海外收入占比低 远信储能赴港IPO
Bei Jing Shang Bao·2026-01-15 16:32

Core Viewpoint - Shenzhen Yuanxin Energy Storage Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, showing steady profit growth but facing declining average prices for its core products due to industry conditions [1][2]. Financial Performance - Yuanxin Energy Storage's revenue is projected to reach approximately 435 million yuan in 2023 and 1.144 billion yuan in 2024, with profits of about 40.74 million yuan and 96.27 million yuan respectively. By the first three quarters of 2025, revenue is expected to be around 881 million yuan, with profits turning positive at approximately 70.89 million yuan [2]. - The company's revenue sources have shifted significantly, with integrated energy storage system solutions accounting for 13.5% of revenue in 2023, increasing to 92.7% by the first three quarters of 2025, while sales of energy storage system products decreased from 86.5% to 6% in the same period [2]. Pricing Trends - The average selling prices for both integrated energy storage system solutions and energy storage system products have nearly halved during the reporting period. The average prices were 1.26 yuan/Wh in 2023, dropping to 0.44 yuan/Wh by the first three quarters of 2025 for solutions, and from 0.66 yuan/Wh to 0.38 yuan/Wh for products [3]. - The price reductions are attributed to lower costs of key raw materials, particularly battery cells, and increased competition in the industry, prompting the company to lower prices to gain market share [3]. International Market Expansion - Yuanxin Energy Storage plans to begin expanding into overseas markets in 2024, with the first overseas revenue expected in 2025. By the first three quarters of 2025, overseas revenue is projected to be 8.597 million yuan, accounting for only 1% of total revenue [4]. - The company has already established sales contracts or purchase orders with clients in the U.S., Hungary, Japan, and Spain, indicating a strategic move towards international markets [4]. Customer Concentration - The customer concentration for Yuanxin Energy Storage has increased significantly, with sales to the top five customers accounting for 53.6% in 2023, rising to 80.9% by the first three quarters of 2025. The largest customer has changed frequently during the reporting period [5].