作者|弗雷迪 数据支持| 勾股大数据（www.gogudata.com） 如果将2025年的A股市场比作一场大戏，海博思创无疑是其中最扣人心弦的主角。 当你打开它的K线图，一股强烈的视觉冲击力会瞬间抓住你的眼球：股价从年初那看似沉寂的57.00元低点起步，仿佛被点燃的火箭，旱地拔葱般一路狂 飙。 年初刚上市的时候估值才最低16倍（按静态PE，去年业绩算），正好是在储能行业最为悲观的时候。11月中旬盘中最高触及426.01元的高位，这种单年内 接近14倍的惊人涨幅，画出了一条陡峭而昂扬的上升曲线。 这并非单纯的资金博弈，K线背后，是市场对一家公司认知的修正。 01 "重估" 公司三季度表现，呈现了作为业务转折点的写照。 单季度实现营收33.90亿元，同比增长高达124.4%；归母净利润单季达到3.07亿元，同比暴增872%。前三季度营收增长超过50%，利润增长接近翻倍。 除了利润表的惊艳，现金流表的改善更具含金量。三季报显示，公司经营性现金流净额大幅转正，达到8.52亿元。此外，公司交付数据、应收帐款/应付 账款/存货周转天数显示，公司处在交付订单的良性轨道上。三季度毛利率波动较小，反映碳酸锂价格上涨的成本压力 ...

Core Viewpoint - The article highlights the significant growth and transformation of Haibo Shichuang in the energy storage sector, emphasizing its impressive stock performance and the positive market perception of the company as a key player in the industry [3][4]. Financial Performance - In Q3, the company achieved a revenue of 3.39 billion yuan, representing a year-on-year growth of 124.4%, while the net profit reached 307 million yuan, soaring by 872% [5]. - The operating cash flow turned positive, amounting to 852 million yuan, indicating a strong financial position [7]. Industry Trends - The domestic energy storage market is experiencing a boom, with new bidding data showing that the new energy storage bidding scale has exceeded 400 GWh from January to November 2025, a 75% increase year-on-year [8]. - A policy shift in 2025 will see the end of the "mandatory storage" model, allowing energy storage to develop independently from renewable energy projects, which is expected to enhance profitability [10][15]. Market Dynamics - The transition to independent energy storage projects is expected to significantly increase the market's growth potential, with projections indicating an additional 150-200 GW of installed capacity from 2025 to 2027, translating to approximately 600-800 GWh of new capacity [19]. - The company aims to deliver 300 GWh of products from 2026 to 2028, focusing heavily on independent storage and data center applications [19]. Competitive Landscape - The energy storage integration segment is highly competitive, with major players like Tesla and BYD also involved, but Haibo Shichuang maintains a leading market share of approximately 18.82% in the grid-side independent storage market [28]. - The company differentiates itself through its technical capabilities, particularly in battery management systems (BMS) and inverter technology, which are crucial for meeting the high standards required by the grid [30][31]. Business Model and Growth Strategy - The company is transitioning from being a storage system provider to offering full lifecycle services, leveraging its AI cloud platform for real-time battery monitoring and power trading support [34]. - The international market presents a significant growth opportunity, with overseas orders for energy storage systems expected to increase, particularly in regions like Europe and the Middle East [34]. Conclusion - The explosive growth of independent energy storage projects mirrors previous trends in solar and residential storage, positioning Haibo Shichuang for continued success as long as supportive policies remain in place [36].

循环次数可达百万以上 传统电容器应用在各类电子产品中，内部由两块导电极板中间夹着绝缘介质（如陶瓷、电解液、薄膜 等）构成。当电源电压施加在电容两端时，正极板积聚正电荷，负极板积聚负电荷，从而形成一个电 场，完成电能储存。当电路中瞬间电压下降时，电容会快速放电，维持电压稳定；而在电压升高时又能 吸收电荷，缓冲突变。这种特性可以防止设备因供电不稳定而工作异常。 而基于这种充放电的特性，电容器也能被利用为"充电宝"，实现类似储能电池的功能，即超级电容器。 在一定电压条件下，超级电容器的两极由于静电吸附，分别聚集阳离子和阴离子，这便是充电过程。放 电时，离子离开电极表面，使存储的电荷释放出来，为外部电路提供电能。 本报记者 李未来 北京报道 12月9日，高工产业研究院发布的数据显示，2025年全球储能电池出货量预计将超650GWh，同比增长 超过80%；中国储能系统（交流侧）出货量预计超过320GWh，同比增长超80%。全球需求的爆发还在 持续，部分企业的订单已经排到明年三季度。而除了锂电池外，超级电容、压缩空气储能、高温熔盐储 能等多种储能方式也受到市场关注。 多种储能方式各有所长，"锂离子电容器具有高安全、长寿命 ...

