海目星：公司公告点评：锂电设备出海和固态电池业务迎来突破，期待后续发展

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company has achieved significant breakthroughs in lithium battery equipment and solid-state battery business, with promising future developments expected [5] - Recent announcements include winning contracts worth approximately RMB 1.25 billion from leading overseas automotive clients and a strategic cooperation agreement with Xinjie Energy for the procurement of battery automation production line equipment valued at around RMB 400 million [5] - The company has established eight overseas subsidiaries and formed close interactions with several leading overseas new energy power battery companies, marking a significant milestone in its overseas strategic layout [5] - The partnership with Xinjie Energy is expected to open new opportunities in the solid-state battery sector, enhancing the company's growth potential [5] - The company has a relatively sufficient order backlog, with new signed orders of approximately RMB 4.85 billion in 2023 and an order backlog of about RMB 7.5 billion as of the end of 2023 [5] Financial Forecasts - The projected net profit for the company for 2024, 2025, and 2026 is RMB 386 million, RMB 461 million, and RMB 556 million respectively, with corresponding EPS of RMB 1.89, RMB 2.26, and RMB 2.73 [6][10] - The company is expected to maintain a revenue growth rate of 12.2% in 2024, with total revenue projected to reach RMB 5.39 billion [7][10] - The estimated reasonable valuation range for the company in 2024 is between RMB 34.02 and RMB 41.58 per share, corresponding to a market capitalization of RMB 6.9 billion to RMB 8.5 billion [6][10] Business Segments and Performance - The company operates in multiple sectors including lithium battery equipment, photovoltaic, 3C, new display, and medical laser fields, with significant technological breakthroughs achieved [5] - The revenue from the lithium battery laser and automation equipment segment is projected to grow significantly, contributing the majority of the company's revenue [7] - The company’s gross margin is expected to remain stable around 29% over the next few years, indicating a solid profitability outlook [10]