联赢激光（688518）：锂电业务筑底回升，消费电子潜力可期

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in the first half of 2025 met expectations, with a revenue of 1.533 billion yuan, a year-on-year increase of 5.30%, and a net profit attributable to shareholders of 58 million yuan, up 13.16% year-on-year [4][7] - The lithium battery business is showing signs of recovery, with increasing demand from leading customers and new technology developments in solid-state batteries [7] - The consumer electronics segment is expected to grow, with new projects in the pipeline and successful delivery of welding equipment for steel shell batteries [7] Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.385 billion yuan, with a year-on-year growth rate of 7.5% [6] - Net profit attributable to shareholders is projected to be 307 million yuan in 2025, representing an 85.6% year-on-year increase [6] - The gross profit margin is expected to improve, with non-lithium battery businesses, particularly in consumer electronics, contributing to overall profit structure enhancement [7]