LEAD INTELLIGENT(SZ:300450) Soochow Securities·2025-04-30 07:33Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is expected to see marginal improvements in lithium battery equipment due to accelerated overseas expansion and increasing orders from international clients [3] - The company's revenue for 2024 is projected to be 11.855 billion yuan, with a year-on-year decline of 28.71%, but a recovery is anticipated in subsequent years [8][9] - The company has signed a strategic cooperation agreement with CATL, which will prioritize procurement of core equipment, benefiting from CATL's expansion plans [9] Financial Performance Summary - In 2024, the company achieved a revenue of 11.86 billion yuan, down 28.71% year-on-year, with a net profit of 286.1 million yuan, a decrease of 83.88% [8][9] - For Q1 2025, the company reported a revenue of 3.1 billion yuan, a year-on-year decline of 6.4%, but a quarter-on-quarter increase of 12.9% [9] - The gross margin for 2024 was 35.0%, with a slight decrease compared to the previous year, while the gross margin for Q1 2025 improved quarter-on-quarter [9] Market and Business Expansion - The company is expanding its overseas business, particularly in Europe and North America, with significant orders from major automotive manufacturers [3] - In the photovoltaic sector, the company has developed new equipment and secured over 2 billion yuan in orders, establishing strategic partnerships with leading clients [9] - The company is also venturing into hydrogen energy, successfully delivering a new assembly line for hydrogen energy electrolyzers [9]