LEAD INTELLIGENT(300450) 长江证券·2025-02-04 03:18Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company announced its 2024 earnings forecast, expecting a net profit attributable to shareholders of 210-310 million yuan, a year-on-year decline of 88.17% to 82.53%. The net profit after deducting non-recurring gains and losses is expected to be 300-400 million yuan, a year-on-year decline of 82.60% to 76.80% [2][5]. - The company plans to issue H shares and list on the Hong Kong Stock Exchange, while terminating its plan to issue Global Depositary Receipts (GDR) and list on the Swiss Stock Exchange [5][6]. - The company is expected to see a turning point in its performance in 2025, driven by a gradual recovery in domestic demand and continued expansion in overseas markets [11][12]. Summary by Sections Earnings Forecast - The company forecasts a significant decline in net profit for 2024, with estimates ranging from 210 to 310 million yuan, reflecting a drop of 88.17% to 82.53% year-on-year. The adjusted net profit is projected to be between 300 to 400 million yuan, down 82.60% to 76.80% year-on-year [2][5]. Strategic Initiatives - The company is planning to issue H shares to enhance its global presence and optimize resource allocation, aiming to strengthen its international brand recognition and competitiveness [11][12]. - The termination of the GDR issuance plan indicates a strategic shift towards a more focused approach in capital markets [5][6]. Market Outlook - The company is positioned to benefit from a recovery in the lithium battery equipment industry, with expectations of improved performance in 2025 as domestic demand stabilizes and overseas orders continue to grow [11][12]. - The projected net profits for 2024 and 2025 are estimated at 260 million and 1.75 billion yuan, respectively, with corresponding price-to-earnings ratios of 117 and 17 times [11].