先导智能（300450）：固态电池设备成功交付，公司实力再获认可

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company has successfully delivered multiple sets of solid-state battery core equipment to a leading global battery manufacturer, enhancing its recognition in the industry [5] - The company has made early and rapid advancements in solid-state battery equipment, capturing significant potential since 2018 and establishing deep collaborations with major battery manufacturers [8] - The company's solid-state battery equipment technology is leading, with a new line solution reducing overall investment costs by 30% and improving battery performance by 40% [8] - The profit forecast for the company remains unchanged, with expected net profits of 1.54 billion, 1.92 billion, and 2.42 billion for 2025, 2026, and 2027 respectively, corresponding to PE ratios of 23X, 18X, and 15X [8] Financial Data and Profit Forecast - Total revenue is projected to be 13.84 billion in 2025, with a year-on-year growth rate of 16.8% [7] - The net profit attributable to the parent company is expected to reach 1.54 billion in 2025, reflecting a significant year-on-year growth of 438.4% [7] - The company’s gross margin is forecasted to be 35.7% in 2025, with a return on equity (ROE) of 11.8% [7]