LEAD INTELLIGENT(SZ:300450) Zhong Guo Neng Yuan Wang·2025-09-04 01:42Core Viewpoint - The company has reported a strong rebound in orders and a high-quality advancement of its globalization strategy in the first half of 2025, with significant growth in revenue and net profit compared to the previous year [1][2]. Financial Performance - In the first half of 2025, 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 [2]. - In Q2 2025, revenue reached 3.51 billion yuan, reflecting a year-on-year growth of 43.85%, while net profit soared to 375 million yuan, marking a staggering increase of 456.29% [2]. Business Segments - The lithium battery intelligent equipment business generated revenue of 4.55 billion yuan in the first half of 2025, showing a year-on-year growth of 16.40%, maintaining the company's leading position in the industry [3]. - Non-lithium business, particularly in photovoltaic intelligent equipment, achieved revenue of 531 million yuan, a year-on-year increase of 32.04%, with its revenue share rising to 8.04% [3]. Global Strategy - The company's overseas business revenue reached 1.15 billion yuan in the first half of 2025, an increase of 5.42% year-on-year, with a gross margin improvement of 1.00 percentage point to 40.27% [3]. - The company is deepening strategic partnerships with global leading clients, focusing on high-quality capacity upgrades and expanding into markets such as Japan, Southeast Asia, and North America [3]. Technological Innovation - The company is positioned as a full-line solution provider for solid-state battery production, with its equipment already integrated into the supply chains of major battery manufacturers and automotive companies in Europe, the US, Japan, and South Korea [4]. - The upcoming mass production of solid-state batteries is expected to significantly boost the company's revenue from this segment [4]. Investment Outlook - The company is projected to achieve net profits of 1.59 billion yuan, 2.08 billion yuan, and 2.43 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 455.5%, 31.0%, and 16.4% [5]. - The earnings per share (EPS) are forecasted to be 1.0 yuan, 1.3 yuan, and 1.6 yuan for the same years, with a corresponding price-to-earnings (PE) ratio of 43, 33, and 28 times based on the closing price of 43.80 yuan on September 2 [5].