证券研究报告 | 行业深度报告 2025 年 12 月 16 日 储能爆发+固态加速，看好锂电设备开启新一轮景气周期 锂电设备 2026 年度策略报告 中游制造/机械 2025 年，传统锂电扩产&招标恢复，同时储能爆发带来需求持续性，锂电设备 公司基本面触底回升。展望 2026 年，随着设备和材料逐步突破，固态电池即将 迎来商业化奇点，中试线招标、装车调试、量产线招标等后续催化不断，看好 设备端投资机遇。 q 2025 年回顾：传统锂电扩产&招标恢复，锂电设备板块景气复苏。 q 投资建议：固态产业化拐点渐行渐近，看好新技术打开设备百亿市场空间， 建议关注"卖铲人"逻辑。从竞争力延续角度，建议关注布局整线设备的锂 电设备龙头【先导智能】【赢合科技】【利元亨】【杭可科技】等；布局前 道干法电极设备【纳科诺尔】【宏工科技】【曼恩斯特】【先惠技术】【华 亚智能】；卡位核心环节等静压设备【利通科技】【科新机电】【荣旗股份】， ALD 设备【微导纳米】等；平台型激光设备、超声设备公司【海目星】【联 赢激光】【德龙激光】【骄成超声】等。 q 风险提示：下游电池厂扩产不及预期、固态电池等新技术产业进展不及预期、 竞争格局恶化 ...

证券日报网讯12月4日，曼恩斯特（301325）在互动平台回答投资者提问时表示，股票价格波动受多种 因素影响，请投资者注意投资风险。公司将持续深耕主业，努力提升经营质量及内在价值，并将不断强 化公司治理，提高规范运作水平，促进公司高质量发展，为股东创造可持续的长期回报。 ...

证券日报网讯12月4日，曼恩斯特（301325）在互动平台回答投资者提问时表示，未来公司将积极探索 技术跨界应用，助力更多领域的涂布设备国产化升级。 ...

格隆汇12月4日丨曼恩斯特(301325.SZ)在投资者互动平台表示，公司暂未有液冷产品。 ...

Core Viewpoint - The company aims to promote the industrial application of new materials, focusing on micro and nano-scale coating processes and equipment capabilities [1] Group 1: Company Strategy - The company is committed to deepening its expertise in micro and nano-scale coating technology [1] - The company has a diverse order coverage in the semiconductor sector, including perovskite, organic photovoltaics, display panels, and flexible foldable screens [1]

格隆汇12月4日丨曼恩斯特(301325.SZ)在投资者互动平台表示，公司在固态电池领域已初步完成干湿法 双线产品布局，其中新型陶瓷材料、双螺杆高效分散、薄涂及双层共涂等技术均有创新优势。今年推出 的固态电池极片制造解决方案，将干法电极与固态电解质薄涂技术创新融合，可以有效控制前段制程良 率以及提高产品一致性，目前多款设备已顺利交付并获得客户认可。 ...

（原标题：曼恩斯特(301325.SZ)：暂未有液冷产品） 格隆汇12月4日丨曼恩斯特(301325.SZ)在投资者互动平台表示，公司暂未有液冷产品。 ...

格隆汇12月4日丨曼恩斯特(301325.SZ)在投资者互动平台表示，公司暂未有液冷产品。 ...

Group 1 - The stock of Mannester (301325.SZ) closed at 50.42 yuan, with a decline of 3.91%, indicating it is currently in a broken state [1] - Mannester was listed on the Shenzhen Stock Exchange's ChiNext board on May 12, 2023, with an initial public offering (IPO) of 30 million shares at a price of 76.80 yuan per share [1] - The total funds raised from the IPO amounted to 230.4 million yuan, with a net amount of 210.69 million yuan, exceeding the original plan by 157.6 million yuan [1] - The funds raised are intended for various projects, including the industrialization of coating technology and working capital [1] - The total issuance costs for the IPO were 19.71 million yuan, with the lead underwriter receiving 15.5 million yuan in fees [1] Group 2 - Mannester announced a 2023 annual equity distribution plan, proposing a cash dividend of 5.00 yuan for every 10 shares, and a capital reserve conversion of 2 additional shares for every 10 shares held [2] - The record date for the equity distribution is set for May 23, 2024, with the ex-dividend date on May 24, 2024 [2]

Group 1: Core Insights - The report emphasizes that the AI wave is initiating a new cycle in intelligent manufacturing, shifting the investment focus from cyclical fluctuations to "new hard-core" assets that can define the future and support the AI trend [8][9]. - Human-shaped robots are highlighted as the ultimate embodiment of AI intelligence, expected to revolutionize labor liberation and serve as a universal platform for AI interaction with the physical world [9][10]. - The report identifies solid-state batteries as a key technology that will unlock performance ceilings for human-shaped robots and electric vehicles due to their high energy density and safety [9][10]. Group 2: Human-Shaped Robots - The human-shaped robot industry is transitioning from concept validation to commercialization, with companies that have developed product capabilities in key components likely to experience significant valuation increases [13][17]. - The investment strategy focuses on essential hardware components rather than single manufacturers due to the uncertainty in design solutions, creating unique investment opportunities [25][28]. - Key companies to watch in this sector include Xinjie Electric, Huichuan Technology, and Weichuang Electric, which are positioned to benefit from the growth in human-shaped robots [17][30]. Group 3: AI Equipment and Materials - The demand for AI-related infrastructure is surging, leading to significant growth in high-performance servers, GPUs, and advanced PCB requirements [32][36]. - The PCB specialized equipment market is expected to grow from $3.306 billion in 2020 to $4.111 billion in 2024, with a CAGR of 5.60% in China [32][34]. - Key players in the equipment sector include Dazhu CNC and Chip Quik, which are well-positioned to capitalize on the increasing demand for advanced PCB manufacturing [36][40]. Group 4: Solid-State Batteries - The solid-state battery industry is accelerating towards commercialization, with major manufacturers like CATL and Zhongxin Innovation targeting 2027 for small-scale production [9][10]. - The global solid-state battery equipment market is projected to reach ¥107.94 billion by 2030, indicating a significant capital expenditure cycle ahead [9][10]. - Companies such as Lead Intelligent and Hai Moxing are recommended for their potential to benefit from this new capital expenditure cycle [9][10]. Group 5: Controlled Nuclear Fusion - Controlled nuclear fusion is transitioning from experimental phases to industrialization, with significant advancements in research and increased capital investment driving the industry forward [9][10]. - The report suggests focusing on companies involved in nuclear fusion projects, such as Hangyang Co. and Shanghai Electric, which are positioned to gain from this emerging sector [9][10]. - The demand for energy solutions is expected to grow, making nuclear fusion a critical area for investment as it promises to provide sustainable energy sources [9][10]. Group 6: Engineering Machinery - The domestic engineering machinery market is recovering, with excavator sales showing a positive trend, while overseas demand is also increasing due to factors like housing construction and manufacturing sector recovery [6][9]. - Major projects in China, such as the Yaxi Water Conservancy Project and the Xinjiang-Tibet Railway, are expected to boost domestic machinery demand [6][9]. - Key companies in this sector include Sany Heavy Industry, XCMG, and Zoomlion, which are anticipated to benefit from both domestic recovery and international expansion [6][9].