Guosen Securities: First given "outperform" rating to Haibosichuang, independent energy storage shipments expected to grow rapidly.

Guosen Securities research report pointed out that Haibosi achieved a net profit attributable to the parent company of 200 million yuan in the first quarter of the 26th year, a year-on-year increase of +117%. The company is a leading large-scale energy storage system integrator in China, with its scale delivery capabilities continuously verified. The company has long focused on the research and development, production, sales, and services of electrochemical energy storage systems, with products covering a variety of scenarios such as large-scale energy storage, industrial and commercial energy storage, and system control. By 2025, the company's cumulative installed capacity is expected to exceed 50GWh. The demand for energy storage in China is shifting from policy-driven storage to market-driven profit, and the company's independent energy storage shipments are expected to grow rapidly. Recently, the company signed a 2GWh energy storage order in the United States, making a significant breakthrough in the North American market, with expectations for continued development in the North American market. The bank believes that the reasonable price range for the company is 290.6-311.8 yuan per share, corresponding to a dynamic PE of about 26.1-28.0 times in 2026, with a potential upside of about 10%-18% compared to the current stock price. The initial coverage could consider giving an "outperform the market" rating.