Core Insights - The company reported Q3 revenue of 387 million yuan, a year-over-year decline of 43.11% but a quarter-over-quarter increase of 215.84% [1] - The net profit attributable to shareholders for Q3 was -11.95 million yuan, down 52.33% year-over-year but up 58.94% quarter-over-quarter [1] - For the first three quarters of 2025, the company achieved revenue of 947 million yuan, a year-over-year decrease of 8.05%, with a net profit of -35.47 million yuan, reflecting a significant year-over-year decline of 155.28% [1] Revenue and Profitability - Q3 revenue decline was primarily due to delays in the delivery schedule of the energy storage business, while the quarter-over-quarter increase was attributed to a low revenue base in Q2 and recovery in coating application businesses [2] - The gross margin for Q3 was 24.15%, an increase of 10.72 percentage points year-over-year, mainly due to improved profitability in the energy storage sector [2] - R&D expenses for Q3 were 40 million yuan, reflecting a year-over-year increase of 21.87% [2] R&D and New Business Development - The company is increasing its investment in solid-state battery technology, focusing on dry electrode and solid electrolyte film formation, with several product shipments already made [3] - The company is actively building a solid-state laboratory and has multiple orders for coating equipment related to solid electrolytes [3] Market Conditions and Customer Development - The perovskite industry is facing short-term pressure, leading to a slowdown in expansion, with new orders primarily for small to medium-sized experimental equipment [4] - The company has successfully validated its panel equipment with downstream customers and has secured an experimental line order from a major panel customer [4] Profit Forecast and Valuation - The company's net profit forecasts for 2025-2027 have been revised down to -32 million yuan, 184 million yuan, and 228 million yuan, respectively [5] - The target price is set at 66.56 yuan, reflecting a price-to-earnings ratio of 52x for 2026, maintaining a "buy" rating due to the company's leading market share in lithium battery coating heads and potential growth from new business orders [5]