LEAD INTELLIGENT(SZ:300450) Sou Hu Cai Jing·2025-08-29 14:52Core Viewpoint - The article highlights the significant performance rebound of XianDao Intelligent, driven by advancements in solid-state battery technology and a strong recovery in financial metrics, leading to a surge in stock price and market interest [4][12]. Company Overview - XianDao Intelligent, established in 2002 and headquartered in Wuxi, Jiangsu, is a leading global player in the new energy intelligent equipment sector, providing solutions across lithium batteries, photovoltaic cells, 3C manufacturing, smart logistics, hydrogen equipment, automotive manufacturing, and laser precision processing [4][5]. - The company is the largest supplier of lithium battery intelligent equipment globally, holding a market share of 15.5%, with a 19.0% share in the Chinese market as of 2024 [4]. Development Stages - The company's development can be divided into three key phases: 1. 2002-2014: Focused on technology accumulation and domestic substitution, starting with the development of film capacitor equipment [5]. 2. 2015-2020: Capital assistance and business expansion, marked by its listing on the Shenzhen Stock Exchange [6]. 3. 2021-Present: Global layout and technological leadership, becoming the only company to provide complete solutions for new energy intelligent equipment [6]. Financial Performance - Revenue showed a fluctuating trend from 2022 to 2024, with 2022 revenue at 13.93 billion yuan, increasing to 16.63 billion yuan in 2023, but dropping to 11.86 billion yuan in 2024, a decline of 28.6% [8][9]. - Net profit decreased from 2.318 billion yuan in 2022 to 286 million yuan in 2024, a significant drop of 84.9%, attributed to declining gross margins and increased administrative and R&D expenses [9]. - In 2025, the company experienced a turnaround with a revenue of 6.610 billion yuan in the first half, a year-on-year increase of 14.92%, and a net profit of 740 million yuan, up 61.19% [9]. Market Reaction - On August 29, 2023, XianDao Intelligent's stock price surged by 20.01%, closing at 35.51 yuan, with a market capitalization of 55.6 billion yuan, driven by strong second-quarter performance exceeding market expectations [12]. - The lithium battery segment, which accounts for 62.4% of revenue, benefited from increased production by leading domestic manufacturers and improved order trends [12]. Strategic Initiatives - The company has successfully developed a complete solid-state battery production line solution and has received repeat orders from major clients in Europe, the US, Japan, and South Korea [12]. - XianDao Intelligent submitted an application for a mainboard listing on the Hong Kong Stock Exchange on August 26, 2023, to enhance its global strategy and brand recognition [12]. - Overseas sales revenue grew to 2.831 billion yuan in 2024, increasing its share from 8.6% in 2022 to 24.0% [12]. Industry Outlook - The global electric vehicle market is expected to continue growing, with sales reaching 9.1 million units in the first half of 2025, a 28% increase year-on-year, positioning XianDao Intelligent for a new growth cycle [13]. - Successful listing in Hong Kong could provide stronger capital support for the company's global strategy, further solidifying its leadership in the new energy equipment sector [13].