Core Insights - The company is a global leader in portable energy storage and is expected to become a supplier of household green energy solutions in the future [1] - The portable energy storage industry is experiencing rapid growth, with the company maintaining a significant market share due to its lightweight and high-capacity product advantages [1][2] - The company is expanding into new categories such as mobile home storage and balcony solar storage, which are anticipated to drive a second growth curve [2] Group 1: Company Overview - The company was established in 2011 and focuses on consumer-grade green energy solutions, covering portable storage, balcony solar storage, and mobile home storage [1] - By the first half of 2025, the company's business is expected to cover over 50 major countries and regions globally [1] - From 2014 to 2024, the company's revenue and net profit attributable to shareholders are projected to grow at CAGRs of 38.9% and 47.3%, respectively [1] Group 2: Industry Growth - The global portable energy storage industry is expected to maintain double-digit growth from 2024 to 2029, with trends leaning towards larger capacity, higher safety, and lightweight products [1] - The company has positioned itself advantageously in the current product iteration cycle, focusing on lightweight and cost-effective new products [1] - The company regained the top market share in key channels such as Amazon in the U.S. and Japan during the first ten months of 2025 [1] Group 3: New Product Categories - The global household energy storage market has significant growth potential, with an expected new installation scale of 18.6 GWh in 2024 and a projected CAGR of over 14% from 2024 to 2030 [2] - The company is rapidly entering the household energy storage sector with products like the Jackery Solar Generator 5000Plus, which features notable lightweight advantages [2] - The second-generation DIY balcony solar storage system, HomePower 2000 Ultra, offers high power, plug-and-play functionality, and cost-effectiveness, contributing to a 106.4% year-on-year revenue growth in the European market for the balcony solar storage category in the first half of 2025 [2] Group 4: Financial Projections - The company's net profit attributable to shareholders is projected to be 230 million, 500 million, and 790 million yuan for the years 2025, 2026, and 2027, with year-on-year growth rates of -3.8%, +117.7%, and +57.2%, respectively [3] - As of November 25, 2025, the price-to-earnings ratios are expected to be 43, 20, and 12 times for the years 2025, 2026, and 2027 [3] - The company is compared with peers such as Deye Technology, Jinlang Technology, and Goodwe, with a solid foundation in portable energy storage and promising new product categories expected to drive growth [3]

Group 1: Business Strategy and Plans - The company aims to solidify its leadership in portable energy storage and photovoltaic industries by enhancing product innovation and market penetration [3] - Plans to accelerate the development of all-scenario home green electricity products, including the launch of innovative aesthetic solar tiles and comprehensive energy solutions [3] - Focus on strengthening digital M2C operational capabilities across R&D, production, branding, and retail to enhance overall competitiveness [4] - Commitment to expanding into emerging markets such as Southeast Asia and Latin America by tailoring products to local needs [5] Group 2: R&D and Innovation - In 2024, the company invested CNY 173 million in R&D, a 14.31% increase year-on-year, resulting in a total of 1,720 patents, including 928 domestic and international patents [6] - Significant advancements in portable energy storage technology, with a 140% year-on-year revenue increase in the solar generator category, accounting for over 50% of total revenue [6] - Introduction of innovative products such as the Jackery 1000Pro2 and Jackery 2000Pro2, which are the lightest and smallest in their category [6] Group 3: Financial Performance and Shareholder Returns - The company plans to distribute CNY 1.43 billion in cash dividends for the 2024 fiscal year, with a dividend of CNY 11.50 per 10 shares [8] - Additionally, a capital reserve conversion will result in the issuance of approximately 49.58 million new shares [8] Group 4: Market Analysis and Competitive Landscape - The portable energy storage industry is experiencing rapid growth, with the outdoor sports market projected to reach USD 236.3 billion by 2025, and the camping economy in China expected to grow by 60.4% in 2024 [9] - The company has established a comprehensive sales channel strategy, achieving cumulative sales of over 5 million units, reinforcing its market leadership [9] Group 5: International Market Insights - North America is witnessing strong growth in portable energy storage due to increased demand for home backup power solutions [10] - Japan's market is expanding as residents prioritize emergency preparedness, with the company enhancing its market share through targeted strategies [10] - The European market is expected to grow rapidly as inventory issues are resolved and new products are introduced [10] Group 6: Recent Developments and Future Products - The company launched the new 3000Pro2 outdoor power supply in Q1 2025, setting new standards for lightweight high-capacity power sources [14] - Plans to introduce additional high-performance off-grid home storage products and the second generation of DIY balcony storage products later in 2025 [14] - Recent power outages in Spain and Portugal have increased demand for the company's portable energy products, expected to boost sales in those regions [15]