25 年业绩改善，盈利能力持续提升。公司发布25 年业绩预告，符合我们的预期。2025 年实现归母净利 润预计达15 亿–18 亿元，同比大幅增长424.29%–529.15%；扣除非经常性损益后的净利润预计为14.8 亿–17.8 亿元，同比增长310.83%–394.11%，核心盈利能力显著增强。 多因素促进公司业绩改善：1）业绩高增主要得益于锂电市场持续复苏，公司订单规模同比快速回升， 交付与验收节奏提速，带动收入与利润同步释放。2）公司通过强化固态电池、钠离子电池、钙钛矿等 前沿技术布局，巩固技术先发优势，并深化数字化转型与全流程降本增效，推动毛利率在25Q4 环比回 升，经营效率与盈利水平持续优化。3）现金流管理成效显著，设备验收与回款周期缩短，经营韧性进 一步增强。我们认为，25Q1-3 验收的是2024 年同期行业低谷期签订的国内订单，订单毛利率偏低。随 着后续复苏订单、降本增效，叠加高毛利海外及固态电池设备占比提升，公司盈利能力仍有提升空间。 平台化成效显著，多品类布局保障成长。公司聚焦高端装备制造技术创新。固态电池设备领域，公司作 为全自主知识产权的全固态电池整线服务商，已打通量产全流程，覆 ...

截至9月30日，先导智能股东户数28.09万，较上期增加162.02%；人均流通股5551股，较上期减少 61.84%。2025年1月-9月，先导智能实现营业收入104.39亿元，同比增长14.56%；归母净利润11.86亿 元，同比增长94.97%。 1月28日，先导智能盘中下跌2.03%，截至09:45，报59.93元/股，成交8.18亿元，换手率0.87%，总市值 938.60亿元。 资金流向方面，主力资金净流出7163.59万元，特大单买入9867.95万元，占比12.06%，卖出1.24亿元， 占比15.20%；大单买入1.50亿元，占比18.33%，卖出1.96亿元，占比23.94%。 先导智能今年以来股价涨19.91%，近5个交易日涨1.73%，近20日涨18.60%，近60日涨9.36%。 资料显示，无锡先导智能装备股份有限公司位于江苏省无锡市新吴区新锡路20号(经营场所:无锡市新吴 区新洲路18号),香港湾仔皇后大道东183号合和中心46楼，成立日期2002年4月30日，上市日期2015年5 月18日，公司主营业务涉及专业从事自动化成套设备的研发、设计、生产与销售以及自动化整体解决方 案。主 ...

1月25日，据港交所文件披露，无锡先导智能装备股份有限公司（简称"先导智能"）通过港交所主板上市聆讯，中信证券、摩根大通为其联 席保荐人。 作为全球新能源智能制造领域的标杆企业，此次赴港上市融资不仅将完善公司"A股+H股"双资本平台布局、拓宽海外融资渠道，更将依托香 港资本市场的国际化优势，进一步强化其在全球市场的话语权与核心竞争力。 客户布局层面，先导智能已实现全产业链覆盖与穿透，构建起"国内头部电池厂商+海外车企/电池巨头+固态电池赛道先锋"的多元化立体客 户矩阵，抗周期经营能力持续夯实。 同日晚间，先导智能发布2025年度业绩预告。预计归属于上市公司股东的净利润为15亿元-18亿元，比上年同期增长424.29%-529.15%。 2025年全球动力电池市场持续回暖，储能领域需求强劲增长，行业整体需求持续复苏。先导智能表示，随着国内头部电池企业开工率提升、 扩产节奏有序加快，公司订单规模同比快速回升，订单交付与项目验收节奏同步提速，推动了公司经营业绩的筑底回升与快速增长，整体盈 利能力明显提升。 | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 归属于上市公司 | 盈利 ...

公 司 研 究 业绩大幅增长，锂电景气度提升、平台化成效显著 先导智能(300450) 25 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | | 毛冠锦(分析师) | 021-23183821 | maoguanjin@gtht.com | S0880525040081 | 本报告导读： 公司业绩表现亮眼，随着公司锂电行业回暖、国际化&平台化布局稳步推进，叠加 固态电池新技术有望成为新增量，业绩仍有较大改善空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收 ...

