Shanghai Friendess(SH:688188) Shenwan Hongyuan Securities·2025-11-26 10:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company showcased its "three-in-one" IWM lithium battery welding solution at the 15th High-tech Lithium Battery Annual Conference, emphasizing a "data-driven welding" innovation concept to enhance the quality of battery manufacturing [6] - The company aims to address industry pain points in lithium battery manufacturing, specifically in laser welding, by implementing a closed-loop system that transitions from "experience-based welding" to "data-driven welding," thereby improving production efficiency and reducing defect rates [8] - The company is continuously optimizing its core technologies and exploring new application directions, with expectations for rapid growth in its precision business due to the expansion of downstream applications in new energy [8] Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are estimated at 21.80 billion, 27.24 billion, and 33.77 billion respectively, with year-on-year growth rates of 25.6%, 25.0%, and 24.0% [7] - The net profit attributable to the parent company is forecasted to be 11.13 billion, 14.16 billion, and 17.60 billion for 2025-2027, with corresponding year-on-year growth rates of 26.1%, 27.2%, and 24.3% [8] - The company maintains a gross margin of approximately 79% and a return on equity (ROE) projected to increase from 16.9% in 2025 to 18.0% in 2027 [7][8]