%% %% 丨证券研究报告丨 联合研究丨公司点评丨先导智能（300450.SZ） [Table_Title] 先导智能 2024H1 点评：业绩低预期，静待行业 转暖 | --- | --- | --- | |-----------------------------------------------------------------------------------|---------------|-------| | | | | | 报告要点 | | | | [Table_Summary] 公司发布 2024 中报， 2024H1 营收 57.52 亿元，同比下滑 | 4.59 亿元， | | 分析师及联系人 [Table_Author] 赵智勇 邬博华 倪蕤 叶之楠 SAC：S0490517110001 SAC：S0490514040001 SAC：S0490520030003 SAC：S0490520090003 SFC：BRP550 SFC：BQK482 请阅读最后评级说明和重要声明 先导智能（300450.SZ） cjzqdt11111 相关研究 [Table_Title 先导智能 2024 ...

证券研究报告·公司点评报告·电池 先导智能（300450） 2024 年半年报点评：Q2 业绩承压，看好全球 化与平台化布局深化 2024 年 08 月 30 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|---------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 13932 | 16628 | 17600 | 21300 | 24000 | | 同比（ % ） | 38.82 | 19.35 | 5.84 | 21.02 | 12.68 | | 归母净利润（百万元） | 2318 | 1775 | 2024 | 2944 | 3549 | | 同比（ % ） | 46.28 | (23.45) | 14.03 | 45.50 | 20.54 | | EPS- 最新摊薄（元 / 股） | 1.48 | 1.13 | 1 ...

