港股IPO招股书暂时失效 | 海辰储能满产爬坡上市仍可期

Core Viewpoint - The recent invalidation of the IPO prospectus for Haicheng Energy Storage has raised concerns in the market, but the company's strong performance in the energy storage sector indicates potential for future growth and a successful IPO [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 [2][6]. - The company achieved a battery shipment volume of 35.1 GWh in 2024, with a compound annual growth rate 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 net profit reaching 288 million yuan in 2024 after turning profitable [2][8]. Production Capacity - 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 capabilities [3]. Business Model and Market Strategy - Haicheng Energy Storage focuses exclusively on the energy storage market, allowing it to concentrate resources and develop comprehensive solutions across various applications [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 [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, up from 1% in 2023 [6][7]. - Haicheng Energy Storage's strategy includes localized production in Texas to enhance competitiveness in the North American market and establishing branches in emerging markets [6][7]. Technological Innovation - The company has filed over 3,900 global patent applications, with more than 100 related to large-capacity batteries, indicating a strong commitment to R&D and technological advancement [9]. - The ongoing global energy transition presents a favorable market outlook for the energy storage sector, with the International Energy Agency predicting explosive growth in the coming years [10]. IPO Prospects - Despite the recent invalidation of its IPO prospectus, industry experts suggest this is a common occurrence and does not signify the end of the company's IPO journey [8][10]. - Haicheng Energy Storage's strong market position, technological capabilities, and growth potential could facilitate a successful reapplication for IPO in the future [10].