Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has successfully delivered multiple sets of solid-state battery core equipment to a leading global battery manufacturer, enhancing its recognition in the industry [5] - The company has made early and rapid advancements in solid-state battery equipment, capturing significant potential since 2018 and establishing deep collaborations with major battery manufacturers [8] - The company's solid-state battery equipment technology is leading, with a new line solution reducing overall investment costs by 30% and improving battery performance by 40% [8] - The profit forecast for the company remains unchanged, with expected net profits of 1.54 billion, 1.92 billion, and 2.42 billion for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 23X, 18X, and 15X [8] Financial Data and Profit Forecast - Total revenue is projected to be 13.84 billion in 2025, with a year-on-year growth rate of 16.8% [7] - The net profit attributable to the parent company is expected to reach 1.54 billion in 2025, reflecting a significant year-on-year growth of 438.4% [7] - The company’s gross margin is forecasted to be 35.7% in 2025, with a return on equity (ROE) of 11.8% [7]

Group 1 - The sodium-ion and solid-state battery industries are experiencing unprecedented development opportunities [1] - A dedicated information exchange group for sodium-ion and solid-state battery equipment companies has been established to enhance resource matching and collaboration opportunities [1] Group 2 - Membership is exclusive to sodium-ion and solid-state battery equipment companies to ensure professional and precise communication [4] - Members can share information, access cutting-edge industry news, and discuss market demands and technological trends [4] - The group facilitates project matching and business development efficiency by allowing members to publish equipment needs and collaboration intentions [4] - Technical discussions among industry experts are encouraged to address equipment technology challenges and share solutions [4] - Members are required to provide business cards with company name, position, and contact information for better networking [4]

Group 1: US-China Economic Relations - The US-China economic talks have made substantial progress, leading to a reduction in tariffs on each other's goods, which is better than expected [2] - The effective US tariff rate is projected to decrease from 28.4% to 15.5%, alleviating inflation risks in the US and reducing export risks for China [2] - The future trajectory of China's domestic economy will largely depend on the strength of macroeconomic policies, particularly fiscal policy [2] Group 2: US Stock Market Performance - US stock markets experienced significant gains, with the Nasdaq rising by 4.35%, the S&P 500 increasing by 3.26%, and the Dow Jones gaining 1160.72 points, marking new highs since March [1] - The Nasdaq China Golden Dragon Index surged by 5.4%, reaching its highest level since April 4, with notable increases in various Chinese concept stocks [1] Group 3: Apple iPhone Pricing - Apple is considering raising the prices of the upcoming iPhone 17 series, particularly the Pro models, due to increased costs associated with new technology and materials [3] - The cost of the A19 Pro chip is expected to rise by 35%, and the BOM cost is projected to increase by 19% due to new design features [3] Group 4: AI and Robotics Collaborations - Huawei and UBTECH Robotics signed a comprehensive cooperation agreement to innovate in the fields of embodied intelligence and humanoid robots, leveraging Huawei's AI infrastructure [5] - CloudWalk Technology's "Calm Multi-modal Large Model" ranked among the top three globally, surpassing models from Google, and has been implemented in various projects to enhance operational efficiency by over 20% [6] Group 5: Solid-State Battery Equipment - XianDao Intelligent has received repeated orders for solid-state battery production equipment, having established itself as a provider of comprehensive solutions in this field [7] - The company has successfully delivered equipment to leading battery manufacturers and automakers across multiple countries, receiving high recognition from clients [7] Group 6: New Features in Digital Platforms - Alipay has launched a voice call feature that displays the real names of users during calls, enhancing communication clarity and security [8] - Tencent's WeChat and QQ have expanded their earthquake warning features to cover the entire country, providing enhanced notifications for potentially destructive earthquakes [9] Group 7: AI Development in Japan - Alibaba's Tongyi Qianwen model has become a foundational tool for AI development in Japan, ranking sixth in a comprehensive evaluation of AI models [10] - The model has been downloaded over 300 million times globally, with more than 100,000 derivative models created, establishing it as the leading open-source model [10]

装备制造 [Table_ReportDate] 2025 年 3 月 3 日 [T分析师： able_Author 赵晓闯] 执业证书号：S1030511010004 电话：0755-83199599 邮箱：zhaoxc@csco.com.cn 分析师：杨贵洲 执业证书号：S1030524060001 电话：0755-83199599 邮箱：yanggz1@csco.com.cn 研究助理：董李延楠 电话：0755-83199599 邮箱：donglyn@csco.com.cn 公司具备证券投资咨询业务资格 请务必阅读文后重要声明及免责条款 [Table_Industry] [Table_Title] [Table_Report] 证券研究报告 固态电池产业化持续推进 [Table_ReportType]装备制造行业周报（2 月第 4 周） [Table_S 市场行情回顾 ummary] ： 本周 5 个交易日机械设备、电力设备及汽车行业指数涨跌幅 分别为-2.43%、-0.83%及-2.72%，在 31 个申万一级行业中排 名分别为第 22、16、24 位；同期沪深 300 涨跌幅为-2.22%。 行业观点 ...