20240823-开源证券-北交所信息更新_锂电辊压设备领军企业研发持续加力_2024H1归母净利润+30__4页_691kb

报告摘要

总结：纳科诺尔（832522BJ）投资评级更新报告

核心观点：
纳科诺尔（832522BJ）维持“增持”评级。2024年上半年公司业绩高速增长，营收同比增长2023%，归母净利润同比增长3006%，显示其在锂电辊压设备领域的领先地位以及在干法电极、固态电池等前沿技术方向的强劲推进动力。

详细要点：

1. 公司基本面及业绩表现

2024H1业绩：实现营业收入566亿元，同比增长2023%；归母净利润9.896亿元，同比增长3006%。
毛利率与现金流：锂电辊压设备毛利率为23.79%，同比下降2.81个百分点，但经营活动现金流净额增长17255%，显示经营效率提升。
行业地位：纳科诺尔是国内锂电辊压设备龙头，2022年国内CR3中占据23.4%的市占率，是比亚迪、宁德时代等主要客户的重点供应商。

2. 研发与技术创新

专利与技术布局：公司持续加大研发投入，2024H1新增6项发明专利和30项实用新型专利，技术成果应用于干法电极设备及固态电池设备的研发。
产品拓展：公司已推出干法电极成型覆合一体机，并与清陶新能源等公司合作开发固态电池设备，处于客户测试阶段。

3. 盈利预测与估值

盈利预测：分析师预计2024-2026年归母净利润分别为150亿、175亿、199亿元，对应PE分别为93、79、70倍。
增长预期：未来三年营收复合增长率超过25%，净利润增速基本保持20%以上，体现了机构对纳科诺尔长期成长性看好。

4. 风险提示

行业竞争风险：锂电设备行业竞争加剧可能导致盈利能力下滑。
需求波动风险：新能源汽车市场变化可能影响下游需求。
产品单一风险：公司目前营收仍高度依赖锂电设备，产品结构需进一步优化。

结语：

纳科诺尔作为锂电设备领域的技术领先企业，凭借其高研发投入和客户资源优势，未来发展潜力较大。建议投资者关注其在干法电极、固态电池等新兴技术方向的突破与商业化进程。

Summary: Nacro Noor (832522BJ) Investment Rating Update

The core view is that Nacro Noor maintains a "Buy" rating with expectations of sustained growth driven by its strong position in lithium battery equipment, particularly in roll-to-roll processing and emerging solid-state batteries.

Key Highlights:

Financial Performance
- 2024H1 Results: Revenue increased by 2,023% YoY to CNY 5.66B, while net profit attributable to shareholders surged by 3,006% to CNY 989.6M.
- Margin & Cash Flow: Gross margin stood at 23.79% (down 2.81pts), but operating cash flow improved significantly by 1,725.5% (CNY 804.1M).
- Market Position: Dominates the lithium battery press roller market, holding a 23.4% share in CR3 for domestic markets and serving key clients like BYD (60%) and CATL (~50%).
R&D & Innovation
- Patents & Tech: Filed 36 new patents (6 invention + 30 utility model) in H1 2024 and expanded into dry electrode and solid-state battery technologies, currently in testing phases.
- Strategic Partnerships: Collaborated with Qingr Yan to develop a dry electrode forming machine and secured long-term contracts with Qing Tao New Energy.
Financial Projections
- EPS & PE: Projected EPS for 2024-2026: CNY 1.34, 1.56, 1.77; corresponding PE: 93, 79, 70.
- Growth Trajectory: Revenue and profit growth rates are expected to remain high (CAGR > 25%), facing a market cap of CNY ~13.9B.
Risks
- Competition: Price pressure from industry consolidation;
- Demand Uncertainty: Economic shifts and EV demand volatility;
- Product Concentration: High reliance on lithium equipment sales.

In conclusion, Nacro Noor's technological edge and market leadership position it as a high-potential investment, though investors should monitor competition and product diversification efforts.

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