曼恩斯特（301325）：业绩基本符合预期，静待新业务开启放量

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The Q3 performance of the company is generally in line with market expectations, with a focus on the upcoming new business opportunities [8] - The company is experiencing a decline in revenue and net profit, with a projected slight recovery in the coming years [8] - The company is actively expanding into new business areas such as perovskite batteries, solid-state batteries, and robotics, which are expected to contribute to future revenue [8] Financial Performance Summary - For 2023, total revenue is projected at 795.04 million, with a year-on-year growth of 62.76% - The net profit attributable to the parent company is expected to be 341.37 million, reflecting a year-on-year increase of 67.98% - The earnings per share (EPS) for 2023 is estimated at 2.37 yuan, with a price-to-earnings (P/E) ratio of 24.02 [1] Revenue and Profit Forecast - The company forecasts total revenue of 1,698.96 million for 2024, with a year-on-year growth of 113.70% - The net profit is expected to drop significantly to 30.70 million in 2024, a decrease of 91.01% year-on-year - EPS for 2024 is projected at 0.21 yuan, with a P/E ratio of 267.12 [1] Business Segment Performance - Coating application revenue for Q1-Q3 2025 is 1.9 billion, down 54% year-on-year, while energy system revenue is 7.6 billion, up 23% year-on-year [8] - The company anticipates a total revenue of 3.5-4 billion from coating applications and 11 billion from energy systems in 2025 [8] New Business Development - The company is leveraging advanced coating technology to enter new markets, including perovskite and solid-state batteries, and robotics [8] - New business segments are expected to contribute between 50 million to 100 million in revenue in 2025 [8] Cash Flow and Capital Expenditure - Operating cash flow for Q1-Q3 2025 is projected at -500 million, a year-on-year increase of 13.5% in losses [8] - Capital expenditure for Q1-Q3 2025 is expected to decline by 70.4% to 80 million [8]