Investment Rating - The report initiates coverage with a "Buy" rating for the company, setting a target price of 350 CNY per share based on a 33X PE for the projected earnings in 2026 [3][5]. Core Insights - The company focuses on the energy storage integration segment and is recognized as a leading provider of energy storage system solutions and technical services, ranking second in the industry for system bids in 2024 [1][3]. - The domestic energy storage market is transitioning from mandatory storage requirements to IRR-driven models, with significant potential for capacity expansion as the current storage ratio is only about 4% [1][2]. - The company is expected to maintain high revenue growth from 2022 to 2024, benefiting from the previous energy storage industry boom and demonstrating strong cost control capabilities [1][30]. Summary by Sections 1. Company Overview - The company specializes in energy storage system integration and has a strong focus on R&D, production, sales, and service across the entire energy supply chain [16][19]. - The ownership structure is stable, with the founder holding 20.04% of the shares, and the management team has extensive experience in the power electronics sector [21][22]. 2. Financial Performance - The company has experienced rapid revenue growth, with projected revenues of 82.7 billion CNY in 2024, reflecting an 18.4% increase from the previous year [4][30]. - Net profit attributable to the parent company is expected to reach 6.48 billion CNY in 2024, with a growth rate of 12.1% [4][38]. - The gross margin is projected to remain stable at 18.5% in 2024, despite a decline in average contract prices [1][43]. 3. Market Dynamics - The energy storage market is entering a period of explosive growth, driven by the need for frequency regulation and the increasing demand for energy storage solutions in data centers [2][48]. - The company has made significant inroads into international markets, particularly in Europe, Australia, and the Middle East, with a strong pipeline of large-scale energy storage projects [2][3][57]. 4. Competitive Positioning - The company has a unique advantage in selecting high-quality project nodes, which is crucial for maximizing IRR in energy storage projects [3][5]. - The integration of AI and financial ecosystems is enabling the company to transition from a traditional energy storage supplier to a comprehensive lifecycle service provider [3][5].

Core Viewpoint - The company, Haibosi Chuang, is focusing on providing customized solutions in the rapidly evolving energy storage industry, rather than merely pursuing the latest battery specifications, aiming to drive new value in energy storage through innovation [1][3]. Product Innovation - The newly launched MagicBlock platform and its HyperBlock M product represent a significant shift in energy storage system design, deployment, and management, setting a new benchmark in the global energy storage industry [1][3]. - HyperBlock M features a modular design that allows for flexible system architecture, catering to diverse energy needs and applicable in various scenarios such as renewable energy grid integration and independent energy storage stations [3][9]. Design Efficiency - HyperBlock M innovatively reduces the standard container size from 20 feet to 10 feet, enhancing transportation efficiency and simplifying deployment in logistics-constrained areas [5]. - The product includes user-friendly features such as a front air flow system and top thermal management module, allowing for flexible installation even in limited spaces [7]. Customer-Centric Approach - HyperBlock M serves as a comprehensive platform focused on customer needs, offering both direct current solutions and integrated units with built-in PCS, along with customized medium-voltage substation solutions [9]. - The platform's upgrades in thermal management and high-voltage architecture significantly lower auxiliary power loads, optimizing capital expenditure and long-term operational costs for project developers [9]. Operational Excellence - The company has developed a digital maintenance ecosystem for HyperBlock M, enabling remote performance monitoring and predictive maintenance scheduling, which enhances operational efficiency [10]. - An intelligent inspection system prioritizes maintenance tasks based on urgency and lifecycle status, optimizing resource allocation for multiple energy storage sites [10]. Future-Ready Design - The company has created a semi-automated system for quick battery module replacement, addressing the challenges of heavy battery modules, thus improving efficiency and safety [11]. - HyperBlock M optimizes the entire operational chain from installation to long-term service, embodying a customer-centric design philosophy [11]. Market Positioning - HyperBlock M signifies a profound transformation in energy storage system design, moving away from battery-centric thinking to incorporate portability, modularity, and intelligent monitoring, effectively responding to the real needs of the global energy storage market [12]. - The company emphasizes that clients are planning their energy strategies for the next decade, rather than just focusing on immediate deployments, with HyperBlock M providing the flexibility and reliability needed for sustainable development [12].

Core Viewpoint - The article emphasizes that Haibosichuang is taking a unique approach in the rapidly evolving energy storage industry by focusing on long-term customer needs rather than merely chasing the latest battery specifications, aiming to provide tailored solutions that drive new value in energy storage [1]. Group 1: Product Innovation - Haibosichuang launched the MagicBlock platform and the HyperBlock M product, which revolutionizes the design, deployment, and management of energy storage systems with its modular design and adaptability, setting a new benchmark in the global energy storage industry [1]. - HyperBlock M innovatively reduces the standard shipping container size from 20 feet to 10 feet, significantly enhancing transportation efficiency and simplifying deployment in logistics-constrained areas [3]. - The product features a user-friendly design with advanced airflow systems and thermal management modules, allowing for flexible installation even in tight spaces, maximizing site utilization [5]. Group 2: Customer-Centric Design - HyperBlock M serves as a comprehensive platform focused on customer needs, offering both direct current solutions and turnkey AC integration units, along with customizable medium-voltage substation solutions [6]. - The platform includes a new 400kW PCS and real-time performance monitoring systems to track key metrics such as discharge capacity and battery health, ensuring long-term stable operation [6]. Group 3: Operational Efficiency - The operational capability of energy storage projects is critical for success, and Haibosichuang has developed a digital ecosystem for maintenance, allowing remote performance monitoring and predictive maintenance scheduling [7]. - The intelligent inspection system prioritizes maintenance tasks based on urgency and lifecycle status, optimizing operational efficiency across multiple sites [7]. - The company has introduced the HyperGenie AI assistant to lower technical barriers in overseas markets, providing multilingual maintenance guidance based on extensive data models and expert experiences [7]. Group 4: Future-Oriented Engineering - Haibosichuang has developed tools for the rapid replacement of heavy battery modules, enabling efficient and safe module changes within one hour, addressing traditional challenges in battery replacement [8]. - The HyperBlock M optimizes the entire operational chain from installation to long-term service, embodying a customer-centric design philosophy [8]. Group 5: Transformative Design Philosophy - HyperBlock M represents a profound shift in energy storage system design, moving away from battery-centric thinking to incorporate portability, modularity, and intelligent monitoring, effectively responding to the real needs of the global energy storage market [9]. - The product instills confidence in customers' long-term energy strategies, emphasizing flexibility, visibility, and reliability for sustainable development [9].