Summary of Haibo Company Conference Call Industry and Company Overview - Haibo Company operates in the energy storage industry, focusing on both domestic and international markets, with significant growth expectations for the coming years [2][3][4]. Key Points and Arguments - Sales Projections: Haibo Company anticipates total energy storage shipments of 300 GWh over the next three years, with specific targets of 70 GWh in 2026, 100 GWh in 2027, and 120-130 GWh in 2028. The domestic independent storage market is expected to contribute 200 GWh, while the remaining 100 GWh will come from overseas markets and central state-owned enterprise procurement [2][3]. - Domestic Market Strategy: The company has established strong partnerships with local design institutes and grid planning units, achieving nearly 20% market share in Inner Mongolia (approximately 7-8 GWh). Haibo plans to implement 20 GWh, 100 GWh, and over 200 GWh of operational orders in the coming years, with operational gross margins reaching 70%-80% [4][9]. - International Expansion: Haibo is expanding from Europe to the United States, expecting to ship several hundred megawatt-hours in Q4 and has signed multiple GWh orders, with a projected volume of around 2 GWh next year [2][5]. - Team Background: The founding team consists of graduates from Tsinghua University and prestigious U.S. institutions, bringing extensive semiconductor and materials science expertise [6]. - Revenue and Profitability: The company expects to achieve over 1 billion yuan in profits this year and 3 billion yuan next year, driven by high operational margins and strategic pricing adjustments [4][11]. Additional Important Insights - Government Collaboration: Haibo emphasizes collaboration with local governments to ensure demand is not overstretched, with specific examples from Inner Mongolia where demand remains stable despite limited quotas [7][10]. - Cost Control Measures: The company has secured 70% of its energy cell supply and is working with major suppliers to maintain price stability while adjusting prices for smaller clients. This strategy is expected to enhance profitability in the third quarter [11]. - Impact of Policies: The company views the Gansu energy storage policy favorably, as it is recognized by the National Development and Reform Commission and offers substantial subsidies, contributing to stable long-term growth [10]. - Market Dynamics: The increasing share of the overseas market is improving average unit profitability, while domestic market conditions are also showing significant improvement, benefiting Haibo's overall performance [12].
海博思创20250922