尽管A股储能板块指数近期连续回调，但无碍业界对储能行业超预期发展的看好。 储能产业企业、专家在接受上海证券报记者采访时均表示，随着"十五五"我国继续加大新能源装机规 模、加快新型电力系统建设的确定性增强，储能需求从电源侧向电网侧转移，落地项目大型化趋势显 现。随着AIDC（人工智能数据中心）爆发式增长，独立可再生能源电力系统制绿色氢氨项目陆续推 进，海内外储能的应用场景和需求将进一步扩大。 企业订单饱满 电网侧储能订单增加 此前，储能板块在A股市场引发一波快速上涨行情。洛希能源董事长郝烨在接受上海证券报记者采访时 表示，碳酸锂等原料持续涨价，导致上游供货紧张，下游需求又持续旺盛，令储能产业链备受关注。而 锂电池电解液添加剂生产龙头山东亘元新材料股份有限公司突发设备故障停产检修，成为短期的行业供 应变量，其影响被市场进一步放大。 阳光电源在答投资者问时表示，公司年初制定的发货量（非订单量）目标为40吉瓦时至50吉瓦时，目前 对完成目标保持信心。对储能系统业务的布局，令阳光电源从光伏逆变器龙头成功转型为光储一体化能 源解决方案企业。 海外市场、新应用带来新需求 储能将迎超预期发展 几乎所有受访的储能企业都提到，海 ...

Core Viewpoint - The industry remains optimistic about the unexpected growth of the energy storage sector despite recent declines in the A-share storage index, driven by increasing demand and large-scale project implementations [1] Group 1: Industry Outlook - The energy storage industry is expected to benefit from China's continued expansion of renewable energy installations and the construction of new power systems during the 14th Five-Year Plan [1] - The shift in storage demand from the power generation side to the grid side is becoming more pronounced, indicating a trend towards larger projects [1][3] - The introduction of the "136 Document" has decoupled energy storage from renewable energy construction, allowing it to become an independent market investment entity [3] Group 2: Company Developments - Companies like Haibo Technology and CATL are experiencing a surge in orders, with Haibo Technology planning to purchase at least 200 GWh of battery cells from CATL between 2026 and 2028 [2] - CATL has announced significant expansions across multiple bases, with the Jining base alone expected to add over 100 GWh of storage capacity by 2026 [2] - The recent equipment failure at Shandong Genyuan New Materials has created a supply variable, amplifying market attention on the energy storage supply chain [2] Group 3: Market Demand and New Applications - The rapid expansion of overseas markets, particularly in North America, Europe, and Southeast Asia, is driving up demand for energy storage solutions [4] - New applications such as data centers and high-energy-consuming factories are increasingly seeking direct connections to renewable energy sources, further supporting energy storage demand [5] - Analysts predict a 40% year-on-year growth in global energy storage demand by 2026, driven by the needs of artificial intelligence data centers and renewable energy integration [5] Group 4: Policy and Economic Factors - Recent government policies are setting higher renewable energy installation targets, with energy storage identified as a critical component for consumption [6] - The energy storage sector is expected to support significant investment demand in the economy, following the real estate sector [6] - The industry is poised for growth, with the potential for large-scale development contingent on government initiatives to enhance public storage infrastructure [5][6]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a strategic cooperation agreement with CATL for a supply of 200GWh of battery cells over three years, indicating strong growth potential in both domestic and international markets [8] - The domestic energy storage market is expected to exceed expectations, with a projected installation of 150GWh in 2025, growing to 225GWh in 2026, driven by innovative business models and supportive policies [8] - The company is positioned to benefit from a significant increase in demand for energy storage solutions, with expected shipments of 27GWh in 2025 and 60GWh in 2026 [8] - Internationally, the company is expanding into markets such as Europe, Southeast Asia, and North America, with a forecasted shipment of 10GWh overseas in the coming year [8] - Profit forecasts for 2025 to 2027 indicate a substantial increase in net profit, with expected figures of 9.1 billion, 19.0 billion, and 30.9 billion respectively, reflecting growth rates of 41%, 109%, and 63% [8] Financial Projections - Total revenue is projected to grow from 6,982 million in 2023 to 28,081 million by 2027, with a compound annual growth rate of 165.89% in 2023 and 45.86% in 2027 [1] - The diluted earnings per share (EPS) is expected to rise from 3.21 in 2023 to 17.16 in 2027, indicating strong profitability growth [1] - The price-to-earnings (P/E) ratio is projected to decrease from 118.06 in 2023 to 22.08 in 2027, suggesting an attractive valuation as earnings grow [1]

