先导智能(300450)：业绩高增 固态电池设备获海内外客户重复订单

Core Viewpoint - The company reported significant revenue and profit growth in the first half of 2025, indicating a recovery in performance and improved cash flow [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 6.61 billion yuan, a year-on-year increase of 14.92%, and a net profit of 740 million yuan, up 61.19% year-on-year [1]. - In Q2 2025, revenue reached 3.51 billion yuan, reflecting a year-on-year growth of 43.85% and a quarter-on-quarter increase of 13.35%. The net profit for Q2 was 375 million yuan, showing a remarkable year-on-year increase of 456.29% and a quarter-on-quarter growth of 2.67% [1]. Operational Insights - The company's gross margin stood at 33.75% and net margin at 10.82%, with net margin significantly improving year-on-year [2]. - Operating cash flow for H1 2025 was 2.35 billion yuan, representing a substantial year-on-year increase of 231.33% [2]. - The lithium battery equipment segment generated revenue of 4.55 billion yuan, up 16.40% year-on-year, while the photovoltaic equipment segment achieved revenue of 531 million yuan, a year-on-year increase of 32.04% [2]. Market Trends - The lithium battery industry is experiencing a recovery, with improved supply-demand dynamics and leading battery manufacturers ramping up production [3]. - The company is benefiting from its global strategy, with overseas revenue reaching 1.15 billion yuan in H1 2025, a year-on-year increase of 5.42% and a gross margin of 40.27% [2][3]. Product Development - The company has developed a comprehensive range of solid-state battery equipment, receiving repeat orders from domestic and international clients [4]. - Innovations include advanced coating systems and high-capacity isostatic pressing equipment, enhancing production efficiency and product quality [4]. Future Outlook - The current recovery trend in the lithium battery equipment industry is expected to continue, with increased willingness to pay from downstream customers and a restart of production expansions [5]. - Forecasts for the company's net profit are 1.57 billion yuan in 2025 and 2.22 billion yuan in 2026, with corresponding price-to-earnings ratios of 35 and 25 times [5].