Core Insights - Haibo Sichuang (688411.SH) reported its first annual financial results post-IPO, achieving a revenue of 8.27 billion yuan, a year-on-year increase of 18.44%, and a net profit of 648 million yuan, up 12.06% [1][3] - The company plans to distribute a cash dividend of 11 yuan per 10 shares, totaling approximately 196 million yuan, which accounts for about 30% of its total profit [1] - Haibo Sichuang is recognized as a leading player in the domestic energy storage integration market, ranking first in installed capacity among operational power stations in China by the end of 2024 [3][4] Financial Performance - In Q4, Haibo Sichuang's profit reached 334 million yuan, representing over half of the annual profit, with the highest net cash flow from operating activities at 2.41 billion yuan [3] - The company produced 11,411 MWh of energy storage products, a year-on-year increase of 35.4%, and sold 11,815 MWh, up 90.19% [3] - The gross margin for the energy storage sector was 18.22%, a decrease of 1.19 percentage points year-on-year, with domestic gross margin at 16.85% and overseas gross margin at 42.14% [3] Research and Development - R&D investment increased by 40.1% to 250 million yuan, accounting for nearly 40% of the net profit, aimed at maintaining technological leadership [6][8] - The number of R&D personnel grew from 205 to 322, with total compensation rising from 75 million yuan to 120 million yuan, a 60% increase [6][7] - The company focuses on AI integration and big data for lifecycle management of energy storage stations [8] Market Position and Strategy - Haibo Sichuang has established partnerships with leading companies in the U.S., France, and Australia, and has delivered projects in Germany and Finland [4][5] - The company aims to reduce low-price competition and focus on market-driven orders, anticipating a market polarization where leading firms will capture a larger market share [10] - As of April 30, Haibo Sichuang's stock price increased by 13.61%, with a total market capitalization of approximately 13.2 billion yuan [11]
海博思创交出首份年报，分红力度碾压阳光电源