公 司 研 究 业绩大幅增长，锂电景气度提升、平台化成效显著 先导智能(300450) 25 年业绩预告点评 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | --- | --- | --- | --- | | 肖群稀(分析师) | 0755-23976830 | xiaoqunxi@gtht.com | S0880522120001 | | 赵玥炜(分析师) | 021-23185630 | zhaoyuewei@gtht.com | S0880525040040 | | 毛冠锦(分析师) | 021-23183821 | maoguanjin@gtht.com | S0880525040081 | 本报告导读： 公司业绩表现亮眼，随着公司锂电行业回暖、国际化&平台化布局稳步推进，叠加 固态电池新技术有望成为新增量，业绩仍有较大改善空间。 投资要点： | [Table_Finance] 财务摘要(百万元) | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收 ...

Core Viewpoint - The article highlights the strong performance of Xian Dao Intelligent in 2025, driven by both industry recovery and internal operational improvements, with significant profit growth expected compared to the previous year [1][3]. Group 1: Financial Performance - Xian Dao Intelligent forecasts a net profit attributable to shareholders of 1.5 billion to 1.8 billion yuan in 2025, representing a year-on-year increase of 424.29% to 529.15% [2]. - The expected net profit after deducting non-recurring gains is projected to be 1.48 billion to 1.78 billion yuan, showing a growth of 310.83% to 394.11% compared to the previous year [2]. - For Q4 2025, the company anticipates a net profit of 314 million to 614 million yuan, a significant turnaround from a loss of 322 million yuan in the same period last year [2]. Group 2: Industry Context - The global power battery market is experiencing a recovery in 2025, with strong growth in the energy storage sector and increased operating rates among leading domestic battery companies, contributing to a rebound in the lithium battery industry chain [3]. - Key upstream material companies such as Hunan YN, Putailai, and Tianci Materials are also expected to report significant growth in their 2025 performance [3]. Group 3: Company Strategy - Xian Dao Intelligent is enhancing its operational quality through various measures, including increased investment in R&D for new technologies, products, and processes, particularly in solid-state batteries, sodium-ion batteries, and other advanced battery technologies [3]. - The company is also focusing on digital transformation and cost reduction across its operations, leading to a recovery in gross margins in Q4 [3].

同时，公司深化数字化转型，推进全流程降本增效，毛利率回升，且通过优化服务加快回款，经营现金 流显著改善，经营韧性持续增强。 （校对/黄仁贵） 1月26日，先导智能发布2025年度业绩预告，预计归属于上市公司股东的净利润15亿元至18亿元，同比 大增424.29%至529.15%；扣非后净利润14.8亿元至17.8亿元，同比增长310.83%至394.11%。 2025年全球动力电池市场回暖，储能领域需求强劲，国内头部电池企业开工率提升、扩产加快，公司作 为新能源智能装备龙头，订单规模快速回升，交付与验收节奏同步提速，推动经营业绩快速增长。 先导智能加大研发投入，巩固在固态电池、钠离子电池等多领域的先发优势，拓宽业绩增长点。 ...

Group 1 - The lithium battery industry is entering an accelerated expansion phase, with major companies starting a new round of capital expenditures in 2025, and 2026 is expected to see record-high capex investments [1] - The demand for lithium batteries has consistently exceeded expectations in recent years, leading to order overflow from major manufacturers due to insufficient capacity, with an estimated additional production capacity of nearly 1 TWh expected in 2026 [1] - Major lithium battery manufacturers are currently initiating equipment tenders, with hundreds of GWh of orders already visible, and further orders of around 100 GWh are anticipated [1] Group 2 - Orders for lithium battery equipment have reached new highs, with most equipment manufacturers showing positive year-on-year growth in contract liabilities, and many have surpassed historical peaks [2] - The strong order situation in the lithium battery equipment sector is expected to continue into 2026, although profitability improvements may not be realized until 2026 [2] Group 3 - Progress has been made in the research and development of solid-state batteries, with a shift in focus towards cost reduction and efficiency improvements in equipment, laying the groundwork for future testing of solid-state batteries [3] - Major battery manufacturers are expected to begin constructing pilot lines for solid-state batteries in 2026, which will create additional demand and opportunities for equipment companies [3] Group 4 - Companies to watch in this sector include XianDao Intelligent (300450.SZ), XianHui Technology (688155.SH), LianYing Laser (688518.SH), HaiMuXing (688559.SH), DeLong Laser (688170.SH), ST YiFei (688646.SH), YingHe Technology (300457.SZ), HangKe Technology (688006.SH), and XinYuRen (688573.SH) [4]

