[Table_scodeMsg1] 联合研究丨公司深度丨安克创新（300866.SZ） [Table_Title] 纵览安克增长前景系列报告之五： 如何看待储能板块增长势能？ %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 欧美市场用电成本高，电价波动幅度大、用电稳定性不足等问题突出，储能赛道有望持续增长， 便携式储能、户储行业大盘远期复合增速均在 20%+，阳台光储、澳洲户储边际景气优异。于 公司而言，作为阳台光储开创者，有望持续享受行业优异增速红利，优异产品竞争力加持下， 便携式储能和户储赛道的份额或稳中有升。 分析师及联系人 [Table_Author] 陈亮 李锦 杨洋 SAC：S0490517070017 SAC：S0490514080004 SAC：S0490517070012 SFC：BUW408 SFC：BUV258 SFC：BUW100 霍博 请阅读最后评级说明和重要声明 2 / 23 %% %% %% %% research.95579.com 2 [Table_scodeMsg2] 安克创新（300866.SZ ...

格隆汇11月14日丨久量股份(300808.SZ)在互动平台表示，公司的储能产品为便携式储能，可结合太阳 能电池板使用。主要应用于户外活动、应急救灾等场景，可为手机、电脑、摄影设备、照明灯等设备提 供绿色电力。 ...

（记者 王晓波） 久量股份（300808.SZ）11月14日在投资者互动平台表示，公司的储能产品为便携式储能，可结合太阳 能电池板使用。主要应用于户外活动、应急救灾等场景，可为手机、电脑、摄影设备、照明灯等设备提 供绿色电力。 每经AI快讯，有投资者在投资者互动平台提问：你们的电池储能设备除了LED灯之外还有那些设备，同 时是否具有大型储能设备的技术积累？ ...

Core Insights - ST Changfang reported a significant decline in revenue and profit for the first three quarters of 2025, with total revenue at 312 million yuan, down 17.58% year-on-year, and a net loss of 86.73 million yuan, a decrease of 131.61% compared to the previous year [1][2] Financial Performance - The company's basic earnings per share stood at -0.10 yuan, with a weighted average return on equity of -45.40% [2] - The price-to-earnings ratio (TTM) is approximately -23.55 times, while the price-to-book ratio (LF) is about 9.40 times, and the price-to-sales ratio (TTM) is around 4.02 times [2] - Gross margin for the first three quarters was 23.10%, down 2.95 percentage points year-on-year, and the net margin was -27.84%, a decline of 17.94 percentage points from the previous year [2] - In Q3 2025, the gross margin was 21.79%, down 2.83 percentage points year-on-year and 1.88 percentage points quarter-on-quarter, while the net margin was -33.00%, a decrease of 16.33 percentage points year-on-year and 1.22 percentage points quarter-on-quarter [2] Expense Analysis - Total operating expenses for the period were 136 million yuan, an increase of 11.43 million yuan year-on-year, with an expense ratio of 43.67%, up 10.70 percentage points from the previous year [2] - Sales expenses increased by 30.17%, management expenses rose by 29.36%, while research and development expenses decreased by 20.77% and financial expenses fell by 13.40% [2] Shareholder Information - As of the end of Q3 2025, the total number of shareholders was 18,300, a decrease of 840 from the end of the previous half-year, representing a decline of 4.39% [3] - The average market value per shareholder decreased from 113,300 yuan to 100,800 yuan, a drop of 11.03% [3] Company Overview - ST Changfang, established on May 30, 2005, and listed on March 21, 2012, is based in Longhua District, Shenzhen, Guangdong Province [3] - The company's main business includes the research, design, production, and sales of LED lighting source devices, LED lighting products, electric fans, portable energy storage products, and other electronic products [3] - The revenue composition is as follows: mobile lighting application products and other electronic products account for 87.50%, surface-mounted LEDs (including high-power) 7.35%, and others 5.14% [3] - The company belongs to the electronics sector, specifically in optical electronics and LED, and is categorized under ST stocks, small-cap, venture capital, micro-cap stocks, and low-priced stocks [3]

