Investment Rating - The report assigns an "Accumulate" rating for the company for the first time [2]. Core Viewpoints - The company is advancing in the lead-carbon battery sector, which is expected to meet new energy storage market demands, particularly in overseas household storage and domestic IDC markets [2][4]. - The lead-carbon battery technology is mature, cost-effective, and highly safe, making it particularly suitable for household storage in regions with unstable power supply, such as Central Asia [3][4]. - The company has secured overseas household storage and domestic IDC energy storage orders, indicating strong market demand and growth potential [4][51]. Summary by Sections 1. Lead-Carbon Battery Technology - The lead-carbon battery incorporates carbon materials in the negative electrode, reducing lead usage while extending battery life and enhancing performance [3][22]. - The technology is based on the well-established lead-acid battery principles, allowing for easier production transition and scalability [22][23]. - The safety profile of lead-carbon batteries makes them suitable for high-value equipment and densely populated areas, as they do not pose risks of thermal runaway or explosion [35][43]. 2. Market Opportunities - The global energy storage market is rapidly growing, with new installations reaching 52.0 GW in 2023, a 69.5% increase year-on-year [14][16]. - In China, the installed capacity of energy storage projects reached 86.5 GW by the end of 2023, accounting for 30% of the global market [16][18]. - The company is well-positioned to capitalize on the increasing demand for energy storage solutions, particularly in Central Asia, where power supply stability is critical [43][47]. 3. Financial Projections - The company is projected to achieve net profits of -34 million, 51 million, and 110 million CNY for the years 2024, 2025, and 2026, respectively, with corresponding EPS of -0.31, 0.47, and 1.01 CNY [2][4]. - Revenue is expected to grow significantly, from 542 million CNY in 2024 to 1,419 million CNY in 2026, reflecting a compound annual growth rate of 33.1% [4][57]. 4. Orders and Contracts - The company has signed significant contracts, including a 2.8 million USD contract for energy storage systems suitable for various small-scale applications [4]. - It has also successfully delivered its first batch of lead-carbon batteries to Uzbekistan, indicating successful international market penetration [4][51].
昆工科技：北交所首次覆盖报告：铅炭储能技术突破双线市场海外户储订单增长+国内IDC蓝海卡位-20250228