Core Viewpoint - The recent invalidation of the IPO prospectus for Haicheng Energy Storage has raised concerns, but the company's strong position in the energy storage industry remains intact, indicating potential for future growth and listing opportunities [1][8]. Company Performance - Haicheng Energy Storage, established in 2019, has a diverse product portfolio including energy storage batteries and systems, serving various applications across over 20 countries and regions [2][6]. - The company achieved a battery shipment volume of 35.1 GWh in 2024, with a remarkable compound annual growth rate (CAGR) of 167% over the past three years, ranking third globally in the energy storage market [2][8]. - Revenue figures for Haicheng Energy Storage from 2022 to 2024 are as follows: 3.615 billion yuan, 10.202 billion yuan, and 12.917 billion yuan, with gross profits of 410 million yuan, 1.238 billion yuan, and 2.309 billion yuan respectively. Notably, the company turned a profit in 2024 with a net profit of 288 million yuan [2][8]. Production Capacity and Efficiency - The company’s production facilities, including the Southwest Intelligent Manufacturing Center in Chongqing, are operating at full capacity, with orders scheduled through September and October [3]. - The fourth-generation lithium battery production line has improved efficiency by 30% and reduced manufacturing costs by 25%, showcasing significant advancements in production technology [3]. Business Model and Market Strategy - Haicheng Energy Storage focuses exclusively on the energy storage sector, allowing it to concentrate resources and develop a comprehensive capability from material systems to product systems and integrated solutions [4][5]. - The company employs a differentiated business model, supplying battery cells to system integrators domestically while offering complete energy storage systems and solutions internationally, capitalizing on varying market conditions [5][6]. International Expansion - The company has made significant strides in expanding its overseas market presence, with international revenue accounting for 28.6% of total revenue in 2024, a substantial increase from 1% in 2023 [6][7]. - Haicheng Energy Storage's strategy includes establishing a factory in Texas for localized production to enhance competitiveness in the North American market, while also targeting emerging markets in the Middle East and Southeast Asia [6][7]. Technological Innovation - The company has invested heavily in research and development, with over 3,900 global patent applications filed by the end of 2024, including more than 100 patents in the large-capacity battery sector [9]. - The introduction of innovative products such as the ∞Cell 1175Ah battery and the sodium-ion battery ∞Cell N162Ah demonstrates the company's commitment to meeting diverse energy storage needs [5][9]. Market Outlook - The global energy storage market is expected to experience explosive growth, providing favorable conditions for Haicheng Energy Storage to enhance its market position and potentially succeed in its IPO efforts [10].
海辰储能：港股IPO招股书暂处失效状态 储能新贵蓄势待发
Di Yi Cai Jing·2025-09-25 08:02