据中国驻瑞典大使馆微信公众号消息，2月5日，中国驻瑞典大使馆发言人就瑞媒体报道将北伏公司破产 归咎于中国设备供应商答记者问。 问：近日，有一些瑞典媒体报道称，未经测试的中国生产的机器设备导致北伏公司（Northvolt）破产， 你对此有何评论？ 答：有关方面将北伏的破产归咎于中国设备供应商，与事实严重不符，完全站不住脚，属于典型的甩锅 推责。 无锡先导智能作为全球领先的新能源装备服务商，所有出口欧盟的设备均严格遵循国际标准并通过第三 方专业机构的CE认证，完全符合欧盟的安全与技术准入标准，根本不存在所谓的"未经测试"或"技术缺 陷"。 该公司设备产品销售至全球多个国家和地区，长期服务于德国、法国、匈牙利等多国头部新能源企业， 在各地产线中均稳定运行，受到国际市场广泛认可。 无锡先导智能是一家公开上市的民营企业，股权结构透明，业务运作完全基于市场化原则开展。任何试 图将正常商业合作政治化的言论都是不负责任的主观臆测。 希望有关方面客观公正地看待中国新能源企业及其产品在促进全球绿色发展进程中所作的积极贡献，与 中方一道，携手推动各国可持续发展取得更大进步。 典大使馆公众号截图 中国驻瑞 ...

（来源：起点锂电） 900亿锂电设备龙头官宣开年喜讯：百余台宽幅涂布设备头部客户全球交付！ 2月3日，从先导智能官方微信公众号获悉，近日公司向一家全球领先的新能源应用解决方案和服务商批量交付百余台新一代宽幅涂布机，这些设备将陆续 投用至客户国内外多个新建及扩建生产基地，为其新能源汽车与储能业务全球扩产提供关键设备保障。 图片来源：先导智能 据悉，本次交付的设备精准匹配客户新型高能量密度电池工艺，在宽幅涂布领域实现多项关键突破，具备"低故障、高稳定、高效率、高精度、低能耗"等 特点。 具体来看，设备搭载新一代智能烘箱及全新干燥技术，烘干效率提升20%，大幅提升极片质量稳定性与一致性；凭借更高水平的装备加工精度和装配精 度，设备综合效率（OEE）再提升3%，生产效能持续优化；成功攻克宽幅涂布高速生产中单层涂敷极片爬坡打皱的行业痛点，保障连续高效生产。 起点锂电认为，本次百余台宽幅涂布设备具备"交付体量巨大、交付难度高"的特点，项目成功交付，无疑再次证明了先导智能超强的生产交付能力，龙头 地位得到有力夯实。 资料显示，先导智能成立于1999年，专业从事高端非标智能装备的研发设计、生产和销售，是全球领先的新能源智能制 ...

Group 1 - The company, XianDao Intelligent (0470.HK), is set to launch its IPO from February 3 to February 6, 2026, with an expected listing date on February 11, 2026, on the Hong Kong Stock Exchange [1] - The company plans to issue a total of 93.616 million shares, with a maximum offer price of HKD 45.80 per share, aiming to raise approximately HKD 4.288 billion, resulting in a post-issue market capitalization of HKD 76.018 billion [1] - The offering will be conducted via a mechanism B allocation, with 10% of the shares available for public sale and no mandatory reallocation [1] Group 2 - The company has secured 10 cornerstone investors, including Oaktree Capital, Pinpoint, AMF, MY Asian, Morgan Stanley, and others, who have collectively committed to subscribe for approximately HKD 2.144 billion, representing 50% of the total shares offered [1] - As of February 4, the total margin subscription for XianDao Intelligent has reached HKD 1.761 billion, with a subscription multiple of approximately 4.1 times [2]

