SBT(SH:688392) HUAXI Securities·2025-07-31 13:33Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its future performance [7]. Core Insights - The company is a leading domestic player in ultrasonic equipment, experiencing a short-term performance inflection point due to strong growth in lithium battery production and rapid adoption of new products [3][25]. - The company has established a comprehensive ultrasonic technology platform, which supports its long-term growth logic by enabling expansion into various high-growth sectors such as solid-state batteries, medical devices, and robotics [4][54]. - The traditional lithium battery sector is recovering, with significant demand for ultrasonic welding equipment, particularly in multi-layer ear welding applications, which are critical for battery performance [63][69]. Summary by Sections Section 1: Domestic Ultrasonic Equipment Leader - The company specializes in ultrasonic equipment, with products including power battery welding equipment, automotive wiring harness welding equipment, and semiconductor ultrasonic devices, serving leading players in each segment [9][12]. - The revenue from the power battery segment has historically been the main driver of growth, with a CAGR of 48% from 2018 to 2022 [25][27]. Section 2: Mastery of Ultrasonic Platform Technology - The company has built a robust ultrasonic technology platform that spans theoretical, technical, and product levels, allowing for continuous innovation and revenue generation [4][54]. - The competitive landscape shows that the company faces high barriers to entry, with competitors primarily being foreign leaders, which enhances its profitability [4][57]. Section 3: Power Battery Sector - The recovery of traditional lithium batteries is evident, with major players like CATL and BYD restarting production, leading to a clear revival in demand for ultrasonic welding equipment [5][69]. - The company expects significant revenue growth from the power battery segment, with projected revenues of 1.5 billion yuan in 2024, supported by a high market share in ear welding applications [72]. Section 4: 3D Packaging as a Key Growth Area - The company is well-positioned to benefit from the expansion of advanced packaging technologies, with projected revenues from semiconductor equipment expected to grow significantly [6][54]. - The demand for ultrasonic scanning microscopes is anticipated to increase as traditional inspection methods become less effective in advanced packaging scenarios [6][54]. Section 5: Investment Recommendations - The report forecasts revenues of 7.58 billion, 10.44 billion, and 14.46 billion yuan for 2025-2027, with corresponding net profits of 1.40 billion, 2.25 billion, and 3.42 billion yuan, indicating strong growth potential [7].