Core Viewpoint - The performance of the company is in line with market expectations, with significant profit growth projected for 2025 [1] Financial Performance - The company is expected to achieve a net profit attributable to shareholders of 1.5-1.8 billion yuan in 2025, representing a year-on-year increase of 424.29%-529.15% [1] - The estimated net profit for Q4 2025 is projected to be 464 million yuan, a substantial turnaround from a loss of 300 million yuan in Q4 2024, with a quarter-on-quarter increase of 4% [1] Industry Outlook - The recovery in order scale is attributed to the increased operating rates and orderly expansion of leading domestic battery companies, leading to a rapid rebound in order delivery and project acceptance [1] - The high prosperity of the downstream power and energy storage battery industry is expected to continue, along with the accelerated industrialization of solid-state batteries, which will support growth in both traditional lithium battery equipment and solid-state battery equipment businesses [1] Profit Forecast - The company's net profit forecasts for 2025-2027 have been raised to 1.65 billion, 2.33 billion, and 2.71 billion yuan respectively, up from previous estimates of 1.53 billion, 2.04 billion, and 2.48 billion yuan [1] - The current stock price corresponds to dynamic price-to-earnings ratios of 60, 42, and 36 times for 2025, 2026, and 2027 respectively, maintaining a "buy" rating [1]

Core Viewpoint - The data indicates significant outflows of capital from various stocks, with notable amounts withdrawn from companies across different sectors, particularly in the electric equipment and battery industries [1][2][3]. Group 1: Major Stocks with Capital Outflows - TBEA Co., Ltd. experienced a capital outflow of 1.452 billion yuan, with a decline in stock price of 4.09% [2]. - Zhejiang Wenlian reported a capital outflow of 992 million yuan, with a stock price decrease of 1.28% [2]. - Hunan Silver saw a capital outflow of 900 million yuan, with a stock price increase of 2.82% [2]. - Tongling Nonferrous Metals had a capital outflow of 873 million yuan, with a stock price increase of 2.91% [2]. - Dongfang Fortune experienced a capital outflow of 817 million yuan, with a stock price decrease of 1.63% [2]. Group 2: Additional Stocks with Notable Outflows - Leading Intelligent reported a capital outflow of 733 million yuan, with a stock price decrease of 2.7% [2]. - Tianji Co., Ltd. faced a capital outflow of 666 million yuan, with a significant stock price drop of 9.09% [2]. - Xinyi Communication had a capital outflow of 613 million yuan, with a stock price increase of 0.73% [2]. - Tianci Materials saw a capital outflow of 570 million yuan, with a stock price decrease of 5.28% [2]. - Wangsu Science & Technology experienced a capital outflow of 558 million yuan, with a stock price decrease of 3.56% [2]. Group 3: Other Companies with Capital Outflows - Longi Green Energy reported a capital outflow of 547 million yuan, with a stock price decrease of 0.93% [3]. - Dufeng Co., Ltd. faced a capital outflow of 533 million yuan, with a stock price decrease of 7.35% [3]. - China Satellite had a capital outflow of 515 million yuan, with a stock price decrease of 1.62% [3]. - Contemporary Amperex Technology experienced a capital outflow of 458 million yuan, with a stock price decrease of 0.89% [3]. - Salt Lake Potash reported a capital outflow of 437 million yuan, with a stock price decrease of 2.67% [3].