公司研究 证 券 研 究 报 告 储能业务逐渐放量，布局新业务发展可期 目标价：67.32 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,699 | 2,430 | 3,020 | 3,634 | | 同比增速(%) | 113.7% | 43.0% | 24.3% | 20.3% | | 归母净利润(百万) | 31 | 161 | 247 | 321 | | 同比增速(%) | -91.0% | 425.9% | 52.8% | 30.3% | | 每股盈利(元) | 0.21 | 1.12 | 1.71 | 2.23 | | 市盈率(倍) | 270 | 51 | 34 | 26 | | 市净率(倍) | 2.9 | 2.7 | 2.5 | 2.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 16 日收盘价 锂电设备 2025 年 05 月 18 日 | 目标价：67.32 | ...

公司研究 证 券 研 究 报 告 储能业务逐渐放量，布局新业务发展可期 目标价：67.32 元 事项： 评论： [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 1,699 | 2,430 | 3,020 | 3,634 | | 同比增速(%) | 113.7% | 43.0% | 24.3% | 20.3% | | 归母净利润(百万) | 31 | 161 | 247 | 321 | | 同比增速(%) | -91.0% | 425.9% | 52.8% | 30.3% | | 每股盈利(元) | 0.21 | 1.12 | 1.71 | 2.23 | | 市盈率(倍) | 270 | 51 | 34 | 26 | | 市净率(倍) | 2.9 | 2.7 | 2.5 | 2.3 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 5 月 16 日收盘价 锂电设备 2025 年 05 月 18 日 | 目标价：67.32 | ...

Investment Rating - The report maintains a "Buy" rating for Manst Technology [7][5]. Core Views - Manst Technology is expected to see a surge in orders as it penetrates multiple niche markets, despite facing operational pressures in its traditional LIB business [2][4]. - The company has shown optimism regarding its coating platform technology and the smooth progress of various business segments, anticipating accelerated growth in potential orders [2][4]. Financial Performance - For 2024, Manst's revenue and net profit are projected at RMB 1.699 billion and RMB 313.1 million, respectively, reflecting a year-on-year growth of 113.7% and a significant decline in net profit by 91% [2]. - The first quarter of 2025 shows revenue of RMB 438 million and a net profit of RMB 60 million, indicating a year-on-year increase of 139.2% in revenue but a decline of 90.2% in net profit [2]. - The report forecasts net profits for 2025, 2026, and 2027 to be RMB 203 million, RMB 283 million, and RMB 303 million, respectively, with a downward adjustment of 17.7% and 16.1% for 2025 and 2026 compared to previous estimates [5]. Business Segments - Coating Application: Revenue in this segment is expected to decline by 40.1% in 2024 to RMB 471 million, with a gross margin of 51.79% [3]. - Energy Systems: This segment is projected to have a low gross margin of 10.4% in 2024, with expectations of revenue reaching RMB 350 million in Q1 2025 and a gross margin increase to 15-20% [3]. - Solid-State Batteries: Manst has developed equipment for solid-state battery production and has received orders from multiple domestic and international clients [4]. - Robotics: The company is progressing with product designs and prototypes in its robotics segment [4]. - Semiconductor Devices: Manst has delivered its first GW-level perovskite solar cell coating equipment in China and secured over RMB 1 billion in new orders for 2024 [4]. - Energy Storage: The segment has seen rapid order growth, with new orders reaching RMB 2 billion in 2024, and revenue expectations for 2025 are between RMB 1.5 billion and RMB 2 billion [4]. Valuation - The report assigns a target price of RMB 5.64, based on a 40x P/E ratio for 2025, which is higher than the industry average of 33.9x [5][8]. - The closing price as of May 15 was RMB 55.94, indicating a potential upside of 1% [8].

Group 1: Financial Performance - In 2024, the company achieved operating revenue of 169,896.25 million, a year-on-year increase of 113.70% [3] - The net profit attributable to shareholders was 3,069.92 million, a decrease of 91.01% compared to the previous year [3] - In Q1 2025, the operating revenue was 43,809.96 million, up 139.20% year-on-year, with a net profit of 560.00 million, down 90.24% year-on-year but turning profitable compared to the previous quarter [3] Group 2: Business Development and Projects - The company secured over 20 billion in new orders for energy storage in 2024, including a contract worth 41,400 million for the "Chabei Management Area (300MW/1.2GWh) independent energy storage power station project" [3][5] - The company has a total of 412 authorized patents as of the end of 2024, including 49 invention patents and 329 utility model patents [4] Group 3: Strategic Focus and Future Plans - The company aims to enhance its industrial layout across "new energy + semiconductor" sectors, focusing on lithium batteries, semiconductors, energy storage, hydrogen energy, and robotics [5] - The company plans to continue developing core technologies in PEM electrolyzers and hydrogen production systems [3][5] Group 4: R&D and Innovation - In 2024, the company emphasized R&D in new ceramic materials, dry film systems, and automated closed-loop systems, among others [6] - The company launched experimental "slit-type desktop coating machines" to meet the needs of semiconductor packaging processes [6] Group 5: Market Challenges and Responses - The company noted that its overseas sales proportion is small, and current trade restrictions on lithium battery equipment do not significantly impact its business [2] - The decline in gross margin is attributed to changes in product structure, with energy system business revenue rapidly increasing to 71.62% of total revenue, while new businesses are still in the cultivation stage [6]