Core Insights - Anker Innovations is projected to achieve nearly 6 billion yuan in revenue from its energy storage business ("Zhongda Charge") in 2025, representing a year-on-year growth of nearly 100% [1] - The company has seen significant growth in its energy storage segment, with revenue surpassing 3 billion yuan in 2024, a year-on-year increase of 184% [1] - Anker's energy storage business is becoming a second growth curve for the company, which originally started with power banks and charging accessories [1] Revenue and Market Position - If Anker meets its revenue target of 6 billion yuan for this year, its energy storage business will be close in scale to its competitor, Zhenghao Innovation, which is expected to generate nearly 8 billion yuan in revenue in 2024 [2] - Anker's energy storage business has been restructured and expanded under the leadership of Xiong Kang since 2022, allowing it to enter major markets like North America, Japan, and Germany [4][5] Competitive Landscape - Anker has shifted its focus from competing in portable energy storage to leading in the "balcony photovoltaic" segment, which has emerged as a new growth area [7] - The company launched its Anker SOLIX brand in June 2023, integrating solar panels with energy storage systems to create user-friendly products [7] - Anker's rapid rise in the balcony photovoltaic market has put pressure on Zhenghao Innovation, which has struggled to keep pace [10][11] Product Development and Innovation - Anker has released multiple iterations of its solar energy storage products, including the Solarbank 2 Pro and Solarbank 3 Pro, enhancing their capabilities and maintaining a competitive edge [9] - The company has successfully identified and capitalized on market opportunities, particularly in response to the European energy crisis, which has increased demand for energy storage solutions [5][7] Strategic Direction - Anker is transitioning from a cross-border e-commerce model to a long-term product-oriented company, aiming to reduce reliance on platforms like Amazon [18][21] - The company's "Shallow Sea Strategy" focuses on innovation and channel advantages in multiple billion-dollar niche markets, with energy storage being a key component of this strategy [16][17] - Despite recent successes, Anker's transformation is still ongoing, with challenges remaining in fully establishing itself as a product company [21]

Core Viewpoint - The article highlights the upcoming CINE2025 Solid-State Battery Exhibition and Industry Annual Conference, emphasizing its significance in the solid-state battery sector and the participation of numerous exhibitors and attendees [2]. Group 1: Event Details - The CINE2025 event will take place from November 6-8, 2025, at the Guangzhou Nansha International Convention Center, featuring over 200 exhibitors and 20,000 professional attendees [2]. - The event will also include the 2025 Qidian Solid-State Battery Golden Ding Award Ceremony and the SSBA Solid-State Battery Industry Alliance Council [2]. Group 2: Project Overview - The project by Jiangsu Badar Energy Co., Ltd. involves a total investment of approximately $620 million (about 4.55 billion RMB) and will be constructed in two phases [3]. - Phase one includes a 10GWh production capacity for various energy storage products, including portable and commercial storage solutions [3]. - Phase two aims to establish a 10GWh lithium iron phosphate energy storage cell production line, focusing on larger capacity cells of 280Ah and above [4]. Group 3: Project Progress - The project has completed the construction of approximately 65,000 square meters, including two factory buildings and supporting facilities, with a semi-automated production line already operational [5]. - An additional order for 4GWh of fully automated production line equipment has been placed, with expectations to reach 8GWh capacity by the end of the year [5]. Group 4: Market Dynamics - The competition in the large-scale energy storage market is intensifying, particularly with the increasing market share of 314Ah and higher capacity cells, which is affecting the demand for 280Ah cells [6]. - Companies are advised to select appropriate technological routes based on different application scenarios to avoid falling behind in capacity [6].

