LEAD INTELLIGENT(SZ:300450) 2 1 Shi Ji Jing Ji Bao Dao·2025-10-10 14:01Core Viewpoint - The company XianDao Intelligent (300450.SZ) has seen its stock price surge by 80% within a month, reaching a market capitalization of 858.1 billion yuan, driven by its leadership in solid-state battery technology and strategic partnerships with major clients like CATL [1][3][5]. Company Overview - Founded by Wang Yanqing, XianDao Intelligent has transformed from a small workshop into a significant player in the global new energy equipment sector, covering lithium batteries, photovoltaics, and hydrogen energy [4][5]. - The company has a 29.31% shareholding by its founder, whose net worth has exceeded 251 billion yuan [3]. Industry Position - XianDao Intelligent is positioned as a leader in the lithium battery equipment sector, with a global market share of 22.4% in 2024, indicating that one in every five power batteries is produced using its equipment [6][9]. - The company has maintained a high gross profit margin of 36%, significantly above the industry average [6]. Strategic Partnerships - The partnership with CATL began in 2014, with a procurement contract worth 59.97 million yuan, leading to a long-term relationship where CATL accounted for 26.8% of XianDao's revenue in 2020 [5][6]. - In 2024, both companies extended their strategic cooperation to include solid-state batteries and perovskite technologies, solidifying XianDao's role as a core supplier for CATL [6]. Financial Performance - Despite facing a downturn in the lithium battery industry, XianDao Intelligent increased its R&D expenditure from 1.4 billion yuan in 2022 to 1.676 billion yuan in 2024, representing 14.14% of its revenue [7][8]. - The company reported a 45% year-on-year increase in revenue from its photovoltaic equipment segment, reaching 3.2 billion yuan in 2023 [8]. Technological Advancements - XianDao has been proactive in developing solid-state battery technology since 2018, with significant advancements in manufacturing processes and equipment efficiency [10]. - The company has achieved notable milestones in solid-state battery equipment, including high-speed production capabilities and energy consumption reductions of up to 60% [10]. Global Expansion - In 2024, XianDao's overseas revenue reached 2.831 billion yuan, a 26.31% increase, contributing to 23.88% of total revenue [11]. - The company has made strategic acquisitions, such as the purchase of Ontec, to enhance its technological capabilities in Europe [11]. Future Plans - XianDao Intelligent is preparing for a secondary listing in Hong Kong, aiming to raise 10 billion HKD for overseas R&D and acquisitions [12][13].