双登集团开启招股：储能细分领域的龙头企业

Core Viewpoint - The company, Shuangdeng Group, is launching a global offering of H-shares, aiming to raise capital for its energy storage business, which has shown significant growth potential in the telecommunications and data center sectors [3][4]. Company Overview - Shuangdeng Group, established in 2011 and headquartered in Taizhou, Jiangsu, is a leader in energy storage solutions, focusing on lithium-ion and lead-acid batteries for various applications [3][4]. - The company serves major global telecommunications operators and data centers, holding a leading position in the energy storage battery supply market [4]. Business Model - The company's main business revolves around energy storage batteries and systems, with a focus on telecommunications base stations and data centers [5]. - Revenue from the telecommunications sector has decreased from 64.8% in 2022 to 51.1% in 2024, while the data center segment has grown from 18.8% to 31.0% during the same period, indicating a shift in business focus [5][6]. Financial Analysis - Shuangdeng Group's total revenue increased from 4.072 billion RMB in 2022 to 4.499 billion RMB in 2024, with a compound annual growth rate of approximately 5.1% [6][7]. - The company reported a net profit of 1.27 billion RMB in the first five months of 2025, reflecting a significant year-on-year growth of 34% [6][7]. Competitive Advantages - The company has a strong R&D capability, with expenditures of 101 million RMB, 113 million RMB, and 110 million RMB from 2022 to 2024, respectively [9]. - A stable customer base, including long-term partnerships with leading industry players, enhances the company's competitive position [9]. - Efficient manufacturing and operational capabilities contribute to cost control and profitability [9]. Industry Outlook - The global energy storage market is experiencing rapid growth, driven by the transition from fossil fuels to renewable energy [10]. - The demand for energy storage in telecommunications and data centers is expected to surge, with significant increases in installed capacity projected for the coming years [10]. Competitive Landscape - Shuangdeng Group holds a leading market share of 11.1% in the global energy storage battery market, with a strong position in China at 16.6% [11]. - The competitive environment is intense, with the top five global players holding approximately 40.7% of the market share [11]. Valuation Analysis - The company's estimated market capitalization at the IPO price of 14.51 HKD per share is approximately 6.048 billion HKD, with a price-to-earnings ratio of about 15.7 times based on 2024 net profit [13]. - Compared to peers with P/E ratios above 20, Shuangdeng Group's valuation appears relatively low, indicating potential for upside [13].