Core views:

Pioneering intelligence: a person who has experienced the rise of China's new energy industry. In this article, we review the growth path of lithium battery equipment leaders, with a view to revealing the company's growth, successful experiences, and investment opportunities in turbulent times through in-depth research on industry changes, company development, fundamental mapping and market performance.

Exploring its success: Why did the pioneers come first? Looking back at its growth trajectory of more than 20 years, we see that ingenuity and quality, focus on customers, focus on R&D, and extreme speed are important factors in the company's development. The company started in the electronic equipment industry, continued to innovate and break through to the fields of photovoltaics, lithium batteries, and equipment. It has always maintained a R&D cost rate of about 10%, which is higher than that of its peers, maintains its core product quality and technology leadership with major customers, and has core competitiveness at home and abroad.

The dividends of the times: rich and far-reaching. Through a review and summary of the background of the times, we see that the successful development of pioneers is inseparable not only from the turbulent development of domestic new energy vehicles, but also from the important strategic choices of the leading company Ningde Era, as well as its own strong competitiveness.

The inevitability of strategy: Globalization and platformization of special equipment companies. As a typical representative of special equipment companies, in different eras and at different stages of their own development, they all chose to seek horizontal and vertical development with a positive attitude, from a single device to the platformization of eight major products, from overseas revenue of 0.022 billion yuan to 2.2 billion yuan to ensure that the company can grow rapidly. It is an inevitable path for growth and growth, and objectively provides a good growth model for domestic special equipment companies.

Valuable experience: Emerging industry research methodologies. By reviewing leading market performance, we can clearly see the impact of industrial development and changes in company fundamentals, stock prices, and valuation at different stages of the industry, thus refining methodologies for emerging industry research and providing valuable experience for future research.

Profit forecasting and investment advice. The net profit of Pilot Smart is estimated to be 1.96/2.387/2.652 billion yuan in 24-26. As a leading global lithium battery equipment company, the company has medium- to long-term investment value, giving a PE valuation of 15 times over 24 years, corresponding to a reasonable value of 18.77 yuan/share, maintaining a “buy” rating.

Risk warning. Macroeconomic cycle fluctuations; risk of falling inventory prices; management risk, etc.