Investment Rating - The investment rating for the company is "Outperform" (maintained) [5][6] Core Views - The company reported revenue of 695 million yuan for the first three quarters of 2025, a year-on-year decrease of 18.57%, and a net profit attributable to the parent company of 56.87 million yuan, down 62.25% year-on-year. Due to the overall slowdown in downstream customer procurement, profit forecasts have been revised downwards [5][6] - The company has sufficient orders on hand amounting to 2.01 billion yuan as of June 30, 2025, with exports exceeding 200 million yuan, indicating a gradual revenue recognition expected over the next 1-2 years. The establishment of a wholly-owned subsidiary in Hainan marks a significant step in the company's international expansion strategy [5][6] - The company has made key breakthroughs in solid-state battery manufacturing technology, evidenced by the successful delivery of the first high-speed wide-width dry electrode equipment to a leading domestic manufacturer [6] Financial Summary - For 2025, the company is expected to achieve a revenue of 931 million yuan, a year-on-year decrease of 11.6%, and a net profit of 97 million yuan, down 40% year-on-year. The projected EPS for 2025 is 0.62 yuan, with a P/E ratio of 93.8 times [7][10] - The company’s gross margin is projected to be 21.1% in 2025, with a net margin of 10.4% [11] - The company’s total assets are expected to reach 2.07 billion yuan in 2025, with total liabilities of 962 million yuan, resulting in a debt-to-equity ratio of 46.5% [10]
纳科诺尔（920522）：北交所信息更新：2025H1出口超2亿、海南子深化国际拓展，2025Q1-3营收6.95亿元