LEAD INTELLIGENT(SZ:300450) Xin Lang Cai Jing·2025-08-29 02:47Core Viewpoint - The company reported strong financial performance in the first half of 2025, with significant revenue and profit growth driven by the recovery in the lithium battery industry and improved cash flow [1][2]. Financial Performance - In 1H25, the company achieved revenue of 6.61 billion yuan, a year-on-year increase of 14.92%, and a net profit attributable to shareholders of 740 million yuan, up 61.19% year-on-year [1]. - For Q2 2025, the company reported revenue of 3.51 billion yuan, a year-on-year increase of 43.86%, and a net profit of 375 million yuan, up 456.29% year-on-year [1]. - The gross margin for 1H25 was 33%, a decrease of 2.5 percentage points year-on-year, while the net margin improved to 11.2%, an increase of 3.2 percentage points year-on-year [1]. Industry Analysis - The lithium battery segment is the main revenue source for the company, with improved order trends due to domestic and international market expansion [1]. - The non-lithium battery segment also saw revenue growth, driven by increased capital expenditure in the 3C industry and advancements in photovoltaic technologies [1]. Development Trends - The company is actively developing solid-state battery technologies and has launched mass production of dry-process equipment, positioning itself to benefit from the long-term growth potential of solid-state batteries [2]. - The subsidiary, Guangdao Technology, has leveraged its 20 years of expertise in laser technology, which is applicable to various industries, showing signs of improved downstream demand [2]. Profit Forecast and Valuation - The company has revised its net profit forecasts for 2025 and 2026 upwards by 10.9% and 5.7% respectively, now projecting net profits of 1.77 billion yuan and 2.42 billion yuan [3]. - The target price has been increased by 40% to 35 yuan, reflecting an adjusted P/E ratio of 31x for 2025 and 23x for 2026, indicating an upside potential of 18.3% from the current stock price [3].