【长江电新】海博思创 Call 11: Q2 Forecast Delivers High Growth, Unit Profit Further Improves, Continue to Strongly Recommend!

English summary

Event: The company released its 2026 interim results forecast, expecting net profit attributable to shareholders of RMB 620-700 million in 2026H1, up 96.30%-121.63% YoY; estimated Q2 2026 net profit attributable to shareholders of approximately RMB 416-496 million, up 87.55%-123.59% YoY and 104.37%-143.74% QoQ, achieving high growth both YoY and QoQ. 1. Looking at Q2 breakdown, on the revenue side, shipments are expected to be 12 GWh, including 1 GWh overseas; recognized revenue is expected to be 8+ GWh. On the profit side, unit profit significantly exceeded expectations. It is expected that Q2 gross margin/net margin will further improve substantially QoQ, mainly due to the increased revenue share from high-value scenarios such as overseas, independent storage, O&M and trading services. Unit profit reached RMB 0.05+/Wh, once again proving profit Alpha! 2. #Reiterate the three reasons for continued strong recommendation of [海博思创]: 1) Independent storage supports short-term volume: Domestically, energy storage is designated as one of the six pillar industries in the 15th Five-Year Plan. H1 independent storage installations were only affected by approval and LC price fluctuations ...