Investment Rating - The report initiates coverage with a "Buy" rating for the company [5] Core Views - The company is a leader in material handling for the lithium battery industry, with approximately 80% of its current revenue derived from this sector. It is expected that orders will increase in 2025, with a significant backlog of contracts amounting to 918 million yuan as of Q1 2024, reflecting a 120 million yuan increase from the end of 2024 [1][14] - The company is expanding its product offerings into solid-state battery technology and non-new energy sectors, aiming to increase revenue from these areas to 40% by 2030 [3][20] - The company has established a strong market presence in the domestic lithium battery material automation processing equipment market, with market shares of approximately 24.67% in slurry processing, 17.99% in positive electrode materials, and 10.34% in negative electrode materials as of 2022 [1][32] Summary by Sections Company Overview - The company focuses on the research, design, production, and sales of material automation processing lines and equipment, with a strong technical foundation and extensive application experience in various industries [13] - It has successfully penetrated the lithium battery sector since 2015, becoming a key supplier for major clients such as CATL and BYD [14] Business Expansion - The company is actively developing new equipment in the solid-state battery field, including a hybrid homogenization machine and trial lines for solid-state batteries, which have completed performance validation [2][19] - In the non-new energy sector, the company is increasing its R&D efforts in chemicals and pharmaceuticals, with a target to achieve 3.91 billion yuan in revenue from these areas in 2024, marking a 57.2% year-on-year growth [3][20] Financial Performance - The company forecasts net profits of 174.48 million yuan, 241.94 million yuan, and 430.21 million yuan for 2025, 2026, and 2027 respectively, with corresponding year-on-year growth rates of -16%, +38.66%, and +77.82% [4] - The company’s revenue is projected to decline to 2.09 billion yuan in 2024, a decrease of 34.64% compared to the previous year, primarily due to a slowdown in order deliveries in the lithium battery sector [25] Market Position - The company is positioned in the first tier of domestic material automation processing equipment suppliers, competing with firms like Wuxi Ross and Baoli Technology [28][30] - The global material automation processing equipment market is expected to grow from 35.8 billion USD in 2019 to 56.51 billion USD by 2027, with a compound annual growth rate of 5.87% [26][27]
宏工科技（301662）：固态、非新能源拓展打开成长空间