Investment Rating - The report gives a "Recommended" rating for the company, marking its first coverage [1]. Core Views - The company is positioned as a leading player in the energy storage system integration market, with significant growth potential in both domestic and international markets [7][29]. - The company has demonstrated impressive revenue growth, with a projected revenue of 8.27 billion yuan in 2024, reflecting an 18.4% year-on-year increase [6][17]. - The company is focusing on reducing dependency on major suppliers and enhancing its self-research capabilities for key components [7][46]. Company Overview - The company, established in 2011, specializes in energy storage system integration and has been recognized as a national-level "specialized, refined, distinctive, and innovative" small giant enterprise [7][13]. - In 2023, the company ranked fifth globally and second in the Asia-Pacific region for energy storage system integration shipments [7][29]. - The company achieved a revenue of 6.98 billion yuan in 2023, with a compound annual growth rate (CAGR) of 166.2% from 2020 to 2023 [6][17]. Business Focus - The company has shifted its focus primarily to energy storage systems, with 99% of its revenue coming from this segment in 2023 and 2024 [19]. - The company is actively working to expand its production capacity, planning to invest 300 million yuan to increase its energy storage system production capacity by 2 GWh [39][42]. Market Dynamics - The domestic energy storage market is expected to continue growing, with new installations projected at 38.6 GW in 2024 and 45.4 GW in 2025 [8]. - The company is also expanding its international presence, with ongoing market development activities in North America, Europe, and Australia [8][9]. Financial Performance - The company reported a net profit of 578 million yuan in 2023, with a projected net profit of 647 million yuan in 2024, indicating a year-on-year growth of 11.9% [6][17]. - The company's earnings per share (EPS) are expected to increase from 3.64 yuan in 2024 to 5.05 yuan in 2025 and 6.67 yuan in 2026 [6][17]. Supply Chain Management - The company is working to reduce its reliance on major suppliers, with a notable shift in supplier dynamics as it aims to diversify its procurement sources [7][46]. - The company has established long-term procurement agreements with key suppliers, including CATL and EVE Energy, to secure its supply chain [46].
海博思创（688411）：储能集成“小巨人”，国内外业务进展可期