Core Insights - Nakanor has successfully delivered key solid-state battery equipment to leading customers, marking a significant milestone in the industrial application of solid-state battery technology [1][2] - The delivered equipment addresses critical pain points in the manufacturing process of solid-state batteries, receiving high recognition from clients, which validates Nakanor's advanced technological solutions [1][2] Company Overview - Nakanor specializes in providing high-precision and stable equipment for battery production, including lithium-ion battery rolling machines and related services, and has served notable companies such as CATL, BYD, and Panasonic [1][2] - The company has invested over 52 million yuan in R&D over the past three years, holding a total of 206 patents, including 25 invention patents [2] Industry Context - The solid-state battery sector is experiencing accelerated industrialization, with the solid-state battery index rising over 30% since the beginning of the year, reflecting growing investor interest [3] - Solid-state batteries are recognized for their high energy density and safety, making them a key focus for future applications in electric vehicles, energy storage, and consumer electronics [3] Strategic Plans - Nakanor aims to maintain its leading position in the domestic lithium battery production equipment market while actively seeking expansion into multiple fields to create new growth drivers [4] - The company plans to enhance its market competitiveness by increasing R&D investments to improve equipment intelligence and digitalization, as well as expanding into overseas markets [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company experienced a revenue decline in 2024 but showed a significant improvement in Q1 2025, with a 119.26% increase in revenue compared to the previous quarter. The focus on overseas market expansion is viewed positively [7] - The company’s revenue for 2024 was 2.981 billion yuan, a year-on-year decrease of 24.18%, primarily due to intensified competition in the lithium battery equipment manufacturing industry and extended acceptance cycles from battery manufacturers [7] - The report highlights the company's stable growth in R&D investment, with R&D expenses reaching 257 million yuan in 2024, a year-on-year increase of 5.6% [7] - The company is recognized as a leading player in the global lithium battery equipment market, with ongoing exports to various countries including Germany, Sweden, and the USA [7] Financial Summary - Total revenue forecast for 2024 is 2.981 billion yuan, with a projected increase to 3.770 billion yuan in 2025, and further growth expected in subsequent years [1][8] - The net profit attributable to the parent company is forecasted to be 326.34 million yuan in 2024, with an expected increase to 425.26 million yuan in 2025 [1][8] - The report projects a dynamic P/E ratio of 24 for 2025 and 18 for 2026, indicating a favorable valuation outlook [7]