图片来源：先导智能 据悉，本次交付的设备精准匹配客户新型高能量密度电池工艺，在宽幅涂布领域实现多项关键突破，具备" 低故障、高稳定、高效率、高精 度、低能耗 "等特点。 具体来看，设备搭载新一代智能烘箱及全新干燥技术，烘干效率提升20%，大幅提升极片质量稳定性与一致性；凭借更高水平的装备加工精度 和装配精度，设备综合效率（OEE）再提升3%，生产效能持续优化；成功攻克宽幅涂布高速生产中单层涂敷极片爬坡打皱的行业痛点，保障 连续高效生产。 900亿锂电设备龙头官宣开年喜讯：百余台宽幅涂布设备头部客户全球交付！ 2月3日，从先导智能官方微信公众号获悉， 近日公司向一家全球领先的新能源应用解决方案和服务商批量交付百余台新一代宽幅涂布机 ，这 些设备将陆续投用至客户国内外多个新建及扩建生产基地，为其新能源汽车与储能业务全球扩产提供关键设备保障。 进度方面，2026年1月23日，其港股上市申请已通过聆讯；2月3日，公司正式启动H股全球发售，拟发行9361.6万股，最高发售价45.80港 元， 预计于2月11日在港交所主板挂牌。 值得提及的是，在保持核心竞争力方面，先导智能也在大力布局新型电池技术，以稳固"高端前沿市场" ...

Core Viewpoint - The company, Xian Dao Intelligent Equipment Co., Ltd., has launched a global offering plan for its H-shares, marking a significant step in its A+H dual capital platform strategy, with strong backing from top-tier cornerstone investors [1][2]. Group 1: Offering Details - The global offering period is from February 3 to February 6, with a share price set at HKD 45.80 per H-share, comprising 93,616,000 shares for public offering and 84,254,400 shares for international placement [1]. - The cornerstone investors include prestigious institutions such as Oak Tree Capital and Morgan Stanley, collectively committing approximately USD 275 million, which corresponds to about 55.56% of the international placement [1]. Group 2: Market Position and Competitive Advantage - Xian Dao is the largest provider of lithium battery intelligent equipment globally, holding 22.4% of the global market and 34.1% of the Chinese market as of 2024 [2]. - The company has established a unique full-process coverage model in the industry, making it one of the few firms capable of providing comprehensive solutions across all stages of lithium battery production [3]. Group 3: Financial Performance - For the first three quarters of 2025, the company reported revenue of CNY 10.388 billion, a year-on-year increase of 14.9%, and a net profit of CNY 1.161 billion, reflecting a significant growth of 97.9% [7]. - The operating cash flow for the same period reached CNY 3.835 billion, marking a substantial turnaround from a net outflow of CNY 2.916 billion in the previous year [7]. Group 4: Research and Development - The company maintained high R&D expenditures, with CNY 1.231 billion spent in the first three quarters of 2025, and over 4,000 R&D personnel, accounting for 27.1% of the total workforce [5]. - As of the same period, the company had obtained 3,336 national patents, including 533 invention patents, showcasing its strong focus on innovation and technology development [5]. Group 5: Global Expansion and Market Strategy - The company achieved overseas revenue of CNY 2.015 billion in the first three quarters of 2025, representing approximately 19.4% of total revenue, with a gross margin of 39.3% in overseas operations [8]. - The global lithium battery intelligent equipment market is projected to grow from CNY 49.8 billion in 2024 to CNY 137.2 billion by 2029, with a compound annual growth rate of 22.5%, indicating a favorable environment for the company's international strategy [8]. Group 6: ESG Practices and Future Outlook - The company is committed to carbon neutrality, aiming to peak carbon emissions by 2030 and achieve carbon neutrality by 2035, supported by extensive renewable energy initiatives [9]. - The strategic focus on technology-driven growth and early positioning in emerging markets is expected to provide a competitive edge as the industry evolves [10][12].

