[Table_Title] 研究报告Research Report 1 Aug 2025 中国策略China Strategy 海通国际2025年8月金股 HTI August 2025 Top Picks 周林泓Amber Zhou amber.lh.zhou@htisec.com [Table_yemei1] 观点聚焦 Investment Focus | 行业组 | 分析师 | 行业 | Top Pick | 看好理由 | | --- | --- | --- | --- | --- | | | | CSP | Amazon (AMZN US) | Amazon： CSP里上限最高的，分两块云和电商。1）目前从云行业角度来看，增长 | | | | | | 来自IaaS层，亚马逊份额全球最大（30%），规模效应最好所以Margin稳定提升； | | | | | | 2）目前推理侧需求高，T2虽然效果一般，但T3已经在25 1Q完成送样，T3（台积 | | | | | | 电+Alchip) 效果预计远好于T2，满足推理测需求；3）2Q业绩之后，AWS margin短 | | | | | | 暂承压，另外re ...

Bloom Energy (BE) Q2 2025 Earnings Call July 31, 2025 05:00 PM ET Speaker0Thank you for standing by. My name is Greg, and I will be your conference operator today. At this time, I would like to welcome everyone to today's Bloom Energy Second Quarter twenty twenty five Financial Results Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session.Thank you. I would now like to turn the call over to Michael Tierney, Head of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________________________________ FORM 10-Q (Mark One) þ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 or ¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____________to ____________ Commission File Number: 001-38598 ________________________ ...

Q2'25 Earnings Forward-looking statements and non-GAAP financial measures This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance and are based on current expectations, estimates, and projections about our industry, management's beliefs, and certain assumptions made by management based on ...

Bloom Energy Reports Second Quarter 2025 Financial Results • Third straight quarter of quarterly record revenue and profits • 6th straight quarter of services profitability • Bloom plans to double factory capacity from 1GW to 2 GW by end of 2026 • Revenue of $401.2 million in the second quarter of 2025, an increase of 19.5% compared to $335.8 million in the second quarter of 2024. Product and service revenue of $351.1 million in the second quarter of 2025, an increase of 25.9% compared to $278.8 million in ...

Bloom Energy (BE) Update Summary Company Overview - **Company**: Bloom Energy (BE) - **Industry**: Fuel Cell Technology Key Points and Arguments 1. **Partnership Announcement**: Bloom Energy announced a partnership with Oracle to power AI data centers using their fuel cell technology, emphasizing the need for reliable and efficient power solutions in data centers [2][3] 2. **Speed and Reliability**: Bloom's fuel cells can power an entire data center within 90 days and deliver 99% uptime, making them a reliable primary power source rather than a backup solution [3][4][10] 3. **Environmental Benefits**: The fuel cells produce clean power with virtually no air pollution and do not consume water, addressing sustainability concerns for data centers [4][42] 4. **Cost Competitiveness**: Bloom has achieved price competitiveness with other energy generation solutions, having undergone an aggressive cost reduction journey over the past five to ten years [13] 5. **Deployment Statistics**: Bloom has deployed 1.5 gigawatts of fuel cells across 1,200 sites, with significant contracts including a landmark deal with AEP for up to one gigawatt of power [15] 6. **Customer Base**: Notable customers include Equinix, which has over 100 megawatts of Bloom's fuel cells in its data centers globally [15] 7. **Key Advantages for Data Centers**: - **Time to Power**: Quick installation and deployment to meet urgent power needs [16] - **Reliability**: Configurable systems that can exceed five nines availability [17] - **Cost Efficiency**: Often more economical than other power options, with significant savings in operational costs [18][36] - **Sustainability**: Non-combustion technology that reduces emissions and supports sustainability goals [18][41] Technical Insights 1. **Fuel Cell Technology**: Bloom's fuel cells are based on solid oxide technology, which is fuel flexible and highly efficient, achieving an average efficiency of 54% [78][66] 2. **Scalability**: The modular design allows for easy scaling, with systems that can be stacked to meet large power demands [12][63] 3. **Operational Flexibility**: The fuel cells can operate in island mode, providing power independently from the grid, and can respond quickly to varying power demands, especially for AI workloads [74][57] 4. **Waste Heat Utilization**: The systems can utilize waste heat for additional applications, enhancing overall efficiency [46][93] Economic Considerations 1. **Cost of Ownership**: Over a five-year project, total cost of ownership can be 15% to 25% lower compared to other solutions, factoring in both capital and operational expenditures [37] 2. **Overbuild Concept**: Bloom's smaller building block size allows for a lower percentage of overbuild to achieve desired reliability levels, reducing capital expenditure [60][62] Additional Insights 1. **Market Trends**: Increasing demand for on-site power solutions in data centers due to growing AI workloads and the inability of utilities to meet power needs [23][24] 2. **Regulatory Advantages**: Bloom's technology may be exempt from certain air permits in jurisdictions with strict regulations, facilitating quicker project approvals [42] 3. **Future Readiness**: The technology is adaptable to future energy landscapes, including the potential for hydrogen use and carbon capture capabilities [46][84] Conclusion Bloom Energy is positioned as a leader in the fuel cell technology space, offering reliable, cost-effective, and environmentally friendly power solutions tailored for the growing demands of data centers, particularly in the context of AI and sustainability initiatives. The company's strategic partnerships and technological advancements further enhance its competitive edge in the market.

