ENERGY TECHNOLOGY(SZ:002812) Minsheng Securities·2025-08-20 10:07Investment Rating - The report maintains a "Recommended" rating for the company [4][3]. Core Insights - The company reported a revenue of 5.763 billion yuan for H1 2025, a year-on-year increase of 20.49%, but a net profit attributable to shareholders of -0.093 billion yuan, a decline of 131.96% year-on-year [1]. - In Q2 2025, the company achieved a revenue of 3.034 billion yuan, up 23.53% year-on-year and 11.18% quarter-on-quarter, while the net profit attributable to shareholders was -0.119 billion yuan, a decrease of 189.47% year-on-year [1]. - The company is accelerating its overseas expansion, with its Hungary project operational and the U.S. facility construction completed, enhancing its competitive advantage [2]. - The company has established deep partnerships with major battery manufacturers both domestically and internationally, solidifying its market position [2]. - The company is diversifying its product offerings in the solid-state battery sector, with ongoing developments in semi-solid and all-solid-state battery materials [2]. Financial Projections - Revenue projections for 2025-2027 are 12.430 billion, 15.553 billion, and 18.573 billion yuan, with corresponding growth rates of 22.3%, 25.1%, and 19.4% [3][6]. - Net profit projections for the same period are 0.14 billion, 5.13 billion, and 10.81 billion yuan, with growth rates of 102.5%, 3651.8%, and 110.9% respectively [3][6]. - The projected PE ratios for 2025-2027 are 2267X, 60X, and 29X, reflecting the company's strong market position and ongoing overseas expansion [3][6].