Financial Performance - The company's revenue for Q1 2025 was CNY 1,548,060,746.74, representing a year-on-year increase of 14.86% compared to CNY 1,347,824,560.78 in the same period last year[4]. - Net profit attributable to shareholders decreased by 40.62% to CNY 93,857,163.67 from CNY 158,061,649.46 in the previous year[4]. - The net profit after deducting non-recurring gains and losses fell by 51.45% to CNY 78,494,661.03, down from CNY 161,670,863.87[4]. - Basic earnings per share dropped by 51.26% to CNY 0.58 from CNY 1.19, while diluted earnings per share decreased by 52.14% to CNY 0.56 from CNY 1.17[4]. - Total operating revenue for Q1 2025 reached ¥1,548,060,746.74, an increase of 14.8% compared to ¥1,347,824,560.78 in Q1 2024[17]. - Net profit for Q1 2025 was ¥93,882,497.81, a decrease of 40.6% from ¥157,849,187.20 in Q1 2024[18]. - Total operating costs for Q1 2025 were ¥1,446,951,622.63, up 25.1% from ¥1,156,770,326.71 in Q1 2024[17]. - Basic earnings per share for Q1 2025 were ¥0.58, down from ¥1.19 in Q1 2024[18]. Cash Flow and Liquidity - The company's cash flow from operating activities showed a significant negative change, with a net outflow of CNY 782,057,353.93 compared to a net outflow of CNY 46,432,516.25 in the same period last year[4]. - The net cash flow from operating activities was -782,057,353.93, compared to -46,432,516.25 in the previous period, indicating a significant decline in operational cash generation[20]. - Total cash inflow from operating activities amounted to 1,338,461,013.67, up from 998,259,601.13, reflecting a growth of approximately 34%[20]. - Cash outflow from operating activities increased to 2,120,518,367.60 from 1,044,692,117.38, representing a rise of about 103%[20]. - The ending cash and cash equivalents balance was 2,430,428,876.26, down from 2,473,656,186.57, indicating a decrease of approximately 1.7%[21]. - The company received 68,381,766.69 in cash related to operating activities, down from 80,648,758.57, reflecting a decline of about 15%[20]. - The company paid 1,857,971,644.01 for goods and services, significantly higher than 846,930,455.11 in the previous period, marking an increase of approximately 119%[20]. - The company reported a cash outflow of 110,573,851.42 for other operating activities, compared to 47,388,199.11 previously, indicating an increase of about 133%[20]. Assets and Liabilities - Total assets increased by 3.59% to CNY 11,365,283,202.79 from CNY 10,971,504,698.05 at the end of the previous year[5]. - Total current assets amounted to ¥10,071,264,679.11, up from ¥9,673,116,504.45, reflecting a growth of approximately 4.11%[14]. - Total liabilities decreased to ¥7,343,243,647.29 in Q1 2025 from ¥7,824,458,227.57 in Q1 2024[15]. - Total equity increased to ¥4,022,039,555.50 in Q1 2025 from ¥3,147,046,470.48 in Q1 2024[15]. - Short-term borrowings increased to ¥1,002,973,627.44 from ¥982,778,281.92, a growth of approximately 2.45%[14]. - Accounts payable decreased to ¥2,212,918,986.41 from ¥2,332,841,335.81, a decline of about 5.14%[14]. - Contract liabilities increased to ¥643,061,983.59 from ¥544,796,396.41, reflecting a growth of approximately 17.97%[14]. Research and Development - R&D investment totaled CNY 69,191,972.86, an increase of 44.84% from CNY 47,772,263.45, representing 4.47% of total revenue, up from 3.54%[5]. - Research and development expenses for Q1 2025 were ¥69,191,972.86, up 44.8% from ¥47,772,263.45 in Q1 2024[17]. Strategic Focus - The company is focusing on technological innovation and cost reduction to maintain competitiveness and profitability[8]. - The company plans to continue expanding its market presence and investing in new technologies[16]. - The company is actively involved in strategic partnerships and investments, as indicated by the presence of various investment firms among the top shareholders[11]. Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,713[10]. - The company has a significant shareholder, Zhang Jianhui, holding 20.31% of shares[10]. Profitability Metrics - The weighted average return on net assets decreased by 3.86 percentage points to 2.53% from 6.39%[5]. - The overall gross profit margin decreased by approximately 6.12 percentage points compared to the same period last year, impacting net profit[8].

