曼恩斯特（301325）：多业务布局，订单放量可期

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].