Core Insights - Bloom Energy has announced a partnership with Oracle to power data centers, leading to a significant increase in its stock price by 20.2% [1][3] - The partnership will involve Bloom Energy deploying its fuel cell solutions at specific Oracle Cloud Infrastructure data centers in the United States [3][4] - The collaboration aims to provide Oracle with reliable, clean, and cost-efficient power to support its growth strategy, particularly in the context of increasing demand for AI and cloud computing [4][6] Company Developments - Bloom Energy is expected to deliver fuel cell-generated power for an entire data center within 90 days [5] - While the current deal may not be a game changer for Bloom Energy, it positions the company favorably for future partnerships as AI companies invest heavily in data center infrastructure [6] - The deal enhances Bloom Energy's attractiveness to investors seeking exposure to fuel cell technology [7]

Company Performance - Bloom Energy's stock increased by 2.25% to $25.93, outperforming the S&P 500's gain of 0.06% on the same day [1] - Prior to the recent trading session, Bloom Energy shares had risen by 12.41%, while the Oils-Energy sector experienced a loss of 3.71% and the S&P 500 gained 5.88% [1] Earnings Forecast - The upcoming earnings report for Bloom Energy is scheduled for July 31, 2025, with projected earnings per share (EPS) of $0.01, reflecting a 116.67% increase year-over-year [2] - Revenue is anticipated to be $382.08 million, indicating a 13.79% increase compared to the same quarter last year [2] Annual Estimates - Zacks Consensus Estimates forecast Bloom Energy's earnings for the year at $0.42 per share and revenue at $1.75 billion, representing increases of 50% and 18.45% respectively from the previous year [3] Analyst Estimates - Recent changes to analyst estimates for Bloom Energy are crucial for investors, as positive revisions are interpreted as favorable indicators for business outlook [3][4] Zacks Rank - Bloom Energy currently holds a Zacks Rank of 3 (Hold), with the Zacks Consensus EPS estimate having decreased by 9.09% over the past month [5] - The Zacks Rank system has a strong track record, with stocks rated 1 delivering an average annual return of +25% since 1988 [5] Valuation Metrics - Bloom Energy has a Forward P/E ratio of 60.86, significantly higher than the industry average of 20.51 [6] - The company also has a PEG ratio of 2.5, which is comparable to the industry average PEG ratio of 2.49 [6] Industry Context - The Alternative Energy - Other industry, which includes Bloom Energy, ranks in the bottom 37% of all industries according to the Zacks Industry Rank [7] - The Zacks Industry Rank indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [7]

