汇川技术拟赴港IPO：毛利率连续6年下滑 补充弹药或为豪赌储能

Core Viewpoint - Huichuan Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to support its expansion in emerging fields, particularly in the energy storage sector, despite facing significant pricing pressures in the industry [1][2]. Group 1: Company Developments - Huichuan Technology's business is divided into four main segments: general automation, new energy vehicles, smart elevators, and rail transit [1]. - The company has made substantial investments in the energy storage sector, including launching significant products and establishing a storage base in Xi'an with a total investment of 1 billion yuan and an annual design capacity of 50 GW [1]. - In Q3 2025, Huichuan Technology reported revenue of 11.15 billion yuan, a year-on-year increase of 21%, but the net profit attributable to shareholders was only 1.29 billion yuan, up 4% year-on-year [2][3]. Group 2: Industry Challenges - The energy storage industry is experiencing unprecedented price declines, with the average bidding price for 0.5C lithium iron phosphate energy storage systems dropping by 27% year-on-year to 558.28 yuan/kWh, and the 0.25C systems seeing a staggering 69% decline to 448.31 yuan/kWh [1][2]. - The industry is facing a paradox of increasing revenue without profit, as over 30 small and medium-sized integrators have exited the market, and leading companies are seeing net profit margins fall below 3% [2]. - The competitive landscape is intensifying, with the average gross margin for Huichuan Technology declining to 27.51%, down 2.18 percentage points year-on-year, marking the sixth consecutive year of decline since its peak in 2020 [3]. Group 3: Regulatory and Market Dynamics - The implementation of the first mandatory national standard for energy storage systems in China aims to establish safety benchmarks for the industry [3]. - The domestic lithium battery storage cell production capacity has exceeded 2,100 GWh, while global annual installation demand is only about 40 GWh, indicating a utilization rate of less than 50% [4]. - Huichuan Technology's decision to enter the energy storage sector amid intense competition and seek financing in Hong Kong reflects both its ambition and the associated risks [4].