A-share subscription | Hai Bosic (688411.SH) opens for subscription, adding new impetus to the green development of energy storage.

On January 16th, Haiboshichuang (688411.SH) started its subscription, with an issue price of 19.38 yuan per share and a subscription limit of 11,000 shares. The P/E ratio is 6.14 times, it is listed on the Shanghai Stock Exchange, and Zhongtai is its sponsor (lead underwriter). According to the prospectus, Haiboshichuang is a leading domestic provider of electrochemical energy storage system solutions and technical services, focusing on the research, development, production, and sales of electrochemical energy storage systems. It provides a full range of energy storage system products for traditional power generation, new energy generation, smart grids, and end-users in the entire energy chain industry, offering one-stop energy storage system solutions. During the reporting period, the company also provided power battery system products to customers in the new energy engineering machinery and new energy vehicle fields. The company's main business revenue mainly comes from the production and sales of energy storage systems. During the reporting period, the revenue from energy storage systems was 653.335 million yuan, 2.456 billion yuan, 6.927 billion yuan, and 3.649 billion yuan, accounting for 78.52%, 94.61%, 99.30%, and 99.04% of the main business revenue, respectively. The average compound annual growth rate from 2021 to 2023 reached 225.62%. The company has a high brand awareness and strong market competitiveness in the field of domestic electrochemical energy storage systems. According to CNESA statistics, the issuer ranked second in the 2023 China Energy Storage System Integrators shipment ranking (the issuer's shipment data does not include sales to New Source Smart Energy Storage). In the 2022 and 2021 domestic market energy storage system shipment rankings, the issuer ranked first. In terms of finances, in 2021, 2022, 2023, and January to June 2024, the company achieved operating income of approximately RMB 838 million, 2.626 billion yuan, 6.982 billion yuan, and 3.687 billion yuan respectively. During the same period, the net profit was approximately 15.2947 million yuan, 1.82 billion yuan, 5.78 billion yuan, and 2.8 billion yuan.