Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage in the sector [5][8]. Core Viewpoints - The company is recognized as a leading manufacturer of lithium battery roller press equipment in China, with a focus on dry electrode and solid-state battery technologies to drive innovation [5][7]. - The lithium battery roller press equipment market is expected to grow significantly, reaching 6 billion RMB by 2025, with the company holding the largest market share [7][10]. - The transition from wet to dry electrode manufacturing processes is anticipated to reduce overall lithium battery production costs by 10%-15%, positioning the company favorably in the market [10][11]. - The solid-state battery market is projected to expand, with potential market size reaching 20 billion RMB by 2030, creating new opportunities for the company's equipment [11][11]. Summary by Sections 1. Leading Position in Lithium Battery Roller Press Equipment - The company has achieved a compound annual growth rate (CAGR) of 113.18% in revenue from 2020 to 2023, establishing itself as the top player in the domestic market [10][19]. - In 2023, the Chinese lithium battery roller press equipment industry reached a scale of 4.47 billion RMB, reflecting a year-on-year growth of 39.6% [34]. 2. Transition from Wet to Dry Electrode Technology - The dry electrode manufacturing process is expected to become mainstream due to its efficiency and cost-saving benefits [10][11]. - The company has established a joint venture with Qingyan Electronics to enhance its technological advantages in dry electrode manufacturing [10][11]. 3. Promising Outlook for Solid-State Battery Market - Solid-state batteries are considered safer and more stable than traditional batteries, with a projected market size of 20 billion RMB by 2030 [11][11]. - The company is actively collaborating with the Sichuan New Energy Vehicle Innovation Center to develop key equipment and processes for solid-state battery production [11][11]. 4. Profit Forecast and Valuation - The company is expected to achieve net profits of 164 million RMB, 194 million RMB, and 256 million RMB for the years 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 44.2, 37.2, and 28.3 [6][8].
纳科诺尔：锂电辊压设备国内龙头，布局干法电极和固态电池赛道助力创新突破-20250305