Investment Rating - The report initiates coverage with a "Buy" rating for the company [2][5]. Core Insights - The company is focusing on dry process technology, which is expected to replace traditional wet processes in battery manufacturing, leading to significant cost savings and efficiency improvements [2][4]. - The company has established a joint venture, Qingyan Nako, to enhance its capabilities in dry electrode equipment, which is becoming a core component in future battery manufacturing [2][34]. - The performance of the company's roller press machines is leading the market, with strong partnerships with major new energy companies enhancing its competitive position [2][4]. Financial Projections - Expected revenues for 2025, 2026, and 2027 are projected to be 1.58 billion, 2.37 billion, and 3.56 billion RMB respectively, with net profits of 244 million, 362 million, and 544 million RMB [2][4]. - The company anticipates a revenue growth rate of 50% for 2025 and 2026, and 50.46% for 2027 [4]. Company Overview - The company specializes in high-precision lithium battery roller press equipment, with a focus on dry process technology for electrode production [16][25]. - It has received various accolades, including being recognized as a "National High-tech Enterprise" and a "Specialized and Innovative Small Giant" [16]. Market Trends - The dry process technology is gaining traction due to its compatibility with solid-state batteries, which are expected to see significant growth in the coming years [2][69]. - The overall lithium battery market is projected to grow, with a notable increase in demand for roller press equipment as manufacturers shift towards dry processing methods [2][66].