Hai Mu Xing Positions for Energy Storage "Golden Age," Technical Barriers Build Growth Moat

Under the dual drive of the “dual carbon” goals and energy security, new energy storage is gradually evolving from a supporting role in renewable energy to a core pillar of the new power system.

Recently, the A-share energy storage index has performed strongly, with trading volume continuously increasing and sector sentiment reaching new highs. As a key upstream equipment supplier in the industry chain, Haimuxing (688559.SH), with an average monthly order growth of 1 billion yuan and strong technical reserves, has stood out in this wave of “value revaluation” of energy storage. Its growth logic is being re-recognized and re-priced by the market.

Global demand resonance has ushered in the “golden age” of energy storage

The current energy storage rally is driven by a triple resonance of domestic and international demand and policy benefits.

Overseas, the demand for energy independence is unprecedentedly strong. In early March, Qatar’s liquefied natural gas facilities suddenly halted production, causing European natural gas futures prices to surge nearly 50% in a single day, with electricity prices rising in multiple countries. The fragility of the power grid combined with geopolitical uncertainties has made distributed photovoltaic and storage a rigid demand.

Meanwhile, the explosive growth of the AI industry has brought a new challenge of “computing and power coordination.” The U.S. Department of Energy predicts that by 2028, data centers will account for 6.7%–12% of total U.S. electricity consumption—significantly higher than the 2% before 2020—directly driving large-scale procurement of energy storage devices.

The domestic market is equally vibrant. In January–February 2026, new installed capacity of new energy storage increased by 182.07% year-on-year in power and 472.06% in capacity. Policy-wise, new energy storage has not only been included in relevant work reports but also incorporated into the six major emerging pillar industries of the “14th Five-Year Plan,” with related output value expected to exceed 10 trillion yuan by 2030.

The trend of rising prices and quantities is becoming clearer. In February, the average price of energy storage system centralized procurement rebounded to over 0.5 yuan/Wh, an increase of 10%–18% compared to December 2025. Overall industry profitability has bottomed out and begun to recover.

Start of the year with a sprint: clear signals of performance reversal

Under the wind, Haimuxing started 2026 strongly, with new orders in the first two months exceeding 2 billion yuan, covering major domestic clients and overseas markets. The company’s total backlog of orders surpassed 100 billion yuan, setting a new high since listing.

Financially, the company’s losses in 2025 began to narrow in the third quarter, with a quarterly profit turnaround in the fourth quarter. Brokerage reports believe that the company’s previous performance risks have been fully released through large-scale asset impairment provisions. Coupled with the 2026 equity incentive targets—revenue not less than 6.5 billion yuan or at least 43% growth over 2024—analysts expect that in 2026–2027, the company’s net profit attributable to parent could reach 400–500 million yuan and 800–1 billion yuan, respectively, indicating a significant performance turnaround slope.

Technology leads: “Invisible champion” in the era of large batteries

Currently, the demand for long-duration storage over 4 hours is driving the rapid evolution of large-capacity cells to 587Ah, 688Ah, and even 1175Ah. The physical size of cells and packs is continuously increasing, posing unprecedented requirements for production equipment efficiency, compatibility, and stability.

In response to industry trends, Haimuxing has launched an overall solution for large-cell, large-storage module PACK lines, built on six core self-developed technologies to establish high barriers to competition:

1. High-precision dynamic assembly technology

Using multi-axis synchronized servo control and visual closed-loop algorithms, it achieves dynamic following of cell handling, pressing, and locking processes, greatly reducing assembly stress and dimensional deviations, increasing line efficiency by 10%, and achieving industry-leading assembly consistency.

2. High-speed magnetic levitation flexible conveying technology

Breaking through traditional mechanical conveyor bottlenecks, it uses contactless, frictionless magnetic levitation linear motors with a positioning accuracy of ±0.1mm, providing smoother operation, lower noise, and less maintenance. Overall conveying efficiency increases by 20%, perfectly matching high-speed, high-flexibility production of large cells.

3. High-speed spider arm intelligent stacking technology

Equipped with high-dynamic Delta spider arms and AI vision positioning systems, enabling parallel handling of multiple cells, adaptive posture correction, and high-precision array placement. Stacking efficiency improves by 30%, significantly reducing manual intervention and cell damage risks, suitable for high-volume production of large-capacity cells.

4. Fully automatic intelligent module boxing technology

Integrating force control and visual dual closed-loop systems, achieving high-precision alignment, compliant pressing, and online inspection of modules and boxes, significantly improving packing accuracy and first-pass yield, with a 30% efficiency increase, ensuring high reliability and safety in large-capacity module assembly.

5. High-power laser flying welding technology

Using high-dynamic laser flying welding, enabling contactless, high-speed, high-precision welding with small heat-affected zones, minimal deformation, and high weld strength. Compared to traditional welding, efficiency increases by 30%, greatly enhancing cell connection reliability and overall line automation.

6. Digital twin virtual debugging technology

Based on full-process 3D simulation and digital twin systems, completing process pre-commissioning, cycle optimization, logical verification, and fault simulation before equipment delivery, reducing on-site debugging time by 30%, lowering customer ramp-up risks, and enabling rapid delivery, ramp-up, and mass production.

Relying on these core technologies, the company’s production lines can achieve efficiency configurations from 6–10PPM to 20–24PPM, fully compatible with mainstream cell specifications such as 314/587/618/688Ah. Line changeover can be completed within 2 hours, with standard lines delivered within 60 days.

From a market valuation perspective, Haimuxing’s current market cap remains around 15 billion yuan. Its scarcity and first-mover advantage in solid-state batteries, large-cell energy storage equipment, and overseas markets have not yet been fully priced in. In this promising and upward-trending energy storage sector, Haimuxing is leveraging its technological moat and strong order execution capabilities to embark on its own path of value revaluation.