Analysis of Hymson (688559) Strong Performance: Solid-State Battery Equipment Drivers and Short-Term Performance Challenges

As an integrated laser and automation solution provider [3], Hymson (688559)’s main businesses cover power battery laser equipment (60.28%), 3C consumer electronics equipment (18.04%), and other areas [0]. Its strong performance mainly stems from three driving forces:

1. Surge in Solid-State Battery Equipment Demand
   : The company has secured GW-level orders in the oxide route and is participating in the development of pilot lines for the sulfide route [0]; the investment per GWh in solid-state battery equipment has increased from 100 million yuan to 250-300 million yuan, bringing significant growth opportunities [0].
2. 3C Business Growth Expectations
   : It is expected to increase cooperation with leading customers in 2025, leading to a significant growth in orders [0].
3. Overseas Market Expansion
   : Scale sales are expected in markets such as Europe and Asia-Pacific [0].
   However, the company is expected to incur its first loss of 120-170 million yuan in 2025, a year-on-year decrease of 137.30%-152.84% [2], mainly affected by the industry cycle. But after the performance pressure in 2024, the supply-demand contradiction is expected to ease in 2025 [0].

• Dual Advantages in Technology and Market
  : The company adopts a dual-line strategy of oxide and sulfide routes in the solid-state battery equipment field, with significant technological leadership [0]; the investment upgrade in solid-state battery equipment further expands growth space [0].
• Long-Term Institutional Confidence
  : China Asset Management CSI Robot ETF holds 5.4326 million shares (accounting for 2.19% of tradable shares) [6], indicating institutional recognition of its long-term potential despite short-term performance pressure.
• Industry Cycle Mismatch
  : The power battery industry’s sales volume in the first three quarters of 2025 increased by 48.9% year-on-year [0], but the company’s short-term performance did not benefit synchronously, reflecting a time lag between industry equipment demand and performance release.

• Short-term financial pressure: Expected first loss in 2025 [2], which may affect market sentiment.
• Technology commercialization pace: Commercialization of all-solid-state batteries still takes time [1], relying on demand from the solid-liquid hybrid route in the short term.
  
  Opportunities
  :
• Sustained growth in solid-state battery equipment demand: The industry trend is clear, and the company’s technological advantages are expected to be converted into orders [0].
• Incremental growth in 3C and overseas markets: The new business area (medical lasers) will gradually achieve sales in 2025 [0], expanding revenue sources.

Hymson (688559)’s strong performance stems from its technological leadership in the solid-state battery equipment field and the surge in market demand, while also benefiting from 3C business growth and overseas expansion. Although the expected first loss in 2025 brings short-term challenges, institutional holdings and long-term industry trends indicate its long-term investment value. Investors need to balance short-term financial pressure and long-term growth potential, and pay attention to the progress of solid-state battery commercialization and order fulfillment.