Beijing Hyperstrong Technology Co.,Ltd. (688411.SH) delivered a robust performance in its 2026 half-year report, with revenue surging 39.23% year-on-year to RMB 6.30 billion. Net profit attributable to shareholders more than doubled, climbing 100.16% to RMB 632 million, while adjusted net profit jumped 141.52% to RMB 627 million. In the second quarter alone, revenue reached RMB 3.93 billion, up 32.04% year-on-year and 65.74% quarter-on-quarter, with net profit hitting RMB 429 million, representing robust sequential growth of 110.40%.
The company's core energy storage systems business generated RMB 6.24 billion in revenue during the first half, marking a 38.31% increase from the prior year. Notably, overseas revenue surged 96.38% to RMB 585 million, signaling the start of large-scale commercialization of international operations. Domestic profitability also improved markedly, with gross margins expanding by 4.55 percentage points to 20.77% in the first half. Financial expenses rose 200.73% to RMB 27 million, driven by exchange rate fluctuations and increased guarantee fees, while inventory levels climbed 175.87% from the start of the year to RMB 6.0 billion, reflecting preparations for the robust order book. Contract liabilities also swelled 316.90% to RMB 623 million, indicating a healthy pipeline of customer prepayments.
Accelerating Global Footprint
By the end of the second quarter, Beijing Hyperstrong Technology Co.,Ltd. had established a presence across more than 30 countries on five continents, with operations spanning nearly 20 European nations. The company signed a strategic global cooperation agreement with SMA during the period, securing gigawatt-hour-scale orders in key markets including the United States, Germany, and Italy, while advancing multi-scenario projects in Southeast Asia, the Baltics, the Balkans, and South America. To meet growing international demand, the company is planning new production capacity in Southeast Asia, further strengthening its global supply chain capabilities.
Diversifying with "Storage + X" Strategy
The 2026 Government Work Report marked the first inclusion of "computing-power coordination" as a new infrastructure initiative, with the 15th Five-Year Plan emphasizing green power and computing synergy. Beijing Hyperstrong Technology Co.,Ltd. has introduced a collaborative model combining independent energy storage with computing centers, building technical expertise in solid-state transformers and high-power-quality solutions while advancing sodium-ion battery applications. Projects spanning source-grid-load-storage integration, green mines, zero-carbon parks, and direct green power connections continue to gain traction.
Outlook and Investment Thesis
The company continues to solidify its position as a domestic energy storage leader, with scale effects and global expansion underpinning long-term growth. Revenue is projected to reach RMB 24.35 billion in 2026, RMB 31.92 billion in 2027, and RMB 40.24 billion in 2028, representing year-on-year growth of 109.7%, 31.1%, and 26.1%, respectively. Net profit is forecast at RMB 2.15 billion, RMB 2.85 billion, and RMB 3.95 billion for the same period, with EPS estimated at RMB 11.79, RMB 15.62, and RMB 21.64. Based on the August 28 closing price, this implies price-to-earnings ratios of 16x, 12x, and 9x for 2026-2028. Given robust demand across domestic and international markets, continued market expansion, and R&D investment in new applications like computing-power coordination, the "Recommend" rating is maintained.
Key risks include technology and product iteration, significant raw material price volatility, and intensifying industry competition.