Financial Performance - Revenue for the first half of 2024 was RMB 5.752 billion, a decrease of 18.82% compared to the same period last year[11] - Net profit attributable to shareholders was RMB 459.25 million, down 61.74% year-on-year[11] - Basic earnings per share (EPS) were RMB 0.2932, a decline of 61.74% compared to the previous year[11] - Weighted average return on equity (ROE) was 3.88%, down 6.72 percentage points from the same period last year[11] - Total assets at the end of the reporting period were RMB 33.034 billion, a decrease of 6.40% compared to the end of the previous year[11] - Operating cash flow was negative RMB 1.792 billion, a 16.15% increase in outflow compared to the same period last year[11] - Revenue for the first half of 2024 reached 5,752,247,510.59 yuan, with net profit attributable to shareholders of 459,252,052.29 yuan[41] - The company's revenue for the reporting period was 5.75 billion yuan, a year-on-year decrease of 18.82%[47] - Total operating revenue for the first half of 2024 was 5.752 billion yuan, a decrease from 7.086 billion yuan in the same period of 2023[147] - Operating profit for the first half of 2024 was 450.519 million yuan, down from 1.301 billion yuan in the first half of 2023[148] - Net profit attributable to the parent company's shareholders in the first half of 2024 was 459.252 million yuan, compared to 1.200 billion yuan in the same period of 2023[149] - Basic earnings per share for the first half of 2024 were 0.2932 yuan, down from 0.7664 yuan in the first half of 2023[149] - Net profit for the first half of 2024 was RMB 274.34 million, compared to RMB 1.15 billion in the same period last year[151] - Basic earnings per share were RMB 0.1752 in H1 2024, down from RMB 0.7343 in H1 2023[152] - Sales revenue from goods and services was RMB 6.89 billion in H1 2024, a decrease from RMB 7.19 billion in H1 2023[153] - Total comprehensive income for the period was RMB 460,066,160.34 in H1 2024[158] - The company's comprehensive income for the first half of 2024 amounted to 1,209,929,596.24 yuan[161] - Comprehensive income for the period is RMB 1,150,081,752.87[165] Business Segments - The company specializes in high-end non-standard intelligent equipment, covering lithium battery, photovoltaic, 3C, automotive, hydrogen energy, and laser processing equipment[15] - The company provides comprehensive solutions for lithium battery manufacturing, covering various battery types and applications[25] - The company's hydrogen energy equipment business includes solutions for fuel cells, PEM, and alkaline electrolyzers[26] - The company's laser precision processing equipment supports advanced technologies like laser doping and laser welding[26] - The company's smart logistics systems include AGVs, stackers, and intelligent warehouse management systems[26] - The company's automotive intelligent production lines cover battery modules, PACK, and electric drive systems[26] - Lithium battery intelligent equipment business revenue was 3,904,778,613.07 yuan, a decrease of 27.10% year-on-year[41] - Intelligent logistics system business revenue increased by 40.41% year-on-year to 1,297,012,298.76 yuan[41] - Photovoltaic intelligent equipment business revenue increased by 41.53% year-on-year to 402,397,298.21 yuan, accounting for 7% of total revenue[41] - The company's lithium battery intelligent equipment revenue was 3.9 billion yuan, a year-on-year decrease of 27.10%, with a gross profit margin of 41.85%[48] - The company's intelligent logistics system revenue was 1.3 billion yuan, a year-on-year increase of 40.41%, with a gross profit margin of 19.53%[48] - Smart logistics system revenue increased by 40.41% to 1,297,012,298.76 yuan, while costs rose by 55.59% to 1,043,669,664.47 yuan, resulting in a 7.85% decrease in gross margin[50] - Equipment manufacturing revenue decreased by 18.82% to 5,752,247,510.59 yuan, with costs down 13.67% to 3,664,015,960.68 yuan, leading to a 3.80% drop in gross margin[50] - Lithium battery intelligent equipment revenue fell by 27.10% to 3,904,778,613.07 yuan, with costs down 24.98% to 2,270,567,038.13 yuan, resulting in a 1.65% decrease in gross margin[50] - Export revenue surged by 159.56% to 1,094,918,151.59 yuan, with costs up 78.70% to 662,739,380.41 yuan, leading to a 27.39% increase in gross margin[50] Market Trends - In H1 2024, China's new energy vehicle production and sales reached 4.929 million and 4.944 million units, up 30.1% and 32% YoY, with a market share of 35.2%[16] - Global power battery installations in H1 2024 reached 364.6GWh, up 22.3% YoY, with solid-state batteries expected to reach 614.1GWh by 2030[16] - China's new energy storage installations in H1 2024 reached 32.19GWh, with cumulative installations at 99.06GWh, up over 40% from 2023[18] - China's energy storage lithium battery shipments in H1 2024 were 116GWh, up 41% YoY, with full-year shipments expected to exceed 240GWh[18] - Global consumer lithium battery market is projected to reach USD 27.33 billion by 2025, with a CAGR of 20.27% from 2020-2025[18] - China's new photovoltaic installations in H1 2024 were 102.48GW, up 30.7% YoY[19] - Global smartphone shipments in 2024 are expected to reach 1.21 billion units, up 4% from 2023[20] - Global smartphone shipments are expected to reach 1.3 billion units with a CAGR of 2.3%[21] - Global laptop shipments in H1 2024 reached 95 million units, a 4% YoY increase[21] - The global digital energy market is projected to grow to $64 billion by 2025[21] - Hydrogen energy is expected to account for 33% of South Korea's energy consumption by 2050[24] - Germany anticipates hydrogen imports to make up 50-70% of total hydrogen supply by 2030[24] R&D and Innovation - The company has obtained 274 new patents in the reporting period, bringing the total number of authorized patents to 2,583[39] - The company's R&D capabilities in lithium battery and photovoltaic equipment have been systematically strengthened, with key technologies like automatic winding and high-speed slitting being successfully applied[39] - The company's R&D investment was 830.27 million yuan, a year-on-year decrease of 1.67%[47] - R&D expenses in the first half of 2024 were 830.271 million yuan, slightly lower than 844.339 million yuan in the same period of 2023[148] - R&D expenses increased slightly to RMB 552.66 million in H1 2024, up from RMB 550.50 million in H1 2023[151] - The company is actively developing new technologies and products, including equipment for composite current collectors and solid-state batteries[77] International Expansion - Overseas business revenue surged by 159.56% year-on-year to 1,094,918,151.59 yuan, accounting for 19.03% of total revenue[41] - The company has established subsidiaries and branches in multiple countries including the US, Sweden, Germany, and Japan, enhancing its international presence[38] - Overseas business continues to upgrade, with the establishment of the first European logistics center in Germany, aiming to provide shorter delivery times and faster transportation efficiency for European customers[42] - The company signed a global strategic cooperation with ABF to provide a total target of 20GWh of lithium battery smart production lines[42] - The company's overseas revenue in the reporting period was 1,094,918,151.59 yuan, accounting for 19.03% of total revenue[81] - The company has established its first European logistics center in Naila, Germany, to enhance service efficiency and delivery times[85] - The company is expanding its European technology capability center and upgrading its R&D facilities to serve global automotive and battery manufacturers[85] Financial Position - Total assets decreased from CNY 35.29 billion to CNY 33.03 billion, a decline of 6.4%[142][143] - Fixed assets increased from CNY 1.10 billion to CNY 1.14 billion, a growth of 3.4%[142] - Construction in progress nearly doubled from CNY 439.30 million to CNY 833.76 million, an increase of 89.8%[142] - Contract liabilities decreased from CNY 12.57 billion to CNY 11.42 billion, a reduction of 9.2%[142] - Short-term borrowings surged from CNY 184.17 million to CNY 1.63 billion, a massive increase of 787.5%[142] - Accounts receivable decreased from CNY 10.24 billion to CNY 9.67 billion, a decline of 5.6%[145] - Inventory increased from CNY 9.70 billion to CNY 10.71 billion, a growth of 10.4%[145] - Development expenditure rose from CNY 97.95 million to CNY 101.16 million, an increase of 3.3%[142][145] - Total liabilities decreased from