Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to recover its main business performance and stabilize its orders, with a target of 220-230 billion yuan in orders for 2025, showing a significant increase in overseas orders [7] - The company is the only global manufacturer capable of delivering a complete line of solid-state battery production equipment, which has gained recognition from major clients in Europe, America, Japan, and South Korea [7] - The stock option incentive plan aims to bind team interests and attract core talent in new technology fields, particularly in solid-state battery research and development [7] - The company has set ambitious revenue growth targets of at least 20% for 2025 and 2026, with performance assessments based on these targets [7] Financial Projections - Total revenue is projected to be 11,855 million yuan in 2024, with a growth rate of -28.71%, and is expected to recover to 19,000 million yuan by 2027, with a growth rate of 19.87% [1][8] - The net profit attributable to the parent company is forecasted to be 286.10 million yuan in 2024, with a significant rebound to 2,484 million yuan by 2027 [1][8] - The latest diluted EPS is expected to be 0.18 yuan in 2024, increasing to 1.59 yuan by 2027 [1][8] - The current price-to-earnings ratio (P/E) is projected to be 340.60 in 2024, decreasing to 39.23 by 2027 [1][8]

Industry Overview - The CINE Solid-State Battery Exhibition and CINE Sodium Battery Exhibition is the first professional exhibition focusing on the entire industry chain of new battery technologies, scheduled for November 6-8, 2025, in Guangzhou [2] - The exhibition will feature over 200 exhibitors, 2000 participating companies, and 20,000 professional attendees, along with a new battery technology forum and the Solid-State Battery Golden Ding Award ceremony [2] Company Profile - Shenzhen Huapusen Technology Co., Ltd. was established in 2010, specializing in ultrasonic metal welding equipment [5] - The company has over 20 years of experience in the lithium battery industry and focuses on new product development and technology application, holding multiple invention and utility model patents [6][7] Product Highlights - The company will showcase its globally unique cylindrical cell ultrasonic needle-point welding machine, developed in 2021, at the exhibition [11] - This machine utilizes a 40.0K frequency ultrasonic generator and a unique needle welding head design, allowing for precise welding in cylindrical battery cells [13] Competitive Advantages - The ultrasonic needle-point welding machine does not rely on torque welding, reducing the risk of material cutting around the weld point [18] - The machine operates at a lower amplitude (1/5 of torque welding), allowing for better control of welding material debris [18] - It is compatible with various cylindrical batteries, including sodium batteries, and addresses issues such as sticking needles [15][18]

Group 1 - The company has completed the initial layout of dry and wet dual-line products in the solid-state battery field [1] - The company has shipped multiple devices and received customer recognition for the debugging and validation results [1]

Core Viewpoint - The company has launched the latest solid-state battery solutions covering both wet and dry processes, showcasing significant technological advancements in manufacturing efficiency and process control [1] Group 1: Product Development - The wet process equipment features high-precision coating, excellent process control, and operational stability [1] - In the dry process sector, the third-generation equipment integrates seven core technologies, including powder stirring, fiberization, and dry roller pressing, significantly enhancing manufacturing efficiency [1] Group 2: Client Engagement - The company has delivered core solid-state battery-related equipment to multiple clients, indicating strong market demand [1] - The product range includes fully automatic slurry preparation, wet coating, roller pressing, electrolyte transfer printing, and dry stirring fiberization, as well as multi-roller continuous rolling composite equipment [1]

Core Viewpoint - The company, HaiMuxing, has made significant advancements in the solid-state battery equipment sector, leading to a notable increase in its stock price by up to 16.55% on September 24, with a closing price of 45.49 yuan, reflecting a 12.91% rise [1] Group 1: Company Developments - HaiMuxing has successfully established a complete production process for lithium metal solid-state batteries, securing a 2GWh production equipment order valued at 400 million yuan, marking it as the first in the industry to achieve this milestone [1] - The company has also made progress in the sulfide all-solid-state battery route, achieving advancements in the preparation of all-solid-state electrodes and electrolytes, as well as in the assembly of bare battery cells [1] - HaiMuxing is the first company in the industry to pursue dual technology routes, namely "lithium metal anode + oxide electrolyte" and "silicon-carbon anode + sulfide electrolyte," supporting research, testing, mass production, and after-sales service for solid-state battery technologies [1]

南方财经9月24日电，海目星（688559.SH）在2025年9月3日至9月18日的调研中表示，公司已签订4亿 元固态电池量产设备订单，成为全球首家实现氧化物+锂金属固态电池整线量产交付的设备厂商，并向 多家全球领先新能源企业交付硫化物固态电池前中段关键设备。 ...

