Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company faced pressure on its performance in H1 2025, but the successful delivery of high-speed wide-width dry electrode equipment is expected to enhance its business prospects in the solid-state battery sector [5][8] - The company has a backlog of orders amounting to 2 billion yuan, which is anticipated to drive performance recovery [8] - The company is actively expanding its domestic and overseas markets while accelerating the transformation of technological achievements and product upgrades to enhance profitability [8] Financial Summary - Revenue for 2025 is projected to be 1,107 million yuan, with a year-on-year growth rate of 5.06% [7] - Net profit attributable to the parent company is expected to be 170 million yuan in 2025, reflecting a growth rate of 5.31% [7] - Earnings per share (EPS) is forecasted to be 1.09 yuan in 2025, with a price-to-earnings (P/E) ratio of 54.88 [7] - The company achieved revenue of 473 million yuan and a net profit of 51.64 million yuan in H1 2025, with a year-on-year increase in cash flow from operating activities of 16% [8]
纳科诺尔（832522）：2025H1业绩承压，高速宽幅干法电极设备顺利交付绘制固态领域业务宏图