Group 1 - The company announced that its wholly-owned subsidiary, Shenzhen Manns Technology Investment Management Co., Ltd., plans to invest 50 million yuan as a limited partner in the establishment of Tianjin Guiou No. 1 Equity Investment Fund Partnership (Limited Partnership) [1] - The total registered capital of the fund is 100 million yuan, with the company holding a 49.995% share [1] - The investment focus of the fund is on equity investment projects in the new energy storage industry [1]

证券代码：301325 证券简称：曼恩斯特 公告编号：2025-030 深圳市曼恩斯特科技股份有限公司 关于公司全资子公司与专业机构共同投资的公告 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。 一、与专业机构共同投资概述 为推进深圳市曼恩斯特科技股份有限公司（以下简称"公司"）整体战略实 施，加快围绕主营业务优化产业布局，进一步提升综合竞争力，公司全资子公司 深圳市曼恩斯特创投管理有限公司（以下简称"曼恩创投"）拟作为有限合伙人 以自有资金出资人民币 5,000 万元，与普通合伙人暨基金管理人贵欧私募基金管 理（北京）有限公司及其他有限合伙人天津贵欧投资产业基金合伙企业（有限合 伙）共同设立天津贵欧壹号股权投资基金合伙企业（有限合伙）（暂定名，以工 商登记机关最终核准为准，以下简称"标的基金"），标的基金注册资本为人民 币 10,001 万元，曼恩创投持有标的基金的份额为 49.995%。 二、交易对手方基本情况 （一）基金管理人、普通合伙人基本情况 1、基本情况 名称：贵欧私募基金管理（北京）有限公司 1 统一社会信用代码：91110116MA04FWD4 ...

一、与专业机构共同投资概述 为推进深圳市曼恩斯特科技股份有限公司（以下简称"曼恩斯特"）整体战 略实施，加快围绕主营业务优化产业布局，进一步提升综合竞争力，曼恩斯特全 资子公司深圳市曼恩斯特创投管理有限公司（以下简称"曼恩创投"）拟作为有 限合伙人以自有资金出资人民币 5,000 万元，与普通合伙人暨基金管理人贵欧私 募基金管理（北京）有限公司及其他有限合伙人天津贵欧投资产业基金合伙企业 （有限合伙）共同设立天津贵欧壹号股权投资基金合伙企业（有限合伙）（暂定 名，以工商登记机关最终核准为准，以下简称"标的基金"），标的基金注册资 本为人民币 10,001 万元，曼恩创投持有标的基金的份额为 49.995%。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自 律监管指引第 7 号——交易与关联交易》《深圳市曼恩斯特科技股份有限公司章 程》《深圳市曼恩斯特科技股份有限公司对外投资管理制度》的规定，本次与专 业机构共同投资事项已经公司总经理办公会审议，无需提交公司董事会、股东会 审议。 上述投资事项不存在同业竞争，不构成关联交易，也不构成《上市公司重大 民生证券股份有限公司关于深圳市曼恩斯特科技 ...

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 67.32 CNY, based on expected growth in the energy storage business and new business developments [5][9]. Core Insights - The company's energy storage business is gradually ramping up, and the development of new business areas is promising. The traditional lithium battery business is under pressure due to supply-demand mismatches and increased competition, while the energy system business is expected to improve profitability as it scales [5][9]. - The company achieved a total revenue of 1.699 billion CNY in 2024, representing a year-on-year growth of 113.7%. However, the net profit attributable to the parent company was only 31 million CNY, down 91% year-on-year [4][9]. - The report highlights the company's multi-track layout, including expansion into the semiconductor and robotics industries, which is expected to inject new growth momentum [9]. Financial Summary - **Revenue Forecast**: Projected revenues for 2025, 2026, and 2027 are 2.43 billion CNY, 3.02 billion CNY, and 3.63 billion CNY, respectively, with growth rates of 43%, 24.3%, and 20.3% [4][10]. - **Net Profit Forecast**: Expected net profits for 2025, 2026, and 2027 are 161 million CNY, 247 million CNY, and 321 million CNY, with growth rates of 425.9%, 52.8%, and 30.3% [4][10]. - **Earnings Per Share (EPS)**: The EPS is projected to increase from 0.21 CNY in 2024 to 2.23 CNY in 2027 [4][10]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 270 in 2024 to 26 in 2027, indicating improving valuation as earnings grow [4][10].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 67.32 CNY, based on expected growth in the energy storage business and new business developments [5][9]. Core Views - The energy storage business is gradually ramping up, and the company's expansion into new business areas is promising. The traditional lithium battery business is under pressure, but the energy storage segment is expected to improve profitability as it develops [5][9]. - The company achieved a total revenue of 1.699 billion CNY in 2024, representing a year-on-year growth of 113.7%. However, the net profit attributable to the parent company was only 31 million CNY, down 91% year-on-year [9][10]. - The report highlights the company's multi-track layout, which is expected to inject new growth momentum. This includes expansion into the semiconductor industry and a strategic partnership in the robotics sector [9][10]. Financial Summary - **Revenue Forecast**: The company is projected to generate total revenues of 2.430 billion CNY in 2025, 3.020 billion CNY in 2026, and 3.634 billion CNY in 2027, with growth rates of 43.0%, 24.3%, and 20.3% respectively [4][10]. - **Net Profit Forecast**: The net profit attributable to the parent company is expected to rise to 161 million CNY in 2025, 247 million CNY in 2026, and 321 million CNY in 2027, with growth rates of 425.9%, 52.8%, and 30.3% respectively [4][10]. - **Earnings Per Share (EPS)**: The EPS is projected to increase from 0.21 CNY in 2024 to 1.12 CNY in 2025, 1.71 CNY in 2026, and 2.23 CNY in 2027 [4][10]. - **Valuation Ratios**: The price-to-earnings (P/E) ratio is expected to decrease from 270 in 2024 to 51 in 2025, 34 in 2026, and 26 in 2027, indicating improving valuation as earnings grow [4][10].

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].

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]