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 ...

证券代码：301325 证券简称：曼恩斯特 公告编号：2025-015 深圳市曼恩斯特科技股份有限公司 第二届董事会第十一次会议决议公告 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、董事会召开情况 深圳市曼恩斯特科技股份有限公司（以下简称"公司"）第二届董事会第十 一次会议于 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 2025 年 4 月 18 日（星期五）以电子邮件的方式送达全体董事。本次 会议应参会董事 9 人，实际参会董事 9 人，现场出席会议的董事 6 人，以通讯方 式出席会议的董事 3 人，分别是董事朱驰先生、独立董事韩文君女士、独立董事 杨浩军先生。本次会议由公司董事长唐雪姣女士召集并主持，公司全体监事、高 级管理人员列席了本次会议。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》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。 二、董事会会议审议情况 （一）审议通过《关于<2024 年年度报告>及其摘要的议案》 根据中国证监会、深圳 ...

证券代码：301325 证券简称：曼恩斯特 公告编号：2025-019 深圳市曼恩斯特科技股份有限公司 关于 2024 年度利润分配方案的公告 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）公司 2024 年度不进行利润分配的方案不触及其他风险警示情形： 1 | 项目 | 本年度 | 上年度 | 上上年度 | | --- | --- | --- | --- | | 现金分红总额（元） | 30,074,637.60 | 59,731,650.00 | 不适用 | | 回购注销总额（元） | 0 | 0 | 不适用 | | 归属于上市公司股东 | 30,699,242.68 | 341,374,113.58 | 不适用 | | 的净利润（元） | | | | | 研发投入（元） | 120,093,307.02 | 70,138,673.39 | 不适用 | | 营业收入（元） | 1,698,962,514.26 | 795,035,100.82 | 不适用 | | 合并报表本年度末累 | | 514,959,560.87 | | | 计未分配利润（元 ...