储能领域冲出一匹"黑马"。 海博思创自2025年1月27日登陆科创板以来，股价一路飙升，截至9月24日累计涨幅已达1287.93%，总 市值攀升至484.41亿元，成为资本市场瞩目的焦点。 除了在政策层面对于储能行业的支持外，其强劲表现也离不开基本面的支撑。近年来海博思创营收及净 利润均保持增长。2025年上半年，公司实现营业收入45.22亿元，同比增加22.66%；归母净利润3.16亿 元，同比增加12.05%。此外，公司还在持续强化与宁德时代、亿纬锂能等产业链龙头的合作。 值得注意的是，海博思创自成立之初便备受资本青睐。上市前，公司已获得IDG资本、启明创投等多家 知名机构的多轮投资；上市后，更吸引牛散魏巍重仓进驻。 截至二季度末，魏巍共计持有公司485.80万股股份，倘若至今未发生持股变动，以最新股价计算，其持 股市值将进一步增加到13.07亿元。 海博思创暴涨背后 海博思创股价再创历史新高。 9月23日，海博思创上涨18.59%，24日股价继续上涨4.30%，报收268.98元/股。公司于今年1月27日在科 创板上市，上市以来涨幅达1287.93%，目前公司总市值已达484.41亿元。 从交易情况来看 ...

Group 1 - The core viewpoint of the report is that Zhongchuang Innovation (03931) maintains a positive profit forecast and a "Buy" rating, with an increased target price of HKD 29.50 per share, driven by economies of scale and cost reduction [1] - The company has raised its shipment forecast for next year, with strong support from new projects in power batteries and demand for energy storage batteries, which are currently in short supply [1][3] - In the first half of the fiscal year 2025, Zhongchuang Innovation's revenue increased by 31.7% year-on-year to RMB 16.42 billion, with power battery sales rising by 9.7% to RMB 10.66 billion, and energy system products and other sales growing by 109.7% to RMB 5.76 billion [1] Group 2 - In the first seven months, China's power battery installation volume increased by 45.1% year-on-year to 355.4 GWh, with Zhongchuang Innovation achieving a strong growth of 21.8 GWh in the first half of the year, surpassing the market estimate of 19.5 GWh [2] - The average selling price of the company's power batteries fell by approximately 10.6%, yet the gross margin increased to 17.5%, driven by significant sales volume growth [2] - The company achieved a remarkable performance in the commercial vehicle sector, with a 310% year-on-year increase in domestic commercial vehicle installations in the first half of 2025, and the annual sales volume is likely to exceed the initial target of 10 GWh [2] Group 3 - In the energy storage sector, Zhongchuang Innovation experienced strong growth in the first half of the fiscal year, securing new orders in Europe alongside a diversified domestic customer base [3] - The energy storage business is expected to maintain a high growth rate, with a target of 45 GWh in total shipments for the year and approximately 70 GWh next year, while profit margins are also expected to improve [3]

西牛证券发布研报称，在规模效应、降本增效的带动下，维持对中创新航(03931)正面的盈利预测，维 持"买入"评级，并提高目标价至每股29.50港元。集团上调明年出货量预测，动力电池的新项目与储能 电池的需求均为集团带来支撑。特别是集团的储能电池目前处于供不应求的状态，在产能释放后将能够 为集团带来更大的贡献。在降本方面，集团投入产出比及良品率有显著提升，抵销研发开支增加的影 响。 虽然新能源乘用车销量增长于第三季度放缓，首八个月同比增长降至25.8%，但新能源汽车单车平均装 车量仍然保持于较高的水平。同时，集团于部份新势力品牌的渗透率提高，交付量增长续为集团带来积 极的动力。小米、小鹏、零跑、智界、现代等新平台项目前亦具积极性的进展。此外，集团欧洲的生产 基地将于2027年续进行交付，能够配合新势力于欧洲实现在地化生产的目标。 在储能方面，中创新航上半财年取得强劲的成长，除国内更多元化的客户外，集团亦于欧洲取得新的订 单。伴随未来更多产能释放、新客户及直供比例的增加，储能业务预计能够保持较高的增速，有望实现 全年45GWh的全年出货目标，并于明年达到约70GWh的水平，同时利润率亦预计得到改善。 2025年上 ...

