锂电设备龙头，固态电池设备及电子烟业务持续受益

Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage [2][16]. Core Insights - The company is a leading player in lithium battery equipment, benefiting from advancements in solid-state battery technology and the growth of its electronic cigarette business. It is expected to achieve significant profit growth from 2024 to 2026, with projected net profits of 9.22 billion, 11.87 billion, and 14.75 billion respectively, corresponding to P/E ratios of 12, 9, and 7 [4][13]. Company Overview - The company has a total share capital of 649.54 million shares and a market capitalization of approximately 10,691.39 million [2]. - The company’s revenue has grown from 1.65 billion in 2019 to 5.54 billion in 2023, with a CAGR exceeding 35% [7]. Lithium Battery Equipment Business - The company’s lithium battery equipment business is expected to benefit from the development of new technologies such as stacked battery technology and solid-state batteries, leading to rapid growth in scale. The company has established strong relationships with major clients like CATL, BYD, and LG, with an increasing proportion of overseas revenue [5][7]. - The revenue from lithium battery equipment is projected to grow from 9,020 million in 2022 to 16,271 million by 2026, with a growth rate of 73% in 2022 and 21% in 2024 [4]. Electronic Cigarette Business - The electronic cigarette business has seen rapid growth, with the SKE brand achieving a significant market share in the UK since its launch in late 2022. The company has expanded its production capacity and is expected to further enhance profitability as it continues to grow its market presence [5][7]. - The electronic cigarette segment generated revenue of 33.41 billion in 2023, accounting for 34% of total revenue [50]. Financial Performance - The company achieved total revenue of 97.5 billion in 2023, reflecting an 8.09% year-on-year increase, and a net profit of 5.54 billion, up 13.62% year-on-year [50]. - The gross profit margin improved to 29.76% in 2023, with a net profit margin of 10.54% [66]. Research and Development - The company invested 7.22 billion in R&D in 2023, representing 7.41% of its revenue, with a 49.5% increase in R&D spending [53]. - The company holds 1,735 patents and has a strong team of 2,476 R&D personnel, accounting for 26.25% of its total workforce [93].