Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company faced pressure on its performance in Q3 2025, but successfully delivered high-speed wide-width dry electrode equipment and made progress in expanding into high polymer materials and other fields [5][7] - The company has achieved a significant breakthrough in solid-state battery manufacturing technology with the delivery of the first high-speed wide-width dry electrode coating equipment in China, indicating technological maturity and industrial adaptability [7] - The company is actively expanding into non-lithium battery sectors, enhancing business resilience and cross-industry collaboration [7] - The company has a current order backlog of 2.01 billion yuan, expected to gradually confirm revenue over the next 1-2 years, and has established a regional headquarters in Hainan to optimize global sales and service functions [7] Financial Summary - Revenue forecast for 2023 is 946 million yuan, with a projected decline of 10.16% in 2025, followed by a recovery with growth rates of 28.90% in 2026 and 27.02% in 2027 [6] - The net profit attributable to the parent company is expected to be 99 million yuan in 2025, reflecting a significant decrease of 38.95%, but is projected to rebound to 159 million yuan in 2026 and 230 million yuan in 2027 [6] - The company’s earnings per share (EPS) is forecasted to be 0.63 yuan in 2025, with a recovery to 1.01 yuan in 2026 and 1.47 yuan in 2027 [6] - The company maintains a leading position in the domestic lithium battery production equipment market while actively seeking expansion into multiple fields, particularly in solid-state battery technology [7]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company faced pressure on its performance in H1 2025, but the successful delivery of high-speed wide-width dry electrode equipment is expected to enhance its business prospects in the solid-state battery sector [5][8] - The company has a backlog of orders amounting to 2 billion yuan, which is anticipated to drive performance recovery [8] - The company is actively expanding its domestic and overseas markets while accelerating the transformation of technological achievements and product upgrades to enhance profitability [8] Financial Summary - Revenue for 2025 is projected to be 1,107 million yuan, with a year-on-year growth rate of 5.06% [7] - Net profit attributable to the parent company is expected to be 170 million yuan in 2025, reflecting a growth rate of 5.31% [7] - Earnings per share (EPS) is forecasted to be 1.09 yuan in 2025, with a price-to-earnings (P/E) ratio of 54.88 [7] - The company achieved revenue of 473 million yuan and a net profit of 51.64 million yuan in H1 2025, with a year-on-year increase in cash flow from operating activities of 16% [8]

Investment Rating - The investment rating for the power equipment industry is "Positive" (maintained) [1] Core Insights - The solid-state battery sector is transitioning from laboratory to mass production validation, with small batch vehicle trials expected by the end of 2025 and widespread trials anticipated in 2026-2027. Emerging applications in low-altitude, robotics, and AI are expected to accelerate market opportunities for solid-state batteries [25][28] - The solid-state battery index increased by 3.5% from July 21 to July 25, 2025, with a cumulative increase of 25.5% for the year. The average increase for related stocks was 2.8% during the same period [4][11] - Key companies in the solid-state battery sector include CATL, Naconor, Honggong Technology, and others, with specific recommendations for investment in these companies [25][28] Summary by Sections 1. Weekly Sector Review - The solid-state battery index rose by 3.5%, with transaction volume increasing by 41.4% compared to the previous week. Equipment and conductive agent sectors led the gains [11][14] - The top five gainers included Naconor (+19.2%), Xingyun Co. (+16.9%), Delong Laser (+16.3%), Guansheng Co. (+15.6%), and Funeng Technology (+13.1%) [17][22] 2. Industry Dynamics - Qingyan Nako delivered the first domestic high-speed wide-width dry electrode equipment, which features solvent-free, low-energy consumption, and high-efficiency capabilities [29] - QuantumScape expanded its strategic partnership with Volkswagen's PowerCo to accelerate the development of its QSE-5 battery pilot production line, with potential funding of up to $131 million [28] 3. Individual Company Updates - Funeng Technology reported achieving GWh-level shipments of its semi-solid-state batteries, with costs only 5%-10% higher than liquid batteries, indicating strong market competitiveness [33][26] - Hanhua Energy plans to begin trial production of its first generation of 140Ah semi-solid-state batteries in Q4 2025, targeting supply for the next generation of BMW MINI models [37][26] - Qingyan Nako's high-speed wide-width dry electrode equipment has a width of 800mm and a maximum speed of 50m/min, supporting precise control of key parameters [29][24]