Dividend Distribution - The company plans to distribute a cash dividend of 11 CNY per 10 shares, totaling approximately 195.5 million CNY, which represents 30.18% of the net profit attributable to shareholders for the year 2024 [7]. - The company has ensured that the dividend standards and proportions are clear and comply with the articles of association and shareholder resolutions [191]. - The cash dividend amount is fully taxable, and the total distribution will not change even if the total share capital changes before the dividend record date [190]. - The cash dividend distribution plan has been approved by the company's board and will be submitted for shareholder approval in the 2024 annual meeting [190]. - The company has not proposed a capital reserve transfer to increase share capital or issued bonus shares in the current profit distribution plan [190]. - The company has not made any cash profit distribution proposals despite having positive distributable profits during the reporting period [192]. - The company has provided sufficient opportunities for minority shareholders to express their opinions and protect their legal rights in the dividend decision-making process [191]. Financial Performance - The company reported a significant increase in revenue, achieving a total of $500 million, representing a 25% year-over-year growth [19]. - The company's operating revenue for 2024 reached ¥8,269,704,348.65, representing an 18.44% increase compared to ¥6,981,909,823.14 in 2023 [26]. - Net profit attributable to shareholders for 2024 was ¥647,838,100.80, a 12.06% increase from ¥578,117,525.71 in 2023 [26]. - The net cash flow from operating activities significantly improved to ¥889,984,819.39, up 711.14% from ¥109,720,331.50 in 2023 [27]. - The company's total assets increased by 18.83% to ¥10,971,504,698.05 at the end of 2024, compared to ¥9,232,927,981.21 at the end of 2023 [27]. - Basic earnings per share for 2024 were ¥4.86, an increase of 11.98% from ¥4.34 in 2023 [28]. - The weighted average return on equity decreased to 23.38% in 2024 from 28.54% in 2023, a reduction of 5.16 percentage points [28]. - The company achieved total revenue of 826,970.43 million RMB, an increase of 18.44% compared to the same period last year [110]. - The net profit attributable to the parent company was 64,783.81 million RMB, reflecting a growth of 12.06% year-on-year [110]. - The net profit attributable to the parent company after deducting non-recurring gains and losses was 62,808.09 million RMB, up by 11.87% from the previous year [110]. Strategic Initiatives - The company provided an optimistic outlook, projecting a revenue growth of 30% for the next quarter, driven by new product launches and market expansion [19]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next two years [19]. - A strategic acquisition of a smaller tech firm was announced, expected to enhance the company's capabilities in energy storage solutions [19]. - The company is implementing a new strategy to optimize supply chain efficiency, aiming to reduce costs by 15% over the next fiscal year [19]. - The company is exploring partnerships with renewable energy providers to enhance its service offerings and sustainability initiatives [19]. - The company is actively pursuing market expansion and has developed a series of energy storage application solutions for specific industries [80]. - The company is considering strategic acquisitions to bolster its product offerings and market reach, with potential targets identified in the industry [168]. Research and Development - Investment in R&D for new technologies increased by 20%, focusing on advanced battery systems and energy management solutions [19]. - Research and development expenses accounted for 3.03% of operating revenue in 2024, up from 2.56% in 2023 [28]. - The company achieved a total R&D investment of ¥250,167,716.29, representing a year-on-year increase of 40.10% [84]. - The company has accumulated 358 authorized intellectual properties, including 168 patents, with 115 new authorizations during the reporting period [81]. - The company is focusing on research and development of new technologies, particularly in the BMS system area, with an investment of $10 million planned for the upcoming year [170]. - The company has increased its R&D personnel from 205 to 322, representing 30.21% of the total workforce [91]. - The company has made significant advancements in self-developed key components, including battery management systems and energy management systems [80]. Corporate Governance - The board of directors has confirmed that all members attended the board meeting, ensuring governance compliance [5]. - The company has established a robust governance structure to ensure effective decision-making and compliance with legal requirements [154]. - The board consists of 9 members, including 3 independent directors, which meets the regulatory requirement of having more than one-third independent representation [159]. - The company has established a sound supervisory board system with 3 supervisors, including one employee representative, ensuring effective oversight of the board and management decisions [157]. - The independent directors have actively participated in board meetings and contributed their expertise, leading to significant improvements in corporate governance [159]. - The company has established specialized committees, including an audit committee led by an independent director with accounting expertise, ensuring compliance and effective governance [161]. - The independent directors have been instrumental in protecting minority shareholder interests and improving decision-making processes [159]. Market Position and Competitive Advantage - The company has established a strong competitive advantage in the energy storage industry, with a cumulative installed capacity of new energy storage projects reaching 73.76 GW by the end of 2024, a growth of over 130% compared to the end of 2023 [37]. - Haibosichuang ranks first in installed capacity of operational power plants in China by the end of 2024 according to the China Electricity Council [43]. - The company has established a significant market share in the domestic energy storage market, leveraging its technological and R&D advantages [45]. - Haibosichuang is ranked among the top three global battery energy storage system integrators in 2023, with second place in power scale and third in energy scale according to S&P Global [45]. - The company has successfully delivered overseas projects, including the King Lake independent energy storage station in Germany and distributed energy storage stations in Finland, showcasing its technical strength and delivery capability [46]. - The company has formed partnerships with leading energy storage system integrators such as Fluence and NW, exploring new international market opportunities [46]. Operational Efficiency - The company is implementing new strategies to improve operational efficiency, targeting a 15% reduction in production costs by the end of 2024 [171]. - The company has achieved a cost reduction of I% through operational improvements, positively impacting overall profitability [168]. - The company operates an independent R&D, procurement, production, and sales system, generating revenue primarily through the sale of energy storage system products [52]. - The company employs a production model based on sales orders and seasonal delivery cycles, utilizing automated production lines to enhance efficiency and quality [55]. - The company has established an intelligent production system that automates the entire manufacturing process, significantly saving labor and enhancing production efficiency and product quality [96]. Risk Management - There are no significant risks that could materially affect the company's operations during the reporting period [4]. - The company faces risks related to the rapid decline in prices of electrochemical energy storage systems, which could adversely affect its operating performance and profitability [100]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties [10]. - There are no violations of decision-making procedures regarding external guarantees [10]. Employee and Remuneration - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 19.015 million RMB [177]. - The total remuneration for core technical personnel at the end of the reporting period was 3.2598 million RMB [177]. - The company has established a comprehensive and scientific compensation management and incentive mechanism to attract and retain talent [185]. - The training program includes a systematic talent development system covering professional skills enhancement and leadership development [187]. - The company has a special one-year training program for recent graduates to help them adapt to the workplace [187].

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 ...