Shenzhen Manst Technology (SZ:301325) Soochow Securities·2025-04-30 06:15Investment 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]