Investment Rating - The report gives a "Buy" rating for the company, Naconor, for the first time [1]. Core Insights - Naconor is a leading manufacturer of battery electrode rolling equipment, benefiting from the growth of solid-state batteries. The company is expected to see significant revenue growth in the coming years, particularly from its advancements in dry electrode technology [6][9]. - The company has established a strong position in the lithium battery equipment market, with a focus on rolling technology and a diverse application range, which enhances its business resilience [12][19]. - The solid-state battery trend is clear, with the industry expected to recover, leading to increased demand for lithium battery equipment [49]. Financial Summary - Total revenue projections for Naconor are as follows: 1,054 million in 2024, 938 million in 2025, 1,319 million in 2026, and 1,790 million in 2027, with a notable increase in growth rates from 2026 onwards [2]. - The net profit attributable to shareholders is projected to be 162 million in 2024, 62 million in 2025, 212 million in 2026, and 285 million in 2027, indicating a significant recovery in profitability by 2026 [2]. - The earnings per share (EPS) are expected to be 1.03 in 2024, 0.40 in 2025, 1.35 in 2026, and 1.82 in 2027, reflecting the company's growth trajectory [2]. Company Overview - Naconor was established in 2000 and has become a leading manufacturer of battery electrode rolling machines, with a strong customer base including major players like CATL and BYD [6][12]. - The company has a clear and stable shareholding structure, with experienced management, which contributes to its operational stability [14][18]. - Naconor's core business focuses on rolling technology, with applications extending to various new energy battery technologies, enhancing its market position [19]. Market Trends - The solid-state battery market is expected to grow significantly, with projections indicating a global shipment of 614.1 GWh by 2030, representing a 10% market penetration [50]. - The demand for high-precision continuous processing equipment is anticipated to increase as the solid-state battery industry matures, creating structural opportunities for equipment manufacturers like Naconor [49][50].

Investment Rating - The report gives a "Buy" rating for the company, Naconor, for the first time [1]. Core Insights - Naconor is a leading manufacturer of battery electrode rolling equipment, benefiting from the growth of solid-state batteries. The company has established a strong position in the industry with its core products and is expected to see significant revenue growth in the coming years [6][9]. - The company is focusing on the development of dry electrode equipment and solid-state battery technology, which are crucial for enhancing battery performance and reducing costs. Naconor's dry electrode technology is positioned among the top tier both domestically and internationally [6][39]. - The solid-state battery market is expected to grow significantly, with Naconor poised to benefit from this trend as it aligns its product offerings with the industry's evolving needs [49][50]. Financial Summary - Total revenue projections for Naconor are as follows: - 2024: 1,054 million - 2025: 938 million - 2026: 1,319 million - 2027: 1,790 million - The company anticipates a net profit of 162 million in 2024, with significant growth expected in subsequent years, reaching 285 million by 2027 [2][9]. - The price-to-earnings (PE) ratio is projected to decrease from 185 in 2025 to 40 by 2027, indicating a potential increase in profitability [2][9]. Company Overview - Naconor was established in 2000 and has become a leading manufacturer of battery electrode rolling machines, serving major clients such as CATL, BYD, and Panasonic [12]. - The company has a clear and stable shareholding structure, with experienced management that has been in place for a significant period [14][18]. - Naconor's core business focuses on rolling technology, with applications extending to various sectors, including lithium-ion batteries and new energy materials [19][20]. Market Position and Trends - The solid-state battery industry is on a clear upward trajectory, with Naconor's equipment expected to play a vital role in this transition. The demand for high-precision continuous processing equipment is anticipated to increase as the industry matures [49][50]. - Naconor's collaboration with Qingyan Electronics enhances its technological capabilities and market position, allowing for a more efficient transition from research and development to commercial delivery [44]. Investment Thesis - The solid-state battery market presents structural opportunities for equipment manufacturers like Naconor, as the industry shifts towards safer and more efficient battery technologies [49]. - Naconor's focus on dry electrode technology and its strategic partnerships position it well to capitalize on the anticipated growth in the solid-state battery sector [39][44].