光伏锂电设备龙头预告2025年业绩大幅上升，赴港二次上市进程提速。 1月25日晚，先导智能（300450.SZ）公告，2 025年度预计归属于上市公司股东的净利润为15-18亿元，同比大幅增长424.29%—529.15%。 其 中，第四季度预计实现归属于上市公司股东的净利润为3.14—6.14亿元，而去年同期亏损3.22亿元。 强劲业绩表现和涉足固态电池、钙钛矿等热门题材推动公司市值在去年一度重返千亿水平，去年内股价涨幅更是超150%。截至1月26日，公司 最新市值为969亿元。 锂电需求回暖 先 导 智 能 的 其 核 心 客 户 囊 括 全 球 顶 级 电 池 厂 商 与 整 车 厂 ， 包 括 比 亚 迪 、 LG Energy 、 特 斯 拉 、 大 众 等 ； 在 光 伏 领 域 则 为 通 威 股 份 （600438.SH）、隆基绿能（601012.SH）等龙头提供设备。 记者丨 费心懿 编辑丨骆一帆 从行业来看，2025年，光伏和锂电产业都进入了激烈的博弈期，而相关设备厂商业绩出现了显著的分野。 锂电设备领域，复苏信号向上传导，尤其在第四季度。激光装备智造龙头海目星（688559.SH）的年报 ...

新华财经北京1月27日电四大证券报内容精华摘要如下： 中国证券报 ·多维协同严监管筑牢资本市场公平交易防线 证监会今年开出的"1号罚单"直指操纵市场行为，对自然人余韩操纵"博士眼镜"股价罚没逾10亿元；浙 江证监局对向日葵重组预案涉嫌误导性陈述立案调查；深交所对因涉嫌财务数据存在虚假记载被证监会 立案的*ST立方、*ST长药进行重点监控……近日，一系列监管案例密集公布，彰显出监管部门对市场 违法行为"零容忍"的坚决态度，传递出强化交易监管、维护市场公平、防止大起大落的明确信号。从行 政处罚到刑事追责，从精准打击到平台共治，监管部门正构建起一张多维度、立体化的监管网络，着力 打造"不敢违、不能违、不想违"的长效治理格局，以监管效能的提升推动市场生态持续净化。 ·经营贷利率"贴地飞行" 中小银行有点吃不消 在政策引导、市场竞争与资金成本下降等多重因素推动下，多家银行经营贷利率持续下探。"我行个人 抵押经营贷利率下限降至2.31%了，较上个月又下调了将近20个基点。"工商银行北京市西城区某支行 工作人员小唐告诉记者。此外，部分经营性贷款产品在贴息政策加持下，实际利率可降至"1字头"。业 内人士认为，金融让利实体经济 ...

证券研究报告·公司点评报告·电池 先导智能（300450） 2025 年业绩预告点评：业绩符合预期，主业 传统锂电持续增长&固态电池 0-1 受益 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 16,628 | 11,855 | 14,800 | 17,850 | 20,600 | | 同比（%） | 19.35 | (28.71) | 24.84 | 20.61 | 15.41 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,654.03 | 2,327.87 | 2,711.58 | | 同比（%） | (23.45) | (83.88) | 478.13 | 40.74 | 16.48 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 1.06 | 1.49 | 1.73 | | P/E（现价&最新摊薄） | 55.73 | 345.69 | 59.80 | ...

项目持续验收，公司业绩符合市场预期： 2025 年公司预计实现归母净利润15-18 亿元，同比增长 424.29%-529.15%，中值为16.5 亿元，同比+477%；扣非净利润预计为14.8-17.8 亿元，同比 +310.83%~394.11%。 按照中值测算，2025Q4 公司归母净利润预计为4.64 亿元，同比大幅扭亏（2024Q4 为-3 亿元）、环比 +4%，主要系随着国内头部电池企业开工率提升、扩产节奏有序加快，公司订单规模同比快速回升，订 单交付与项目验收节奏同步提速。 风险提示：下游扩产不及预期，新品拓展不及预期。 政策&招标催化不断，看好固态电池设备产业化加速：工信部于2025 年9 月对2024 年启动的60 亿元固 态电池重大研发专项进行中期审查，通过审查的项目将获得后续拨款，并可能启动第二轮补贴申报窗 口；国内从上至下的材料厂商、设备厂商、电池厂商、整车厂等均在加大投入，争相推动固态电池产业 化。 覆盖固态电池整线设备，获欧、美、日、韩及国内头部电池玩家重复订单：①前道制程：包括湿法和干 法两条路线，公司已推出高效制浆、混料涂布、混料分散及高剪切等核心设备，并延伸至真空镀锂、固 态 ...

