先导智能（300450）：行业触底风险释放，业绩拐点有望来临

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a significant decline in revenue and net profit for 2024, with revenue at 11.855 billion, down 28.71% year-on-year, and net profit at 286 million, down 83.88% year-on-year [4][6] - The first quarter of 2025 showed a revenue of 3.098 billion, down 6.42% year-on-year, and a net profit of 365 million, down 35.30% year-on-year, which aligns with expectations [4][6] - The company is the largest global provider of new energy intelligent equipment and solutions, holding a 9.1% market share, with significant positions in lithium battery equipment and logistics [7] - The report indicates a potential turning point in performance as the risks associated with the industry bottoming out are being released [1][7] Financial Data and Profit Forecast - The company’s total revenue is projected to increase to 13.844 billion in 2025, with a year-on-year growth rate of 16.8% [6] - The net profit forecast for 2025 is adjusted to 1.540 billion, reflecting a substantial increase of 438.4% compared to the previous year [6] - The report anticipates a gradual improvement in profitability, with projected net profits of 1.920 billion in 2026 and 2.424 billion in 2027 [6][7] - The current price-to-earnings ratio is estimated at 21 for 2025, 17 for 2026, and 13 for 2027, indicating a favorable valuation compared to historical levels [7]