LEAD INTELLIGENT(SZ:300450) Soochow Securities·2026-01-27 00:45Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance is in line with expectations, with traditional lithium battery business continuing to grow and solid-state battery technology benefiting from increased demand [7] - The company is expected to achieve a net profit attributable to shareholders of RMB 1.65 billion in 2025, representing a year-on-year increase of 478% [7] - The report highlights the ongoing high demand in the downstream power and energy storage sectors, with traditional lithium battery equipment experiencing a recovery in orders and performance [7] - The solid-state battery equipment industry is expected to accelerate due to continuous policy support and increasing investments from various stakeholders [7] - The company has received repeat orders from major battery players in Europe, the US, Japan, and South Korea for its solid-state battery equipment [7] - The profit forecast for the company has been revised upwards for 2025-2027, with expected net profits of RMB 16.5 billion, RMB 23.3 billion, and RMB 27.1 billion respectively [7] Financial Summary - Total revenue for 2025 is projected to be RMB 14.8 billion, with a year-on-year growth of 24.84% [1] - The diluted earnings per share (EPS) for 2025 is estimated at RMB 1.06, with a price-to-earnings (P/E) ratio of 59.80 based on the current price [1] - The company's total assets are expected to reach RMB 42.06 billion by 2025, with a debt-to-asset ratio of 68.67% [8] - The gross profit margin is projected to improve to 36.06% in 2025 [8]