LEAD INTELLIGENT(SZ:300450) Ge Long Hui A P P·2025-09-02 07:00Core Viewpoint - The report from Dongguan Securities indicates that Xian Dao Intelligent has experienced significant year-on-year growth in Q2 2025, marking a turning point in performance. The company is a leading global supplier of lithium battery equipment, benefiting from increased operating rates and recovery in production expansion among major domestic battery enterprises [1]. Group 1: Company Performance - In the first half of 2025, Xian Dao Intelligent saw a strong rebound in orders due to the significant increase in operating rates of top domestic battery companies and a gradual recovery in production expansion [1]. - The company's operating cash flow has improved significantly, indicating a positive trend in its financial health [1]. - The revenue from overseas business reached 1.154 billion yuan, representing a year-on-year growth of 5.42%, accounting for 17.46% of total revenue [1]. Group 2: Industry Outlook - The industry is expected to recover further, with the global strategy of Xian Dao Intelligent continuing to advance [1]. - The gross profit margin improved to 40.27% year-on-year, reflecting better profitability amid the recovery [1]. - With the establishment of solid-state battery pilot lines, the company anticipates a significant increase in orders for solid-state battery equipment, which will enhance overall gross margin levels [1]. Group 3: Future Projections - Dongguan Securities forecasts that the earnings per share (EPS) for 2025 and 2026 will be 1.11 yuan and 1.46 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 32 times and 24 times [1]. - The combination of industry recovery and the ramp-up of solid-state battery equipment is expected to lead to significant growth in the company's future performance [1].