Core Viewpoint - The company focuses on technological innovation and green development, aiming to provide efficient and sustainable solutions for the industry [1] Group 1: Technological Collaboration and Innovation - The company has partnered with Zhejiang University to launch a power electronics technology platform, addressing industry pain points and enhancing system efficiency, lifespan, and reliability [2] - A joint research center has been established to conduct collaborative research with short, medium, and long-term goals, ensuring the delivery of cutting-edge technology and competitive products [2] - The company, in collaboration with Schneider Electric, released a white paper on "Comprehensive Protection," proposing a new protection concept to enhance the safety of battery energy storage systems [4] Group 2: Product Development and Certification - The company’s liquid-cooled modular PCS has received the "Guardian Product Certification" from the China Quality Certification Center, marking it as one of the first to achieve this certification in the country [7] - The breakthrough in modular PCS technology supports the stability of new power grids and facilitates the large-scale integration of renewable energy [7] Group 3: Advanced Energy Storage Solutions - The company showcased the MagicBlock modular technology platform and the HyperBlock M energy storage system, which offers flexible configurations for various applications, enhancing transport efficiency and reducing costs [8] - The HyperBlock IV energy storage system redefines industry standards with a single cabin capacity exceeding 8MWh, a 40% increase in energy density, and over 28% space savings [11] - Key features of the HyperBlock IV include enhanced safety measures, economic efficiency, intelligent operation, and high reliability through rigorous testing and AI integration [11] Group 4: Digital Transformation and AI Integration - The company is advancing towards becoming a "smart energy decision-making hub" through the integration of AI and digital technologies across the entire lifecycle of energy storage [12] - By leveraging AI models, domain knowledge, and real-time data, the company has developed a comprehensive platform for energy storage applications, enhancing value-added services throughout the lifecycle [12]

在彩云之南的红土秘境深处，创新的力量始终蓬勃涌动。云南省麻栗坡县面临着日益突出的电力供 需矛盾，随着高比例新能源大规模接入，当地电网不仅要应对电压频率波动等挑战，还要解决电力 时空分布不均的问题，因此迫切需要建设规模化储能设施，以实现电能跨时段的高效调配。 构网型储能助力构建更强电网 相较于传统跟网型储能，构网型储能能够感知电网动态，实现对电网波动的精细化主动调控。 依托海 博思创深厚的研发技术积淀，其构网型储能技术能使变流器模拟同步机动态特性，提供等效的电网主动 支撑 ，可快速响应电网惯量需求，通过实时电压调节、动态频率支撑等功能，全方位增强了电网的韧 性与稳定性。 在交付方面， 基于海博思创全业务链的一站式解决方案能力 ，麻栗坡县储能项目创新应用了全流程项 目管理交付体系。通过进度管控、质量监督、安全保障等多维度管理，确保了项目的高效落地。 近日，海博思创在云南省麻栗坡县的 100MW/200MWh 新型共享储能项目成功投运。该项目创新性 地采用了 海博思创构网型储能技术与 "磷酸铁锂 + 全钒液流" 混合技术路线 ，将储能系统的快速响 应、高效充放电以及长周期稳定运行有机结合，为构建 "源网荷储" 一体 ...

Group 1 - The company focuses on the rapid expansion of energy storage systems, having shifted its strategy in 2019 to concentrate on energy storage integration, divesting from other businesses to capitalize on the growing demand for renewable energy consumption [1] - From 2021 to 2024, the company's energy storage system sales are projected to reach 0.7, 2.2, 6.2, and 11.8 GWh, indicating a rapid growth in shipment scale, with a strong domestic market share and breakthroughs in overseas markets expected [1] - The company anticipates revenue of 8.27 billion yuan in 2024, representing an 18.4% year-on-year increase, with a gross margin of 18.5% and a net margin of 7.9%, significantly outperforming the industry [1] Group 2 - The domestic market is undergoing a transition from policy-driven to market-driven dynamics, with the cancellation of mandatory storage requirements prompting companies to shift from "low-price bidding" to "value creation" [1] - Globally, the demand for energy storage is expected to grow steadily, with projections of new installations reaching approximately 228, 280, and 366 GWh from 2025 to 2027, reflecting year-on-year growth rates of 18%, 23%, and 31% respectively [2] - The company is leveraging its product and channel advantages to expand both domestically and internationally, establishing partnerships with leading state-owned enterprises and enhancing its presence in overseas markets through collaborations with major international firms [2] Group 3 - As a leading player in the energy storage integration industry, the company is projected to achieve net profits of 889 million, 1.14 billion, and 1.35 billion yuan from 2025 to 2027, with year-on-year growth rates of 37.3%, 28.1%, and 18.9% respectively [3] - The expected earnings per share (EPS) for the same period are forecasted to be 4.94, 6.32, and 7.52 yuan per share, with a reference valuation of 18x PE for 2025, leading to a reasonable value estimate of 88.90 yuan per share [3]