开源证券股份有限公司吕明,林文隆近期对华宝新能进行研究并发布了研究报告《公司信息更新报告： 2025Q2海外各区域营收增速显著提升，关注后续移动家储产品及利润弹性》，给予华宝新能买入评级。 华宝新能(301327) 2025Q2营收增速显著提升，关注新品表现及利润弹性，维持"买入"评级公司发布2025H1业绩报告， 2025Q2公司实现营收9.2亿元(同比+64.9%，下同)，归母净利润0.38亿元(-14.41%)，扣非归母净利润0.1亿 元(-63%)。短期利润阶段性受关税扰动，但长期新品占比提升+海外产能爬坡有望带动业绩维持高增，我 们调整2025-2027年盈利预测，预计2025-2027年归母净利润为3.84/5.96/7.72亿元(原值为4.07/5.37/6.63亿 元)，对应EPS为3.08/4.78/6.19元，当前股价对应PE为19.3/12.4/9.6倍，考虑到公司产品推新速度加快且新 品具备一定差异化，以及移动家储产品逐步放量，维持"买入"评级。 2025Q2海外各区域增速环比提升，核心地区份额或持续提升 分区域，2025H1北美/亚洲(不含中国)/欧洲/其他地区营收同比分别+43%/ ...

Core Viewpoint - The departure of CTO Chen Xi from Zhenghao Innovation marks a significant personnel change, but the company asserts that it will not impact normal operations. Chen Xi is known for his engineering mindset and has led several core technology developments at the company [1][2]. Company Summary - Zhenghao Innovation achieved a global sales revenue of approximately $1 billion in 2022, surpassing Huabao New Energy, and is now among the leading companies in the energy storage sector [1][3]. - The company has set ambitious revenue targets, aiming for over 8 billion yuan in 2024 and a ceiling target of 14 billion yuan by 2025 [3]. Industry Context - The energy storage market, particularly in portable storage, is experiencing intense competition, especially with the presence of major players in Shenzhen [2][3]. - The market dynamics have shifted due to a cooling demand in Europe and the U.S., following a surge driven by the European energy crisis. This has led to a decline in consumer demand for outdoor power products [3]. - The entry of cross-industry competitors like Huawei and Tesla is intensifying price competition within the sector, posing new challenges for established companies like Zhenghao Innovation [3].

Group 1 - The Ministry of Industry and Information Technology has approved 1,128 industry standards, including the "Portable Photovoltaic Module" standard, which will be implemented on August 1, 2025, marking a new phase of standardized development in China's portable photovoltaic industry [1] - The portable photovoltaic component market is experiencing explosive growth due to the rising popularity of camping, RV travel, and emergency backup power, but the industry faces challenges such as a lack of technical standards and inconsistent product quality [2][3] - The newly established standard addresses the specific needs of portable photovoltaic components, ensuring scientific, unified, applicable, and operable guidelines, which align with the IEC61215 standards for large ground-mounted photovoltaic components [2] Group 2 - The standard includes a comprehensive testing classification system, key testing items, complete testing sequences, and strict passing criteria, covering product usage, production processes, quality inspection, and market supervision [3] - The implementation of this standard is expected to promote technological advancement and standardization in the industry, facilitating a shift from "functional assembly" to "dual excellence in safety performance," leading to a new phase of standardized and high-quality development in the portable photovoltaic industry [3] - Huabao New Energy has been actively involved in establishing industry standards, having previously contributed to the first national standard for portable lithium-ion battery storage power and other specifications, reinforcing its role as a "definer" of industry rules [5] Group 3 - As of the first quarter of 2025, Huabao New Energy has accumulated 1,720 patents, including 928 authorized patents (58 of which are invention patents), showcasing strong independent innovation capabilities [6] - The company ranks 21st in the "Top 100 Patent Innovation Strength of Shenzhen Enterprises" list, reflecting its robust technological foundation and commitment to continuous innovation [6] - Huabao New Energy aims to enhance the quality and safety of portable storage and photovoltaic integrated products, striving to build a global competitive edge for Chinese brands in the rapidly evolving outdoor energy market [6]