Bloom Energy (BE) Update / Briefing Summary Company Overview - **Company**: Bloom Energy (BE) - **Industry**: Fuel Cell Technology - **Date of Briefing**: July 16, 2025 Key Points and Arguments Fuel Cell Technology - Bloom Energy's fuel cells convert chemical energy from natural gas into electrical energy, serving as a primary power source rather than backup [5][6] - The technology is ultra-reliable, achieving availability beyond five nines (99.999%) [8] - Fuel cells operate with zero air pollution, producing no NOx, SOx, or particulate matter, and have a lower CO2 footprint compared to other technologies [8][35] - The company has over 1.5 gigawatts deployed across 1,200 locations globally, with significant installations in data centers [10][11] Competitive Advantages - **Time to Power**: Bloom Energy can install systems quickly to meet urgent business needs, often faster than traditional utility setups [12] - **Cost Competitiveness**: The technology has become price competitive with other energy solutions, with potential savings of up to $66 million on a 100 megawatt data center due to lower CapEx from reduced overbuild requirements [29][31] - **Efficiency**: The fuel cells have a lifetime average efficiency of 54%, leading to significant fuel savings, estimated at $15 million annually for a 100 megawatt data center [30][31] - **Scalability**: The technology is modular, allowing for easy scaling to meet customer needs, with installations comparable to Lego blocks [9][16] Market Demand and Applications - Bloom Energy is seeing increased demand from data centers, particularly as workloads shift from CPUs to GPUs, necessitating flexible energy solutions [20][21] - The company is positioned to meet the growing energy needs of data centers, with a focus on sustainability and operational efficiency [12][13][21] Environmental Impact - The fuel cells are water neutral, using minimal water during operation and producing water vapor as a byproduct [35][51] - The technology mitigates CO2 emissions by approximately 35% compared to traditional energy generation methods [35] Future Readiness - Bloom Energy's systems are designed for future integration with carbon capture technologies and can utilize waste heat for combined heat and power solutions [40][41] - The company is prepared for fuel flexibility, capable of running on hydrogen and other fuels as they become commercially viable [42] Customer Engagement and Support - Bloom Energy emphasizes continuous maintenance and customer support, with a median life of over five years between fuel cell replacements [23][44] - The company has invested in infrastructure to ensure rapid deployment and scalability, with manufacturing capabilities designed to meet increasing demand [38][39] Additional Important Insights - The permitting process is often the longest lead time item for project deployment, with Bloom Energy's non-combustion technology allowing for faster permitting in many jurisdictions [39][69] - The company is actively exploring partnerships and projects in key markets, including Atlanta, Georgia, and has a strong presence in California [54][88] Conclusion Bloom Energy is positioned as a leader in the fuel cell technology sector, offering scalable, efficient, and environmentally friendly energy solutions. The company is well-prepared to meet the growing demands of data centers and other industries while maintaining a strong focus on sustainability and operational efficiency.

Core Viewpoint - The energy sector is undergoing rapid changes due to the rise of artificial intelligence, creating new opportunities for energy infrastructure development in the U.S. Investors have a chance to capitalize on this trend before it becomes widely recognized [1][2]. Group 1: Investment Opportunities - The current energy infrastructure is dominated by traditional companies, but the real opportunity lies in identifying companies that can improve efficiency and accessibility for the new data centers being established [2]. - Bloom Energy, with a market capitalization of $5.9 billion, is currently under the radar of most Wall Street analysts, providing retail investors an edge to capitalize on its potential upside [4]. - J.P. Morgan analyst Mark Strouse upgraded Bloom Energy's stock from Neutral to Overweight, indicating a positive shift in sentiment and valuation [5]. Group 2: Stock Forecast and Valuation - The 12-month stock price forecast for Bloom Energy is set at $24.26, indicating a potential downside of 6.42% from the current price of $25.93 [6]. - Analyst ratings suggest a Moderate Buy with a high forecast of $33.00, which represents a significant increase from the previous target of $18 per share, implying up to 30% additional upside potential [7]. - Meeting the price target will depend on factors such as recognition and catalysts, with the U.S. investing more in infrastructure to support data center growth [8]. Group 3: Market Sentiment and Performance - There has been a 1.7% decline in Bloom Energy's short interest, indicating a shift in market sentiment as bearish positions are reduced [10]. - If the positive outlook from analysts is validated, Bloom Energy could reach a new 52-week high, attracting institutional buyers focused on momentum [11]. - The stock currently trades at a price-to-book (P/B) ratio of 9.9x, significantly higher than the average of 3.7x in the energy sector, reflecting market willingness to pay a premium for expected outperformance [12][13]. Group 4: Financial Performance - In the recent financial quarter, Bloom Energy reported a revenue increase of 38.6% year-over-year, reaching $326 million, alongside a gross profit margin improvement from 16.2% to 27.2% [14]. - Continued expansion in these areas is expected to drive earnings per share (EPS) growth, validating the positive assessment from analysts and attracting further interest [15].