Summary of Haibo's Conference Call Company Overview - Haibo focuses on energy storage system integration, covering power side, grid side, and user side, with self-developed EMS and operation & maintenance products [2][3] - The company has achieved a revenue growth of 117% over the past four years, with sustained high profit growth [2][3] Core Insights and Arguments - Market Dynamics: The domestic energy storage market is transitioning from mandatory to market-based allocation, leading to uncertain demand. However, data since Q3 indicates that energy storage demand will continue to grow through 2025 [2][5] - Profitability: Haibo's gross margin for energy storage systems has slightly declined but remains above the industry average, benefiting from a favorable domestic market and expansion into high-margin overseas markets [5][11] - Independent Storage Growth: The proportion of independent energy storage has significantly increased, with a gradual formation of a spot trading model and the introduction of capacity pricing policies, providing important revenue models [2][6] - Strategic Partnerships: Collaborations with Ningde and Yiwei have enabled Haibo to secure better pricing and rebate mechanisms, contributing to the lowest expense ratio in the industry [3][9] Overseas Market Expansion - Haibo has successfully entered overseas markets, with rapid growth in Europe, the Middle East, Australia, and Latin America. The company has signed supply agreements and received multiple GWh-level project orders [10][11] - Price differences across regions are notable, with gross margins in the U.S. potentially reaching over 35%, while Europe and Australia maintain around 30% [11][12] Future Growth and Profitability - Haibo's domestic profitability is stable at approximately 0.03 CNY per watt. If overseas business reaches 10% of total revenue with a profit of 0.1 CNY per watt, overall profitability could double [12][13] - The company anticipates that by 2026, overseas business will exceed 10% of total revenue, significantly enhancing unit profitability elasticity [13] Additional Important Points - Haibo is actively pursuing excess revenue sharing models and AI collaborations to strengthen its competitive edge [2][6] - The company plans to focus on operation and maintenance services as a key growth area, with overseas operations becoming an important revenue source [8][10] - The stable pricing system and refined management capabilities in the domestic market contribute to Haibo's competitive advantage [9]
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