Core Viewpoint - Huabao New Energy is positioned as a global leader in portable energy storage and is expected to become a supplier of household green energy solutions in the future [1] Company Overview - Established in 2011, Huabao New Energy focuses on consumer-grade green energy solutions, covering areas such as portable energy storage, balcony solar storage, and mobile home storage [1] - As of the first half of 2025, the company's business has expanded to over 50 mainstream countries and regions worldwide [1] Financial Performance - From 2014 to 2024, the company's revenue and net profit attributable to shareholders are projected to have a compound annual growth rate (CAGR) of 38.9% and 47.3%, respectively [1] Growth Potential - The introduction of new categories such as mobile home storage and balcony solar storage is expected to initiate a second growth curve for the company [1] - With the growth of market size and continuous product iteration and channel expansion, the portable energy storage business is anticipated to maintain steady development [1] Competitive Positioning - Huabao New Energy is compared with peers such as Deye Co., Ltd., Jinlang Technology, and Goodwe, reinforcing its status as a global leader in portable energy storage [1] - The company's solid foundation in portable energy storage and the rapid potential for new product categories are expected to enhance profitability and sustain long-term growth [1] Investment Rating - The initial coverage of Huabao New Energy has been rated as "Buy" [1]
研报掘金丨华源证券：首予华宝新能“增持”评级，业绩有望保持长期增长