Core Viewpoint - The company, Nandu Power (300068), reported a significant increase in its order backlog due to the accelerated growth of the energy storage market driven by global renewable energy integration and energy security strategies [1] Group 1: Order Backlog - The company has an unshipped order backlog of approximately 8.9 billion yuan [1] - Among this, large-scale storage orders account for about 5.5 billion yuan, with 4 billion yuan from domestic orders and 1.5 billion yuan from overseas [1] - The company has lithium battery orders for data centers totaling approximately 1.67 billion yuan, all of which are overseas orders [1] Group 2: Market Development - The company has successfully developed the market for consumer lithium battery products, with an unshipped order backlog of about 380 million yuan [1] - Communication lithium battery orders amount to approximately 470 million yuan, with a relatively small proportion from overseas [1] - The company has 790 million yuan in lead-acid battery orders, primarily from domestic sources [1] Group 3: Geographic Distribution - The primary sources of the company's overseas large-scale storage orders are Australia, Europe, and the United Kingdom [1]

Core Insights - Zhejiang Nandu Power Supply Co., Ltd. engaged in an in-depth discussion with 15 institutions regarding its business operations, product features, market layout, and future plans on September 10, 2025 [1][2]. Company Overview - Nandu Power has 30 years of experience in energy storage, starting from communication storage and now focusing on energy storage applications, providing lithium-ion and lead-acid battery-based systematic products, solutions, and operational services [3]. - The company covers various sectors including new power storage, communication and data center storage, and residential storage, while also engaging in integrated recycling of environmentally friendly resources [3]. - Since initiating its internationalization in 2005, Nandu Power has expanded its business to over 160 countries and regions, supported by a professional team and spare parts warehousing [3]. - The company emphasizes technological innovation with multiple advanced R&D platforms, achieving full-stack self-research [3]. - A strategic transformation began in 2020, expected to be completed by the end of 2024, aiming for significant improvement in operational quality [3]. Key Business Data and Product Differentiation - In the first half of the year, revenue from North American data center backup batteries was approximately 300 million yuan, with a gross margin of about 35% [4]. - Nandu's lithium batteries utilize iron-lithium technology, which outperforms competitors' ternary technology in safety and cycle life [4]. - High-voltage lithium batteries for data centers focus on short-term backup with high charge and discharge capabilities, while base station lithium batteries emphasize long-term energy storage [4]. Data Center Business Layout and Expectations - Nandu Power has established partnerships with several leading companies, leveraging its self-developed technology and rich experience [5]. - Current lithium battery production capacity for data centers is 1.5 GWh, with plans to expand by 1 GWh to reach 2.5 GWh next year, and the company has rapid expansion capabilities [5]. - The company anticipates a doubling of revenue from data center lithium batteries next year, with high-voltage lithium products expected to maintain gross margins despite potential price reductions, as overseas customers are less sensitive to price changes [5]. Energy Storage Order Situation - The overseas large-scale energy storage market is expanding rapidly, with Nandu Power currently holding approximately 7.8 GWh of unfulfilled orders, including about 5 GWh domestically and 2.8 GWh internationally [6]. - The overseas orders primarily come from Australia, Europe, and the UK, with 2.8 GWh of independent energy storage project orders expected to deliver 1.2 GWh this year and 1.6 GWh next year [6]. Global Data Center Market Outlook - Nandu Power expects the demand for backup batteries in North American data centers to reach approximately 20 GWh next year, with a global demand of about 30 GWh [7]. - With the explosive growth in computing power demand, data center construction needs are projected to more than double in the coming years [7]. - The company plans to adopt a "technology research + market expansion" dual-driven model, focusing on lithium batteries to advance its business through differentiated competition [7].

Core Viewpoint - The company, Nandu Power (300068), has successfully secured multiple high-voltage lithium battery data center projects in the US and other overseas markets this year, indicating strong growth potential in the data center sector [1] Group 1: Company Developments - The company has established itself in the data center market, which is a key area for expansion, by leveraging its independently developed backup power technology and industry-level solutions [1] - Nandu Power has built partnerships with several leading internet companies, service providers, and financial institutions both domestically and internationally [1] Group 2: Production Capacity and Future Plans - The current production capacity for data center lithium batteries stands at 1.5 GWh, with plans to expand by an additional 1 GWh next year, bringing the total capacity to 2.5 GWh [1] - The company possesses the capability for rapid expansion to meet potential increases in customer demand in the future [1]