Core Viewpoint - The report from Zhongyou Securities highlights strong downstream demand for energy storage, with Shiyun Circuit having a full order book. The global energy storage market is expected to experience a triple resonance of policy, technology, and market dynamics by 2026, characterized by "China leading, Europe and the US making efforts, and emerging markets rising" [1] Group 1: Market Dynamics - The global energy storage market is projected to enter a significant growth phase by 2026 due to a combination of policy, technology, and market factors [1] - The company has established partnerships with several energy storage enterprises in the domestic market, focusing on high-frequency power conversion and high-voltage energy storage inverter PCB products [1] Group 2: Company Positioning - Shiyun Circuit's energy storage clients include leading international and domestic companies, and it has entered a mass supply phase [1] - The company is experiencing strong demand from T clients in the energy storage sector and has a high market share in overseas markets, with additional production capacity expected to be released [1] Group 3: Future Prospects - The company has entered the supply chain of Nvidia and AMD, participating in the research, testing, and certification of next-generation products [1] - The company is also investing in embedded chip technology, with production expected to commence by mid-2026 [1]

Core Viewpoint - The report from Zhongyou Securities highlights strong downstream energy storage demand and a full order book for Shiyun Circuit, indicating a robust growth outlook for the company in the energy storage sector [1] Industry Summary - The global energy storage market is expected to experience a significant boom by 2026, driven by a combination of policy, technology, and market factors, with a landscape characterized by "China leading, Europe and the US making strides, and emerging markets rising" [1] - The company has established partnerships with leading international and domestic energy storage enterprises, currently entering a phase of bulk supply [1] Company Summary - The demand for energy storage from T customers is strong, with a high market share in overseas markets, and additional production capacity is expected to be continuously deployed [1] - In the domestic market, the company has formed collaborations with several energy storage firms, focusing on core supply of high-frequency power conversion and high-voltage energy storage inverter PCB products, with future order volumes expected to steadily increase alongside domestic market growth [1] - The company has entered the supply chain of Nvidia and AMD, participating in the research, testing, and certification of next-generation products [1] - The company is also investing in embedded chip technology, with production expected to commence by mid-2026 [1] - The rating for the company is maintained at "Buy" [1]