Core Viewpoint - The global demand for green energy is driving rapid expansion in the portable and home energy storage markets, with significant growth opportunities for companies like Huabao New Energy, which has demonstrated strong market performance and financial results [1][3]. Industry Overview - The global portable energy storage market is projected to grow from $4.69 billion in 2025 to approximately $6.61 billion by 2034, with a compound annual growth rate (CAGR) of 3.9%. The home energy storage installation capacity is expected to see a nearly 15% CAGR over the next three years [1]. - The green energy wave has created a large storage market, attracting numerous global players, but only a few companies are successfully converting demand into growth [1]. Company Performance - Huabao New Energy's stock price has increased by 20.92% over the past six months and by 29.51% in the last three months, significantly outperforming the CSI 300 Index, showcasing its Alpha attributes [1]. - In the first half of 2025, the company achieved revenue of 1.637 billion yuan, a year-on-year increase of 43.32%, and a net profit attributable to shareholders of 123 million yuan, up 68.31% [3]. Growth Drivers 1. **Focus on Consumer-Level Solar Storage**: - Huabao New Energy targets the consumer-level solar storage market, providing comprehensive green solutions for various scenarios, including home backup power and outdoor leisure [3][4]. - The company has established a leading position in the global consumer solar storage sector, with products sold in over 50 countries and regions, totaling nearly 6 million units [3]. 2. **M2C Direct Sales Model**: - The company employs a direct-to-consumer (M2C) sales model, bypassing intermediaries to create a global channel network that includes brand websites, third-party e-commerce platforms, and offline retail [4][5]. - This model has led to significant revenue growth, with independent site revenue increasing by 55.25% and offline retail revenue by 45.85% in the first half of 2025 [5]. 3. **R&D and Cost Optimization**: - Huabao New Energy maintains high R&D investment, with a total of 1,939 patents, including 661 solar-related patents, reflecting a year-on-year growth of 49.89% [6]. - The company has launched new products and achieved multiple international design awards, reinforcing its technological and design capabilities [6]. Financial Highlights - The revenue from the Solar Generator outdoor power supply category grew by over 60% year-on-year, accounting for more than 50% of the company's total revenue [4]. - The company has formed a product matrix that includes high-end home storage, backup power, and portable series, catering to diverse consumer needs [6]. Future Outlook - The growth logic of Huabao New Energy is clear: focusing on consumer-level solar storage, leveraging M2C direct sales for global expansion, and solidifying long-term barriers through R&D investment [7]. - As global demand for consumer-level solar storage continues to rise, the company's deepening layout in the home storage sector is expected to translate into stable performance growth, making its long-term development prospects promising [7].