近日，全球新能源行业盛会 NAATBatt 2026 在美国举行。 嘉拓智能 连续三年参会，面向全球集中展示其在美国市场八年来的技术积累与服务承 诺，持续促进中美电池产业链协同发展。 以下文章来源于KATOP嘉拓智能 ，作者KATOP KATOP嘉拓智能 . 嘉拓智能专注于新能源产业，开发和构建创新、高效的生产解决方案：从实验室、中试、小批量生产到标准化制造，再到大规模生产的核心设备交钥匙工 程。同时，公司已实现注液机、化成分容、叠片、卷绕、分切等环节核心锂电设备的批量稳定供货。 面向未来， 面向北美市场规模化量产 与 前沿 研发的双重需求，嘉拓智能提出 双轨聚焦 战略： 以高性能量产涂布机支撑规模化制造，同时以实验 室到中试的集成整线加速研发创新。目前 嘉拓智能 已服务北美多家高校、科研机构及标杆 企业。 (从左至右) NAATBatt执行董事 James Greenberger 、 嘉拓智能副总裁 周研、 诺贝尔化学奖 获得者 Stanley Whittingham 、 NAATBatt 终身成就奖获得者 张正铭教授 NAATBatt 终身成就奖获得者 张正铭教授、 嘉拓智能副总裁 周研 自 2018 年 ...

Investment Rating - The report maintains a "Buy" rating for the company [7][6]. Core Insights - In the first three quarters of 2025, the company reported a revenue of 4.672 billion yuan, a year-on-year decrease of 32.67%. The net profit attributable to shareholders was 390 million yuan, down 67.68% year-on-year. For Q3 2025, revenue was 1.292 billion yuan, a decline of 48.65% year-on-year and 29.96% quarter-on-quarter. The net profit for Q3 was 82 million yuan, down 81.54% year-on-year and 50.46% quarter-on-quarter [2][4]. Revenue and Profit Analysis - Q3 revenue decline was primarily due to slower acceptance rates, although shipments remained normal. The report anticipates an increase in the proportion of revenue from string welding machines and modifications, while the share from single crystal furnaces and screen printing is expected to decrease. The gross margin for Q3 was 36.6%, an increase of 4.6% year-on-year and 8.3% quarter-on-quarter, attributed to a lower proportion of low-margin products [12][12]. - The expense ratio for Q3 was 25.0%, an increase of 11.1 percentage points quarter-on-quarter, influenced by revenue decline and increased R&D and management expenses. Asset impairment losses and credit impairment losses for Q3 were -73 million yuan and -45 million yuan, respectively, impacting profit release [12][12]. Future Outlook - As of the end of Q3, the company had an order backlog of 9.940 billion yuan (including tax), with semiconductor orders reaching a new high and continuing to grow. In the photovoltaic sector, new capacity demand has decreased due to industry cycles, while demand for technological upgrades has increased. The company has developed compatible multi-slice edge passivation equipment, which is currently undergoing small-batch trial production at client sites [12][12]. - In the lithium battery sector, the company has laid out equipment for sulfide electrolytes, stacking equipment, and assembly equipment, signing a strategic cooperation agreement with Yili Technology, and has secured orders exceeding 10 million yuan. The company has also developed several products for negative electrode material equipment, successfully obtaining an order for silicon oxide sintering furnace equipment from a lithium battery materials company in Vietnam [12][12]. - In the semiconductor sector, packaging equipment has received orders from clients such as Optoelectronics, Global Broadcasting, and others. The prototypes for flip chip bonding machines and die attach machines have shown good results in client validation, and the company is continuously optimizing based on client needs [12][12].

Investment Rating - The report maintains an "Outperform" rating for the solid-state battery industry [1]. Core Viewpoints - Solid-state batteries are expected to see rapid growth in demand for electric vehicles due to their significant advantages in safety and energy density, supported by strong policy backing [1][3]. - The production of solid-state batteries is anticipated to accelerate, with production lines and equipment likely to benefit first from this transition [1][3]. - The global market for solid-state battery equipment is projected to reach CNY 40 billion in 2024, with expectations to grow to CNY 1,079.4 billion by 2030 [28][30]. Summary by Sections Industry Overview - Solid-state batteries are positioned as the next-generation technology for electric vehicle power sources, offering superior safety and energy density compared to traditional lithium-ion batteries [1][13]. - The industry is experiencing a dual drive from both policy and market forces, leading to an increase in production capacity and technological advancements [1][19]. Market Dynamics - Equipment orders for solid-state batteries are expected to precede the demand for end products, indicating a rapid growth potential in the equipment market [23][28]. - The solid-state battery equipment market is projected to grow significantly, with a forecasted market size of CNY 1,079.4 billion by 2030 [28][30]. Technological Developments - The introduction of new equipment and upgrades across various production stages is essential for the solid-state battery industry, particularly in the front-end and mid-stage processes [24][31]. - The solid-state battery production process requires specific equipment that differs from traditional lithium-ion battery production, necessitating significant investment in new technologies [24][31]. Investment Recommendations - The report suggests focusing on specific equipment segments such as dry electrode technology and static pressure equipment, which are expected to see increased demand and penetration rates [3][19]. - Companies like Xianlead Intelligent, Winbond Technology, and others are highlighted as key players to watch in the solid-state battery equipment sector [3][19].