价格结算机制的规定，对行业影响深远。 舒鹏认为，这个文件很及时，"储能作为电力交易的工具，它产生的价值在很多行业都已经到了能算过 账的临界点，"将来的竞争一定是场景化的竞争。" 关于储能行业2025年的走势，舒鹏表示，今年整个行业会两极分化，有一些企业可能会陷入为了维持生 存不得不做的境地，另外一部分企业就是价值创造，接下来头部企业提升市占率的机会增大，洗牌会加 剧，行业会将更加集 ...

本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、职工代表监事辞职情况 北京海博思创科技股份有限公司（以下简称"公司"）于近日收到公司监 事会主席、职工代表监事张猛先生的书面辞职报告。张猛先生因工作安排，申 请辞去公司监事会主席及职工代表监事职务。辞职后，张猛先生继续在公司任 职。 根据《中华人民共和国公司法》《公司章程》等有关规定，监事张猛先生 辞职会导致公司监事会成员数量低于法定最低人数，张猛先生将继续履职至公 司职工代表大会选举产生新任职工代表监事之日。 截至本公告披露日，张猛先生通过嘉兴海博思创投资管理合伙企业（有限合 伙）间接持有公司股份 158,000 股，占公司总股本比例为 0.09%。张猛先生将继 续遵守《上海证券交易所科创板股票上市规则》《上海证券交易所上市公司自律 监管指引第 15 号——股东及董事、监事、高级管理人员减持股份》等相关法律 法规要求及公司首次公开发行股票时所作的相关承诺。 张猛先生在担任公司监事期间恪尽职守、勤勉尽责，为公司的规范运作和健 康发展发挥了积极作用。在此，公司及公司监事会对其在 ...

证券代码：688411 证券简称：海博思创 公告编号：2025-014 北京海博思创科技股份有限公司 2025 年第一次临时股东大会决议公告 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 150 | | --- | --- | | 普通股股东人数 | 150 | | 2、出席会议的股东所持有的表决权数量 | 69,441,877 | | 普通股股东所持有表决权数量 | 69,441,877 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的 | 39.0715 | | 比例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例 | 39.0715 | | （%） | | 1、 公司在任董事 9 人，出席 9 人； 2、 公司在任监事 3 人，出席 3 人； 3、 公司董事会秘书出席会议；公司其 ...