- The report does not contain any quantitative models or factors for analysis[1][3][4]

Investment Rating - The report assigns a comprehensive score of "7.0" to the company, suggesting a recommendation for subscription [12]. Core Insights - The company is recognized as a leading manufacturer of intelligent equipment, particularly in the lithium battery sector, with significant market shares both globally and in China [1][4]. - Financial performance has shown volatility, but a notable recovery is expected in 2025, with projected net profit growth of 424%-529% year-on-year [2][12]. - The report highlights the company's strong international presence and diverse application areas, which position it well to capitalize on growth opportunities in various industries [4]. Company Overview - The company operates in multiple sectors, including lithium batteries, photovoltaic cells, and 3C manufacturing, and is the largest supplier of lithium battery intelligent equipment globally, holding a 15.5% market share [1]. - Key clients include major players such as CATL, Tesla, Volkswagen, BMW, and LG Energy [1]. Financial Performance - Revenue for the years 2022-2024 is projected at approximately RMB 138.36 billion, RMB 164.83 billion, and RMB 117.73 billion, with a 14.92% year-on-year increase in the first nine months of 2025 [2]. - Net profit for the same years is expected to be RMB 23.18 billion, RMB 17.74 billion, and RMB 2.86 billion, with a significant increase of 94.97% in the first nine months of 2025 [2]. Industry Status and Outlook - The global electric vehicle market is expected to reach 49.5 million units by 2029, with a compound annual growth rate (CAGR) of 22.8% from 2024 to 2029 [3]. - The annual installed capacity of global energy storage batteries is projected to reach 891.1 GWh by 2029, with a CAGR of 35.4% [3]. - The solid-state battery intelligent equipment market is anticipated to grow to RMB 15.6 billion by 2029, with a CAGR of 58.0% [3]. Advantages and Opportunities - The company benefits from being the largest supplier in the lithium battery sector, with a strong market share that allows it to leverage both incremental and existing market opportunities [4]. - It has a robust international strategy, positioning itself to capture growth in overseas markets with significant potential [4]. - The company employs a cross-industry development strategy to mitigate risks associated with cyclical fluctuations in any single industry [4]. Use of Proceeds - Approximately 40% of the net proceeds (or HKD 1.6664 billion) will be used to expand the global R&D, sales, and service network [6]. - About 30% (or HKD 1.2498 billion) will be allocated to deepen the platform strategy and expand the product portfolio in the new energy intelligent equipment sector [6].

Investment Rating - The report assigns a comprehensive score of "7.0" to the company, suggesting a recommendation for subscription [10]. Core Insights - The company is recognized as a leading smart equipment manufacturer, particularly in the lithium battery sector, with a significant market share of 15.5% globally and 19.0% in China [1]. - Financial performance has shown volatility, with total revenues projected at approximately RMB 138.36 billion, RMB 164.83 billion, and RMB 117.73 billion for the years 2022-2024, while net profits for the same period are expected to be RMB 23.18 billion, RMB 17.74 billion, and RMB 2.86 billion respectively [2]. - The global electric vehicle market is anticipated to reach 49.5 million units by 2029, with a compound annual growth rate (CAGR) of 22.8% from 2024 to 2029 [3]. Company Overview - The company operates in diverse application fields including lithium batteries, photovoltaic cells, 3C manufacturing, smart logistics, hydrogen production, fuel cell production, automotive manufacturing, and laser precision processing [1]. - It has established a strong customer base, including major players like CATL, Tesla, Volkswagen, BMW, Mercedes, LG Energy, and SK On [1]. Financial Performance - The company’s revenue for the first nine months of 2025 is reported at RMB 103.88 billion, reflecting a year-on-year increase of 14.92%, while net profit for the same period is RMB 11.86 billion, showing a significant growth of 94.97% [2]. - The projected net profit for the full year of 2025 is expected to be between RMB 15 billion and RMB 18 billion, indicating a year-on-year increase of 424% to 529% [10]. Industry Outlook - The global energy storage battery installation is expected to reach 891.1 GWh by 2029, with a CAGR of 35.4% from 2024 to 2029 [3]. - The solid-state battery smart equipment market is projected to grow to RMB 15.6 billion by 2029, with a CAGR of 58.0% [3]. Advantages and Opportunities - The company benefits from being the largest supplier of lithium battery smart equipment globally, with a strong market presence in both incremental and existing market opportunities [4]. - It has a leading international presence, allowing it to capitalize on growth potential in overseas markets [4]. - The company employs a cross-industry development strategy to capture growth opportunities across various sectors, effectively mitigating risks associated with industry cycles [4]. Use of Proceeds - Approximately 40% of the net proceeds (or HKD 1.664 billion) will be allocated to expanding global R&D, sales, and service networks [6]. - About 30% (or HKD 1.249 billion) will be used to deepen platform strategies and expand the product portfolio in the new energy smart equipment sector [6].

