尚水智能（301513）：IPO专题：国内锂电池前段智能制造设备领先企业尚水智能

Investment Rating - The investment rating for the company is "Increase" [34] Core Insights - The company, Shangshui Intelligent (301513.SZ), is a leading enterprise in the domestic lithium battery front-end intelligent manufacturing equipment sector, with a strong market share in the slurry equipment field and international delivery capabilities. The company is expected to achieve revenue and net profit of 637 million and 153 million yuan respectively in 2024 [1][5] - The company has established a comprehensive technical capability system consisting of "core single machine + intelligent control system + process package," leading to a rich product matrix and continuous revenue growth. The compound annual growth rates (CAGR) for revenue and net profit from 2022 to 2024 are projected to be 26.70% and 24.93% respectively [5][8] - The lithium battery industry is experiencing a recovery in demand, with domestic lithium battery companies accelerating their overseas expansion, which is driving growth in domestic lithium equipment [6][7] Company Overview - Shangshui Intelligent focuses on the research, design, production, and sales of intelligent equipment for the manufacturing of new energy battery electrodes and new material preparation. The company has developed a full-process technology platform covering material, slurry, and electrode production [5][6] - The company has delivered over 500 production lines and has become a stable supplier for leading downstream customers, maintaining a strong market influence in the domestic lithium battery front-end equipment sector [5][6] Business Analysis - The main business of the company includes providing intelligent equipment for new energy battery electrode manufacturing and new material preparation. The revenue from intelligent equipment for new energy battery electrodes is expected to grow significantly due to increasing demand from downstream customers [8][9] - The company has a high gross margin of around 50%, with gross margins for 2022 to 2024 being 48.11%, 57.09%, and 48.72% respectively, indicating a stable financial performance [11][12] Industry Development and Competitive Landscape - The market for lithium battery production equipment is expected to reach 85 billion yuan by 2027, driven by the expansion of downstream applications [19][20] - The company holds a competitive position in the lithium battery front-end intelligent manufacturing equipment market, with a projected market share of 60% for its circular high-efficiency slurry system in 2024 [22][21] IPO and Fundraising - The company plans to issue 25 million shares, accounting for 25% of the total share capital post-IPO, with a total fundraising target of 587 million yuan. The funds will be used for capacity expansion and enhancing market competitiveness [23][24] Comparable Company Valuation - The average price-to-earnings (PE) ratio for comparable companies in the "C35 Specialized Equipment Manufacturing" industry is 41.71 times, with Shangshui Intelligent's projected PE ratios for 2024, 2025, and 2026 being 53.71, 52.32, and 38.10 times respectively [25][26]