斩获迄今北美最大订单，全球化加速

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.59 CNY per share, compared to the current price of 25.73 CNY [4]. Core Insights - The company has secured the largest lithium battery equipment order from a Chinese enterprise in the U.S., partnering with American Battery Factory (ABF) to provide a smart production line service targeting 20 GWh [2]. - As the exclusive equipment supplier, the company will deliver a fully automated production line solution tailored for ABF, facilitating the establishment of the first LFP super factory network in the U.S. [2]. - The company has demonstrated strong technical capabilities, having provided over 120 production lines globally, contributing to more than 2 TWh of battery smart factory solutions [2]. - Profit forecasts indicate a significant increase in net profit for 2023-2025, with expected figures of 3.216 billion CNY, 4.040 billion CNY, and 5.016 billion CNY respectively, reflecting a growth rate of 38.8% in 2023 [3][4]. Financial Summary - Revenue is projected to grow from 18.458 billion CNY in 2023 to 26.634 billion CNY in 2025, with growth rates of 32.5%, 21.9%, and 18.4% respectively [3]. - The company's EBITDA is expected to rise from 3.706 billion CNY in 2023 to 5.864 billion CNY in 2025 [3]. - The net profit margin is anticipated to improve, with net profit margins of 17.4% in 2023 and 18.0% in 2024 [9]. - The company’s P/E ratio is projected to decrease from 12.53 in 2023 to 8.03 in 2025, indicating an attractive valuation [3][9].