Group 1 - In the past month (from August 3 to September 2), 63 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Naconor being the most popular, receiving attention from 114 institutions [1][2] - The types of institutions conducting the research include 62 brokerages, 47 funds, 45 private equity firms, 33 insurance companies, and 8 overseas institutions [1] - The companies that received the most institutional attention after Naconor are Kelong New Materials, Tonghui Electronics, and Jianbang Technology, with 67, 65, and 62 institutions participating in their investigations, respectively [1] Group 2 - Kelong New Materials, Tongli Co., and Mingyang Technology had the highest frequency of institutional investigations, each receiving two rounds of research [2] - Companies that were investigated by institutions saw an average stock price increase of 10.89% over the past month, with 48 stocks rising, including Huami New Materials, Haineng Technology, and Zhuozhao Adhesive, which increased by 67.89%, 59.87%, and 51.22% respectively [2] - The average market capitalization of all companies on the BSE is 3.366 billion yuan, while the average market capitalization of the companies that were investigated is 4.234 billion yuan [2] Group 3 - The top companies by the number of institutions investigating them include Naconor (114), Kelong New Materials (67), and Tonghui Electronics (65) [2][3] - The average daily turnover rate for the investigated companies was 6.22%, with Huami New Materials, Tiangong Co., and Zhuozhao Adhesive having the highest turnover rates of 13.21%, 12.71%, and 12.50% respectively [2] - The report includes a detailed list of companies, their codes, number of institutions involved, investigation frequency, latest closing prices, percentage changes, and industry classifications [2][3][4]

Group 1 - In the past month (from August 2 to September 1), 53 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Naconor being the most notable, receiving attention from 114 institutions [1][2] - The types of institutions conducting the research include 52 brokerages, 42 funds, 40 private equity firms, 32 insurance companies, and 8 overseas institutions [1] - The companies receiving the most attention after Naconor are Kelong New Materials, Tonghui Electronics, and Jianbang Technology, with 67, 65, and 62 institutions participating in their investigations, respectively [1] Group 2 - Kelong New Materials, Tongli Co., and Mingyang Technology had the highest frequency of institutional investigations, each receiving two investigations [2] - Companies that were investigated saw an average stock price increase of 10.49% over the month, with 40 stocks rising, including Haineng Technology, Huami New Materials, and Jiezong Technology, which increased by 60.09%, 52.87%, and 49.98%, respectively [2] - The average market capitalization of all companies on the BSE is 3.33 billion yuan, while the average market capitalization of the companies that were investigated is 3.72 billion yuan [2] Group 3 - The top companies by the number of institutions investigating them include Naconor (114), Kelong New Materials (67), and Tonghui Electronics (65), with their respective latest closing prices and percentage changes noted [2][3] - The average daily turnover rate for the investigated companies was 6.19%, with the highest turnover rates recorded for Huami New Materials, Tiangong Co., and Zhuozhao Point Glue at 13.15%, 12.73%, and 12.67%, respectively [2] - The report includes a detailed list of companies, their codes, number of institutions involved, investigation frequency, latest closing prices, percentage changes, and industry classifications [3][4]

Core Viewpoint - The report from Dongwu Securities highlights the industrial potential of warm isostatic pressing (WIP) technology for solid-state battery densification, indicating a significant market opportunity by 2029 with an expected value of 2.9 billion yuan [1][4]. Group 1: Isostatic Pressing Technology - Isostatic pressing technology has a wide range of applications across various industries, including aerospace, medical, automotive, and electronics, due to its advantages in densification and uniformity [2]. - The technology is categorized into cold, warm, and hot isostatic pressing, with warm isostatic pressing achieving a balance between densification performance, production efficiency, and cost [2]. Group 2: Application in Solid-State Batteries - Isostatic pressing can effectively address solid-solid interface contact issues in solid-state batteries, enhancing densification and improving component contact quality [3]. - Warm isostatic pressing is identified as the optimal process for solid-state battery densification, as it meets the temperature and pressure requirements while minimizing adverse reactions and energy costs [3]. Group 3: Industry Players and Market Dynamics - Traditional isostatic equipment manufacturers, such as Quintus and domestic firms like Chuanxi Machinery and Steel Research, are leveraging high-pressure technology to accelerate the transition to solid-state battery applications [4]. - Cross-industry players, including battery manufacturers and equipment suppliers like Xian Dao Intelligent and Liyuanheng, are redefining equipment based on downstream production line experiences, facilitating the industrialization of solid-state battery isostatic pressing [4]. Group 4: Challenges in Production - Current challenges in isostatic pressing equipment for solid-state batteries include design complexities, safety concerns, and limited production capacity, which hinder large-scale manufacturing [5]. - Enhancements in pre-treatment processes, pressure vessel volume, and automation can improve production efficiency and integration into solid-state battery production lines [5]. Group 5: Recommended Companies - Key recommendations include solid-state battery equipment suppliers like Xian Dao Intelligent (300450.SZ) and Liyuanheng (688499.SH), as well as companies involved in isostatic pressing equipment such as Nakano (832522.BJ) and Chuanxi Machinery [6].

