Investment Rating - The report rates the electric equipment industry as "Positive" [3] Core Viewpoints - The all-solid-state battery industry is currently in its initial development stage, with significant challenges related to material and equipment that need to be overcome for mass production [2][36] - The report suggests that the all-solid-state battery may be at a similar stage to the new energy vehicle industry in 2009-2010, characterized by policy catalysis, technology convergence, and supply chain improvement [36] - It is anticipated that small-scale production of all-solid-state batteries may begin around 2027, with large-scale production expected after 2030 [36] Summary by Sections Industry Overview - The all-solid-state battery technology has made initial progress, primarily focusing on sulfide electrolytes, but faces significant challenges, particularly with the solid-solid interface [2][10] - The report identifies the solid-solid interface as a critical issue, which is influenced by both material properties and manufacturing processes [10][20] Material Challenges - The main materials for all-solid-state batteries include solid electrolytes, with sulfide electrolytes being the focus. Key challenges include air sensitivity and the need for cost reduction [18] - The cost of lithium sulfide, a core material, is currently high due to limited production capacity, with prices previously at 1000 RMB/g and expected to reach 500,000 RMB/ton as a potential industrialization milestone [18] Equipment and Manufacturing - The report highlights the importance of pressure in both the manufacturing and operational phases of all-solid-state batteries, with specific attention to the need for appropriate stacking pressure to ensure effective ion transport [20][23] - Equipment such as isostatic pressing is crucial for maintaining solid-solid contact during manufacturing, but scalability remains a challenge [23][26] Performance Metrics - The report emphasizes that the core performance metrics for all-solid-state batteries will focus on cycle stability and rate performance, particularly after multiple cycles of use [28] - Current industry standards suggest that single-cell power batteries should achieve a cycle life of 1000-1500 cycles, with a capacity retention rate of at least 80% [27][28]

Battery Sector - Anker Innovations has signed a procurement cooperation agreement with ATL, with an initial order of 45 million battery cells [2][3] - Zhuhai Guanyu has been designated as a low-voltage battery supplier for multiple automotive companies, including Dongfeng Nissan and SAIC Volkswagen, with expected rapid growth in shipments [4][5][6] Materials Sector - Shenzhen Sufang New Energy has completed a million yuan angel round financing, which will be used for the development and production of lithium-rich manganese-based cathode materials [7][8] - QuantumScape has achieved a significant breakthrough in solid-state battery separator production with its new Cobra ceramic separator process, improving thermal treatment speed by approximately 25 times [9][10] - Zhejiang-based Ruohe New Energy has completed tens of millions in angel round financing to expand its production of solid-state electrolyte membranes and solid-state battery materials [11] Production Capacity Expansion - Anda Technology plans to expand its production capacity for lithium iron phosphate precursors to 450,000 tons per year, with a total investment of 4 billion yuan [12][13] - Yunnan Zhongke Xingcheng has announced a project for an integrated production capacity of 100,000 tons of anode materials for lithium batteries [14] Product Development - Binhai Energy's silicon-carbon anode products have entered the pilot scale-up phase, with a reported capacity of 2113 mAh/g and an initial efficiency of 91.05% [15][16] Overseas Developments - South Korean company Mplus is developing new roller press equipment to replace isostatic pressing, aiming for mass production by 2027 [17][18] - Samsung SDI is also transitioning its solid-state battery manufacturing from isostatic presses to roller presses, collaborating with multiple partners for equipment development [19]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve steady growth in roller press equipment in 2024, with continued growth anticipated in 2025 [1] - The revenue for 2024 is projected to be 1,053.51 million yuan, representing a year-on-year increase of 11.42% [1] - The net profit attributable to shareholders for 2024 is forecasted at 161.84 million yuan, reflecting a year-on-year growth of 30.69% [1] - The company has made significant advancements in research and development, including the establishment of a national-level postdoctoral research station and recognition for its technological innovation centers [8] Financial Projections - Total revenue projections for the company are as follows: - 2023A: 945.51 million yuan - 2024A: 1,053.51 million yuan - 2025E: 1,158.85 million yuan - 2026E: 1,491.58 million yuan - 2027E: 1,922.64 million yuan - Year-on-year growth rates for total revenue are projected at: - 2024: 11.42% - 2025: 10.00% - 2026: 28.71% - 2027: 28.90% [1][9] - Net profit attributable to shareholders is projected as follows: - 2023A: 123.83 million yuan - 2024A: 161.84 million yuan - 2025E: 179.76 million yuan - 2026E: 243.98 million yuan - 2027E: 322.55 million yuan - Year-on-year growth rates for net profit are projected at: - 2024: 30.69% - 2025: 11.07% - 2026: 35.73% - 2027: 32.20% [1][9] Valuation Metrics - The latest diluted EPS (Earnings Per Share) is projected as follows: - 2023A: 1.11 yuan - 2024A: 1.45 yuan - 2025E: 1.61 yuan - 2026E: 2.18 yuan - 2027E: 2.88 yuan - The corresponding P/E (Price to Earnings) ratios are: - 2024: 36.47 - 2025: 32.84 - 2026: 24.19 - 2027: 18.30 [1][9]

力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 证券简称： 纳科诺尔 证券代码： 832522 河北省邢台市经济开发区振兴南路 1788 号 邢台纳科诺尔精轧科技股份有限公司 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 邢台纳科诺尔精轧科技股份有限公司招股说明书（注册稿） 公司负责人和主管会计工作的负责人、会计机构负责人保证招股说明书中财务会计资料真实、 准确、完整。 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 ...

证券简称： 纳科诺尔 证券代码： 832522 河北省邢台市经济开发区振兴南路 1788 号 邢台纳科诺尔精轧科技股份有限公司 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 邢台纳科诺尔精轧科技股份有限公司招股说明书（注册稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依法发行后因发行人经营与收 益变化或者股票价格变动引致的投资风险。 1-1-1 声 明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资料不存在虚假记载、 误导性陈述或 ...

邢台纳科诺尔精轧科技股份有限公司 河北省邢台市经济开发区振兴南路 1788 号 邢台纳科诺尔精轧科技股份有限公司招股说明书（申报稿） 证券简称： 纳科诺尔 证券代码： 832522 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 保荐机构（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断 ...

证券简称： 纳科诺尔 证券代码： 832522 邢台纳科诺尔精轧科技股份有限公司 保荐机构（主承销商） 河北省邢台市经济开发区振兴南路 1788 号 邢台纳科诺尔精轧科技股份有限公司招股说明书（申报稿） 本公司的发行申请尚未经中国证监会注册。本招股说明书申报稿不具有据以发行股票的法律效 力，投资者应当以正式公告的招股说明书全文作为投资决定的依据。 （中国（上海）自由贸易试验区商城路 618 号） 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证券交易所主要 服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风险高等特点，投资者面临较 大的市场风险。投资者应充分了解北京证券交易所市场的投资风险及本公司所披露的风险因素，审 慎作出投资决定。 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对注册申请文件 及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行人的盈利能力、投资价值或 者对投资者的收益作出实质性判断或者保证。任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人自行负责；投 资者自主判断 ...