海博思创（688411）：新模式+运维打造国内储能龙头，海外加快布局提升成长空间

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is positioned as a leading provider of energy storage system solutions in China, focusing on the integration of electrochemical energy storage systems. The business structure is highly concentrated, with energy storage system revenue accounting for 99.77% of total revenue in the first half of 2025. The company benefits from a stable control structure and a strong management team with significant technical backgrounds [12][15][22] - The company is expected to achieve substantial revenue growth driven by domestic and international market expansion. The domestic market is supported by favorable policies, while the international market is driven by increasing demand in regions like the U.S. and Europe. The company has set ambitious shipping targets for the next three years, with expected shipments of 26GWh in 2025, 70GWh in 2026, and 100GWh in 2027 [7][12][22] - The company is transitioning from a traditional equipment supplier to a full-service operator, enhancing its profitability through innovative business models and strong supply chain management. The integration of AI technology is expected to drive additional value-added services [12][22][39] Summary by Sections 1. Company Overview - The company has established itself as a leader in energy storage system integration, with a focus on technology and performance. It has a stable control structure and a highly qualified management team [12][15] - The company has a strong R&D focus, with 28.64% of its workforce dedicated to research and development, and has received recognition as a national technology center [17][22] 2. Short-term Logic - Domestic policies are driving a significant increase in energy storage demand, with a projected 303.8GWh of national energy storage bidding volume in 2025, a 76% year-on-year increase. The company is well-positioned to capitalize on this growth [32][34] - The company has made strategic moves to expand its international presence, establishing regional headquarters and partnerships in key markets, which will contribute to its revenue growth [12][22] 3. Mid-term Logic - The company is shifting its business model from selling equipment to providing sustainable service-based revenue, leveraging financial solutions and advanced technology to enhance profitability [12][22] - The integration of AI technology into its operations is expected to improve efficiency and create new revenue streams [12][22] 4. Financial Projections - The company forecasts significant growth in net profit, with expected figures of 949 million yuan in 2025, 1.84 billion yuan in 2026, and 3.18 billion yuan in 2027, representing year-on-year growth rates of 46%, 94%, and 72% respectively [1][22]