Group 1 - The solid-state battery concept continues to gain strength, with companies such as Shanghai Xiba, Hanke Technology, Guoxuan High-Tech, Dexin Technology, Beijing Lier, and Dinglong Technology reaching their daily limit increase [1] - Other companies like Xiandai Intelligent, Haichen Pharmaceutical, Jiao Cheng Ultrasound, Naconoer, Jinlongyu, and Liyuanheng also experienced significant gains [1]

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company reported a total revenue of 473 million yuan for H1 2025, a decrease of 16.44% year-on-year, and a net profit attributable to shareholders of 52 million yuan, down 47.82% year-on-year. Due to short-term supply-demand mismatches in the industry, the profit forecasts for 2025 have been adjusted downwards, while maintaining the forecasts for 2026 and 2027. The expected net profits for 2025-2027 are 168 million, 256 million, and 282 million yuan respectively, with corresponding EPS of 1.07, 1.63, and 1.80 yuan. The current stock price corresponds to PE ratios of 52.8, 34.8, and 31.5 times for the respective years. The company still has sufficient orders on hand and is increasing its efforts in domestic market expansion and international layout, particularly in dry electrode and solid-state battery sectors, leading to the maintenance of the "Outperform" rating [5][6][8]. Financial Summary - For H1 2025, the company achieved revenue of 473 million yuan and a net profit of 52 million yuan. The revenue from intelligent roller press equipment was 404 million yuan with a gross margin of 20.42%, a decrease of 2.27 percentage points year-on-year. Other business revenue was 69.27 million yuan with a gross margin of 35.44%. The progress of the fundraising project "Xingtai Phase II Factory Expansion Project" is at 12.62%, expected to be operational by June 30, 2026. The company is actively engaging in technical exchanges and collaborations in the dry electrode and solid-state battery fields, mastering multiple technologies related to equipment manufacturing [6][7][8]. Financial Projections - The projected financials for the company are as follows: - Revenue (million yuan): 946 in 2023, 1,054 in 2024, 1,197 in 2025, 1,520 in 2026, and 1,671 in 2027, with year-on-year growth rates of 25.0%, 11.4%, 13.6%, 26.9%, and 10.0% respectively - Net profit (million yuan): 124 in 2023, 162 in 2024, 168 in 2025, 256 in 2026, and 282 in 2027, with year-on-year growth rates of 9.3%, 30.7%, 4.1%, 51.8%, and 10.3% respectively - EPS (yuan): 0.79 in 2023, 1.03 in 2024, 1.07 in 2025, 1.63 in 2026, and 1.80 in 2027 [8][11][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4]. Core Views - The company's performance is under pressure, with a significant decline in revenue and net profit for the first half of 2025. Revenue reached 473 million yuan, down 16.44% year-on-year, and net profit attributable to shareholders was 52 million yuan, down 47.82% year-on-year [1][4]. - The company is actively expanding its domestic and international markets, particularly in the dry electrode and solid-state battery sectors, and has established a substantial order backlog of 2.01 billion yuan [4]. Summary by Relevant Sections Financial Performance - In the first half of 2025, the company reported revenue of 473 million yuan, a decrease of 16.44% compared to the same period last year. The net profit attributable to the parent company was 52 million yuan, down 47.82% year-on-year. The second quarter alone saw revenue of 240 million yuan, a year-on-year decline of 12.29% but a quarter-on-quarter increase of 3.00%. The net profit for Q2 was 21 million yuan, down 58.83% year-on-year and down 32.26% quarter-on-quarter [1][4]. - The gross profit margin for the first half of 2025 was 22.62%, a decrease of 0.94 percentage points from the previous year [4]. Business Segments - Revenue from smart devices decreased to 404 million yuan, down 26.00% year-on-year, while other revenue sources increased significantly to 69 million yuan, a growth of 237.70% [4]. Market Strategy - The company is enhancing its market development efforts both domestically and internationally. It is engaging in technical exchanges and collaborations with research institutions and clients, focusing on various manufacturing technologies. The company is also accelerating the research and validation of isostatic pressing equipment, with some products already delivered to customers [4]. - The company aims to adapt to market demand changes by increasing domestic market efforts, accelerating overseas expansion, and enhancing cost reduction and efficiency improvement initiatives to boost profitability and achieve sustainable development [4]. Earnings Forecast - The projected earnings per share for 2025 and 2026 are 1.10 yuan and 1.38 yuan, respectively, with corresponding price-to-earnings ratios of 52 times and 42 times [4][5].