- The report introduces a quantitative model framework for market trend analysis, focusing on five asset style stages: external growth, quality growth, quality dividend, value dividend, and bankruptcy value. The model evaluates assets based on their intrinsic attributes and prioritizes them using the sequence of g > ROE > D, analyzing whether there are "good assets" and whether they are "expensive" [5][8][9] - The model incorporates key factors such as expected growth (gf), actual growth (g), profitability (ROE), high dividend (D), and bankruptcy value (B/P). Each factor is associated with specific market phases, e.g., expected growth is relevant across all phases, while profitability is emphasized during maturity phases [9][12] - The quantitative model has demonstrated strong historical performance, achieving an annualized return of 27.67% since 2009. It has shown consistent excess returns in most years, particularly post-2017, with limited effectiveness in years like 2011, 2012, and 2016 [19][22] - The model's backtesting results for specific years include notable excess returns, such as 51% in 2009, 36% in 2013, and 62% in 2022. However, it also recorded underperformance in years like 2011 (-11%) and 2014 (-4%) [22] - The report details six specific strategies derived from the model, each focusing on different factors: - **Expected Growth Strategy**: Selects industries with the highest analyst-forecasted growth rates. Recent recommendations include sectors like automotive sales, lithium equipment, and tungsten [38][39] - **Actual Growth Strategy**: Focuses on industries with the highest unexpected growth (△g). Current recommendations include photovoltaic equipment, insurance, and coal chemical sectors [40][41] - **Profitability Strategy**: Targets high-ROE industries with low valuations under the PB-ROE framework. Recommended sectors include copper, liquor, and non-dairy beverages [43][44] - **Quality Dividend Strategy**: Utilizes a DP+ROE scoring system to identify industries. Current recommendations include forestry, lithium equipment, and fiberglass [46][47] - **Value Dividend Strategy**: Employs a DP+BP scoring system. Recommended sectors include security, daily chemicals, and buses [49][50] - **Bankruptcy Value Strategy**: Focuses on industries with the lowest PB+SIZE scores. Current recommendations include automotive sales, ceramics, and cotton textiles [53][54]

2月3日，A股锂电设备龙头无锡先导智能（300450）装备股份有限公司(以下简称"先导智能")正式启动 招股，拟全球发售9361.6万股H股。其中，中国香港发售股份936.16万股，国际发售股份8425.44万股。 先导智能在公告中表示，业绩增长主要得益于全球动力电池市场回暖与储能领域需求激增，国内头部电 池企业开工率提升、扩产节奏加快，带动公司订单规模快速回升，交付与验收同步提速，盈利能力显著 增强。 2月3日，先导智能A股股票收盘价为59.92元/股，涨幅7.56%，A股市值超930亿元。依据发行安排，公 司H股招股期为2026年2月3日至2月6日，预计将于2月11日正式挂牌上市，即将迈入"A+H"双资本平台 发展新阶段。 中国投资协会上市公司投资专业委员会副会长支培元在接受《证券日报》记者采访时表示，"A+H"双重 上市对企业长期发展有多维度积极影响，核心体现在融资能力、公司治理、品牌影响力三大层面的全面 提升。从融资能力来看，可以拓宽融资渠道，实现内地与全球资本双向对接，同时形成估值互补，避免 公司价值被单一市场低估；在公司治理层面，可以推动公司治理与国际接轨，通过港股上市的合规要求 锤炼企业公信力、 ...