海博思创

Core Viewpoint - The company anticipates significant growth in the energy storage market, with projected orders and capacity deliveries indicating a robust expansion trajectory through 2028 [1][10]. Group 1: Orders and Projects - The company has secured orders totaling 35 GWh for 2025, with an expected delivery capacity of 30 GWh due to production constraints. The target is to ship 70 GWh in 2026 (including 10 GWh for overseas markets), 100 GWh in 2027, and 120-130 GWh in 2028, leading to a cumulative installation of 300 GWh over three years [1]. - Domestic demand is projected to exceed previous storage planning guidelines, with an expected addition of 150 GW/600 GWh of storage by 2027, significantly surpassing national targets [1]. Group 2: Domestic Strategy - The company is focusing on securing high-quality substation nodes in China to enhance storage revenue, aiming to establish barriers through premium nodes and power trading. By the end of 2025, the operational and trading storage scale is expected to reach 20 GWh [1]. Group 3: Overseas Business Progress - Current overseas projects are primarily in Europe and Southeast Asia, with optimistic projections for North America. The company anticipates delivering several hundred MWh in the U.S. in 2025, with ongoing negotiations for several GWh of projects [1]. Group 4: Industry Chain Layout - The company plans to self-supply 1 GW of PCS in 2025 and 10 GW in 2026, while also participating in the development of battery cells. A recent collaboration with Huawei aims to define a new specification for battery cells, which will be announced at an upcoming exhibition in the U.S. [2].