证券研究报告·公司点评报告·电池 曼恩斯特（301325） 2025 年三季报点评：业绩基本符合预期，静 待新业务开启放量 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 795.04 | 1,698.96 | 1,485.21 | 1,819.96 | 2,232.96 | | 同比（%） | 62.76 | 113.70 | (12.58) | 22.54 | 22.69 | | 归母净利润（百万元） | 341.37 | 30.70 | 14.46 | 122.46 | 194.74 | | 同比（%） | 67.98 | (91.01) | (52.90) | 746.88 | 59.02 | | EPS-最新摊薄（元/股） | 2.37 | 0.21 | 0.10 | 0.85 | 1.35 | | P/E（现价&最新摊薄） | 24.02 | 267.12 | 567.10 | 66.96 | 42. ...

证券研究报告 曼恩斯特 (301325 CH) 关注新业务订单进展 2025 年 11 月 02 日│中国内地 新能源及动力系统 华泰研究 季报点评 投资评级(维持): 买入 目标价(人民币): 66.56 刘俊 研究员 SAC No. S0570523110003 SFC No. AVM464 SAC No. S0570124070070 gongyubo@htsc.com 基本数据 | 收盘价 (人民币 截至 10 月 31 日) | 57.49 | | --- | --- | | 市值 (人民币百万) | 8,272 | | 6 个月平均日成交额 (人民币百万) | 337.50 | | 52 周价格范围 (人民币) | 40.59-81.40 | 股价走势图 (8) 20 48 75 103 Nov-24 Mar-25 Jul-25 Oct-25 (%) 曼恩斯特 沪深300 资料来源：Wind 经营预测指标与估值 | 会计年度 (人民币) | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业收入 (百万) | 1, ...

曼恩斯特发布三季度业绩：Q3 实现营收3.87 亿元（ yoy-43.11%，qoq+215.84%），归母净利-1195.32 万元（yoy-52.33%，qoq+58.94%）。 2025 年Q1-Q3 实现营收9.47 亿元（yoy-8.05%），归母净利-3546.66 万元（yoy-155.28%），扣非净 利-5291.07 万元（yoy-248.80%）。Q3 业绩同比承压，主要系核心部件盈利下滑与新业务前期投入较 大。我们看好公司锂电涂布模头市占率领先，有望受益于下游产能利用率提升，储能、固态电池、泛半 导体、机器人等业务或贡献新增量，维持"买入"评级。 盈利预测与估值 考虑到公司涂布模头与锂电设备经营承压，我们下调公司25-27 年归母净利润为-0.32/1.84/2.28 亿元（前 值1.67/2.18/2.35 亿元），对应EPS 为-0.22/1.28/1.58 元。可比公司26 年Wind 一致预期PE 均值为47.07 倍，考虑到公司锂电涂布模头市占率领先，有望受益于下游产能利用率提升，泛半导体、固态电池、机 器人等新业务订单放量可期，给予一定估值溢价，对应26 年52xPE，目标 ...

Core Insights - The stock of Mannester experienced a decline of 0.55% on October 30, with a trading volume of 163 million yuan [1] - The company reported a net financing outflow of 1.55 million yuan on the same day, with a total financing and margin trading balance of 247 million yuan [1][2] - Mannester's revenue for the first nine months of 2025 was 947 million yuan, representing a year-on-year decrease of 8.05%, while the net profit attributable to shareholders was -35.47 million yuan, a decline of 155.28% [2] Financing and Margin Trading - On October 30, Mannester had a financing buy-in of 14.75 million yuan, with a current financing balance of 246 million yuan, accounting for 7.53% of the circulating market value [1] - The financing balance is below the 50th percentile level over the past year, indicating a relatively low position [1] - In terms of margin trading, Mannester repaid 1,700 shares and sold 1,000 shares on October 30, with a selling amount of 56,400 yuan, while the margin balance was 1.12 million yuan, exceeding the 60th percentile level over the past year, indicating a relatively high position [1] Shareholder and Institutional Holdings - As of September 30, 2025, Mannester had 22,400 shareholders, a decrease of 9.22% from the previous period, with an average of 2,588 circulating shares per person, an increase of 10.16% [2] - Since its A-share listing, Mannester has distributed a total of 89.81 million yuan in dividends [3] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest shareholder with 1.25 million shares, an increase of 858,400 shares from the previous period [3]

