LEAD INTELLIGENT(SZ:300450) GUOTAI HAITONG SECURITIES·2026-01-27 14:54Investment Rating - The investment rating for the company is "Accumulate" with a target price of 72.94 CNY [6][20]. Core Insights - The company's performance is significantly improving, driven by the recovery in the lithium battery industry, steady progress in internationalization and platformization, and the potential of solid-state battery technology to contribute to growth [2][12]. - The company is expected to achieve a net profit attributable to shareholders of 1.5 to 1.8 billion CNY in 2025, representing a substantial year-on-year increase of 424.29% to 529.15% [12]. - The company has a strong technological advantage in lithium battery laser equipment and is expected to see significant earnings elasticity from 2025 to 2027 [12]. Financial Summary - Total revenue for 2023 is projected at 16,628 million CNY, with a year-on-year growth of 19.4%. However, a decline of 28.7% is expected in 2024 [4]. - The net profit attributable to shareholders for 2023 is estimated at 1,775 million CNY, with a decrease of 23.4% compared to the previous year, followed by a significant recovery in 2025 [4]. - The earnings per share (EPS) for 2025 is projected to be 1.12 CNY, with a price-to-earnings (P/E) ratio of 56.28 [4][12]. Performance Drivers - The high growth in performance is primarily attributed to the continuous recovery in the lithium battery market, with a rapid increase in order scale and accelerated delivery and acceptance pace [12]. - The company is enhancing its core profitability through the development of solid-state batteries, sodium-ion batteries, and perovskite technologies, alongside digital transformation and cost reduction efforts [12]. - Effective cash flow management has led to shorter equipment acceptance and payment cycles, further enhancing operational resilience [12]. Platformization and Multi-category Layout - The company focuses on high-end equipment manufacturing technology innovation, establishing itself as a full-service provider for solid-state battery production lines with proprietary intellectual property [12]. - The company has made breakthroughs in various key equipment segments, entering supply chains of leading battery manufacturers in Europe, America, Japan, and South Korea [12]. - The company’s storage battery assembly line efficiency is leading, and its products in stacking technology are globally competitive, contributing to cost reduction and enhancing industry development [12].