Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 91 CNY, indicating a potential upside from the current price of 49.85 CNY [29]. Core Insights - The company, Naconoal, is a leader in the roller press machine industry with a market share of over 23% in China. It is well-positioned to capitalize on the emerging dry electrode technology, which is expected to significantly reduce manufacturing costs and improve efficiency compared to traditional wet processes [2][4]. - The dry electrode technology, being developed in collaboration with Qinyan Electronics, is anticipated to enter mass production by late 2025 to early 2026, driven by increasing demand from major battery manufacturers [3][4]. Summary by Sections Company Overview - Naconoal has established itself as a leader in the roller press machine sector, with a strong order backlog from major clients like CATL and BYD. The company is transitioning into the dry electrode market, which is seen as a significant growth opportunity [2][3]. Financial Performance - The company's revenue has shown substantial growth, with projections indicating an increase from 945.51 million CNY in 2023 to 2,201.87 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 48.85% [5]. - Net profit attributable to the parent company is expected to rise from 123.83 million CNY in 2023 to 403.64 million CNY in 2026, with a notable increase in profit margins due to operational efficiencies [5]. Market Trends - The dry electrode technology is gaining traction as it offers significant advantages over traditional wet methods, including an estimated 18% reduction in material costs and a 41% decrease in equipment investment. This technology is crucial for the future of battery production, particularly for electric vehicles [2][4][49]. - The Chinese lithium battery equipment market is projected to grow significantly, with the roller press equipment market expected to reach 60 billion CNY by 2025, driven by the ongoing expansion of battery production capacity [62][63]. Competitive Position - Naconoal's competitive edge lies in its advanced technology and strong partnerships, particularly with Qinyan Electronics, which enhances its capabilities in dry electrode production. The company has developed eight core technologies that position it favorably in the market [18][88]. - The collaboration with Qinyan Electronics, a spin-off from Tsinghua University, allows Naconoal to leverage cutting-edge research in dry electrode technology, further solidifying its leadership in the industry [22][88].
纳科诺尔：辊压机龙头顺应趋势，切入干法电极新领域