Core Viewpoint - Recently, the company has delivered multiple sets of dry mixing coating equipment for solid-state battery production lines to various well-known domestic and international battery manufacturers and automotive OEMs, indicating a significant advancement in solid-state battery technology and production capabilities [1] Group 1: Equipment Delivery and Production Cost Reduction - The GWh-level dry film forming equipment can significantly reduce overall production costs by over 15% [1] - The delivered equipment is a mass production type integrated dry mixing coating system, covering all processes including controlled feeding, film formation, thinning, current collector compounding, and quality inspection [1] - The company has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the rising volume and price of solid-state battery equipment [1] Group 2: Industry Policy and Application Acceleration - On the policy front, the Ministry of Industry and Information Technology issued a standard system for all-solid-state batteries in April 2025, with a prior investment of 6 billion in dedicated R&D funds [1] - On the application front, terminal road tests and pilot trials by leading battery manufacturers are gradually progressing, indicating an acceleration in the industrialization of solid-state batteries [1] Group 3: Profit Forecast and Investment Rating - The company maintains its forecast for net profit attributable to shareholders for 2025-2027 at 1.5 billion, 2 billion, and 2.5 billion respectively [1] - The current stock price corresponds to dynamic P/E ratios of 56, 42, and 35 times for the years 2025, 2026, and 2027 respectively [1] - The company maintains a "buy" rating based on these projections [1]

Core Insights - The event held on September 15 focused on investor communication and the performance of listed companies in Hebei for the first half of 2025 [1] - Naconor announced that its joint venture, Qingyan Nacon, has successfully launched dry film forming equipment with a maximum width of 1200mm and a speed of 100m/min, showcasing leading product performance [1] - The company has received positive market feedback from several well-known battery manufacturers both domestically and internationally [1] - Naconor plans to increase R&D investment, deepen innovation in dry electrode processes, and accelerate market expansion in Southeast Asia, Europe, and North America to enhance global competitiveness [1]

Core Viewpoint - The article highlights the advancements in solid-state battery technology and the strategic positioning of companies like XianDao Intelligent in the lithium battery equipment sector, emphasizing their growth potential and market opportunities. Group 1: Industry Developments - Solid-state batteries are transitioning from laboratory experiments to mass production, with significant milestones achieved by companies like Yiwei Lithium Energy and Enjie Co., which have launched production lines for solid-state electrolytes [1][4]. - The market for solid-state battery intelligent equipment in China is projected to reach 11.7 billion by 2029, indicating rapid growth in this segment [4]. Group 2: Company Positioning - XianDao Intelligent is a leading provider of lithium battery intelligent equipment, with a projected revenue of 4.5 billion in the first half of 2025, accounting for approximately 70% of its total revenue [1][2]. - The company has established itself as the only global provider with complete proprietary intellectual property for lithium battery production solutions, covering all stages of the battery manufacturing process [8]. Group 3: Market Share and Orders - XianDao Intelligent holds a global market share of 15.5% and a domestic market share of 19% in the lithium battery equipment sector, significantly surpassing its competitors [9]. - The company secured new orders worth 12.4 billion in the first half of 2025, marking a year-on-year increase of approximately 70%, indicating strong demand and customer confidence [11][12]. Group 4: Financial Performance - In the first half of 2025, XianDao Intelligent reported revenues of 6.61 billion and a net profit of 740 million, representing year-on-year growth of about 15% and 61%, respectively [14]. - The company's operating cash flow improved significantly, with a notable increase of approximately 72% in the second quarter of 2025, reflecting better collection of receivables [14].

Group 1 - The core point of the article is that XianDao Intelligent (300450) announced a significant stock price increase of 103.21% over the past 10 trading days, attributed to heightened market interest in the solid-state battery sector [1] - The company has conducted a self-examination and noted that the core progress of its solid-state battery equipment business has been detailed in previous regular reports [1] - The company emphasizes that the global solid-state battery industry is still in the stages of technological iteration and industrial preparation, and has not yet entered a large-scale mass production phase, indicating uncertainty in the advancement of its related business [1]