HangKe Technology(SH:688006) GUOTAI HAITONG SECURITIES·2025-10-29 12:45Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 37.64 CNY [5]. Core Insights - The company is a leading domestic provider of post-processing lithium battery equipment, experiencing pressure on profits due to impairment losses in Q3 2025, while gross margins have significantly improved. The company has a robust order reserve and breakthroughs in the development of new products such as solid-state batteries, indicating promising growth potential in the future [2][11]. Financial Summary - Total revenue for 2023 is projected at 3,932 million CNY, with a year-on-year growth of 13.8%. However, a decline of 24.2% is expected in 2024, followed by a recovery with 16.0% growth in 2025, reaching 3,458 million CNY. Net profit attributable to the parent company is forecasted to be 809 million CNY in 2023, with a significant drop of 59.7% in 2024, before rebounding to 505 million CNY in 2025 [4][13]. - The gross margin for Q1-Q3 2025 is reported at 28.82%, with a net margin of 14.17%. For Q3 2025 alone, the gross margin is 40.07%, reflecting a year-on-year increase of 10.01 percentage points [11]. Order and Product Development - As of Q3 2025, the company has sufficient orders, with inventory and contract liabilities at 25.84 billion CNY and 23.55 billion CNY, respectively, indicating a stable future performance. The company has launched a self-developed one-stop backend line management system and is developing production equipment compatible with solid-state and small steel shell batteries, enhancing its competitive edge in next-generation battery technology [11][12].