Core Viewpoint - China has become Indonesia's most important trade and investment partner, with future cooperation opportunities in green industries such as new energy vehicles, batteries, and energy storage technologies, in addition to infrastructure [1][5]. Group 1: Bilateral Relations and Economic Cooperation - China and Indonesia are both significant emerging economies, with Indonesia being a core ASEAN country and a major player in the Global South, leading to highly complementary development stages, industrial structures, and strategic demands [1][3]. - The cooperation under the Belt and Road Initiative has yielded notable results, with the Jakarta-Bandung High-Speed Railway project significantly reducing travel time and enhancing transportation efficiency [3]. - China has maintained its position as Indonesia's largest trading partner for 12 consecutive years, with bilateral trade reaching approximately $150 billion last year [3]. Group 2: Future Cooperation Opportunities - There are vast cooperation prospects in new energy vehicles, battery supply chains, green energy, digital economy, and high-end manufacturing, aligning with Indonesia's national strategy for green development [5][6]. - The presence of Chinese electric vehicle brands, such as BYD, in Indonesia indicates increasing investment and market penetration [5]. Group 3: Institutional Arrangements and Policy Coordination - To deepen cooperation, both countries should focus on enhancing trade and investment agreements, particularly within multilateral frameworks like RCEP, to provide sustained momentum and stability for bilateral economic exchanges [6]. - Strengthening cultural exchanges and increasing student exchanges between the two countries can foster closer ties, with the large Chinese-Indonesian community serving as a bridge [6]. - Multilateral coordination in areas such as South-South cooperation, BRICS mechanisms, and UN reforms is essential for maintaining communication and promoting mutual interests [6].

在新疆不少地方都能看到这样的风景：一排排储能电池舱整齐排列，与周围的光伏板、风力发电机形成 有机整体。这些储能设备，正成为新疆能源转型的调节器。 新疆能源监管办数据显示，截至10月底，新疆电网新型储能总装机达1514.79万千瓦/5195.26万千瓦时， 规模居全国前列。这一数字反映出新疆从能源生产大区向能源存储与调度强区的转变。 "十四五"期间，新疆将风光资源优势转化为发展胜势，"十三五"末，新疆新能源装机仅3627万千瓦， 2024年底突破1亿千瓦，占电源总装机比重达55%。据国网新疆电力公司数据统计，截至10月底，新疆 电网新能源装机已超1.36亿千瓦，占总装机的59.13%，新能源成为新疆第一大电源。 随着新疆新能源装机快速增长，新能源"春秋大、冬夏小、早晚高峰用电矛盾突出"的问题也逐渐凸显。 近年来，通过大力发展储能，新疆有力支撑起新能源高速发展和电力安全稳定供应的局面。 数据显示，1月至9月，新疆新型储能充电量达62.5亿千瓦时，放电量52.4亿千瓦时，转换效率达 83.8%，利用小时数1279小时，运行效益持续凸显。 今年以来，新疆进一步扩大独立储能企业参与电力市场交易范围。8月1日起，新疆将独 ...

Core Insights - Traditional companies are actively pursuing cross-industry collaborations to create new growth opportunities in emerging industries, driven by economic pressures and dual carbon goals [1][6] - Companies like Wuliangye and Ningde Times are signing strategic agreements to integrate traditional sectors with new energy technologies, aiming to build zero-carbon factories [1] - The trend of traditional companies entering the new energy sector is becoming more pronounced, with various firms leveraging their existing capabilities to enhance their competitive edge in high-growth areas [2][4] Cross-Industry Integration - Wuliangye Group and Ningde Times have signed a strategic cooperation agreement to deepen the integration of the liquor industry with new energy technology, focusing on project co-construction, capital collaboration, and supply chain integration [1] - Xue Tian Salt Industry is directly entering the new energy sector by acquiring a 41% stake in Meite New Materials, which specializes in lithium battery materials, indicating a strategic shift towards sodium battery materials [2] - Analysts suggest that traditional consumer companies have a potential foundation for entering high-growth sectors like new energy due to their accumulated manufacturing capabilities and supply chain management experience [1][2] Emerging Growth Opportunities - Companies that have previously engaged in cross-industry initiatives are beginning to see positive results, with Lianhua Holdings reporting a 75.32% year-on-year increase in revenue from its computing power services [3] - Huaren Power and Yueda Investment have established two new energy companies in Jiangsu, focusing on wind and solar power services, indicating a strategic pivot towards renewable energy [4] - Yueda Investment has shifted its business focus to new energy, new materials, and intelligent manufacturing, with its core growth areas now centered on energy storage and photovoltaics [4] New Production Capacity Development - In the context of the real estate industry's adjustment, several listed real estate companies are increasingly investing in new energy sectors, such as distributed photovoltaics and green energy in industrial parks [6] - Jiangxi Fengyuan Thermal Energy Co., established by Ganfeng Lithium and Sehon Real Estate, is entering the clean energy production sector, reflecting a commitment to technological innovation and sustainable development [6] - Wolong New Energy has announced an investment of 804 million yuan in a key energy storage project, marking a significant step in its strategic layout in the new energy sector [6][7]

