Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company reported a total revenue of 473 million yuan for H1 2025, a decrease of 16.44% year-on-year, and a net profit attributable to shareholders of 52 million yuan, down 47.82% year-on-year. Due to short-term supply-demand mismatches in the industry, the profit forecasts for 2025 have been adjusted downwards, while maintaining the forecasts for 2026 and 2027. The expected net profits for 2025-2027 are 168 million, 256 million, and 282 million yuan respectively, with corresponding EPS of 1.07, 1.63, and 1.80 yuan. The current stock price corresponds to PE ratios of 52.8, 34.8, and 31.5 times for the respective years. The company still has sufficient orders on hand and is increasing its efforts in domestic market expansion and international layout, particularly in dry electrode and solid-state battery sectors, leading to the maintenance of the "Outperform" rating [5][6][8]. Financial Summary - For H1 2025, the company achieved revenue of 473 million yuan and a net profit of 52 million yuan. The revenue from intelligent roller press equipment was 404 million yuan with a gross margin of 20.42%, a decrease of 2.27 percentage points year-on-year. Other business revenue was 69.27 million yuan with a gross margin of 35.44%. The progress of the fundraising project "Xingtai Phase II Factory Expansion Project" is at 12.62%, expected to be operational by June 30, 2026. The company is actively engaging in technical exchanges and collaborations in the dry electrode and solid-state battery fields, mastering multiple technologies related to equipment manufacturing [6][7][8]. Financial Projections - The projected financials for the company are as follows: - Revenue (million yuan): 946 in 2023, 1,054 in 2024, 1,197 in 2025, 1,520 in 2026, and 1,671 in 2027, with year-on-year growth rates of 25.0%, 11.4%, 13.6%, 26.9%, and 10.0% respectively - Net profit (million yuan): 124 in 2023, 162 in 2024, 168 in 2025, 256 in 2026, and 282 in 2027, with year-on-year growth rates of 9.3%, 30.7%, 4.1%, 51.8%, and 10.3% respectively - EPS (yuan): 0.79 in 2023, 1.03 in 2024, 1.07 in 2025, 1.63 in 2026, and 1.80 in 2027 [8][11][12].
纳科诺尔（832522）：北交所信息更新：高速宽幅（固态）干法电极设备顺利交付，2025H1实现营收4.73亿元