Battery structural parts leader with a robotics kicker

Research evidence excerpt

Battery structural parts leader with a robotics kicker

pporting long-term revenue contribution from this business. Pending -7

regulatory filings and project approval, we have not included the Thailand project in our 2026- 25/06 25/09 25/12 26/03 26/06

28F earnings forecasts. We forecast humanoid robotics revenue of CNY100mn/CNY350mn/

CNY700mn in 2026-28F, mainly driven by domestic shipments to local robotics companies Source: Gildata

from existing capacity.

Research AnalystsInitiate at Buy with a TP of CNY282.15, implying 54.8% upside

Considering Kedali’s exposure to robust lithium-ion battery structural part demand and the China Electrical Equipment and

trend toward humanoid robot mass production, we expect its revenue/net profit to grow at Renewables

CAGRs of 21%/30% over 2026-28F. For valuation, we apply a 33x target P/E, a discount to

Peiyu Li - NOIthe peer average 76x 2026E P/E, mainly reflecting our expectation that Kedali’s 2026-28F

earnings growth will be lower than the peer average, as well as uncertainties over the noiresearch@nomura.com

commercialization pace of new businesses. Based on 2026F EPS of CNY8.55, we derive a SAC Registration No.: S1720525040001

TP of CNY282.15, implying 54.8% upside. Over the past month (as of 25 Jun 2026), Kedali Xiaoming Ma - NOI

underperformed the CSI 300 by 9.8pp, which we attribute to weaker investor appetite for noiresearch@nomura.com

related themes driven by market concerns over slower-than-expected humanoid robot SAC Registration No.: S1720522060001

commercialization. Key price catalysts: faster overseas plant ramp-up, stronger energy-

storage battery demand and faster humanoid robot mass production than expected. Key

downside risks: weaker-than-expected lithium-ion battery demand, intensifying trade