Summary of Huabao New Energy Conference Call Company Overview - **Company**: Huabao New Energy - **Industry**: Portable Energy Storage - **Main Business**: Research, production, and sales of portable energy storage products, focusing on outdoor activities and emergency preparedness in regions like Europe, the US, and Japan [2][4] Key Points and Arguments - **Market Growth Potential**: The portable energy storage industry has significant growth potential, with the US market penetration at approximately 10% and an expected annual growth rate of 20% [2][6] - **Product Pricing Advantage**: Huabao's products are priced around $2,000, significantly lower than traditional home storage systems (approximately $20,000), making them more accessible for middle-class families in disaster-prone areas [2][7] - **Sales Channels**: The company has a diversified sales strategy, with about 40% of sales online (Amazon, Tmall, JD) and 30% through its independent website, alongside a presence in offline retail [2][8] - **Revenue Contribution**: The US market contributes about 50% of the company's revenue, with significant impacts from tariff issues. The company has adapted by pre-stocking and adjusting sales strategies [2][10] - **Seasonal Revenue Patterns**: Revenue is cyclical, with significant sales spikes during events like Prime Day and the holiday season. The company anticipates a recovery in gross margins in Q4 after a dip in Q3 [2][11] Additional Important Insights - **Inventory and Workforce Adjustments**: In 2023, the company faced high inventory levels and workforce redundancies due to oversupply in the European market, impacting profitability. However, adjustments in strategy are expected to lead to new revenue and profit highs starting in 2024 [3][4] - **Future Revenue Projections**: The company aims for a 40% revenue growth by 2026, targeting approximately 7 billion RMB in revenue and a net profit margin of 8-10%, translating to about 650-700 million RMB [4][14] - **Cost Reduction Strategies**: Development of Southeast Asian suppliers and factories is expected to lower production costs, with a potential recovery in gross margins as tariff policies stabilize [4][12] - **Investment Valuation**: The current market valuation is around 10 billion RMB, with 5 billion RMB in cash. If profit targets are met, the company appears undervalued, especially given its unique position in the market [4][15] Conclusion Huabao New Energy is positioned as a leader in the portable energy storage market with strong growth prospects, competitive pricing, and a robust sales strategy. The company is navigating challenges effectively and is expected to achieve significant revenue and profit growth in the coming years, making it a compelling investment opportunity.

Core Insights - Shenzhen is witnessing a surge of high-growth hard technology companies, marking a new wave of innovation in the region following the listing of YingShi Innovation on the Sci-Tech Innovation Board [1][5] - The emerging companies are characterized by strong revenue and profitability capabilities, with several achieving significant valuations and market presence [4][9] Company Valuations and Business Focus - Yuanxiang XVERSE: Valuation of $1.8 billion, focusing on VR/AR, established in 2021 [2] - YunJing Intelligent: Valuation of $1.4 billion, specializing in robotics, founded in 2016 [2] - YuanRong QiHang: Valuation of $1.4 billion, engaged in autonomous driving, founded in 2019 [2] - YunBao Intelligent: Valuation of $1.2 billion, focusing on integrated circuits, established in 2020 [2] - 10H HaiRou Innovation: Valuation of $1.2 billion, specializing in robotics, founded in 2016 [2] - SiMou Technology: Valuation of $1.2 billion, focusing on artificial intelligence, established in 2019 [2] - ChuangXiang SanWei: Valuation of $1 billion, specializing in 3D printing, founded in 2014 [2] - ZhengHao Innovation: Valuation of $1 billion, focusing on clean energy, established in 2017 [2] - ZhongJing Robot: Revenue of approximately 4.5 billion yuan, specializing in robotics, founded in 2023 [2] - ZhuJi Power: Valuation between 2 billion to 5 billion yuan, focusing on robotics, established in 2020 [2] - ZhiPing Fang: Valuation of approximately $1 billion, specializing in robotics, founded in 2023 [2] - TuoZhu Technology: Valuation exceeding 10 billion yuan, focusing on 3D printing, established in 2020 [2] - YingShi Innovation: Valuation exceeding 120 billion yuan, specializing in smart imaging devices, founded in 2015 [2] Revenue Growth and Market Dynamics - YingShi Innovation reported a revenue of 5.6 billion yuan for 2024 [4] - YunJing Intelligent's overseas revenue surged nearly 7 times year-on-year, driven by its sweeping robot products [7] - TuoZhu Technology achieved over 5 billion yuan in revenue, showcasing rapid growth in the 3D printing market [7] - ZhengHao Innovation reported revenue exceeding 8 billion yuan, driven by portable energy storage products [9] Global Market Orientation and Innovation - Shenzhen's new tech companies are targeting global markets from inception, creating a positive feedback loop of R&D and market demand [6] - The global tech wave, driven by AI, is creating a "demand release window" that benefits Shenzhen's enterprises [6] - TuoZhu Technology exemplifies the trend of industrial-grade technology democratization, achieving high product quality at lower prices [7] Talent and Supply Chain Dynamics - The emergence of "big factory" founders from companies like Huawei and DJI is a notable trend in Shenzhen's tech landscape [10] - Founders with backgrounds in large corporations bring valuable experience and resources, enhancing the survival and growth prospects of startups [11] - The unique supply chain ecosystem in the Pearl River Delta supports rapid prototyping and iteration, crucial for hard tech companies [12][15] Investment Trends and Market Support - Investment focus has shifted towards hard tech projects with clear market potential and strong technical advantages [17] - Market-driven investment institutions like Tencent and Sequoia Capital are playing a significant role in supporting Shenzhen's tech unicorns [17] - Recent policies in Shenzhen aim to foster innovation and support risk-taking in the tech sector, although implementation challenges remain [18][20]

