Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the market [5][10][44]. Core Insights - The company is a global leader in portable energy storage and is expected to become a supplier of green energy solutions for households. Established in 2011, it has expanded its business into portable storage, balcony solar storage, and mobile home storage, covering over 50 countries as of mid-2025. The company's revenue and net profit have shown impressive compound annual growth rates (CAGR) of 38.9% and 47.3% from 2014 to 2024, respectively [5][16][44]. Summary by Sections Market Performance - The portable energy storage industry is experiencing rapid growth, with the company benefiting from significant advantages in lightweight new products. The global market for portable energy storage is expected to maintain double-digit growth from 2024 to 2029, driven by trends towards larger capacity, higher safety, and lightweight products. The company regained the top market share in key channels like Amazon in the U.S. and Japan during the first ten months of 2025 [6][20][28]. New Product Categories - The company is entering new growth curves with mobile home storage and balcony solar storage. The global household energy storage market has substantial growth potential, with an expected installation capacity of 18.6 GWh in 2024. The company has launched innovative products like the Jackery Solar Generator 5000 Plus and the second-generation DIY balcony solar storage system, which have shown significant revenue growth in Europe [7][35][36]. Profit Forecast and Valuation - The company is projected to achieve net profits of 230 million, 502 million, and 789 million yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of -3.8%, +117.7%, and +57.2%. The price-to-earnings (P/E) ratios are expected to be 43, 20, and 12 for the same years. The company is compared with peers like Deye, Jinlang Technology, and Goodwe, indicating a solid foundation in portable energy storage and promising new product launches [8][10][44].
华宝新能（301327）：全球便携储能龙头，第二曲线快速成长