海博思创(688411)：营收稳健增长 储能发展动能充足

Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit growth, driven by its focus on energy storage solutions and expansion into overseas markets [1][2][3]. Financial Performance - In H1 2025, the company achieved revenue of 4.522 billion yuan, a year-on-year increase of 22.66%, and a net profit attributable to shareholders of 316 million yuan, up 12.05% year-on-year [1]. - The company's Q2 2025 revenue reached 2.974 billion yuan, reflecting a year-on-year growth of 27.15% and a quarter-on-quarter increase of 92.12% [1]. - The gross profit margin for H1 2025 was 17.54%, a decrease of 1.94 percentage points year-on-year [1]. Business Focus and Market Trends - The company specializes in the research, production, and sales of electrochemical energy storage systems, providing comprehensive solutions for various sectors including traditional and renewable energy generation [1][2]. - The new energy storage market is experiencing rapid growth, with the cumulative installed capacity of new energy storage projects in China expected to exceed 130 GW by 2025 under ideal conditions [2]. International Expansion - The company has established four smart manufacturing bases to ensure capacity delivery and has significantly increased its overseas revenue, which reached 298 million yuan in H1 2025, a year-on-year increase of 3195.72% [3]. - The overseas business model focuses on "technology output + localized operation," with projects in Europe and North America [3]. Policy Environment - Recent policies from the National Development and Reform Commission and the National Energy Administration are promoting the transition to market-based pricing for energy storage, which is expected to drive investment and growth in the sector [4]. - By 2027, the national installed capacity of new energy storage is projected to reach over 180 million kilowatts, with direct project investments estimated at around 250 billion yuan [4]. Investment Outlook - The company is positioned as a leading provider of energy storage solutions, benefiting from the high growth potential of the new energy storage industry and international market expansion [5]. - Forecasted net profits for 2025-2027 are 999 million yuan, 1.32 billion yuan, and 1.793 billion yuan, with corresponding EPS of 5.55, 7.33, and 9.96 yuan per share [5].