双登集团：通信与大数据储能电池龙头再次赴港上市

Core Viewpoint - The article highlights the strong market position and growth potential of Shuangdeng Group in the energy storage sector, particularly in communication and data center solutions, while also addressing the challenges it faces in terms of profitability and market dynamics [2][11]. Company Overview - Shuangdeng Group, established in 2011, specializes in energy storage solutions in the big data and communication fields, and is recognized as the global leader in communication and data center energy storage battery shipments, with a market share of 11.1% in 2024 [2]. - The company has transitioned to a Hong Kong listing after previously applying for a listing on the Shenzhen Stock Exchange [2]. Main Business - Shuangdeng Group operates in three core areas: communication base stations, data centers, and power storage, with a significant market share in each [4]. - In 2024, the company ranked first globally in communication base station energy storage with a market share of 9.2%, contributing over 50% of its revenue [5]. - The company serves 80% of the top ten data center enterprises in China and 90% of third-party data centers, holding a 16.1% market share in this sector [5]. Financial Data Analysis - Revenue from energy storage battery sales has shown steady growth, with 2022 revenue at 4.072 billion RMB, 2023 at 4.260 billion RMB, and 2024 projected at 4.499 billion RMB [6]. - Despite revenue growth, profitability has faced pressure, with gross margin declining from 20.3% in 2023 to 16.7% in 2024, and further to 14.9% in the first five months of 2025 [6][8]. - The data center energy storage business saw a significant increase in revenue share, reaching 46.7% in the first five months of 2025, surpassing communication base stations for the first time [9]. Industry Development Potential - The energy storage market is experiencing rapid growth, driven by advancements in renewable energy, 5G communication, big data, and artificial intelligence [11]. - The global energy storage battery market is expected to grow from 746.8 GWh in 2024 to 6810.1 GWh by 2030, with China's market projected to reach 54.2 GWh by 2030 [11]. - The demand for energy storage systems is increasing due to the anticipated growth in 5G base stations and data centers, with global data center electricity consumption expected to rise significantly [11]. Company Advantages and Concerns - Shuangdeng Group has established strong customer relationships with major telecom operators and data center companies, providing a competitive edge [12]. - The company is diversifying its technology portfolio, including lithium-ion, lead-acid, sodium-ion, and solid-state batteries [12]. - However, the company faces risks such as reliance on lead-acid batteries, which contribute 64.6% of its revenue, and potential regulatory challenges from the EU [12]. Investment Value Assessment and Outlook - The company plans to raise 2.75 billion HKD through its IPO, with funds allocated for expanding lithium battery production capacity in Southeast Asia, developing next-generation technology, and enhancing its marketing network [13]. - Key performance indicators include maintaining revenue growth in the data center storage business and stabilizing gross margins above 18% [15].