LEAD INTELLIGENT(SZ:300450) GUOTAI HAITONG SECURITIES·2026-01-28 00:25Investment Rating - The investment rating for the company is "Accumulate" with a target price of 72.94 CNY [6]. 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]. - The company is expected to achieve a substantial increase in net profit for 2025, estimated between 1.5 billion to 1.8 billion CNY, representing a year-on-year growth of 424.29% to 529.15% [12]. - The company has strengthened its technological advantages in solid-state batteries, sodium-ion batteries, and perovskite technologies, enhancing operational efficiency and profitability [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]. - Net profit attributable to shareholders is forecasted to be 1,775 million CNY in 2023, with a significant drop to 286 million CNY in 2024, followed by a rebound to 1,757 million CNY in 2025 [4]. - Earnings per share (EPS) for 2025 is estimated at 1.12 CNY, with a projected increase to 2.23 CNY by 2027 [4]. Performance Drivers - The company's revenue growth is primarily attributed to the rapid recovery of orders in the lithium battery market, which has accelerated delivery and acceptance rates [12]. - The company has made significant advancements in high-end equipment manufacturing, establishing itself as a leading provider of solid-state battery production lines with comprehensive service capabilities [12]. - The management of cash flow has improved, with shorter acceptance and payment cycles enhancing operational resilience [12].