HangKe Technology(SH:688006) ZHESHANG SECURITIES·2025-11-26 13:36Investment Rating - The investment rating for the company is "Buy" [4] Core Insights - The company's performance is expected to stabilize and recover due to dual market drivers from domestic and international markets, with significant collaborations with leading battery manufacturers [2] - The solid-state battery technology is anticipated to open a new growth curve for the company, with a projected market size increase from 2.06 billion to 33.62 billion by 2030, reflecting a compound annual growth rate of 74.8% [3] - The company's profitability is forecasted to grow significantly, with net profits expected to reach 535 million, 776 million, and 1.055 billion from 2025 to 2027, representing a compound growth rate of 40.31% [4] Financial Performance Summary - For Q1-Q3 2025, the company reported revenue of 2.721 billion, a year-on-year increase of 1.87%, and a net profit of 386 million, up 2.59% year-on-year [1] - In Q3 2025, revenue was 751 million, down 3.75% year-on-year, with a net profit of 97.67 million, a decrease of 8.35% year-on-year [1] - The gross margin for Q3 2025 reached over 40%, indicating a significant improvement in profitability [1] Market Position and Strategy - The company is deepening partnerships with major battery manufacturers such as BYD and LG, and expanding its global footprint, including establishing a factory in Korea and becoming a supplier for Tesla [2] - The company is well-positioned to benefit from the recovery of the lithium battery equipment industry starting from Q4 2024, as major international battery manufacturers announce expansion plans [2]