Core Viewpoint - The article discusses the investment potential of Baichuan Changyin in the molten salt energy storage sector, highlighting its strategic positioning in the renewable energy market and its successful transition from traditional biogas operations to innovative energy solutions [5][6][20]. Group 1: Company Overview - Baichuan Changyin, established in 2009, operates in three main sectors: biogas utilization, mobile energy storage heating, and waste resource recovery [7]. - The company has shifted focus to overseas markets to optimize profitability, leveraging high market pricing in regions like Colombia and Malaysia [7][10]. Group 2: Financial Performance - In the first half of 2025, Baichuan achieved revenue of 205 million CNY, with biogas contributing 98 million CNY, accounting for nearly 48% of total revenue [7]. - The company's overseas revenue surged from 1.27 million CNY in 2023 to 14.33 million CNY in 2024, with a gross margin of 75.86% and 56.15%, significantly higher than the overall company average of around 20% [10][11]. Group 3: Business Transformation - The mobile energy storage heating business, which utilizes self-developed mobile storage vehicles, has become a key driver for cost reduction and efficiency improvement [12]. - By Q3 2025, Baichuan had deployed 338 mobile storage vehicles, generating revenue of 57.23 million CNY, a 39.49% increase year-on-year, with gross profit soaring by 628% [13][14]. Group 4: Technological Advancements - The molten salt storage technology, which allows for safe and cost-effective thermal energy management, is central to Baichuan's operations and has recently entered commercial application [16][17]. - The company has significantly increased its R&D investment, with expenditures reaching 7.92 million CNY in the first three quarters of 2025, a 99.13% increase, indicating a strong commitment to innovation [17]. Group 5: Market Positioning - Baichuan is also involved in the solar thermal power sector, focusing on the development of key equipment like solar reflectors, with an annual production capacity of 10 million square meters [18]. - The solar thermal industry is transitioning from demonstration to large-scale commercialization, with Baichuan positioned to capitalize on this growth through its strategic partnerships and project developments [19][20].
被低估的能源“小巨人”，百川畅银移动储能车卖爆了