证券代码：301325 证券简称：曼恩斯特 公告编号：2025-029 深圳市曼恩斯特科技股份有限公司 关于第二期回购公司股份的进展公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 深圳市曼恩斯特科技股份有限公司（以下简称"公司"）于 2024 年 10 月 28 日召开第二届董事会第六次会议，审议通过了《关于回购公司股份方案的议 案》，同意公司使用自筹资金及公司自有资金以集中竞价交易方式回购公司人民 币普通股（A 股），回购股份的资金总额上限为人民币 20,000 万元（含本数）， 回购下限为人民币 10,000 万元（含本数）。本次回购股份用于员工持股计划或 股 权 激 励 。 具 体 内 容 详 见 公 司 于 2024 年 10 月 29 日 在 巨 潮 资 讯 网 （www.cninfo.com.cn）披露的《关于第二期回购公司股份方案的公告》（公告编 号：2024-065）、《回购报告书》（公告编号：2024-066）。 公司于 2024 年 11 月 30 日召开第二届董事会第七次会议，审议通过了《关 于调整第二期回购公司股份价格上限的议案》 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 56.40 [6][7]. Core Views - The company is expected to see significant revenue growth, with a projected revenue of RMB 1.699 billion in 2024, representing a year-on-year increase of 113.7% [1][5]. - The company is diversifying its business and increasing R&D investments to mitigate pressures from traditional lithium battery operations, which are currently facing challenges due to lower operating rates among downstream lithium battery clients [2][3]. Summary by Sections Financial Performance - In 2024, the company reported revenue of RMB 1.699 billion, up 113.7% year-on-year, but a net profit attributable to the parent company of RMB 0.31 billion, down 91% year-on-year [1][5]. - For Q1 2025, the company achieved revenue of RMB 4.38 billion, a year-on-year increase of 139.2%, while the net profit attributable to the parent company was RMB 0.06 billion, down 90.2% year-on-year [1][3]. Business Segments - Coating application segment revenue in 2024 was RMB 4.71 billion, down 40.1% year-on-year, with a gross margin of 51.79% [2]. - The energy systems segment had a low gross margin of 10.4% in 2024 due to high initial costs, but is expected to improve to 15-20% in Q1 2025 with projected revenue of RMB 3.5 billion [2]. R&D and New Business Development - The company is focusing on solid-state batteries, robotics, and semiconductor applications, with significant progress in developing new products and securing orders [2][3]. - R&D expenses increased significantly, with RMB 1.2 billion in 2024 and RMB 0.28 billion in Q1 2025, reflecting a year-on-year increase of 71.2% and 54.2%, respectively [2]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is RMB 2.03 billion in 2025, with a decline of 17.7% from the previous year [3]. - The company is assigned a PE ratio of 40 times for 2025, with a target price of RMB 56.40, reflecting a positive outlook based on the potential growth in solid-state battery orders [3].

