Summary of Key Points from Conference Call Records Industry Overview - The solid-state battery industry is accelerating towards commercialization, with leading companies targeting mass production between 2027 and 2030, while second-tier and non-listed companies are actively advancing, indicating a faster-than-expected development pace in the supply chain [1][4] - The solid-state battery supply chain is expected to see small-scale production by 2026, with equipment manufacturers likely to benefit first from this trend [1][4] Core Insights and Arguments - Solid-state battery equipment changes are primarily focused on the front-end and mid-process, with half-solid batteries increasing solid electrolyte coating and rolling, while full-solid batteries involve dry processing techniques [1][5] - Leading companies like XianDao Intelligent are recognized for their technological leadership in solid-state battery equipment, particularly in dry mixing machines, and have secured orders from major clients [1][6] - Other notable companies include Galaxy Magnetics, which has strong technical reserves in both dry and wet processes, and MannsTech, which excels in electrode manufacturing technology [1][9][10] Investment Opportunities - The current investment opportunities in the telecommunications sector are highlighted, particularly in the photovoltaic battery space, which is seen as a new avenue for investment [2][19] - The solid-state battery sector is identified as a key area for investment, with significant advancements in mass production and testing feedback from downstream manufacturers [2][4] Material System Insights - In the solid-state battery material system, sulfide electrolytes are crucial, while high-nickel cathode materials remain viable. Lithium-rich manganese-based and lithium iron phosphate materials are also showing positive feedback [3][12] Equipment and Technology - Dry film formation equipment plays a significant role in solid-state battery manufacturing, offering distinct technological advantages in powder mixing, coating, and electrode transfer [8] - The dry processing techniques are essential for maintaining interface density and consistency, which are critical for product quality [5][8] Company-Specific Developments - Naconor has gained attention for its market performance and strong position in niche markets, particularly in dry electrode equipment and lithium metal interface optimization [10] - The interaction among companies in the solid-state battery industry is evolving, with leading firms like XianDao Intelligent and Galaxy Technology establishing strong partnerships with downstream electronic manufacturers [11] Additional Considerations - The photovoltaic industry is experiencing volatility due to capacity utilization rates and de-capacity signals, but recent clarifications from the photovoltaic association have alleviated some concerns [3][15] - Emerging technologies such as BC, Topcon, and perovskite tandem cells are recommended for attention, with Topcon technology being particularly critical for competitive positioning in the photovoltaic sector [3][16]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has successfully delivered multiple sets of solid-state battery core equipment to a leading global battery manufacturer, enhancing its recognition in the industry [5] - The company has made early and rapid advancements in solid-state battery equipment, capturing significant potential since 2018 and establishing deep collaborations with major battery manufacturers [8] - The company's solid-state battery equipment technology is leading, with a new line solution reducing overall investment costs by 30% and improving battery performance by 40% [8] - The profit forecast for the company remains unchanged, with expected net profits of 1.54 billion, 1.92 billion, and 2.42 billion for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 23X, 18X, and 15X [8] Financial Data and Profit Forecast - Total revenue is projected to be 13.84 billion in 2025, with a year-on-year growth rate of 16.8% [7] - The net profit attributable to the parent company is expected to reach 1.54 billion in 2025, reflecting a significant year-on-year growth of 438.4% [7] - The company’s gross margin is forecasted to be 35.7% in 2025, with a return on equity (ROE) of 11.8% [7]

证券代码：300450 证券简称：先导智能 公告编号：2025-034 无锡先导智能装备股份有限公司 关于公司 2023 年限制性股票激励计划 第一个归属期归属结果暨股份上市公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示： 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）于 2024 年 10 月 22 日召开第五届董事会第七次会议，审议通过了《关于公司 2023 年限 制性股票激励计划第一个归属期归属条件成就的议案》。近日公司办理了 2023 年限制性股票激励计划第一个归属期归属股份的登记工作，现将相关内容公告如 下： 一、2023 年限制性股票激励计划简述 《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》等相关议 案，公司 2023 年限制性股票激励计划的主要内容如下： 公司 A 股普通股。 证券代码：300450 证券简称：先导智能 公告编号：2025-034 具体分配如下（调整前）： | 姓名 | 国籍 | | 获授的限制性股 | 占授予限制性股 | | 占目前总股 | | --- | --- | ...

