先导智能(300450)：订单回升 业绩有望持续改善

Core Viewpoint - The company reported a significant decline in revenue and net profit for 2024 and Q1 2025, but cash flow has improved and the decline in performance is narrowing, indicating potential recovery in the future [1][2]. Financial Performance - In 2024, the company achieved revenue of 11.855 billion yuan, a year-on-year decrease of 28.71%, and a net profit of 286 million yuan, down 83.88% year-on-year [1]. - For Q1 2025, revenue was 3.098 billion yuan, a decrease of 6.42% year-on-year, with a net profit of 365 million yuan, down 35.3% year-on-year [1]. Cash Flow and Operational Efficiency - The company has improved cash flow significantly, with operating cash flow of 1.022 billion yuan in Q4 2024 and 864 million yuan in Q1 2025, indicating a substantial improvement in collection [2]. - Despite losses in Q4 2024, the net profit loss narrowed significantly compared to Q4 2023, showing operational efficiency improvements [2]. Industry Outlook - The lithium battery industry is showing signs of recovery after over two years of capacity digestion, with leading manufacturers restarting expansion, which benefits the company as a market leader [3]. - The company is expanding its global strategy and increasing its market share, with prepayments and inventory rising in Q1 2025, indicating a recovery in orders [3]. Strategic Initiatives - The company plans to issue H-shares and apply for a listing on the Hong Kong Stock Exchange to enhance its global presence and brand recognition [4]. - The company is focusing on R&D in new technologies and products to strengthen its competitive edge in solid-state batteries and other advanced equipment [3][4]. Future Projections - The company expects a turning point in performance in 2025, with projected net profits of 1.45 billion yuan and 2.19 billion yuan for 2025 and 2026, respectively, corresponding to P/E ratios of 22 and 14 [4].