Core Insights - The global lithium battery energy storage installation capacity increased by 68% year-on-year in the first three quarters of this year, indicating a significant growth in the energy storage industry [1][2] - Chinese energy storage companies received 163GWh of new overseas orders in the first half of 2025, a 246% increase year-on-year, with Europe, the Middle East, and Australia emerging as key markets [1][2] - The cancellation of mandatory energy storage policies in China has led to an increase in project internal rate of return (IRR), boosting companies' willingness to invest in energy storage [1][2] Industry Growth Drivers - The acceleration of global energy transition is driving demand in traditional markets like the US, China, and Europe, as well as emerging markets in the Middle East [3] - The maturation of energy storage business models in developed markets is contributing to explosive growth, with China shifting focus from policy-driven mandates to value exploration [3] - Technological advancements have reduced energy storage system costs by approximately 80% compared to three years ago, enhancing economic viability and stimulating market demand [3] Company Performance - Sungrow Power's energy storage system revenue reached 28.8 billion yuan, a 105% increase year-on-year, making it the company's largest revenue source [4] - Guoxuan High-Tech's total output of power and energy storage batteries was approximately 63GWh, with nearly 30% directed towards energy storage [4] - Envision's energy storage cell production is operating at full capacity, with significant demand from both domestic projects and international orders [7] Market Dynamics - The energy storage sector is becoming a new focal point for photovoltaic lithium battery companies, with many securing large contracts [5][6] - The entry of photovoltaic and wind power companies into the energy storage market is expected to create additional downstream market opportunities and drive industry consolidation [7] - The current policy environment is favorable for photovoltaic companies to develop energy storage businesses, with support for technology research, application expansion, and financial subsidies [8] Future Outlook - The energy storage market is projected to maintain a growth rate of 40% to 50% in the coming years, driven by increasing demand and technological advancements [7] - The industry is at a critical turning point in 2025, transitioning from rapid growth to high-quality development, necessitating caution against irrational price competition [9] - Recommendations for healthy industry development include maintaining quality standards, accelerating technological innovation, and establishing a capacity warning system to prevent disorderly expansion [9]

Core Viewpoint - The company, Hichain Energy, is making a second attempt to go public in Hong Kong after previous IPO failures, aiming to raise funds primarily for expanding battery production capacity and enhancing its technological leadership in the energy storage sector [1][2]. Group 1: IPO and Fundraising - Hichain Energy has submitted a new listing application to the Hong Kong Stock Exchange, with joint sponsors including Huatai International, CITIC Securities, Agricultural Bank of China International, and Bank of China International [2]. - The funds raised from the IPO will be used to increase energy storage battery production capacity, enhance R&D, build a global sales and service network, and for general corporate purposes [2]. - The company has completed six rounds of financing since its establishment, raising over 6.5 billion RMB [13]. Group 2: Financial Performance - Hichain Energy's revenue for 2022-2025 is projected to grow significantly, with revenues of 3.615 billion RMB in 2022, 10.202 billion RMB in 2024, and 12.917 billion RMB in the first half of 2025 [5]. - The company is expected to achieve a net profit of 288 million RMB in 2024, following losses in previous years [5]. - The gross profit margin is projected to increase from 11.3% in 2022 to 17.9% in 2024 [5]. Group 3: Market Position and Growth - Hichain Energy is the only company focused solely on energy storage in the GWh-level lithium-ion battery shipment market, with operations in over 20 countries [3]. - The company is projected to rank third globally in energy storage battery shipments, with a compound annual growth rate of 167% from 2022 to 2024 [4]. - By 2024, the company's sales revenue from energy storage batteries is expected to account for 61.6% of total revenue, while energy storage system revenue will reach 36.2% [4]. Group 4: Legal Issues - Hichain Energy is involved in ongoing legal disputes with industry leader CATL, including allegations of unfair competition and violation of non-compete agreements [9][10]. - The disputes have escalated, with CATL seeking 150 million RMB in damages and a public apology from Hichain Energy [9]. - The company has responded to the allegations, asserting that the claims are repetitive and that its founder has the right to compete after the non-compete period [9][11].

