利元亨（688499）：行业回暖加速订单确收，持续推进固态电池设备落地中试

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company has shown continuous improvement in performance due to the recovery of the industry, with a significant increase in order acceptance [7] - The company has successfully delivered solid-state battery equipment to leading customers, establishing a competitive advantage in the market [7] - The company's profitability is expected to improve further, with revised net profit forecasts for 2025-2027 [7] Financial Performance Summary - For the first three quarters of 2025, the company reported total revenue of 2.42 billion yuan, a year-on-year increase of 4.4% [7] - The net profit attributable to the parent company for the same period was 50 million yuan, up 109.1% year-on-year [7] - The gross margin for the first three quarters was 25.1%, an increase of 4.1 percentage points year-on-year [7] - The company’s cash flow from operating activities for Q3 was 350 million yuan, indicating a positive cash flow situation [7] Order and Market Position Summary - As of May 31, 2025, the company had 1.59 billion yuan in orders for consumer lithium battery equipment, a year-on-year increase of 38% [7] - The company has established a comprehensive layout for solid-state battery production lines, enhancing its market position [7] - The company is expected to benefit from the introduction of new equipment in the consumer electronics battery sector, leading to increased revenue [7] Profit Forecast Summary - The revised net profit forecasts for the company are 80 million yuan for 2025, 160 million yuan for 2026, and 220 million yuan for 2027 [7] - Corresponding P/E ratios are projected to be 126, 63, and 47 times for the respective years [7]