2025 年 12 月 12 日 ︱证券研究部 叶海燕, CFA, CESGA 电话: +852 2533 3723 电邮: evayip@sbichinacapital.com 储能行业专题报告 储能风光无限，把握行业高景气 核心观点 全球能源转型加速、风光装机大幅增加令电网消纳压力攀升、储能经济性逐 步凸显、海内外支持政策频出，以及人工智能数据中心（AIDC）等新兴领域 崛起等多重驱动因素的共振之下，储能作为支撑构建新型电力系统的关键技 术，需求持续提升，而这一增长趋势有望在未来持续。据 EESA 统计，2019- 2023 年全球新型储能市场平均增速为 93%，2024 年全球储能新增装机约 188.5GWh，同比增长 80%，继续保持较高增速。EESA 预计 2025 年全球 储能市场新增装机将达到 265.1GWh，同比增长 41%。 碳中和承诺加速新能源的发展。"双碳"目标的大背景下，新型储能 2020 年 正式进入商业化阶段，其中以锂电池储能为代表的电化学储能迎来高速增长。 2026 年储能市场或延续高速增长态势。核心的驱动因素包括：（1）能源结 构向低碳转型，全球范围内可再生能源发电占比不断上 ...

（文章来源：证券日报） 证券日报网12月12日讯智光电气在12月2日-10日回答调研者提问时表示，公司原在广州埔南路基地、南 沙基地共有2.7GWh储能产能，在广州永和新建投产的基地有10GWh储能产能，永和基地也预留了部分 产能扩充的空间。整体来看，公司现有及规划产能能满足未来一段时间业务发展的需求。 ...

航运界网消息，近日，比亚迪子公司比亚迪储能与船舶储能系统（ESS）市场领导者Corvus Energy AS（简称 "Corvus"）签署谅解备忘录（MoU），双方 将建立战略合作伙伴关系，共同推动面向海事领域的下一代电池解决方案。 根据协议内容，比亚迪与Corvus Energy将共同协调全球市场布局，加速船用储能系统的规模化应用，支持航运业向更清洁、可持续的运营模式转型。， 整合比亚迪储能在磷酸铁锂（LFP）电池领域的规模优势与技术领导力，以及Corvus Energy在船舶储能系统应用方面的卓越专业能力。 谅解备忘录签署仪式（左：比亚迪储能销售总监王宏博先生；右：Corvus Energy欧洲、中东、非洲及亚洲区区域总监Ole Jacob Irgens先生） 比亚迪储能与 Corvus 将携手加速产品开发、拓展全球市场覆盖，并为全球航运业提供创新、安全和高效的储能解决方案。 Corvus Energy欧洲、中东、非洲及亚洲地区负责人Ole Jacob Irgens表示："这份谅解备忘录标志着我们在巩固高品质船用电池系统市场领先地位的目标上 迈出了关键一步。凭借Corvus对航运业的深刻理解与丰富的船用电 ...

（编辑 丛可心） 证券日报网12月12日讯 智光电气在12月2日-10日回答调研者提问时表示，公司坚定看好储能行业未来 发展，也看好独立储能电站在新型电力系统中的巨大价值。省内独立储能电站以调频收入为主，目前已 备案项目已超过现有调频需求，公司会优先考虑做好现有电站的运营；其他各省政策不一，公司目前以 供应储能装备为主，同时也会紧密关注各省政策变化，不排除在具备经济性和实施可行性的条件下扩大 独立储能电站业务规模。 ...