CNY 23.45 billion to CNY 21.26 billion, a reduction of 9.3%[143] - Owner's equity remained relatively stable at around CNY 11.78 billion[143] - Total liabilities as of the first half of 2024 were 19.880 billion yuan, slightly lower than 20.117 billion yuan in the same period of 2023[146] - Contract liabilities as of the first half of 2024 were 10.315 billion yuan, a decrease from 11.285 billion yuan in the first half of 2023[146] - Total assets as of the first half of 2024 were 31.069 billion yuan, an increase from 30.600 billion yuan in the same period of 2023[146] - Total equity attributable to the parent company's shareholders as of the first half of 2024 was 4.889 billion yuan, up from 4.630 billion yuan in the same period of 2023[146] - The company's monetary funds decreased to 2,832,434,373.25 yuan from 3,668,756,050.29 yuan at the beginning of the period[141] - Accounts receivable decreased to 9,184,914,130.29 yuan from 9,748,842,377.80 yuan[141] - Inventory decreased slightly to 13,123,864,796.89 yuan from 13,207,042,564.78 yuan[141] - The company's total current assets decreased to 28,047,035,488.13 yuan from 30,689,885,591.44 yuan[141] - The company's registered and headquarters address is No. 20, Xinxi Road, Xinwu District, Wuxi, Jiangsu Province[167] - The financial report was approved by the board of directors on August 28, 2024[168] - The company has the ability to continue operations for the next 12 months with no significant events affecting its ability to continue operations[170] - The company uses RMB as its functional currency[173] Risk Management - The company is implementing measures to manage accounts receivable risks, including credit management systems and frequent overdue collection efforts[78] - The company is addressing inventory risks by adopting an order-driven procurement model and enhancing inventory management[79] - The company is mitigating exchange rate risks through natural hedging and foreign exchange hedging strategies[81] - Significant bad debt provisions for receivables are defined as single amounts exceeding RMB 40 million[173] - Significant changes in the carrying value of contract assets are defined as changes exceeding 30% compared to the previous year-end[173] - Important non-wholly owned subsidiaries are those whose net profit accounts for more than 10% of the consolidated net profit[173] - Significant capitalized R&D projects are defined as single amounts exceeding RMB 40 million[173] - The company uses an expected credit loss (ECL) model to estimate credit losses for financial assets measured at amortized cost and debt instruments measured at FVOCI[191] - Financial assets are classified into three stages based on credit risk: Stage 1 (no significant increase in credit risk), Stage 2 (significant increase but no credit impairment), and Stage 3 (credit-impaired)[192] - For financial assets with low credit risk at the reporting date, the company assumes no significant increase in credit risk since initial recognition[193] - Receivables without significant financing components are measured using a simplified ECL model, recognizing lifetime expected credit losses[193] - Financial assets are derecognized when substantially all risks and rewards are transferred; otherwise, they are recognized based on the company's continuing involvement[194] - Financial assets transferred with financial guarantees are recognized at the lower of the carrying amount of the asset and the guarantee amount[195] - The company uses a simplified model for expected credit losses on receivables without significant financing components, measuring loss provisions over the entire duration and recognizing increases or reversals as impairment losses or gains in current profits[196][199] - For receivables with significant financing components, the company also applies the simplified model for expected credit losses, measuring loss provisions over the entire duration[196][199] - The company considers all reasonable and supported information, including forward-looking data, to estimate expected credit losses on receivables, either individually or in groups[196][199] - Receivables are categorized into different groups based on the credit risk of the acceptor, with specific expected credit loss accounting policies for each group[197] - Bank acceptance bills are considered to have lower credit risk by management[197] - Commercial acceptance bills are subject to impairment provisions based on expected loss rates, similar to the classification of accounts receivable[197] - The aging method for confirming credit risk characteristics is consistent with the method used for accounts receivable[197] - The criteria for individual impairment provisions are consistent with those used for accounts receivable[197] - The company uses historical credit loss experience and forward-looking information to estimate expected credit losses for credit risk characteristic groups[200] - Loss provisions for credit risk characteristic groups are measured based on the expected credit losses over the entire duration[200] Corporate Governance - The company did not plan to distribute cash dividends, issue bonus shares, or convert capital reserve into share capital[2] - The company distributed a cash dividend of 3.43 yuan per 10 shares, totaling 533,327,111.19 yuan[87] - The company's chairman, Wang Yanqing, increased his shareholding by 5,925,877 shares, representing 0.3811% of the total share capital, with an average purchase price of 25.32 yuan per share[87] - The company held its 2024 first extraordinary general meeting with an investor participation rate of 37.25%[88] - The 2023 annual general meeting had an investor participation rate of 39.49%[88] - The company implemented three equity incentive plans during the reporting period, with the 2021 plan granting 2.0315 million restricted shares to 323 incentive recipients, of which 546,450 shares have been vested[92] - The 2022 equity incentive plan granted 6.2257 million restricted shares to 1,296 incentive recipients, with no shares vested as of the reporting period[92] - The 2023 equity incentive plan granted 875,000 restricted shares to 52 incentive recipients, with no shares vested as of the reporting period[92] - The company joined the United Nations Global Compact (UNGC) and committed to supporting its ten principles in human rights, labor, environment, and anti-corruption[96] - In the Wind ESG 2023 ranking, the company was rated A and ranked 21st among 560 companies in the machinery industry[96] - The company established a long-term assistance project for 12 underprivileged children in Yan'an Yichuan County, providing annual financial support[97] - The company organized volunteer activities on June 5, 2024, focusing on environmental protection and promoting the construction of a beautiful China[97] - The company's actual controller, Mr. Wang Yanqing, completed the commitment to increase his shareholding, with a planned increase of RMB 150 million to RMB 300 million between October 30, 2023, and April 29, 2024[99] - The company expects total daily related-party transactions in 2024 to be RMB 677 million, including sales of products to CATL and its subsidiaries amounting to RMB 650 million[107] - The company's total leased area as of the end of the reporting period is approximately 224,100 square meters, primarily for factories and office spaces[111] - The company has no significant litigation or arbitration cases during the reporting period, with other litigation cases involving a total amount of RMB 606.25 million[102] - The company has no significant penalties or rectification situations during the reporting period[103] - The company has no significant related-party transactions related to daily operations, asset or equity acquisitions, or joint investments during the reporting period[104][105][106] - The company has no significant guarantees provided during the reporting period, with a total approved guarantee amount of RMB 0[109] - The company has no significant changes in its leasing situation during the reporting period, and no leasing projects contributed more than 10% of the company's total profit[111] - The company has no significant related-party transactions related to financial companies or its controlled financial companies during the reporting period[106] - The company has no significant related-party transactions related to asset or equity acquisitions or sales during the reporting period[104] - The company has approved a guarantee limit of

