Shenzhen Manst Technology (301325) 华泰金融·2025-05-16 04:48Investment Rating - The report maintains a "Buy" rating for Manst Technology [7][5]. Core Views - Manst Technology is expected to see a surge in orders as it penetrates multiple niche markets, despite facing operational pressures in its traditional LIB business [2][4]. - The company has shown optimism regarding its coating platform technology and the smooth progress of various business segments, anticipating accelerated growth in potential orders [2][4]. Financial Performance - For 2024, Manst's revenue and net profit are projected at RMB 1.699 billion and RMB 313.1 million, respectively, reflecting a year-on-year growth of 113.7% and a significant decline in net profit by 91% [2]. - The first quarter of 2025 shows revenue of RMB 438 million and a net profit of RMB 60 million, indicating a year-on-year increase of 139.2% in revenue but a decline of 90.2% in net profit [2]. - The report forecasts net profits for 2025, 2026, and 2027 to be RMB 203 million, RMB 283 million, and RMB 303 million, respectively, with a downward adjustment of 17.7% and 16.1% for 2025 and 2026 compared to previous estimates [5]. Business Segments - Coating Application: Revenue in this segment is expected to decline by 40.1% in 2024 to RMB 471 million, with a gross margin of 51.79% [3]. - Energy Systems: This segment is projected to have a low gross margin of 10.4% in 2024, with expectations of revenue reaching RMB 350 million in Q1 2025 and a gross margin increase to 15-20% [3]. - Solid-State Batteries: Manst has developed equipment for solid-state battery production and has received orders from multiple domestic and international clients [4]. - Robotics: The company is progressing with product designs and prototypes in its robotics segment [4]. - Semiconductor Devices: Manst has delivered its first GW-level perovskite solar cell coating equipment in China and secured over RMB 1 billion in new orders for 2024 [4]. - Energy Storage: The segment has seen rapid order growth, with new orders reaching RMB 2 billion in 2024, and revenue expectations for 2025 are between RMB 1.5 billion and RMB 2 billion [4]. Valuation - The report assigns a target price of RMB 5.64, based on a 40x P/E ratio for 2025, which is higher than the industry average of 33.9x [5][8]. - The closing price as of May 15 was RMB 55.94, indicating a potential upside of 1% [8].