Core Viewpoint - The energy storage sector is experiencing significant growth, driven by increasing electricity demand from data centers, which are becoming a critical variable in the energy system transition [1] Group 1: Data Center Electricity Demand - In 2023, electricity consumption by data centers in the U.S. accounted for 4.4% of the national total generation, projected to rise to 8% by 2028 [1] - Over the next five years, electricity demand from U.S. data centers is expected to grow by 50% to 150% [1] - Canada's data center electricity demand is anticipated to increase from 750 MW to 1160 MW by 2029 [1] Group 2: Energy Storage Market Dynamics - Domestic compensation electricity prices are gradually being introduced, leading to an unexpected surge in large-scale storage demand, with a projected growth of 30-40% in the coming years [1] - The U.S. is experiencing an unexpected rush in installations this year, with stable growth expected in the following years [1] - Emerging markets in Europe and the Middle East are anticipated to see a significant explosion in large-scale storage demand, contributing to sustained high growth [1] Group 3: Global Energy Storage Projections - The global energy storage installation is projected to have a compound annual growth rate (CAGR) of 30-50% from 2025 to 2028 [1] - The recovery of shipments in Europe following the completion of household storage depletion is leading to an explosion in industrial and commercial storage demand [1] - The demand for cost-competitive solar storage in emerging markets is expected to continue, further driving the energy storage sector [1]

Core Viewpoint - The Chinese energy storage industry is experiencing a paradox of intense competition and rapid growth, with over 280 new storage companies registered daily, while many others are exiting the market [2]. Group 1: Industry Overview - As of the third quarter of 2025, there were 27,406 newly registered energy storage-related companies, representing a year-on-year growth of 17.46%. In total, 77,294 new companies were added in the first three quarters, marking an 18.37% increase year-on-year [2][13]. - The cumulative number of energy storage-related companies in China has surpassed 380,000, with 51,711 of these in a state of abnormal operation, accounting for 13.47% [13]. - The peak registration month for new energy storage companies was April 2025, with 10,048 new registrations [16]. Group 2: Key Players and New Companies - China FAW Group has established a new company, FAW Energy (Changchun) Technology Co., Ltd., with a registered capital of 200 million yuan, focusing on energy storage technology services [3][4]. - Yan'an Waneng Electric Power Co., Ltd. was founded with a registered capital of 500 million yuan, backed by Anhui Energy Group, Sunshine Power, and Guoxuan High-Tech, focusing on solar, wind, and energy storage services [6][9]. - Longi Green Energy has also launched a new energy storage company, Guangxi Liuzhou Source Storage New Energy Co., Ltd., with a registered capital of 1 million yuan, indicating a strategic move into energy storage technology services [10][11]. Group 3: Company Registration Trends - The majority of new energy storage companies are private enterprises, with 72,942 registered in the first half of the year, accounting for approximately 94.37% of total registrations [18]. - Companies with registered capital under 1 million yuan are the most common, totaling 32,896, which is about 42.56% of all new registrations [21]. - The second quarter of 2025 saw the highest number of new registrations, with 28,095 companies added [13].

Core Viewpoint - The energy storage and battery sector experienced a significant rebound, with the National Renewable Energy Battery Index rising by 3.1% after a morning dip of over 2% [1] Group 1: Market Performance - As of 14:30, key stocks in the sector showed strong performance, with Jinpan Technology hitting a 20% limit up, Sungrow Power exceeding 8% increase, and Shenghong Co. rising over 7% [1] Group 2: Project Announcements - The Hebei Provincial Development and Reform Commission announced a public list of projects for 2026, including 97 energy storage projects with a total scale of 13.8 GW/47 GWh, representing more than double the capacity compared to this year [1] Group 3: Industry Analysis - Analysts believe that the release of the "Document No. 136" at the beginning of the year marked a significant turning point for the energy storage industry, with the full market entry of renewable energy leading to a decrease in electricity prices and a heightened necessity for energy storage [1] - New profit models such as capacity pricing and peak-valley arbitrage have significantly improved the profitability of energy storage projects, indicating a period of rapid growth in industry demand [1] - The announcement of the Hebei energy storage project plan further strengthens expectations for an upward trend in the industry next year [1] Group 4: Investment Opportunities - The National Renewable Energy Battery Index closely tracks the development of the energy storage industry, covering core segments of the energy storage supply chain, with energy storage systems accounting for approximately 65% [1] - With clear construction targets for new energy storage and strengthened policy support, index constituents are expected to benefit from the opportunities arising from the scaled development of the energy storage industry [1] - The Energy Storage Battery ETF (159566), which tracks this index, is currently the leading ETF product focused on the scale of the energy storage industry, helping investors seize investment opportunities within the supply chain [1]

