储能“第九名”闯关港股，鹏辉能源寻增量、更求质量

Core Viewpoint - The energy storage battery industry is experiencing unprecedented growth amid the global transition to green energy, with Penghui Energy (300438) aiming to complete its international capital layout by applying for a listing on the Hong Kong Stock Exchange, seeking to establish an "A+H" dual financing platform [1] Group 1: Company Performance - In 2023, 2024, and the first nine months of 2025, the company achieved revenues of approximately RMB 6.932 billion, RMB 7.961 billion, and RMB 7.581 billion respectively, indicating a significant year-on-year growth trend as the company emerges from an industry downturn [2] - The company's gross profit was RMB 880 million in 2023, with a gross margin of 12.7%, which fell to RMB 600 million and 7.5% in 2024 due to inventory destocking and intensified competition, but rebounded to RMB 955 million and 12.6% by the end of September 2025, nearly restoring to industry cycle levels [3] Group 2: Market Position and Strategy - Penghui Energy ranks ninth globally in energy storage battery shipments for 2024, holding the first position in portable energy storage batteries and third in household energy storage batteries, showcasing its significant market leadership [1] - The company operates nine major production bases globally and plans to utilize funds from the Hong Kong listing to implement a capacity roadmap, particularly for the mass production of next-generation large-capacity energy storage cells [4] Group 3: Technological Innovation - The company has established a research and development framework consisting of five research institutes and four centralized testing centers, ensuring collaboration from material research to mass production process development [5] - Penghui Energy focuses on lithium iron phosphate (LFP) technology while also strategically positioning itself in next-generation battery technologies such as solid-state batteries and sodium-ion batteries [6] Group 4: Global Expansion and Challenges - The global energy storage battery market is expected to reach 1,461.9 GWh by 2029, with Penghui Energy serving over 50 countries and regions, achieving a 47.5% increase in overseas revenue to RMB 1.136 billion in the first nine months of 2025 [7] - The company faces systemic risks in its internationalization process, including legal compliance, exchange rate fluctuations, and potential tariff restrictions, prompting it to localize its overseas service network [7]