近日，随着多台大型挖掘设备同步启动，博野100MW/200MWh独立储能电站正式动工。该项目是河北 省2025年独立电站示范项目，建成投产后将采用"电力交易+容量补偿+辅助服务+政策补贴"的多元收益 模式，预计年减排二氧化碳40万吨。该项目投产后不仅能缓解区域能源供需矛盾，更可为京津冀地区构 建新型电力系统、推动氢能产业化提供实践样本。随着储能技术成本持续下降和市场机制完善，该项目 将成为河北省能源转型的核心引擎之一。 湖南大学电气与信息工程学院副院长、博士生导师黎福海向《证券日报》记者表示："先进储能市场的 需求正在快速增长。中小企业通过结成联合体，抱成一团闯市场，实现了'你中有我、我中有你、取长 补短、互利共赢'的产业生态，增强了单个企业的综合竞争实力，也增强了产业链上下游的凝聚力，为 新兴产业发展提供了有益参考。" 同日，科力远保定工厂启动了200MWh储能系统产品交付工作。随着指令下达，起重机将大型储能柜吊 装至重型卡车上。一辆辆满载储能柜的卡车组成"能源长龙"，正式奔赴山东临沂的罗庄独立储能电站项 目。 一日之内实现"建电站"与"出产品"双线推进，背后是大储能生态联合体"聚势赋能、协同共赢"模式的高 ...

公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量21.8GWh，同比+23%。2025H1 公司在全球动力电池市场出 货排名第四、国内动力电池市场出货排名第三。乘用车市场，公司在国内市占率创新高，2025 年7 月单 月市占率达到8.25%。公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合 作，交付产品类型日益丰富。商用车市场，公司2025H1 国内新能源商用车电池装机量同比增长超 310%，单月排名进入前三。2025H1 公司实现新能源商用车新车公告230 款以上，同比增长33%，实现 各领域车型全面覆盖。公司与欧洲Volvo、奇瑞、吉利、徐工、三一等客户合作密切，份额稳中向好。 公司储能业务实现快速增长。2025H1 公司储能系统产品及其他业务实现营收57.57 亿元，同比+110%， 储能电芯出货量进入全球前四。公司314Ah 电芯产品实现大批量稳定交付；392Ah 电芯作为6.25MWh 系统最优解决方案、已实现批量交付。公司新一代600Ah+储能大电芯能量密度达到440Wh/L 以上，助 ...

证券研究报告 | 2025年09月10日 中创新航（03931.HK） 优于大市 动储电池市场份额稳步提升，盈利能力持续改善 资料来源：Wind、国信证券经济研究所预测 注：摊薄每股收益按最新总股本计算 核心观点 公司研究·海外公司财报点评 公司2025H1 实现归母净利润4.66 亿元、同比+87%。公司2025H1 实现营收164.19 亿元，同比+32%；实现净利润（含少数股东权益）7.53 亿元，同比+81%；实现 归母净利润 4.66 亿元，同比+87%；毛利率为 17.53%，同比+1.91pct；净利率为 4.59%，同比+1.24pct。 公司动力电池市场份额稳步提升，商用车市场开拓成果显著。2025H1 公司动力 电池业务实现营收 106.62 亿元，同比+10%；动力电池装车量 21.8GWh，同比+23%。 2025H1 公司在全球动力电池市场出货排名第四、国内动力电池市场出货排名第 三。乘用车市场，公司在国内市占率创新高，2025 年 7 月单月市占率达到 8.25%。 公司与大众、现代、丰田、奥迪、小鹏、零跑、长安等国内外头部企业深入合作， 交付产品类型日益丰富。商用车市场，公司 2 ...

动力电池方面，2025H1公司动力电池业务实现营收106.62亿元，同比+10%;动力电池装车量21.8GWh， 同比+23%。2025H1公司在全球动力电池市场出货排名第四、国内动力电池市场出货排名第三。乘用车 市场，公司在国内市占率创新高，2025年7月单月市占率达到8.25%。公司与大众、现代、丰田、奥 迪、小鹏、零跑、长安等国内外头部企业深入合作，交付产品类型日益丰富。商用车市场，公司 2025H1国内新能源商用车电池装机量同比增长超310%，单月排名进入前三。2025H1公司实现新能源商 用车新车公告230款以上，同比增长33%，实现各领域车型全面覆盖。公司与欧洲Volvo、奇瑞、吉利、 徐工、三一等客户合作密切，份额稳中向好。 储能业务方面，2025H1公司储能系统产品及其他业务实现营收57.57亿元，同比+110%，储能电芯出货 量进入全球前四。公司314Ah电芯产品实现大批量稳定交付;392Ah电芯作为6.25MWh系统最优解决方 案、已实现批量交付。公司新一代600Ah+储能大电芯能量密度达到440Wh/L以上，助力20尺集装箱带 电量达到6.8MWH+，将于2025Q4实现量产。公司与国家 ...