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 重要内容提示： 证券代码：300450 证券简称：先导智能 公告编号：2025-034 无锡先导智能装备股份有限公司 关于公司 2023 年限制性股票激励计划 第一个归属期归属结果暨股份上市公告 1、本次归属限制性股票的上市流通日：2025 年 6 月 20 日 2、本次流通数量：121,200 股，占归属前上市公司总股本的 0.0077% 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）于 2024 年 10 月 22 日召开第五届董事会第七次会议，审议通过了《关于公司 2023 年限 制性股票激励计划第一个归属期归属条件成就的议案》。近日公司办理了 2023 年限制性股票激励计划第一个归属期归属股份的登记工作，现将相关内容公告如 下： 一、2023 年限制性股票激励计划简述 2023 年 10 月 16 日，公司召开 2023 年第二次临时股东大会，审议并通过了 《关于公司<2023 年限制性股票激励计划（草案）>及其摘要的议案》等相关议 案，公司 2023 年限制性股票激励计划的主要内容如下 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit significantly from the acceleration of solid-state battery industrialization, as it continues to deliver core equipment for solid-state batteries [7] - The company has successfully delivered multiple sets of core equipment for solid-state batteries to a leading global battery manufacturer, establishing itself as a leader in the industry [7] - The solid-state battery equipment market is anticipated to see a rise in both demand and pricing, particularly for key processes such as dry electrode equipment and stacking machines [7] - The government and application sectors are increasingly supporting the solid-state battery industry, with significant investments and trials being conducted by major automotive manufacturers [7] - Profit forecasts for the company indicate a rebound in net profit from 286.1 million in 2024 to 2.228 billion by 2027, with corresponding dynamic P/E ratios decreasing from 123.33 to 15.84 [1][7] Financial Summary - Total revenue is projected to decline from 11.855 billion in 2024 to 13.2 billion in 2025, before increasing to 20.1 billion by 2027 [1] - The company's net profit is expected to recover significantly, with a forecast of 1.057 billion in 2025 and 2.228 billion in 2027 [1] - The earnings per share (EPS) is projected to rise from 0.18 in 2024 to 1.42 in 2027 [1] - The company's total assets are expected to grow from 38.827 billion in 2025 to 52.585 billion in 2027, indicating a strong financial position [8]

Investment Rating - The industry investment rating is "Buy" with an expectation of stock performance exceeding the market by more than 10% over the next 12 months [2]. Core Insights - The solid-state battery industrialization is accelerating, with significant future potential. Solid-state batteries are recognized as a core direction for next-generation battery technology, offering disruptive advantages and a clear trend towards industrialization globally [4]. - Technological innovations are driving the rapid industrialization of solid-state batteries. Recent advancements, such as the electrolyte design strategy proposed by CATL, are crucial for practical applications of lithium metal batteries (LMB) [4]. - Leading equipment manufacturers are pivotal in the mass production process of solid-state batteries. The transition from liquid to solid electrolytes enhances energy density and safety, necessitating equipment innovations to achieve higher battery efficiency [4]. - The equipment sector is poised for investment opportunities due to the stringent manufacturing precision required for solid-state batteries, creating a natural moat for core equipment manufacturers [4]. - Continuous attention to industry demand and technological changes is recommended, with a focus on companies like Lead Intelligent, Lianying Laser, and others [4]. Summary by Sections Industry Overview - Solid-state batteries are set to reshape the energy storage and power battery competition landscape due to their safety and energy advantages [4]. Technological Developments - Innovations in manufacturing processes, such as dry processing solutions and integrated equipment for solid-state battery production, are being developed by leading companies [4]. Investment Opportunities - The report suggests that the solid-state battery sector will create a new wave of investment opportunities driven by technological advancements and equipment upgrades [4]. Key Companies to Watch - Companies to monitor include Lead Intelligent, Lianying Laser, Yinghe Technology, and others, which are positioned to benefit from the solid-state battery trend [4].

Market Overview - The Shanghai Composite Index closed at 3399.77 points, above the six-month moving average, with a gain of 0.43% [1] - The total trading volume of A-shares reached 13126.55 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 220 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Qitian Technology: 8.76% deviation, closing price at 14.00 yuan, with a daily gain of 16.86% and turnover rate of 21.88% [1] - Haochen Medical: 8.62% deviation, closing price at 3.12 yuan, with a daily gain of 9.86% and turnover rate of 7.25% [1] - Guangyun Technology: 8.13% deviation, closing price at 14.22 yuan, with a daily gain of 9.89% and turnover rate of 6.59% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - CITIC Special Steel: minor deviation, closing price at 20.30 yuan, with a daily gain of 10.69% [1] - Nanda Optoelectronics: minor deviation, closing price at 36.44 yuan, with a daily gain of 9.99% [1] -沃尔核材: minor deviation, closing price at 25.41 yuan, with a daily gain of 11.75% [1]

Group 1 - The A500 Index ETF has shown significant liquidity with an intraday turnover of 3.85% and a transaction volume of 569 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past week at 2.824 billion yuan [3] - The A500 Index ETF has experienced a notable growth in scale, increasing by 163 million yuan over the past two weeks, also ranking first among comparable funds [3] - In terms of share growth, the A500 Index ETF has added 27.6 million shares in the past month, ranking third among comparable funds [3] Group 2 - Over the past nine trading days, the A500 Index ETF has seen net inflows of funds on six occasions, totaling 219 million yuan [3] - As of May 30, 2025, the top ten weighted stocks in the CSI A500 Index include Kweichow Moutai, CATL, Ping An Insurance, and others, collectively accounting for 21.21% of the index [3] - According to CICC's outlook for the second half of 2025, the Chinese economy has shown signs of improvement, but external uncertainties are rising, leading to high-frequency fluctuations in the A-share market [3] Group 3 - The current characteristics of the A-share market align with previous assessments, indicating that bottoming may have occurred in early April, with a focus on structural and rhythm changes in the second half of the year [4] - Investors without stock accounts can access the A500 ETF linked fund (022454) for exposure to the top 500 A-share companies [4]

