Ningbo Solartron Technology (SH:688299) Tai Ping Yang·2024-11-20 04:07Investment Rating - The report maintains a "Buy" rating for Changyang Technology (688299) [1][6][14] Core Views - Changyang Technology has signed a technology development contract with the Institute of Physics, Chinese Academy of Sciences, to jointly develop solid-state battery composite membranes, which is expected to accelerate the commercialization process [4][5] - The project aims to create a high porosity, high strength, thermally stable, and ultra-thin porous base membrane material, which will enhance the performance of solid-state lithium batteries [4][5] - The collaboration is positioned to leverage the strengths of both parties, potentially leading to significant advancements in solid-state battery technology and market positioning [5] Financial Summary - The company is projected to achieve revenues of CNY 1.39 billion, CNY 1.75 billion, and CNY 2.49 billion for the years 2024, 2025, and 2026 respectively, with corresponding net profits of CNY 37 million, CNY 162 million, and CNY 286 million [6][7] - The revenue growth rates are expected to be 10.95%, 26.09%, and 41.92% for the years 2024, 2025, and 2026 respectively [7] - The price-to-earnings (PE) ratios are forecasted to be 154.59x, 35.78x, and 20.26x for the years 2024, 2025, and 2026 respectively [6][7]