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]
海博思创(688411)：储能集成“小巨人” 国内外业务进展可期