- The report does not contain any quantitative models or factors for analysis

Core Insights - In the past month (from July 28 to August 27), 36 companies listed on the Beijing Stock Exchange (BSE) were investigated by institutions, with Naconor being the most notable, attracting 114 participating institutions [1] - The average stock price of the companies that received institutional research increased by 6.34% during this period, with notable gainers including Haineng Technology, Huami New Materials, and Zhuozhao Adhesives, which rose by 57.82%, 51.96%, and 45.01% respectively [2] Group 1: Institutional Research - A total of 36 BSE companies were subject to institutional research, with 35 companies investigated by brokerages, 27 by funds, 23 by private equity, 19 by insurance firms, and 6 by overseas institutions [1] - Naconor led the research interest with 114 institutions participating, followed by Tonghui Electronics (65), Jianbang Technology (62), and Huami New Materials (55) [1] - The companies investigated belong to 12 different industries, with a concentration in machinery equipment, basic chemicals, and automotive sectors, having 10, 5, and 5 companies respectively [1] Group 2: Market Performance - The average market capitalization of all BSE companies is 3.269 billion yuan, while the average market capitalization of the companies that received institutional research is 3.717 billion yuan [2] - The average daily turnover rate for the researched companies was 6.71%, with the highest turnover rates recorded for Hengli Drill Tools (20.60%), Huami New Materials (11.99%), and Feiyi Pharmaceutical (11.14%) [2] - The most frequently researched company was Taihu Snow, which was investigated 3 times, while Mingyang Technology and Hengli Drill Tools were each researched 2 times [1]

证券代码：832522 证券简称：纳科诺尔 公告编号：2025-092 邢台纳科诺尔精轧科技股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 □现场参观 □新闻发布会 活动地点：线上调研 参会单位及人员：富国基金、南方基金、摩根基金、博时基金、易方达基金、 鹏华基金、工银瑞信基金、汇添富基金、鹏扬基金、宝盈基金、华夏基金、创金 合信基金、建信基金、融通基金、中欧基金、中信建投基金、中邮基金、新华基 金、长盛基金、信达澳亚基金、圆信永丰基金、西部利得基金、得桂基金、富安 达基金、广发基金、兴全基金、兴业基金、中航基金、高竹基金、国泰基金、鑫 元基金、永赢基金、国新国证基金、华宝基金、华商基金、华泰柏瑞基金、博普 资产、乘是资产、崇山资本、传奇投资、大家资产、淡马锡、丁松资本、顶天投 资、敦颐资产、非马投资、赋格投资、亘曦资产、耕霁资产、禾永投资、和顺天 成、贺腾资产、恒晖资本、红华资本、泓澄投资、洪顺资本 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company's H1 2025 revenue was 470 million yuan, a decrease of 16% year-on-year, with a net profit of 50 million yuan, down 48% year-on-year. The second quarter saw a revenue of 240 million yuan, with a quarter-on-quarter decrease of 12% and a year-on-year increase of 3% [7] - The order backlog has rapidly increased, reaching 2.01 billion yuan by June 30, 2025, with over 30% of orders coming from overseas, which have higher profit margins compared to domestic orders [7] - The company is advancing its internationalization strategy by establishing a regional headquarters in Hainan Free Trade Port in August 2025, which is expected to enhance profitability [7] - The company is set to launch isostatic pressing equipment in the second half of 2025, with ongoing development in dry electrode and solid-state battery technologies [7] - The company maintains profit forecasts of 160 million yuan, 240 million yuan, and 370 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 56, 38, and 25 [7] Financial Summary - Total revenue for 2023 is projected at 945.51 million yuan, with a year-on-year growth of 25.03%. The revenue is expected to reach 1,879.81 million yuan by 2027, reflecting a growth rate of 37.04% [1][8] - The net profit attributable to shareholders is forecasted to be 123.83 million yuan in 2023, increasing to 373.99 million yuan by 2027, with a growth rate of 55.69% [1][8] - The latest diluted EPS is expected to be 0.79 yuan in 2023, rising to 2.39 yuan by 2027 [1][8] - The company's asset-liability ratio stands at 54.10%, with a total market capitalization of approximately 9.17 billion yuan [5][6]