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].

Group 1 - The A-share market showed mixed performance on April 30, with active trading in new energy concept stocks, particularly the ChiNext New Energy ETF, which rose by 1.96% [1] - The ChiNext New Energy ETF is the only ETF tracking the ChiNext New Energy Index, covering sectors such as solar, wind, biomass, nuclear energy, and various components of the new energy vehicle industry [1] - The first offshore photovoltaic project built in high wind speed sea areas, the 180 MW offshore photovoltaic power station project by the Three Gorges Group, has achieved full capacity grid connection in Fujian, providing approximately 300 million kWh of clean electricity annually [1] Group 2 - The large-scale installation of offshore photovoltaic systems is expected to accelerate between 2025 and 2027, with full-scale development anticipated by 2030 [2] - The domestic offshore wind power sector is experiencing upward trends, with positive export conditions and accelerated commercialization of floating wind power [2] - The photovoltaic industry is seeing price rebounds and inventory declines, with recommendations to focus on glass and battery cell manufacturers that have undergone sufficient corrections [2]

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].

2024 年营业收入普遍下滑，部分公司出现亏损 ： 大多数公司 2024 年营业收入同比出现 20%-50% 的 降幅， 仅 曼恩斯特、星云股份和纳科诺尔 等少数公司保持正增长。 利润方面， 大多数公司出于谨慎原则计提了较高减值，导致归母净利润同比降幅相较收入降幅扩大， 海 目星、利元亨、金银河和星云股份 等公司出现了亏损。 业绩下滑反映了 2024 年国内锂电下游市场需求 放缓，客户设备验收节奏有所延迟的情况。 关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤锂电 锂电设备公司已经于近期陆续公布了 2024 年及 2025 年一季度的财报。 #鑫椤锂电 整理了主要锂电设 备公司的营业收入和归母净利润表格如下。 | 公司名称 | | 营业收入 | | | 明母冷却酒 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2024 (亿元) | 同比 | Q125 (1Z7C) | 目比 | 2024 (1770) | 同比 | Q125 (177) | 同比 | | 先导 ...

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]

目 录 一、关于营业收入扣除情况的专项核查意见………………………第 1—2 页 二、2024 年度营业收入扣除情况表…………………………………第 3—5 页 | 6—9 | | --- | | 页 | | 三、执业资质证书……………………………………………………第 | 关于营业收入扣除情况的专项核查意见 天健审〔2025〕1-1314 号 深圳市曼恩斯特科技股份有限公司全体股东： 我们接受委托，审计了深圳市曼恩斯特科技股份有限公司（以下简称曼恩斯 特公司）2024 年度财务报表，包括 2024 年 12 月 31 日的合并及母公司资产负债 表，2024 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表，以及财务报表附注，并出具了审计报告。在此基础上，我 们核查了后附的曼恩斯特公司管理层编制的《2024 年度营业收入扣除情况表》 （以下简称扣除情况表）。 一、对报告使用者和使用目的的限定 本报告仅供曼恩斯特公司年度报告披露时使用，不得用作任何其他目的。我 们同意将本报告作为曼恩斯特公司年度报告的必备文件，随同其他文件一起报送 并对外披露。 为了更好地理解曼恩斯特公司 2024 年 ...

证券代码：301325 证券简称：曼恩斯特 公告编号：2025-027 深圳市曼恩斯特科技股份有限公司 关于召开 2024 年年度股东会的通知 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 2025 年 4 月 28 日召开的第二届董事会第十一次会议审议通过了《关于召开公司 2024 年年度股 东会的议案》，决定于 2025 年 6 月 6 日（星期五）召开公司 2024 年年度股东 会。现将相关情况公告如下： 一、召开会议的基本情况 1、股东会届次：2024 年年度股东会 2、股东会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东会的召开符合有关法律、行政法规、 部门规章、规范性文件和《公司章程》的相关规定。 4、会议召开的日期、时间： （1）现场会议时间：2025 年 6 月 6 日（星期五）14:30 （2）网络投票时间：通过深圳证券交易所（以下简称"深交所"）交易系 统进行网络投票的具体时间为：2025 年 6 月 6 日 9:15-9:25，9:30-11:30 和 13:00- 15 ...

第二届监事会第八次会议决议公告 本公司及监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。 一、监事会会议召开情况 深圳市曼恩斯特科技股份有限公司（以下简称"公司"）第二届监事会第八 次会议于 2025 年 4 月 28 日（星期一）以现场会议的方式在公司会议室召开，会 议通知于 2024 年 4 月 18 日（星期五）以电子邮件的方式送达全体监事。本次会 议应参会监事 3 人，实际参会监事 3 人，现场出席会议的监事 3 人，会议由公司 监事会主席王忠诚先生召集并主持，本次会议的召集、召开和表决程序符合《中 华人民共和国公司法》等有关法律、行政法规、部门规章、规范性文件和《深圳 市曼恩斯特科技股份有限公司章程》（以下简称"《公司章程》"）的有关规定， 会议合法、有效。 证券代码：301325 证券简称：曼恩斯特 公告编号：2025-016 深圳市曼恩斯特科技股份有限公司 二、监事会会议审议情况 1、审议通过《关于<2024 年年度报告>及其摘要的议案》 《深圳市曼恩斯特科技股份有限公司 2024 年年度报告》及《深圳市曼恩斯 特科技股份有限公司 2024 年年度报告摘要 ...