曼恩斯特：多业务布局，订单放量可期-20250430

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 56.40 [6][7]. Core Views - The company is expected to see significant revenue growth, with a projected revenue of RMB 1.699 billion in 2024, representing a year-on-year increase of 113.7% [1][5]. - The company is diversifying its business and increasing R&D investments 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]. Summary by Sections Financial Performance - In 2024, the company reported revenue of RMB 1.699 billion, up 113.7% year-on-year, but a net profit attributable to the parent company of RMB 0.31 billion, down 91% year-on-year [1][5]. - For Q1 2025, the company achieved revenue of RMB 4.38 billion, a year-on-year increase of 139.2%, while the net profit attributable to the parent company was RMB 0.06 billion, down 90.2% year-on-year [1][3]. Business Segments - Coating application segment revenue in 2024 was RMB 4.71 billion, down 40.1% year-on-year, with a gross margin of 51.79% [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 RMB 3.5 billion [2]. R&D and New Business Development - The company is focusing on solid-state batteries, robotics, and semiconductor applications, with significant progress in developing new products and securing orders [2][3]. - R&D expenses increased significantly, with RMB 1.2 billion in 2024 and RMB 0.28 billion in Q1 2025, reflecting a year-on-year increase of 71.2% and 54.2%, respectively [2]. Profit Forecast and Valuation - The forecast for net profit attributable to the parent company is RMB 2.03 billion in 2025, with a decline of 17.7% from the previous year [3]. - The company is assigned a PE ratio of 40 times for 2025, with a target price of RMB 56.40, reflecting a positive outlook based on the potential growth in solid-state battery orders [3].