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 先导智能（300450）公司年报点评 2024年05月14日 [ Table_InvestInfo] 计提减值拖累 23 年业绩，设备出海迎来 发展机遇 [Table_Summary] 投资要点：  事件。公司披露2023年年报及2024年一季报：2023年公司营业收入166.28 亿元，同比+19.35%；归母净利润17.75亿元，同比-23.45%；扣非归母净利润 17.25亿元，同比-23.57%。其中，23Q4公司营业收入34.42亿元，同比-12.45%； 归母净利润-5.49 亿元，同比-184.09%；扣非归母净利润-5.58 亿元，同比 -187.83%。24Q1公司营业收入33.11亿元，同比+1.14%，归母净利润5.65亿 元，同比+0.21%，扣非归母净利润5.51亿元，同比+0.01%。  计提减值及毛利率暂时下降拖累业绩。根据公司2023年年报：1）2023年下 半年海外业务毛利低，主要前期受疫情影响的海外项目在下半年集中确认收 入；2）2023 年计提减值损失上升至 11.62 亿元（资产减资损失 ...

[Table_MainInfo] 公司研究/机械工业/电气设备 证券研究报告 先导智能（300450）公司年报点评 2024年05月14日 [Table_InvestInfo] 计提减值拖累 23 年业绩，设备出海迎来 投资评级 优于大市 维持 发展机遇 股票数据 0[5Ta月b1le3_日S收to盘ck价（In元fo）] 21.50 [Table_Summary] 52周股价波动（元） 17.73-38.95 投资要点： 总股本/流通A股（百万股） 1566/1449 总市值/流通市值（百万元） 33673/31159 相关研究  事件。公司披露2023年年报及2024年一季报：2023年公司营业收入166.28 [《Ta 2b 3Qle 3_R业e绩po持rt续In增fo]长 ，盈利能力稳健》 亿元，同比+19.35%；归母净利润17.75亿元，同比-23.45%；扣非归母净利 润17.25亿元，同比-23.57%。其中，23Q4公司营业收入34.42亿元，同比 2023.11.04 -12.45%；归母净利润-5.49 亿元，同比-184.09%；扣非归母净利润-5.58 亿 《半年报业绩彰显龙头地位 ...

