Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a strategic cooperation agreement with CATL for a supply of 200GWh of battery cells over three years, indicating strong growth potential in both domestic and international markets [8] - The domestic energy storage market is expected to exceed expectations, with a projected installation of 150GWh in 2025, growing to 225GWh in 2026, driven by innovative business models and supportive policies [8] - The company is positioned to benefit from a significant increase in demand for energy storage solutions, with expected shipments of 27GWh in 2025 and 60GWh in 2026 [8] - Internationally, the company is expanding into markets such as Europe, Southeast Asia, and North America, with a forecasted shipment of 10GWh overseas in the coming year [8] - Profit forecasts for 2025 to 2027 indicate a substantial increase in net profit, with expected figures of 9.1 billion, 19.0 billion, and 30.9 billion respectively, reflecting growth rates of 41%, 109%, and 63% [8] Financial Projections - Total revenue is projected to grow from 6,982 million in 2023 to 28,081 million by 2027, with a compound annual growth rate of 165.89% in 2023 and 45.86% in 2027 [1] - The diluted earnings per share (EPS) is expected to rise from 3.21 in 2023 to 17.16 in 2027, indicating strong profitability growth [1] - The price-to-earnings (P/E) ratio is projected to decrease from 118.06 in 2023 to 22.08 in 2027, suggesting an attractive valuation as earnings grow [1]
海博思创（688411）：与宁德签订3年200GWh电芯供应强强联合，继续看好国内独储+海外突破逻辑