纳科诺尔20251125

Summary of Nacnore's Conference Call Company Overview - Nacnore specializes in the research, design, production, and manufacturing of battery rolling equipment, established in 2000 and headquartered in Xingtai, Hebei, with subsidiaries in Shenzhen and Changzhou, and a supply chain company in Hainan for global operations [3][2]. Industry and Market Performance - The third-quarter report for 2025 indicates that Nacnore's overall performance is under pressure due to revenue recognition issues and a slowdown in customer order acceptance [2][3]. - Nacnore has become a leading player in the high-end rolling equipment sector domestically, with over 2 billion RMB in rolling orders, significantly boosted by overseas markets, particularly in Europe, North America, and Southeast Asia [2][4]. Key Developments - Nacnore is actively expanding into the solid-state battery sector, focusing on dry electrode equipment, and has partnered with GAC to provide dry lines for both positive and negative electrodes [2][5]. - A high-standard solid-state battery laboratory in Xingtai is expected to be operational next month, accelerating the mass production of related equipment [5][2]. Financial Outlook - It is anticipated that Nacnore's profitability will improve in 2026, driven by an increase in overseas orders, which are expected to be more profitable than domestic projects [6][7]. Technology and Innovation - The dry electrode technology is primarily focused on negative electrodes, with challenges remaining in the positive electrode sector, particularly regarding small particle size materials [8][2]. - New technologies are expected to take at least six months to achieve mass production, requiring advancements in materials, processes, and equipment [9][2]. Customer and Order Insights - Downstream battery manufacturers are placing large-scale orders in advance, reflecting strong demand for cost reduction and the pressure of new technology integration [21][2]. - Nacnore has established communication with several overseas clients, including Murata and Samsung, and is in contact with Tesla [23][2]. Competitive Landscape - The solid-state battery equipment market is competitive, with companies like Toyota, Samsung, LG, and SK leading the way [24][2]. - Nacnore's dry equipment pricing is estimated to be around 20 million RMB, which may be slightly undervalued [11][2]. Future Plans - Nacnore aims to launch more products and research results in the solid-state battery field by 2026, with a focus on dry processes, lithium belt rolling, and various electrolytes [33][2]. - The company plans to complete its solid-state laboratory by the end of the year and invite investors for visits [34][2]. Additional Insights - The solid-state battery cost has not significantly changed compared to last year, with ongoing explorations in various companies [22][2]. - Nacnore's future customer base is expected to shift more towards battery manufacturers, as they require higher precision in lithium belt thickness [31][2]. This summary encapsulates the key points from Nacnore's conference call, highlighting the company's current status, market dynamics, technological advancements, and future outlook.