北交所信息更新 北 交 所 研 究 2025H1 出口超 2 亿、海南子深化国际拓展，2025Q1-3 营收 6.95 亿元 2025 年 7 月 24 日，子公司清研纳科自主研发的高速宽幅（固态）干法电极设备 顺利交付至国内头部主机厂，双方联合举行交付仪式。这也是国内首台高速宽幅 干法电极成膜复合设备，标志着公司在固态电池前沿制造技术领域实现关键突 破，进一步验证了公司干法电极设备的技术成熟度与产业化适配能力。清研纳科 作为国内最早布局干法工艺与装备一体化的企业之一，已形成完整的技术体系和 产品矩阵，具备从实验室、中试到量产线的全流程交付能力，公司的干法电极设 备已广泛服务于多家主流电池与整车企业。 ——北交所信息更新 2025 年 11 月 11 日 投资评级：增持（维持） | 日期 | 2025/11/11 | | --- | --- | | 当前股价(元) | 58.08 | | 一年最高最低(元) | 82.96/38.04 | | 总市值(亿元) | 91.04 | | 流通市值(亿元) | 75.53 | | 总股本(亿股) | 1.57 | | 流通股本(亿股) | 1.30 | | 近 3 ...

Core Viewpoint - The article discusses the ongoing 2025 China Solid-State Battery Industry Golden Ding Award, highlighting the participation of Shenzhen Qingyan Electronics Technology Co., Ltd. in various award categories, showcasing its innovative contributions to the solid-state battery sector [2][13]. Group 1: Company Overview - Shenzhen Qingyan Electronics, established in August 2020, is a national high-tech enterprise nurtured by Tsinghua University, focusing on innovative energy materials and devices with over 20 years of technological accumulation [3]. - The company utilizes Powder Film Technology (PIFs) as its core driver, achieving disruptive innovation across "materials - processes - equipment - applications," breaking foreign technological barriers and establishing itself as a leading force in the industry [3][5]. Group 2: Main Products - The main products include dry double-sided film machines, dry double-sided film composite mass production equipment, homogenization integrated machines, dry electrodes (including silicon-based negative electrodes), and supercapacitors [4]. Group 3: Technological Advantages - Qingyan Electronics' dry electrode process using powder film technology offers multiple advantages, such as solvent-free coating, high electrode density, and significant cost reductions due to decreased solvent usage [5]. - The technology is environmentally friendly, eliminating reliance on organic solvents like NMP, thus reducing energy consumption and environmental pollution [5]. Group 4: Patent and Innovation - The company has applied for 40 core patents, with 20 granted, and its core technology has won the "23rd China Patent Excellence Award," indicating a strong independent intellectual property system [6]. - Significant achievements include the development of a dry double-sided film composite machine, which integrates electrode film formation and current collector composite, reaching international advanced levels [6][8]. Group 5: Industrial Application - Qingyan Electronics has established the first fully automated production line for dry electrodes in China with a capacity of 0.1 GWh, supporting a full-chain innovation from "process-material-performance" [11]. - The company has successfully delivered high-speed wide-width dry electrode equipment for solid-state batteries to leading domestic manufacturers, marking a key breakthrough in advanced manufacturing technology [12]. Group 6: Award Details - The Golden Ding Award aims to encourage innovation in the solid-state battery industry and recognize leading enterprises that contribute significantly to the sector [13]. - The evaluation process includes self-recommendation, candidate data review, committee voting, and public announcement of results, culminating in an award ceremony scheduled for November 8, 2025, in Guangzhou [14].

Investment Rating - The investment rating for the company is "Outperform" (Maintain) [3] Core Views - The company reported a total revenue of 473 million yuan for H1 2025, a decrease of 16.44% year-on-year, and a net profit attributable to shareholders of 52 million yuan, down 47.82% year-on-year. Due to short-term supply-demand mismatches in the industry, the profit forecasts for 2025 have been adjusted downwards, while maintaining the forecasts for 2026 and 2027. The expected net profits for 2025-2027 are 168 million, 256 million, and 282 million yuan respectively, with corresponding EPS of 1.07, 1.63, and 1.80 yuan. The current stock price corresponds to PE ratios of 52.8, 34.8, and 31.5 times for the respective years. The company still has sufficient orders on hand and is increasing its efforts in domestic market expansion and international layout, particularly in dry electrode and solid-state battery sectors, leading to the maintenance of the "Outperform" rating [5][6][8]. Financial Summary - For H1 2025, the company achieved revenue of 473 million yuan and a net profit of 52 million yuan. The revenue from intelligent roller press equipment was 404 million yuan with a gross margin of 20.42%, a decrease of 2.27 percentage points year-on-year. Other business revenue was 69.27 million yuan with a gross margin of 35.44%. The progress of the fundraising project "Xingtai Phase II Factory Expansion Project" is at 12.62%, expected to be operational by June 30, 2026. The company is actively engaging in technical exchanges and collaborations in the dry electrode and solid-state battery fields, mastering multiple technologies related to equipment manufacturing [6][7][8]. Financial Projections - The projected financials for the company are as follows: - Revenue (million yuan): 946 in 2023, 1,054 in 2024, 1,197 in 2025, 1,520 in 2026, and 1,671 in 2027, with year-on-year growth rates of 25.0%, 11.4%, 13.6%, 26.9%, and 10.0% respectively - Net profit (million yuan): 124 in 2023, 162 in 2024, 168 in 2025, 256 in 2026, and 282 in 2027, with year-on-year growth rates of 9.3%, 30.7%, 4.1%, 51.8%, and 10.3% respectively - EPS (yuan): 0.79 in 2023, 1.03 in 2024, 1.07 in 2025, 1.63 in 2026, and 1.80 in 2027 [8][11][12].

Investment Rating - The investment rating for the company is upgraded to "Buy" [7] Core Views - The company has made significant breakthroughs in dry electrode equipment, positioning itself as a leading player in the solid-state battery sector [7] - The solid-state battery industry is expected to see accelerated development, with key manufacturers beginning to lead the evolution of dry equipment [7] - The company's dry electrode equipment has a competitive advantage, with a projected value of over 30 million per GWh, significantly higher than traditional liquid equipment [7] Financial Projections - Total revenue is projected to reach 1,053.51 million in 2024, with a year-on-year growth of 11.42% [1] - Net profit attributable to the parent company is expected to be 161.84 million in 2024, reflecting a year-on-year increase of 30.69% [1] - The earnings per share (EPS) is forecasted to be 1.03 in 2024, with a corresponding P/E ratio of 55.41 [1] Market Data - The closing price of the stock is 57.21, with a market capitalization of 8,967.71 million [5] - The company has a price-to-book ratio of 5.95 and a total circulating A-share market value of 7,400.06 million [5][6] Financial Health - The company has a debt-to-asset ratio of 52% and total assets amounting to 2,061 million [6] - The net asset value per share is 9.62, indicating a solid financial foundation [6]