Group 1 - The core focus of the recent investor relations activity for Shenzhen Manns Technology Co., Ltd. was on the progress of solid-state equipment and share repurchase plans [1][2] - The company has successfully delivered solid-state and dry-process equipment orders to clients, including dry multi-roller film systems and ceramic twin-screw fiberization equipment, which have received positive feedback from customers [1] - The company has established a dual-line layout for dry and wet processes, accumulating substantial technical reserves and validation data, showcasing innovation in new ceramic materials and efficient dispersion technologies [1] Group 2 - As of October 23, 2024, the first phase of the company's share repurchase plan has been completed, while the second phase is ongoing, with a total of 528,900 shares repurchased by August 31, 2025, amounting to 28.8378 million yuan [2] - The repurchased shares are intended for employee stock ownership plans or equity incentives [2] - The company ensured compliance with regulations during the investor meeting, with no significant undisclosed information leaked [2]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The report maintains a positive outlook on the company's performance, particularly in the context of the recovery in the power lithium battery sector and advancements in solid-state battery technology [2][3] - The company achieved a revenue of 1.53 billion yuan in H1 2025, representing a year-on-year increase of 5%, while the net profit attributable to shareholders was 58 million yuan, up 14% year-on-year [1] - The report anticipates revenue growth to 3.64 billion yuan in 2025, 4.94 billion yuan in 2026, and 6.03 billion yuan in 2027, with net profits projected at 327.65 million yuan, 450.78 million yuan, and 569.36 million yuan respectively [3] Financial Performance Summary - In H1 2025, the gross margin was 27%, down 3 percentage points year-on-year, while the net profit margin was 3.8%, remaining stable year-on-year [1] - For Q2 2025, the company reported a revenue of 660 million yuan, a decrease of 9% year-on-year, and a net profit of 11 million yuan, down 52% year-on-year [1] - The company has a total market capitalization of 7.51 billion yuan and a current price of 22 yuan per share [6] Revenue Structure and Product Development - The revenue structure indicates that 80% of H1 2025 revenue came from power lithium batteries, with expectations for improvement as the industry recovers and production capacity utilization stabilizes [2] - The company has completed the development of several new products, including a titanium alloy large shell welding process and multi-beam cutting technology, which have shown a 50% increase in equipment efficiency [2][3] - The company is also collaborating with leading industry players to develop solid-state battery production equipment, having delivered several production lines in H1 2025 [2]

Group 1 - The overall market is showing a positive trend with active trading, as evidenced by 101 brokerages conducting research on 608 stocks in the past month [1] - The industrial machinery and electronic components sectors are receiving significant attention from brokerages [1][2] - The top brokerage, CITIC Securities, conducted 158 research sessions, followed by Changjiang Securities with 133 sessions [1] Group 2 - Among the 608 stocks researched, 472 saw price increases, representing 77.63% of the total, with Hengli Drill Tools leading with a 185.36% increase [2] - Brokerages are particularly interested in merger and acquisition opportunities, with specific inquiries made to companies like Shijia Photon and Defu Technology regarding their potential acquisitions [2] - The distribution of the researched stocks shows a concentration in industrial machinery (56 stocks) and electronic components (39 stocks) [2] Group 3 - Analysts highlight opportunities in the industrial machinery sector, particularly in solid-state battery equipment, humanoid robots, and engineering machinery [3] - The market is expected to exhibit a "rotation and rebound" characteristic, with a focus on mechanical equipment and power equipment in the primary sector [3] - Long-term attention is recommended for consumption, technology, and dividend directions [3]