LEAD INTELLIGENT(SZ:300450) Changjiang Securities·2025-11-17 02:51Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Insights - The company achieved a revenue of 10.439 billion yuan in the first three quarters of 2025, representing a year-on-year growth of 14.56%, and a net profit attributable to shareholders of 1.186 billion yuan, which is a significant increase of 94.97% year-on-year. In Q3 2025, the revenue was 3.828 billion yuan, up 13.95% year-on-year and 9.00% quarter-on-quarter, with a net profit of 446 million yuan, reflecting a year-on-year growth of 198.92% and a quarter-on-quarter increase of 18.95% [2][4]. Summary by Sections Financial Performance - In 2025, the company maintained growth in both revenue and net profit, with a gross margin of 32.72% and a net profit margin of 11.13%. The operating cash flow for the first three quarters was 3.848 billion yuan, showing a significant improvement year-on-year [12]. Market Dynamics - The lithium battery industry is experiencing a recovery, with improved supply-demand conditions leading to increased orders. The company, as a leading player, is benefiting from this trend, with a notable increase in prepayments and inventory levels, indicating a healthy order backlog [12]. Product Development - The company has made significant advancements in solid-state battery equipment, securing repeat orders from both domestic and international clients. It has developed a comprehensive range of equipment for solid-state battery production, which has been well-received in the market [12]. Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 1.66 billion yuan and 2.27 billion yuan for 2025 and 2026, respectively, corresponding to price-to-earnings ratios of 52 and 38 times [12].