国产涂布模头领军者，业绩持续高增

Investment Rating - The report assigns an "Accumulate" rating to the company [6][20]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 330-360 million yuan in 2023, representing a year-on-year growth of 62%-77%. The non-recurring net profit is projected to be 300-330 million yuan, with a growth of 52%-67% [3]. - The company has established a strong position in the coating equipment for perovskite solar cells, leveraging its technological advantages in the coating field. The company has received sales orders primarily for small-sized substrates [4]. - The acquisition of a 51% stake in Hunan Ancheng is aimed at expanding the company's business layout in the energy storage sector, enhancing its scale and risk resistance [10]. - The company plans to build a coating technology industrialization base, with a total investment of approximately 1.214 billion yuan, to solidify its leading position in the market [23]. - The company is recognized as a leader in domestic coating heads, with a strong technical foundation and a focus on perovskite and energy storage businesses. The report forecasts net profits of 353 million, 512 million, and 665 million yuan for 2023-2025, with corresponding EPS of 2.94, 4.26, and 5.54 yuan [24]. Summary by Sections Financial Performance - The company reported a total revenue of 239.37 million yuan in 2021, which increased to 488.47 million yuan in 2022, and is expected to reach 819.73 million yuan in 2023, with projections of 1,245.10 million yuan in 2024 and 1,659.70 million yuan in 2025 [27]. - The net profit attributable to shareholders was 95.17 million yuan in 2021, growing to 203.14 million yuan in 2022, and is projected to be 353.08 million yuan in 2023, with further increases to 511.53 million yuan in 2024 and 665.18 million yuan in 2025 [27]. Market Position - The company has maintained a market share of 31% in high-precision slit coating heads for lithium batteries from 2019 to 2022, establishing itself as a domestic leader [23]. - The report highlights the company's strategic positioning in the lithium battery sector, despite short-term fluctuations, and emphasizes the long-term growth potential in the perovskite coating and energy storage fields [24].