港股又迎一储能企业！上市首日大涨超117%

Core Viewpoint - Guoxia Technology, a provider of energy storage solutions, made a successful debut on the Hong Kong stock market, with a first-day stock price increase of 117.91%, reaching a market capitalization of HKD 22.4 billion [1]. Company Overview - Guoxia Technology specializes in energy storage system solutions and products, catering to various applications including large power sources, power grids, commercial, industrial, and residential sectors, applicable in both Chinese and overseas markets [3]. - The company is recognized as one of the early participants in integrating energy storage solutions with internet cloud platforms and developing a digital energy management system [5]. Market Position and Performance - Despite its advanced technology, Guoxia Technology ranks relatively low in the industry, being the tenth largest global energy storage system supplier and the eighth largest in China, with a market share of approximately 3% [5]. - The company experienced a significant oversubscription in its IPO, with a public offering oversubscription rate of 1,890.73 times and an international placement oversubscription rate of 3.63 times, raising HKD 783 million [6][7]. Revenue and Profitability - Guoxia Technology is currently facing a situation of increasing revenue without corresponding profit growth. Revenue figures from 2022 to the first half of 2025 are projected to be CNY 142 million, CNY 314 million, CNY 1.026 billion, and CNY 691 million, while profits are expected to be CNY 24.28 million, CNY 28.15 million, CNY 49.12 million, and CNY 5.58 million respectively [10]. - The company’s gross margin has been declining, with rates of 25.1%, 26.7%, 15.1%, 13.0%, and 12.5% from 2022 to the first half of 2025 [14]. Strategic Shifts - Guoxia Technology has shifted its revenue focus from the European market to the Chinese market, with the contribution from Chinese large-scale energy storage systems expected to rise from 72.1% in 2022 to 76.6% in 2024 [8]. - This strategic pivot is a response to favorable government policies in China aimed at promoting energy storage development, which has created a conducive regulatory environment and spurred domestic demand [8]. Competitive Landscape - The company attributes its declining gross margins to intense market competition and fluctuations in raw material prices, particularly lithium-ion battery costs, which have decreased from USD 0.13 per watt-hour in 2022 to USD 0.08 per watt-hour in 2024 [16]. - Guoxia Technology has implemented pricing adjustment mechanisms in customer contracts to mitigate the impact of raw material price volatility and maintain its competitive position [17].