Core Viewpoint - The company is focusing on its core business in the new energy battery sector, enhancing R&D innovation, and expanding its product offerings and market reach, despite facing challenges from a slowing lithium battery market and increased competition [1][2]. Financial Performance - In 2024, the company achieved a revenue of 692 million yuan and a net profit attributable to shareholders of 24.32 million yuan [1]. - In Q1 2025, the company reported a revenue of 236 million yuan, representing a year-on-year growth of 97.61%, with a net profit of 9.08 million yuan, driven by increased income from smart logistics [1]. Product Development - The company launched several new products in the new energy battery equipment sector, including high-speed magnetic suspension full-tab cylindrical battery assembly lines and sodium-ion battery intelligent equipment [2]. - The company has established a comprehensive leading advantage in cylindrical battery equipment, offering a full range of equipment types with efficiency covering 25-360 PPM to meet market demand for mass production [2]. Modular PACK Equipment - The company introduced a full range of modular PACK products and services to meet diverse market needs, achieving high-efficiency and high-quality production for various battery module types [3]. - The fully automatic production line for square battery CTP modules received widespread recognition and was exported to multiple markets, including Europe and Asia [3]. Strategic Expansion - The company expanded its business footprint through the strategic acquisition of Wuxi New Power Technology Co., enhancing its capabilities in smart logistics and semiconductor sectors [3]. - The integration with New Power has led to the launch of the Dongfeng series AMHS system products, which have achieved domestic substitution and met diverse customer needs [3]. R&D Investment - In 2024, the company invested 92.64 million yuan in R&D, accounting for 13.39% of its total revenue, and holds 633 valid intellectual property rights, including 103 invention patents [3].

Investment Rating - The report does not explicitly provide an investment rating for the industry or the specific company being analyzed [19]. Core Insights - The company is expected to achieve a revenue of 875 million yuan in 2024, representing a year-on-year growth of 25.49%, driven by a focus on core business and expansion into emerging markets such as cylindrical full-tab batteries [19]. - The company has a robust order reserve for cylindrical battery equipment, with production capacity being sufficient to meet market demand, and plans for further capacity expansion based on market forecasts [19][20]. - The cylindrical full-tab battery structure is gaining attention in emerging fields such as eVTOL and humanoid robots due to its high energy density and safety features, positioning it as a key support for future developments in these areas [21]. - The company is actively pursuing overseas market expansion and has successfully sold equipment in multiple countries, with plans to enhance global marketing and service systems [22]. - For 2025, the company aims to implement a platform upgrade strategy focusing on "laser + intelligent equipment," while continuing to innovate and explore new technologies and applications to drive growth [23]. Summary by Sections 01 Research Overview - The research was conducted on the company Yifei Laser, with key personnel including the Chairman and General Manager, and other executives present during the meeting [13]. 02 Detailed Research Institutions - Various institutions participated in the research, including major securities firms and asset management companies, indicating a broad interest in the company's performance [14][15]. 04 Main Content Information - The company is navigating a challenging industry environment but has managed to grow its revenue through strategic focus and innovation in product offerings, particularly in the battery sector [19]. - The company has established partnerships and collaborations in the solid-state battery field, enhancing its technological capabilities and market position [21]. - The company is committed to maintaining a competitive edge through continuous improvement in management efficiency and cost control [23].