LEAD INTELLIGENT(SZ:300450) Soochow Securities·2025-06-20 08:16Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit significantly from the acceleration of solid-state battery industrialization, as it continues to deliver core equipment for solid-state batteries [7] - The company has successfully delivered multiple sets of core equipment for solid-state batteries to a leading global battery manufacturer, establishing itself as a leader in the industry [7] - The solid-state battery equipment market is anticipated to see a rise in both demand and pricing, particularly for key processes such as dry electrode equipment and stacking machines [7] - The government and application sectors are increasingly supporting the solid-state battery industry, with significant investments and trials being conducted by major automotive manufacturers [7] - Profit forecasts for the company indicate a rebound in net profit from 286.1 million in 2024 to 2.228 billion by 2027, with corresponding dynamic P/E ratios decreasing from 123.33 to 15.84 [1][7] Financial Summary - Total revenue is projected to decline from 11.855 billion in 2024 to 13.2 billion in 2025, before increasing to 20.1 billion by 2027 [1] - The company's net profit is expected to recover significantly, with a forecast of 1.057 billion in 2025 and 2.228 billion in 2027 [1] - The earnings per share (EPS) is projected to rise from 0.18 in 2024 to 1.42 in 2027 [1] - The company's total assets are expected to grow from 38.827 billion in 2025 to 52.585 billion in 2027, indicating a strong financial position [8]