Group 1: Financial Performance - The company's revenue for the first three quarters decreased by 8.05% year-on-year, totaling 947.02 million yuan [3] - The net profit attributable to shareholders declined by 155.28%, amounting to a loss of 3.55 million yuan [3] - In the third quarter, there was a significant increase in revenue compared to the previous quarter, driven by higher project completions in the energy systems and coating applications [3] Group 2: Research and Development - The company has increased its R&D investment by over 50% compared to the previous year, focusing on new business development [3] - Progress in solid-state battery technology includes research on dry electrode and solid electrolyte film formation, with existing product shipments and ongoing laboratory construction [4] - The company is optimizing materials and process parameters for solid-state electrolytes, with several orders for coating equipment already secured [4] Group 3: Semiconductor and Panel Business - The perovskite segment has seen a slowdown, with new orders primarily for small-scale experimental and layered coating equipment [5] - The company has successfully validated its panel equipment with major clients, expanding its customer base and securing additional orders for experimental lines [6] Group 4: International Business and Export Policies - The company's overseas sales proportion is currently small, and export control measures do not prohibit relevant product exports, allowing for normal business operations under compliance [6] - The company has established subsidiaries in Hong Kong, Germany, South Korea, and Japan, with plans to increase investment in international markets [6]

Group 1 - Mannsster (301325.SZ) reported its Q3 2025 results on October 29, 2025, with 12 institutional investors holding a total of 95.06 million shares, representing 66.06% of the total share capital [1] - The top ten institutional investors collectively hold 65.58% of the shares, with a slight decrease of 0.03 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, two funds increased their holdings, namely Southern CSI 1000 ETF and Huaxia CSI 1000 ETF, with a slight rise in the proportion of increased holdings [2] - One public fund, GF CSI 1000 ETF, reduced its holdings, resulting in a slight decline in the proportion of reduced holdings [2] - A total of 58 public funds did not disclose their holdings this quarter, including various funds such as China Ocean Energy Strategy Mixed and E Fund Strategy Allocation Mixed [2] - One new foreign institution disclosed its holdings this quarter, which is Hong Kong Central Clearing Limited [2]

Company Summary - Mannester (SZ 301325) announced on October 28 that its 14th meeting of the second board of directors will be held on October 28, 2025, to review the proposal for the reappointment of the accounting firm [1] - For the first half of 2025, Mannester's revenue composition is 100% from the specialized equipment manufacturing industry [1] - As of the report date, Mannester's market capitalization is 8.3 billion yuan [1] Industry Summary - The A-share market has surpassed 4000 points, marking a significant resurgence after a decade of stagnation, with technology leading the market transformation and a new "slow bull" pattern emerging [1]

Group 1 - The company announced a provision for asset impairment totaling 49.0386 million yuan for the period from January to September 2025 [2]

Core Viewpoint - Mannesmann announced the convening of its second board meeting on October 28, 2025, to review a proposal for comprehensive credit and project loan applications to financial institutions [2] Group 1 - The board meeting is scheduled for October 28, 2025 [2] - The agenda includes a proposal for the company to apply for comprehensive credit and project loan limits from financial institutions [2]

Core Viewpoint - Mannesmann announced plans to provide guarantees totaling RMB 200,000 million to support the operational needs of its wholly-owned and controlling subsidiaries [1] Group 1 - The company will hold its 14th meeting of the second board session on October 28, 2025, to review the proposal for external guarantee limits [1] - The guarantees are intended to fulfill the company's development strategy and support the daily operations and business development of its subsidiaries [1] - The subsidiaries receiving the guarantees include Huai'an Mannesmann Technology Co., Ltd. and Shenzhen Ancheng New Energy Co., Ltd., along with other subsidiaries within the consolidated financial statements [1]