Summary of Key Points from the Conference Call Industry Overview - **Energy Storage Industry**: The conference call primarily discusses the energy storage industry, focusing on North America, the Middle East, Europe, and China. North America - **Market Growth**: The North American energy storage market is expected to see significant growth, with installed capacity projected to reach 70-80 GWh in 2025 due to the OOBBB Act and tariff impacts, up from approximately 38-39 GWh in 2024 [1][2][10] - **Supply Chain Issues**: There is a tight supply of battery cells, leading to increased prices for domestic equipment, which rose from $80 per MWh last year to $100-110 per MWh this year [1][5][10] - **Future Projections**: A decline to around 40 GWh is expected in 2026, but demand may rebound in 2027 due to AI data center requirements, potentially adding another 20-30 GWh [1][3][10] - **Local Production Impact**: Local production of battery cells is more expensive, with prices rising due to tariffs and the OOBBB Act, while imported equipment prices remain stable [5][6][7] - **Policy Influence**: The 3B Act has led to a rush in project installations, increasing costs and project timelines [4][11] Middle East - **Competitive Landscape**: The Middle East energy storage market is highly competitive, with aggressive pricing strategies, such as Hai Chen's bid below $70 per GWh for a major project in Saudi Arabia [1][13][15] - **Project Delays**: Several large-scale projects are experiencing delays, including the 19 GWh data center project in the UAE due to optimization and bidding disputes [17][18] - **Future Growth**: The market is expected to grow steadily, with significant projects planned for completion by 2027 [18] Europe - **Market Expansion**: The European energy storage market is projected to double its installed capacity to 40 GWh by 2026, driven by large projects, policy support, and post-war reconstruction in Ukraine [19][20] - **Price Stability**: The FOB prices in Europe are relatively stable, ranging from $65 to $75 per MWh, despite local protection policies affecting equipment requirements [21] China - **Price Trends**: The average price of energy storage systems in China is expected to rise due to increased project lifecycle requirements and higher equipment costs [25] - **Subsidy Impact**: Inner Mongolia has introduced a subsidy of 0.35 RMB per kWh, stimulating the development of 20 GWh of projects, although the concentration of projects may lead to uncertainties [26][31] - **Profit Models**: Energy storage systems primarily profit through spot trading and frequency regulation, with daily operations optimized for peak solar generation times [29][30] Additional Insights - **Battery Cell Pricing**: The increase in battery cell prices is seen as a short-term phenomenon, with long-term supply expected to stabilize due to sufficient production capacity in China [32] - **Quality Impact**: The quality of battery cells significantly affects the performance of energy storage systems, with different manufacturers having varying opinions on the importance of cell quality [33][34] - **Market Dynamics**: The shift towards system integration and the ability of manufacturers to define their products and market needs are becoming more critical than simply introducing new battery technologies [37] This summary encapsulates the key points discussed in the conference call, highlighting the current state and future outlook of the energy storage industry across various regions.

Summary of Huabao New Energy Conference Call Company Overview - **Company**: Huabao New Energy - **Industry**: Energy Storage Solutions Key Points Financial Performance - In 2023, Huabao New Energy experienced a revenue decline of **27.7%** and reported a loss, primarily due to inventory destocking [2][3] - The company expects to complete inventory destocking by the first half of 2024, with new products projected to account for **75%** of sales in the second half of 2024, driving significant market share growth [2][4] - Revenue growth is anticipated to be **65%** in Q2 2025, although net profit margin is expected to drop to single digits due to high tariffs [2][10] Product Lines - Huabao New Energy's product lines include: 1. **Portable Energy Storage**: Core business, primarily in the US and Japan, used for outdoor activities and emergency backup [7][8] 2. **Mobile Home Energy Storage**: Suitable for household power supply, priced lower than large home storage systems, also focused on the US and Japan [7][8] 3. **Balcony Solar Storage**: Targeted at the European market, designed for energy savings through photovoltaic systems [7][8] Market Dynamics - The portable energy storage market is growing rapidly, with Huabao holding approximately **10%** global market share, and over **30%** in the US online market [14] - The balcony solar storage industry is in a growth phase, with Germany's relaxed policies stimulating market demand, potentially creating a market space of **$10-20 billion** annually [5][13] - The mobile home storage market is projected to generate **$4 million** in revenue this year, with expectations to reach **$15 million** next year [19] Regional Performance - The US market accounts for about **50%** of the company's environmental performance business, while Japan accounts for **30%** and Europe has increased from **5%** to **10%** in market share [11] - The European market has seen a doubling in growth due to the introduction of new products and recruitment of specialized talent [11][13] Future Outlook - Revenue is expected to grow by **50%** from 2025 to 2026, with profit margins anticipated to recover to over **8%** [6][21] - The company plans to enhance its product line to meet diverse market demands in the US, Japan, and Europe, aiming to improve profit margins and solidify its industry position [9][22] Tariff Impact - High tariffs significantly impacted profit margins in Q2, but a reduction to **40.7%** in Q3, along with cost control measures, is expected to improve profitability [21] - The release of Southeast Asian production capacity is anticipated to further reduce costs and improve net profit margins [21] Conclusion - Overall, Huabao New Energy is positioned for significant growth, driven by strong brand power, effective new product launches, and resolution of tariff issues, indicating a positive future performance outlook [22][23]