Inovance(SZ:300124) Sou Hu Cai Jing·2026-01-25 09:14Core Viewpoint - In January 2026, Huichuan Technology announced its plan to issue H-shares and list on the Hong Kong Stock Exchange, marking a significant step in its internationalization strategy and aiming to raise funds for its energy storage business [1][2] Group 1: Company Strategy - Huichuan Technology is focusing on the digital energy sector, aiming to manage customers' carbon assets by covering the entire digital energy ecosystem, including "source, grid, load, and storage" [2] - The company has set a target to achieve a market share of over 5% by 2026, rank among the top three globally by 2028, and lead the next generation of energy storage technology standards post-2030 [6] Group 2: Market Challenges - The energy storage industry is facing significant challenges, including a price war that has driven the average price of large-scale 4-hour storage systems down to 421.52 yuan/kWh, with the lowest bid at 370 yuan/kWh [4] - The cancellation of mandatory storage policies has led to a decline in new energy storage project installations, marking the first negative growth since 2020 [3][4] Group 3: Financial Performance - Huichuan Technology's overall gross margin has decreased from 52.2% in 2012 to approximately 30% in 2024, reflecting the impact of the price war [5] - The company won a bid for a 65MW storage project at an extremely low price of 0.192 yuan/W, highlighting the intense competition in the market [5] Group 4: Strategic Partnerships - In January 2026, Huichuan Technology signed a strategic cooperation agreement with Hongzheng Energy to enhance their collaboration from single equipment procurement to comprehensive strategic cooperation, focusing on technology and market expansion [5] - The company is leveraging its long-term relationships with high-energy-consuming industries to offer energy management solutions that optimize efficiency without altering existing grid structures [5]