Core Viewpoint - The company, 瑞德智能 (301135.SZ), focuses on smart energy products and controllers, primarily used in portable energy storage products and lithium battery packs, indicating a commitment to innovation and technology development in the energy sector [1] Group 1: Product Applications - The company's smart energy products and controllers are applied in portable energy storage products, lithium battery packs, home storage products, portable energy storage power controllers, and lithium battery packs for wireless vacuum cleaners [1] - The company has developed a BMS (Battery Management System) and MPPT (Maximum Power Point Tracking) algorithm to enhance energy storage efficiency [1] Group 2: Technological Advancements - The company has implemented a solar-storage integrated inverter system that enables bidirectional energy conversion, indicating a significant technological achievement [1] - Currently, the company's products have not been applied in the solid-state battery field, but the company maintains an open and innovative approach to future developments [1] Group 3: Future Strategy - The company plans to dynamically optimize its cooperation strategy based on technological trends and business needs, aiming to promote the continuous upgrade of its smart product ecosystem [1]

Economic Overview - Hangzhou's GDP for the first half of the year reached 1,130.3 billion yuan, with a year-on-year growth of 5.5%, surpassing the national average and showing an acceleration of 0.3 percentage points compared to the first quarter [13][14] - The city's economic development is characterized by stability, quality improvement, and a positive trend, with significant contributions from the service, industrial, and foreign trade sectors [14][23] Industrial Growth - The industrial sector showed steady growth, with the added value of large-scale industries increasing by 6.9% year-on-year, and high-tech industries, strategic emerging industries, and equipment manufacturing growing by 8.5%, 9.2%, and 10.5% respectively [15][16] - Major industrial projects, such as the Yokohama project with an investment of 500 million USD, are set to enhance the industrial landscape in Hangzhou [14] Consumer Market - The retail sales of consumer goods reached 458.5 billion yuan, marking a year-on-year increase of 6.0%, driven by new consumption patterns and events [15] - The enthusiasm in the consumer market is reflected in the growth of quality consumption, with significant increases in entertainment and sports events contributing to overall consumption [15] Export Performance - Exports from Hangzhou reached 309.8 billion yuan, growing by 12.5%, with private enterprises accounting for 76.8% of total exports [14][19] - The expansion into emerging markets, particularly in countries along the Belt and Road Initiative, has been notable, with exports to these regions increasing by 19.9% [19] Income Growth and Inequality - The per capita disposable income in Hangzhou surpassed 44,709 yuan, with a year-on-year growth of 4.7%, indicating a positive trend in income distribution [22] - Rural residents experienced a higher income growth rate of 5.2%, further narrowing the income gap between urban and rural areas [22] Innovation and Entrepreneurship - The resilience and innovative spirit of private enterprises in Hangzhou have been crucial for economic stability, with over 1 million individual businesses now operating in the city [19] - The growth of new industries and technologies, particularly in digital economy and biomedicine, is being driven by local entrepreneurs [20]