Shenzhen Manst Technology (SZ:301325) Huachuang Securities·2025-05-18 10:45Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 67.32 CNY, based on expected growth in the energy storage business and new business developments [5][9]. Core Insights - The company's energy storage business is gradually ramping up, and the development of new business areas is promising. The traditional lithium battery business is under pressure due to supply-demand mismatches and increased competition, while the energy system business is expected to improve profitability as it scales [5][9]. - The company achieved a total revenue of 1.699 billion CNY in 2024, representing a year-on-year growth of 113.7%. However, the net profit attributable to the parent company was only 31 million CNY, down 91% year-on-year [4][9]. - The report highlights the company's multi-track layout, including expansion into the semiconductor and robotics industries, which is expected to inject new growth momentum [9]. Financial Summary - Revenue Forecast: Projected revenues for 2025, 2026, and 2027 are 2.43 billion CNY, 3.02 billion CNY, and 3.63 billion CNY, respectively, with growth rates of 43%, 24.3%, and 20.3% [4][10]. - Net Profit Forecast: Expected net profits for 2025, 2026, and 2027 are 161 million CNY, 247 million CNY, and 321 million CNY, with growth rates of 425.9%, 52.8%, and 30.3% [4][10]. - Earnings Per Share (EPS): The EPS is projected to increase from 0.21 CNY in 2024 to 2.23 CNY in 2027 [4][10]. - Valuation Ratios: The price-to-earnings (P/E) ratio is expected to decrease from 270 in 2024 to 26 in 2027, indicating improving valuation as earnings grow [4][10].