Core Viewpoint - The article emphasizes the investment strategy of "buying primary assets in the secondary market," which is a value investment approach that can yield excess returns by identifying undervalued stocks that exhibit characteristics of primary market investments [2][5]. Group 1: Concept of "Buying Primary Assets in the Secondary Market" - The primary market serves as a "incubation ground" for capital, where investors support companies' growth from inception, while the secondary market acts as a "trading venue" where stock prices can be distorted by emotions and external factors [4][5]. - This strategy involves identifying companies engaged in value-creating activities such as technological research, mergers and acquisitions, and market expansion, but whose stock prices do not yet reflect their long-term value [5][6]. Group 2: Identifying Investment Opportunities - Key indicators for identifying suitable investments include significant asset restructuring, major technological breakthroughs, and the exploration of new business avenues [7]. - Investors should be cautious of "hype-driven" stocks that lack substantial investment in genuine growth initiatives, distinguishing between companies with real financial commitments and those merely riding trends [7]. Group 3: Market Mispricing and Management Insight - Look for stocks with price-to-earnings (PE) ratios below 70% of the industry average or market capitalizations below their replacement costs, as these may indicate mispricing [8]. - Assess management's "primary market thinking" by examining their professional backgrounds and the proportion of shares they hold, with a higher ownership stake (over 30%) suggesting stronger alignment of interests [9]. Group 4: Conclusion and Investment Philosophy - The essence of the primary market is "value discovery," while the secondary market offers opportunities for "price negotiation." The intersection of these two aspects can lead to excess returns [11]. - When observing a company investing heavily in research and development or acquiring assets at low prices while its stock price declines, it may present an opportunity to "buy primary assets in the secondary market" [11].

Summary of Conference Call Notes Industry Overview - The lithium battery equipment industry is expected to experience new growth starting from Q3 2024, driven by increased penetration of electric vehicles (EVs) and supportive policies [2][4] - The penetration rate of new energy vehicles in China reached 50% in 2024, significantly higher than Europe (20%) and the US (less than 10%) [4] - Major battery manufacturers like CATL and BYD are ramping up production, with CATL planning to expand its total capacity to 1,200 GWh by 2029 [2][5] Key Points on Major Companies CATL (Contemporary Amperex Technology Co., Limited) - CATL's existing capacity is approximately 676 GWh, with plans to add over 200 GWh in construction [5] - The company aims to increase its capacity utilization rate to around 90% by September 2024, indicating a near full production state [5] - CATL is focusing on overseas capacity expansion, including factories in Hungary, Germany, Spain, and Indonesia to support major automakers like BMW and Mercedes-Benz [5] BYD - BYD anticipates a sales increase of 35% to nearly 50% in 2025, with a production capacity plan of around 200 GWh [5] - The company has established production bases in Thailand, Indonesia, Hungary, and Brazil, indicating a comprehensive supply chain layout [5] Other Battery Manufacturers - Second and third-tier battery manufacturers like Honeycomb Energy, Zhongchuang Innovation, and Guoxuan High-Tech are expanding more cautiously, with lower capacity utilization and profitability compared to leading firms [6][7] - These companies are focusing on energy storage and overseas market expansion rather than aggressive production increases [6][8] Strategic Collaborations - The strategic partnership between CATL and XianDiao Intelligent has deepened, with transaction amounts in Q1 2025 nearing the total for 2022, and expected order growth of 20%-30% in 2025 [2][10] Financial Performance and Projections XianDiao Intelligent - XianDiao's order volume peaked at 26 billion yuan in 2022 but declined to 22.5 billion yuan in 2023 and is projected to recover to 24-26 billion yuan in 2025, indicating a significant recovery trend [11] - The company has seen a reduction in inventory and contract liabilities, with a positive cash flow trend starting from Q4 2024 [23][24] Profitability - XianDiao maintains a gross margin of around 35%, significantly higher than the industry average, with a net profit margin of nearly 12% in Q1 2025 [25][26] - The company is expected to achieve revenues of approximately 13 billion yuan in 2025, with potential profits of 1.5 billion yuan if net margins remain stable [26][27] Market Dynamics - European local battery manufacturers face limited competitiveness, with Chinese companies actively expanding in Europe to meet demand from automakers [9] - The expansion of overseas battery production is primarily driven by established players from Japan and South Korea, as well as new entrants from Europe and the US [12][15] Solid-State Battery Development - XianDiao is the only supplier capable of providing a complete production line for solid-state batteries, which is expected to drive significant growth [20][21][28] - The solid-state battery market presents a high-value opportunity, with individual units valued at over 400-500 million yuan [28] Conclusion - The lithium battery equipment industry is poised for growth, with major players like CATL and BYD leading the charge, while XianDiao Intelligent is well-positioned to capitalize on emerging opportunities in both traditional and solid-state battery markets [2][4][28]