LEAD INTELLIGENT(300450) 东吴证券·2024-12-02 06:23Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has signed a strategic cooperation agreement with CATL, expanding the range of core equipment supplied, which includes coating, rolling, die-cutting, and logistics, among others [2] - CATL's production capacity utilization remains high, with plans for accelerated expansion, which the company is expected to benefit from significantly [2] - The partnership will also focus on new technologies such as solid-state batteries and perovskite, with both parties committed to sharing the latest technological advancements and market dynamics [3] - The company is steadily expanding its overseas customer base, particularly in Europe, North America, and East Asia, positioning itself well in the global market [4] - The profit forecast for the company is set at 1.32 billion, 1.96 billion, and 2.65 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 22, 15, and 11 times [4] Financial Summary - Total revenue for 2023 is projected at 16.63 billion yuan, with a decline expected in 2024 to 13.31 billion yuan, followed by growth in subsequent years [11] - The net profit attributable to the parent company is forecasted to decrease to 1.32 billion yuan in 2024, before increasing to 1.96 billion yuan in 2025 and 2.65 billion yuan in 2026 [11] - The latest diluted EPS is expected to be 0.84 yuan in 2024, increasing to 1.25 yuan in 2025 and 1.69 yuan in 2026 [11] - The company's total assets are projected to be 33.31 billion yuan in 2024, with total liabilities of 20.14 billion yuan [11]