Core Viewpoint - The company reported a significant increase in revenue for 2024, but a sharp decline in net profit, primarily due to challenges in the lithium battery sector and high initial costs in energy systems [1][2]. Financial Performance - For 2024, the company achieved revenue of 1.699 billion yuan, a year-on-year increase of 113.7%, while the net profit attributable to shareholders was 31 million yuan, a year-on-year decrease of 91% [1]. - In Q4 2024, revenue reached 669 million yuan, a year-on-year increase of 186%, but the net profit was -33 million yuan, a year-on-year decrease of 137% [1]. - For Q1 2025, revenue was 438 million yuan, a year-on-year increase of 139.2%, but the net profit was 6 million yuan, a year-on-year decrease of 90.2% [1]. Business Segments - **Coating Application Segment**: Revenue for 2024 was 471 million yuan, a year-on-year decrease of 40.1%, with a gross margin of 51.79%, down 16.6 percentage points [2]. - **Energy Systems Segment**: The gross margin was low at 10.4% in 2024 due to high initial costs; Q1 2025 revenue is estimated at 350 million yuan, with a gross margin expected to improve to 15-20% [2]. R&D and Diversification - The company increased R&D expenses to 120 million yuan in 2024 and 28 million yuan in Q1 2025, representing year-on-year increases of 71.2% and 54.2%, respectively [2]. - The company is focusing on multiple growth areas, including solid-state batteries, robotics, semiconductor applications, and energy storage, with significant orders expected in these segments [2]. Profit Forecast and Valuation - Due to weak demand in the lithium battery sector, revenue and gross margin assumptions have been adjusted downward, while R&D expenses have been increased [3]. - Projected net profits for 2025-2027 are 203 million yuan, 283 million yuan, and 303 million yuan, with declines of 17.7% and 16.1% for 2025-2026 [3]. - The company is assigned a target price of 56.40 yuan for 2025, based on a 40 times PE ratio, reflecting optimism about the future of solid-state battery development [3].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 56.40 RMB [6][7]. Core Views - The company is expected to see significant revenue growth, with a projected revenue of 1.699 billion RMB in 2024, representing a year-on-year increase of 113.7% [1][5]. - The company is diversifying its business and increasing R&D investment to mitigate pressures from traditional lithium battery operations, which are currently facing challenges due to lower operating rates among downstream lithium battery clients [2][3]. - The company has made progress in various business segments, including solid-state batteries, robotics, and energy storage, with a notable increase in orders expected [2][3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 1.699 billion RMB, up 113.7% year-on-year, but a net profit attributable to shareholders of only 31 million RMB, down 91% [1][5]. - The Q4 2024 revenue was 669 million RMB, showing a year-on-year increase of 186%, while the net profit was negative at -33 million RMB, a decline of 137% [1]. - For Q1 2025, the revenue was 438 million RMB, reflecting a year-on-year increase of 139.2%, but the net profit was only 6 million RMB, down 90.2% [1]. Business Segments - Coating applications segment revenue in 2024 was 471 million RMB, down 40.1% year-on-year, with a gross margin of 51.79%, a decrease of 16.6 percentage points [2]. - The energy systems segment had a low gross margin of 10.4% in 2024 due to high initial costs, but is expected to improve to 15-20% in Q1 2025 with projected revenue of 350 million RMB [2]. - The company is focusing on platform technology and has seen significant order growth in energy storage, with new orders of 2 billion RMB in 2024 and expected revenue of 1.5-2 billion RMB in 2025 [2]. Profit Forecast and Valuation - The company’s net profit forecast for 2025-2027 is 203 million RMB, 283 million RMB, and 303 million RMB respectively, with a decline of 17.7% and 16.1% in 2025 and 2026 [3]. - The report assigns a PE ratio of 40x for 2025, leading to a target price of 56.40 RMB, which is a decrease from the previous target of 59.85 RMB [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's 2024 annual report and 2025 Q1 report show that performance is generally in line with expectations, with new business gradually ramping up [8] - Revenue for 2024 is projected at 1.7 billion, a year-on-year increase of 113.7%, while net profit attributable to shareholders is expected to be 30.7 million, a decrease of 91% [8] - The company is experiencing a significant increase in its energy system revenue, which is expected to grow by 50% in 2025 [8] Financial Performance Summary - Total revenue for 2023 was 795.04 million, with a projected increase to 1,698.96 million in 2024, and further growth to 2,333.10 million in 2025 [1] - The net profit attributable to shareholders is expected to decline from 341.37 million in 2023 to 30.70 million in 2024, before rebounding to 119.76 million in 2025 [1] - The latest diluted EPS is projected to be 0.21 in 2024, increasing to 0.83 in 2025 and 1.46 in 2026 [1] Business Development Summary - The company is seeing a substantial increase in its energy system business, which accounted for 80% of Q1 2025 revenue [8] - New business initiatives, including a strategic shift towards the semiconductor field and collaboration with major clients, are expected to contribute significantly to future revenue [8] - The company is also expanding into the robotics sector through its subsidiary, with plans to launch a series of products [8] Cost and Cash Flow Summary - Operating expenses for 2024 are projected at 330 million, a 99% increase year-on-year, indicating pressure on operating cash flow [8] - The company reported a negative operating cash flow of 1.1 billion in 2024, which is expected to improve in subsequent years [8] - Capital expenditures are projected to increase significantly, with 300 million planned for 2024 [8]

Financial Performance - In 2024, the company's revenue was 169,896.25 thousand yuan, representing a year-on-year increase of 113.70% [2] - The net profit attributable to shareholders was 3,069.92 thousand yuan, showing a significant decline of 91.01% compared to the previous year [3] Product Development - The company has increased the penetration rate of dual-layer coating heads, with a focus on high energy density, high safety, and intelligent technology [3] - New products launched in 2024 include fully automatic dual-layer coating heads and solutions to address contamination issues in battery manufacturing [3] International Expansion - The company has established wholly-owned subsidiaries in Germany, Japan, and Hong Kong, with significant capabilities in Germany to meet European market demands [4] - In 2024, overseas revenue reached 2,493.01 thousand yuan, marking a substantial increase from the previous year [4] Robotics Sector - The company is in the early investment phase of the robotics sector, focusing on developing micro linear actuators and robotic hands, with no current orders or revenue generated [5] Semiconductor Business - The company has developed a reliable collaborative research capability in the semiconductor sector, securing over 100 million yuan in new orders in 2024 [6] - Key products include automated coating systems for perovskite and organic photovoltaics, as well as large-scale display coating systems [6] Solid-State Battery Development - The company is investing in both dry and wet process technologies for solid-state batteries, launching several new products in 2024 to enhance its dual-line layout in this field [6]