Investment Rating - The report assigns a "Buy" rating for the company, Haibo Sichuang, as a leading player in the energy storage system integration sector, benefiting from the accelerated global energy storage market growth [8][9]. Core Insights - Haibo Sichuang focuses on energy storage, establishing itself as a leader in system integration with a projected revenue CAGR of 77% from 2022 to 2024 and a net profit CAGR of 91% during the same period. The core business driving future growth is the energy storage system [8][9]. - The global energy storage market is expected to continue its growth trend, with BNEF forecasting an additional installed capacity of 221 GWh by 2025. Key markets include China, the US, Europe, and emerging regions like the Middle East, which are all contributing to a diversified growth landscape [8][9]. - The domestic energy storage market is experiencing high growth, with independent storage accounting for 58% of the market in the first half of 2025, indicating a shift towards market-oriented operations [8][9]. Summary by Sections 1. Company Overview - Haibo Sichuang has transitioned from a battery system origin to a focus on energy storage integration, achieving a cumulative installed capacity of over 20 GWh since 2019 [19]. - The company has a concentrated ownership structure, with a core management team possessing extensive industry experience and technical expertise [1][19]. 2. Energy Storage Market - The global energy storage industry is entering a structural growth phase, with a projected CAGR of approximately 17% from 2024 to 2035 [36]. - The US energy storage market is thriving, with significant growth driven by AI computing demands leading to a power shortage, making energy storage a necessity [38][41]. - The European market is showing structural differentiation, with large-scale and commercial storage growing rapidly, while household storage faces short-term challenges [44]. 3. Competitive Advantages - The company has established a strong technological foundation, with a comprehensive lifecycle technology framework and a significant number of patents [8][9]. - Haibo Sichuang has secured deep partnerships with major state-owned enterprises, ensuring a stable order source while expanding its customer base [8][9]. - The company is accelerating its global expansion, having formed strategic partnerships with international giants like Fluence [8][9]. 4. Financial Forecast and Valuation - The company is expected to achieve revenues of 132.22 billion, 253.00 billion, and 351.49 billion yuan from 2025 to 2027, with corresponding net profits of 10.42 billion, 22.52 billion, and 31.31 billion yuan [7][9]. - The report estimates a target market capitalization of 670 billion yuan for the company, indicating a potential upside of 43.24% from its current market value [9].
海博思创（688411）：国内储能执牛耳，海外开拓立潮头