Institutional Research | Lithium Batteries + Humanoid Robots + PEEK: This company's energy storage battery structural components are in high demand. The large cylindrical products will enter a critical year of mass production.

On March 30, multiple listed companies released announcements regarding their investor relations activity record forms, disclosing their business communication content with institutions, which revealed many advancements and highlights in the company’s business layout.

Kodali: The structural components for energy storage batteries are currently in a state of supply shortage

Kodali accepted research from 195 institutions, including China Merchants Securities, Guotai Junan Securities, and Morgan Stanley, last Friday evening.

During the communication, Kodali stated that structural components for power batteries benefit from the growth of the downstream new energy vehicle industry, maintaining a certain growth rate; energy storage batteries, supported by national strategies, are growing at a rate superior to that of power batteries and are currently in a state of supply shortage. The company is continuously expanding its production capacity for battery structural components and has good growth potential in the future.

Kodali mentioned that in the future, the company will simultaneously focus on both power battery structural components and energy storage battery structural components, continuously improving production capacity layout and technical reserves to drive stable overall business growth.

The annual report shows that Kodali aims to achieve revenue of 15.213 billion yuan by 2025, a year-on-year increase of 26.46%, with a net profit attributable to shareholders of 1.764 billion yuan, a year-on-year increase of 19.87%. In the fourth quarter, benefiting from the continued improvement in industry prosperity and a high level of capacity utilization, the performance has significantly increased both year-on-year and quarter-on-quarter, with a net profit margin of 12.57%.

According to Kodali, the company had already started forward-looking technology research and layout for large cylindrical batteries before customers raised relevant demands. “This year will be a key year for the large-scale mass production of large cylindrical batteries. Coupled with a favorable industry development environment, related businesses are expected to achieve significant growth, with promising future prospects.”

Regarding the humanoid robot business, Kodali introduced that the humanoid robot industry is currently in its early stages of development. Leveraging advantages accumulated in precision manufacturing, the company is actively communicating and connecting with domestic and foreign customers and has made certain progress.

“The overall overseas production capacity layout is proceeding in an orderly manner,” Kodali stated, noting that the company is steadily advancing localization adaptation, with the pace of capacity release in European bases set to gradually accelerate. The construction work in the U.S. and Thailand production bases is also progressing simultaneously, with layouts in both battery structural components and robot parts.

Looking ahead, Kodali candidly stated that the industry development environment remains favorable, and the company still has considerable growth space. “With a clear development strategy, forward-looking technology layout, and long-term accumulation of customer trust, the company is expected to continue maintaining a good growth trend, and the future development prospects are promising.”

Kodali has grown into a leading domestic manufacturer and developer of precision structural components for batteries and automotive structures, with products mainly covering precision structural components for new energy vehicle power batteries, precision structural components for energy storage batteries, precision structural components for consumer batteries, and automotive parts.

Zhongtai Securities’ latest research report points out that the company’s performance is stable for 2025, with Q4 growth exceeding expectations, demonstrating the strong operational resilience and cost control capabilities of the industry leader. Looking ahead to 2026, the company’s main business is expected to maintain high-speed growth, and the robot parts business is likely to achieve a breakthrough from 0 to 1, opening up new valuation space for the company.

In the secondary market, Kodali opened higher today with a gap and hit the upper limit of trading in the early session, with a cumulative increase of 16.97% over the past five trading days.

Su Testing: The demand side of the aerospace sector is currently maintaining a good trend

Su Testing accepted research from 102 institutions, including Industrial Securities and Cinda Securities, last Friday.

During the research, Su Testing revealed that the overall orders for its testing equipment remain stable. The demand side of the aerospace sector is currently maintaining a good trend, while the new energy and third-party testing agency sectors are relatively stable.

In the integrated circuit verification and analysis service sector, the company’s development momentum is stable and is in a healthy capacity ramp-up phase. The growth drivers mainly come from downstream customer technology iterations, breakthroughs in advanced processes at domestic wafer fabs driving growth in testing demand, and continuous optimization of supporting capacity layout and personnel structure.

Su Testing stated that the company will continue to focus on new products and new services, continuously increasing R&D investment, concentrating on key industries such as aerospace, integrated circuits, and new energy, and advancing into high-value-added emerging tracks.

The annual report shows that Su Testing’s revenue in the aerospace field is expected to grow by 43.20% year-on-year by 2025. In terms of testing equipment, the company’s self-developed thermal vacuum test system has entered the small-batch production stage, serving aerospace clients alongside mechanics, climate, and comprehensive environment testing equipment. In terms of testing services, the company continuously enhances its service capabilities, adhering to market-demand orientation and deepening business layout and resource collaboration.

“In the aerospace field, the company can provide one-stop comprehensive testing services including aerospace environment testing, material testing, structural strength testing, electromagnetic compatibility testing, integrated circuit verification and analysis, software evaluation, and non-standard testing services,” Su Testing stated. The aerospace sector, as one of the company’s important development directions, will continue to accelerate the technological research and iterative upgrade of the full series of testing equipment such as large thermal vacuum, large thrust vibration tables, and large temperature and humidity testing systems by expanding capacity layout and deepening technological R&D innovation, while empowering the high-quality development of the aerospace industry with professional testing technology and a complete service system.

Su Testing is a provider of environmental and reliability testing verification and comprehensive analysis service solutions for industrial products.

Dongwu Securities’ latest research report indicates that the company’s performance meets expectations, with the integrated circuit sector leading growth. Looking ahead to 2026, based on three factors, the company’s performance is expected to grow steadily: the demand for special industry testing will continue to rise in the first year of the 14th Five-Year Plan; commercial aerospace equipment and service demand is promising; the company’s integrated circuit business sector will continue to release capacity as it expands from FA to MA.

In the secondary market, Su Testing’s stock rose by 2.95% today, with an 8.37% increase over the past five trading days.

(Source: Dongfang Caifu Research Center)