新能源检测设备订单增长，积极外拓布局固态电池领域。新能源领域，公司目前主要供应锂电设备的 AI 质检设备，受益于国内外客户扩产计划的推进，今年订单量持续增长，明年订单量有望继续保持。 同时，公司积极外拓，1）通过股权转让及增资的方式直接持有四川力能19.81%股权，标的公司产品为 冷等静压机、温等静压机，可应用于固态电池等领域；2）持有宏旗荣锂40%的股权，宏旗荣锂公司致 力于智能控制系统集成、系统集成软件、应用于各类新兴行业的消费级电池、电池模组的研发与销售。 盈利预测：预计公司25-27 年实现营业收入4.27/6.83/8.87 亿元，归母净利润0.42/1.05/1.76 亿元，对应PE 分别为101.37/40.53/24.10 倍。 公司积极外拓，布局固态电池，且消费电子设备持续向好发展，首次覆盖，给予"推荐"评级。 风险提示:下游需求不及预期、行业竞争加剧、新产品开发进展不及预期。 事件：公司发布2025 年三季度报告，25 年前三季度实现营业收入2.09 亿元，同比-9%；归母净利润0.05 亿元，同比-72%；扣非归母净利润-0.01亿元，同比-105%；毛利率达40.20%，同比-4pct ...

Group 1: Company Overview and Business Focus - The company specializes in the research, design, production, sales, and technical services of intelligent equipment, primarily targeting the inspection and assembly processes in smart manufacturing [2] - Key service areas include consumer electronics and new energy, with significant orders from Apple and META for smart inspection and assembly equipment [2][3] Group 2: Performance Metrics - In the first half of 2025, the overall shipment volume increased by approximately 40.08% compared to the same period last year [2] - As of June 30, 2025, the company's backlog of orders rose by about 135.34% year-on-year [2] Group 3: Product Development and Market Outlook - The company is providing inspection equipment for Apple's smart glasses, focusing on appearance defect detection, and assembly equipment for META's smart glasses [3] - The future outlook for the smart glasses market is positive, with expectations for significant growth in the coming year [3] Group 4: New Energy Sector Insights - The company's inspection equipment covers multiple quality inspection stages in lithium battery production, significantly enhancing safety through advanced AI inspection technologies [4] - There has been a noticeable increase in orders from the new energy sector compared to the previous year [4] Group 5: Strategic Development and M&A Considerations - The company is actively seeking mergers and acquisitions to extend its main business and achieve synergistic development while remaining cautious and strategic [5][6] - Future plans include expanding product sales in consumer electronics and new energy, improving service quality, and enhancing profitability through cost control [6]

Group 1: Company Performance - The company's overall shipment volume increased by approximately 40.08% compared to the same period last year [3] - As of June 30, 2025, the company's backlog of orders increased by about 135.34% year-on-year [3] - The decline in half-year performance was primarily due to project acceptance delays, affecting revenue [3] Group 2: Strategic Initiatives - The company has made significant investments in the smart glasses sector, providing precision assembly equipment for Meta's smart glasses and testing equipment for Apple's smart glasses [2] - A new project in the thermal management materials and module testing equipment has reached mass production this year [2] - The company is considering mergers and acquisitions based on industry prospects and strategic alignment, with compliance to legal disclosure requirements [3] Group 3: Investor Engagement - The investor relations activity was conducted online, with participation from the company's chairman and other executives [2] - The company emphasized the importance of monitoring the acceptance of backlog orders for the final annual performance [3] - No undisclosed significant information was involved in this investor relations activity [3]