海辰储能三闯港交所：半年净利2.1亿元、全球份额11%，估值锚正从规模切向盈利+出海产能。 2025年10月27日，当海辰储能第三次向港交所递交招股书时，资本市场看到的不仅是一家企业的执着，更是整个储能行业发展的缩影。在经历了价格混 战、技术迭代的洗礼后，海辰储能的连续递表，正在向市场传递一个明确信号：储能行业的竞争，正从规模扩张转向价值深耕。 海辰储能的成长轨迹，恰逢中国储能行业从野蛮生长到理性发展的转型期。2022年至2024年，公司营收从36.15亿元跃升至129.17亿元，这一数字背后，是 行业竞争逻辑的深刻变革。 技术投入成为破局关键。在行业深陷价格战的2023年，海辰储能全球首发的1000Ah+长时储能大电芯，不仅实现了技术突破，更开辟了差异化竞争路径。 这种从"价格战"到"价值战"的转变，正是当前储能企业生存发展的真实写照。 股权结构的多元化，则反映了资本对储能赛道投资逻辑的演变。从早期的财务投资到如今的产业协同，国寿股权、金融街资本等机构的入驻，预示着储能 产业正进入资本与产业深度融合的新阶段。 纯储能赛道，迎来分水岭时刻 海辰储能在全球锂离子储能电池市场取得11%的份额，其意义不仅在于市场排 ...

Summary of Key Points from Conference Call Records Industry Overview - The global power infrastructure investment is expected to grow significantly, with a compound annual growth rate (CAGR) of approximately 12.7% from 2021 to 2024, driven by the cost structure of renewable energy generation and the growth of AI and electric vehicles supporting increased electricity demand [1][3] - The investment in the power grid is lagging behind power generation, with a projected CAGR of about 6.7% during the same period, primarily due to approval delays and high reliability requirements [1][4] Core Insights and Arguments - The power equipment industry faces supply-side challenges, including a contraction in infrastructure from 2015 to 2020 and rising raw material prices due to the pandemic, leading to a significant supply-side clearing [1][6] - Domestic companies have opportunities to expand in overseas markets, benefiting from a large market share growth potential, supply chain cost advantages, and service quality [1][7] - Major domestic equipment manufacturers should continue to explore new product categories and markets with existing customers, leveraging supply chain cost and service advantages while enhancing localization capabilities [1][8] - Market concerns exist regarding the valuation of high-voltage equipment companies, with PEG valuations appearing expensive; however, the continuous rise of overseas high-voltage equipment stocks and significant foreign investment suggest a low likelihood of deep adjustments [1][9] Additional Important Content - The global power infrastructure investment is primarily driven by energy transition and technological changes, particularly the development of renewable energy [3] - The high-voltage equipment sector is characterized by strong customization, reliance on skilled labor, and specialized facilities, which have resulted in slower-than-expected capacity releases [6] - Domestic companies are expected to establish a strong presence in overseas markets through direct sales and extensive service support, which can lead to further business category expansion [7][8] - The liquidity easing environment is viewed positively for high-voltage equipment companies due to their return on equity (ROE) levels and globalization capabilities, providing valuation premiums [10] - The electric meter industry is currently facing challenges due to domestic business and market cycles but presents good investment opportunities due to the global capabilities of leading companies like Samsung Medical and HaiXing Electric [2][12] - Globalization capability is identified as a crucial long-term growth driver for Chinese companies, with a focus on those with strong international competitiveness [13]

Core Insights - Xiaopeng Motors held the debut of the new Xiaopeng P7 in China and initiated pre-sales, with Chairman He Xiaopeng discussing the company's core strategy and development direction [1] - The company focuses on building four core capabilities: technology-first (including design), organizational efficiency, commercial capability, and globalization capability [1] - He Xiaopeng emphasized the challenges of globalization, stating that despite significant advancements in China's new energy vehicles, the company needs to learn for another 10 to 20 years to truly succeed globally [1] Group 1 - The company aims to balance innovation speed with safety responsibility, highlighting the importance of a comprehensive quality assurance (QA) management process from source to market [1] - He Xiaopeng pointed out the triple challenges faced by new car manufacturers: balancing hardware quality, software quality, and regional globalization (including regulations) [1] - The strategy of "walking steadily" is deemed crucial, with an emphasis on laying a solid foundation and ensuring quality, as demonstrated by Xiaopeng's initial four years in the European market [1] Group 2 - The design direction of Xiaopeng Motors is focused on serving the aesthetic preferences of the general public, aiming for products that are perceived as attractive and cool rather than niche artistic pieces [2] - The design team is encouraged to have foresight, considering product trends for the next two years to ensure broad acceptance among consumers [2]