海博思创调研：26年目标出货70GWh

Core Viewpoint - The article discusses the growth and strategic positioning of the company in the energy storage sector, highlighting significant order volumes, domestic and international market expansion, and profitability outlook. Group 1: Orders and Capacity - The company has secured orders totaling 35 GWh for 2025, with a projected delivery capacity of 30 GWh. The target is to ship 70 GWh in 2026 (including 10 GWh for overseas), 100 GWh in 2027, and 120-130 GWh in 2028, aiming for a cumulative installation of 300 GWh over three years (200 GWh for domestic independent storage and 100 GWh for overseas and domestic smaller projects) [1] - Domestic demand is expected to exceed previous storage installation guidelines, with an anticipated addition of 150 GW/600 GWh of storage by 2027 due to new policies. The company estimates that Inner Mongolia and Gansu will have plans for 150-160 GWh and 80-100 GWh respectively, while Shandong, Shanxi, and Hebei are projected to be around 100 GWh [1] Group 2: International Business Progress - Current projects are primarily in Europe and Southeast Asia, with a positive outlook for North America. The company expects to deliver several hundred MWh in the U.S. in 2025, with ongoing negotiations for several GWh projects [1] Group 3: Profitability and Pricing - The decline in unit prices in Q2 was mainly due to an increase in the proportion of centralized procurement. However, the company anticipates a price recovery in Q3 and Q4 as the share of market-based power stations increases [1] Group 4: Domestic Strategy - The company believes that the core of storage revenue lies in strategic nodes. It is currently focused on rapidly acquiring prime substation locations to build barriers through quality nodes and power trading, with an expected operational and trading storage scale of 20 GWh by the end of 2025 [2] Group 5: Industry Chain Layout - By 2025, the company plans to self-supply 1 GW of PCS, increasing to 10 GW by 2026. It is also involved in the research and development of battery cells and has recently partnered with Huawei to define a new specification for battery cells to be announced at a U.S. exhibition [2]