Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Insights - The company achieved a revenue of 476 million yuan in the first three quarters of 2025, representing a year-on-year growth of 12.09%. The third quarter alone saw a revenue increase of 26.05% year-on-year, indicating strong expansion in its core business [3] - The net profit attributable to the parent company for the first three quarters of 2025 was -59.8 million yuan, an improvement compared to -11.2 million yuan in the same period of 2024. The profit forecasts for 2025, 2026, and 2027 have been adjusted to -35 million, 155 million, and 277 million yuan respectively, with corresponding EPS of -0.31, 1.39, and 2.48 yuan [3][5] - The company has commenced mass production of its lead-carbon battery production line in Luliang, Yunnan, marking a significant breakthrough in its manufacturing capabilities. The project has invested 423 million yuan as of the first half of 2025 [3] Financial Summary - For 2025, the company expects revenues to reach 734 million yuan, with a year-on-year growth of 18.7%. By 2026, revenues are projected to soar to 2.43 billion yuan, reflecting a growth rate of 231.5% [5][7] - The gross margin is expected to decline to 9.8% in 2025 but is projected to recover to 16.5% in 2026 and 16.1% in 2027 [5][8] - The company’s total assets are forecasted to grow from 1.65 billion yuan in 2025 to 2.58 billion yuan in 2027, while total liabilities are expected to increase from 1.24 billion yuan in 2025 to 1.69 billion yuan in 2027 [7] Industry Insights - Lead-carbon batteries are noted for their safety, low cost, and maturity in technology, making them particularly suitable for household energy storage in regions with unstable power supply [4] - The integration of carbon materials in lead-acid batteries enhances their lifespan and performance, making them a viable alternative to lithium batteries in residential settings [4]
昆工科技（920152）：北交所信息更新：陆良铅炭电池产线正式进入量产阶段，构建算力中心储备一体标杆