证券研究报告 | 公司动态点评 2024 年 05月 05日 先导智能（300450.SZ） 主业稳健增长，平台化+国际化加强竞争力 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 13,932 16,628 19,671 22,931 26,776 股票信息 增长率yoy（%） 38.8 19.4 18.3 16.6 16.8 归母净利润（百万元） 2,318 1,775 3,223 3,952 4,625 行业 机械 增长率yoy（%） 46.3 -23.4 81.6 22.6 17.0 2024年4月30日收盘价（元） 22.30 ROE（%） 20.8 14.9 22.2 22.2 21.3 总市值（百万元） 34,925.44 EPS最新摊薄（元） 1.48 1.13 2.06 2.52 2.95 流通市值（百万元） 32,318.24 P/E（倍） 15.1 19.7 10.8 8.8 7.6 总股本（百万股） 1,566.16 P/B（倍） 3.1 2.9 2.4 2.0 1.6 流通股本（百万股） 1,449.25 资料来源：公司财报 ...

%% research.95579.com %% 丨证券研究报告丨 联合研究丨公司点评丨先导智能（ ） 300450.SZ [先Ta导b智le_能Tit2le3A] &24Q1 点评：业绩低预期，轻装 上阵静待周期 报告要点 [公Ta司bl发e_布Su2m0m23ar年y]年报和2024年一季报，2023年实现营收166.28亿元，同比增长19.35%； 归母净利润17.75亿元，同比减少23.45%。23Q4实现营收34.42亿元，同比下降12.45%； 归母净利润-5.49亿元。24Q1实现营收33.11亿元，同比增长1.14%；归母净利润5.65亿元， 同比增长0.21%。 ...

[Table_Page] 年报点评|专用设备 证券研究报告 [先Table_导Title] 智能（300450.SZ） [公Tab司le_I评nves级t] 买入 当前价格 21.80元 主业保持增长，非经影响短期盈利 合理价值 36.29元 前次评级 买入 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-26 ⚫ 先导智能发布 23 年年报和 24 年一季报。23 年公司实现营业收入 [相Tab对le_P市icQ场uote表] 现 166.28 亿元，同比增长 19.35%。实现归属于上市公司股东的净利润 17.75亿元，同比下降23.45%。实现归属于上市公司股东的扣除非经 2% 04/23 06/23 08/23 10/23 12/23 02/24 04/24 -8% 常性损益的净利润 17.25 亿元，同比下降 23.57%。24 年一季度公司 -19% 实现营业收入 33.11 亿元，同比增长 1.14%；归属于母公司所有者的 -29% 净利润5.65亿元，同比增长0.21%。 -40% ⚫ 核心锂电设备业务收入保持增长。分产品来看，2023年公司主营业务 -50% 先 ...

证券研究报告·公司点评报告·电池 先导智能（300450） 2023 年报&2024 年一季报点评：减值损失使 2024年 04月 26日 得业绩短期承压，看好公司锂电设备海外市 证券分析师 周尔双 场拓展 执业证书：S0600515110002 021-60199784 买入（维持） zhouersh@dwzq.com.cn 研究助理 李文意 [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E 执业证书：S0600122080043 营业总收入（百万元） 13,932 16,628 19,700 23,300 29,000 liwenyi@dwzq.com.cn 同比（%） 38.82 19.35 18.47 18.27 24.46 股价走势 归母净利润（百万元） 2,318 1,775 3,347 4,128 5,299 同比（%） 46.28 (23.45) 88.63 23.31 28.38 先导智能 沪深300 EPS-最新摊薄（元/股） 1.48 1.13 2.14 2.64 3.38 -32% % -8% P/E（现价&最新摊薄） 14.49 18 ...

无锡先导智能装备股份有限公司 2023 年年度报告 2024-035 2024 年 4 月 无锡先导智能装备股份有限公司2023年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的 真实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个 别和连带的法律责任。 公司负责人王燕清、主管会计工作负责人郭彩霞及会计机构负责人(会计 ...