纳科诺尔：固态+干法布局持续落地，关注固态电池、干法电极技术在太空领域应用-20260205

Investment Rating - The report maintains an "Accumulate" rating for the company [4] Core Views - The company is expected to experience stable growth in performance, with ongoing developments in solid-state batteries and dry electrode technology, particularly in space applications [3][4] - The company has faced a significant decline in net profit for 2025, estimated between 58 million to 68 million yuan, representing a decrease of 57.98% to 64.16% compared to the previous year [6] - Despite short-term challenges, including a slowdown in lithium battery demand and increased market competition, the company is positioned for recovery due to a rebound in capital expenditure and successful overseas market expansion [6] Financial Summary - The company's projected revenue for 2023 is 946 million yuan, with a year-over-year growth rate of 25%. However, a decline of 10% is expected in 2025, followed by a recovery with growth rates of 19% in 2026 and 2027 [4] - The net profit attributable to the parent company is forecasted to be 124 million yuan in 2023, with a significant drop to 65 million yuan in 2025, before recovering to 120 million yuan in 2026 and 182 million yuan in 2027 [4] - The earnings per share (EPS) is projected to be 1.33 yuan in 2023, decreasing to 0.41 yuan in 2025, and then increasing to 0.77 yuan in 2026 and 1.16 yuan in 2027 [4] - The company's price-to-earnings (P/E) ratio is expected to be 92.7 in 2023, increasing to 169.5 in 2025, and then decreasing to 90.9 in 2026 and 59.9 in 2027 [4] Industry Insights - The company is recognized as a leader in the lithium battery roller press equipment industry, with a forward-looking strategy in dry electrode and solid-state battery equipment, indicating significant growth potential [6] - The solid-state battery sector is gaining traction, with the company making progress in key equipment development, including ultra-thin lithium membranes and high-pressure equipment, which are essential for solid-state battery production [6]