Core Viewpoint - The global energy storage demand has surged dramatically this year, leading to a significant increase in orders for domestic energy storage cell companies, with over 90 energy storage battery and system orders signed since 2025, totaling more than 270 GWh [3] Group 1: Market Demand and Orders - The energy storage industry has seen explosive growth in demand, with many industry professionals reporting factories operating at full capacity and certain products, such as the 100Ah product, being in short supply [3] - Major battery companies, including CATL, Yiwei Lithium Energy, and others, are currently experiencing saturated orders and are focused on rapid delivery [3] - A significant contract for a 2 GWh energy storage project was signed between POSCO International, FAW Import and Export Company, and China Automotive New Energy in Tianjin [3] Group 2: Company Overview and Developments - China Automotive New Energy, formerly known as Qingdao Lishen, is a key project promoted by the State-owned Assets Supervision and Administration Commission, aimed at integrating resources and enhancing research and development capabilities [5][7] - The company has completed its first phase of empowerment reform and has successfully certified its self-developed customized battery products [5] - China Automotive New Energy has delivered over 5 GWh of energy storage business and has seen an 83% increase in overseas orders [7] Group 3: Product Development and Innovations - The company has established a product matrix for energy storage cells ranging from 280Ah to over 600Ah, focusing on high energy density, long cycle life, and low decay characteristics [11] - New product series, including the 6+, 7+, and 8+ series, have been launched, featuring significant improvements in energy density and system efficiency [12] - The company emphasizes a five-layer safety design concept to provide safer and longer-lasting energy storage products [13] Group 4: Production Capacity and Future Plans - China Automotive New Energy has a planned total production capacity of 97.5 GWh, with 32 GWh already built across four bases [13] - The first phase of the production capacity at the Chuzhou base has been completed, contributing 10 GWh of energy storage battery capacity [13]

Group 1 - The core viewpoint of the article emphasizes that Beijing Hyperstrong Technology Co., Ltd. (stock code: 688411) is a leading provider of energy storage system solutions and technical services, focusing on the research, production, sales, and service of energy storage systems [3][4]. - The company offers a full range of energy storage system products and one-stop overall solutions for various industry clients, including traditional power generation, renewable energy generation, smart grids, end power users, and smart microgrids [3][4]. - The company is actively recruiting for various positions, indicating its rapid growth and commitment to attracting top talent in the industry [4][5]. Group 2 - The company provides competitive compensation and benefits, a comprehensive career development path, and a broad platform for career advancement, aiming to create a win-win situation for personal value and company development [4]. - The recruitment positions include Electrical Design Engineer, System Design Engineer, Project Development Director, Overseas Legal Supervisor, Equipment Engineer, and Construction Engineer [5]. - Applications for positions can be submitted through official channels, including the company website and authorized recruitment platforms, ensuring the security of personal information [6][8].

Core Insights - The article highlights the significant developments in the energy storage market, particularly focusing on the collaboration between Chinese companies and Indian manufacturers to enhance local battery production and supply chains [1][3]. Group 1: Market Developments - The meeting between Chinese and Indian leaders in late August marks a new phase in bilateral relations, creating opportunities for Chinese energy storage companies to expand into India [1]. - Ashok Leyland, an Indian commercial vehicle manufacturer, has announced a long-term exclusive partnership with China Innovation Aviation, planning to invest over 500 billion rupees (approximately 40.45 billion yuan) in battery manufacturing over the next 7-10 years [1][3]. Group 2: Company Performance - In the first half of 2025, China Innovation Aviation reported a 109.7% year-on-year increase in revenue from energy storage system products, totaling 5.757 billion yuan [3]. - The company achieved significant growth in energy storage shipments and operational efficiency, leading to successful projects in Latin America and South Africa [3]. Group 3: Capacity Expansion - China Innovation Aviation is actively expanding its production capacity with projects in Jiangsu, Sichuan, Fujian, and Portugal, aiming to add over 75 GWh of capacity by 2025 [4]. - Despite India planning around 120 GWh of battery capacity, there is still a need for further investment to meet future market demands, indicating a reliance on overseas supply chains in the short to medium term [4]. Group 4: Local Initiatives - The Indian government has initiated a Production-Linked Incentive (PLI) scheme worth 181 billion rupees to encourage local manufacturing and establish India as a global hub for advanced chemical battery (ACC) production [4]. - Local brands like Livguard plan to invest 33.6 billion rupees (approximately 2.876 billion yuan) to expand their battery capacity to 25 GWh over the next five years [5].