Group 1 - Dongwu Securities issued a report on January 26, giving a "Buy" rating to XianDao Intelligent (300450.SZ) based on several factors [1] - The company's performance meets market expectations due to ongoing project acceptance [1] - The downstream power and energy storage sectors remain highly prosperous, with traditional lithium battery growth continuing [1] - Continuous policy and tender catalysts are expected to accelerate the industrialization of solid-state battery equipment [1] - The company covers solid-state battery production line equipment and has received repeat orders from leading battery players in Europe, the US, Japan, South Korea, and domestically [1]

Core Viewpoint - The company, Xian Dao Intelligent, is experiencing significant growth in its performance, with a projected net profit increase of 424.29% to 529.15% in 2025, driven by a recovering global battery market and strong demand in the energy storage sector [1][2][3]. Group 1: Financial Performance - The company forecasts a net profit of 1.5 billion to 1.8 billion yuan for 2025, with a year-on-year growth of 424.29% to 529.15% [1][2]. - The expected non-net profit for 2025 is between 1.48 billion and 1.78 billion yuan, reflecting a growth of 310.83% to 394.11% compared to the previous year [1][2]. - In 2023, the company reported a revenue of 16.628 billion yuan, a year-on-year increase of 19.35%, but the net profit decreased by 23.45% [2]. - In 2024, the revenue further declined to 11.855 billion yuan, a drop of 28.71%, with net profit plummeting by 83.88% to 286 million yuan [2]. Group 2: Market and Operational Insights - The growth in 2025 is attributed to a recovery in the global power battery market and a strong increase in energy storage demand, alongside a rapid rebound in order scale and delivery pace [1][3]. - The company is enhancing its core competitiveness through increased investment in R&D, focusing on new technologies and products, particularly in solid-state batteries and other advanced battery technologies [3]. - The company has maintained high R&D expenditures, exceeding 1.6 billion yuan for two consecutive years, with over 1.2 billion yuan spent in the first three quarters of 2025 [3]. Group 3: Hong Kong Listing Progress - The company has made significant progress in its Hong Kong listing, with its application approved by the Hong Kong Stock Exchange's listing committee [4][5]. - The company aims to use the funds from the Hong Kong listing to support its solid-state battery technology development and global expansion [5]. - The company has established a global presence with 19 overseas subsidiaries in 16 countries, enhancing its global R&D and service capabilities [5].

Group 1 - The China Securities Regulatory Commission (CSRC) emphasizes the importance of strengthening the domestic market while promoting high-level two-way opening of the capital market, including optimizing the Qualified Foreign Institutional Investor (QFII) system and enhancing cross-border investment and financing convenience [1] - The capital market in China is becoming more open and inclusive, attracting foreign capital through improved access conditions and encouraging long-term investments, which enhances the market's vitality and resilience [1] - The launch of the first interconnectivity China Securities Index A500 ETF on the Singapore Exchange in January 2026 provides foreign investors with direct access to core A-share assets, while the expansion of the Shanghai-Hong Kong and Shenzhen-Hong Kong ETF interconnectivity has increased the number of products significantly [1] Group 2 - The CSRC has approved the QFII qualifications for Lianqiao Bank and Castle Advisors Singapore, and has expanded the range of futures options available for foreign investors, indicating a shift towards a more diversified asset allocation strategy [2] - Experts believe that the optimization of the QFII system and the expansion of specific futures products will significantly alter the structure and depth of foreign capital participation in the Chinese capital market, leading to a shift from a focus on stocks and bonds to a more comprehensive asset allocation including spot, futures, and derivatives [2] - The regulatory framework for overseas listings is being standardized and streamlined, which reduces compliance costs for companies and mitigates risks related to data security and technology outflow [3] Group 3 - The dual opening of the capital market is reshaping China's international role, with active participation in international financial governance and efforts to align rules in areas such as information disclosure and risk prevention [3] - The establishment of a transparent and unified process for overseas listing management is expected to eliminate policy uncertainties and provide a stable international regulatory environment for companies seeking to list abroad [3] - Cross-border regulatory cooperation is essential for maintaining market fairness and providing a predictable environment for overseas listings, focusing on audit regulation, law enforcement collaboration, and information sharing [3]

近十二个月行业表现 % 1 个月 3 个月 12 个月 相对收益 -1.47 -0.55 31.63 绝对收益 0.01 0.35 54.32 数据来源：聚源 注：相对收益与沪深 300 相比 注：2026 年 1 月 23 日数据 证券研究报告·行业点评报告 2026 年 1 月 26 日 江海证券研究发展部 执业证书编号：S1410525090001 1. 江海证券-行业点评报告-电池行业：上 汽推出 10 万级半固态电池车型，固态电池 核心设备实现交付 – 2025.07.22 2. 江海证券-行业点评报告-电池行业： QuantumScape 固态电池获里程碑式进 展，关注氧化物电解质方向投资机会 – 2025.06.27 3. 江海证券-行业点评报告-电池行业：固 态电池设备端近期催化不断，建议关注产 业链投资机会 – 2025.06.19 4. 江海证券-行业点评报告-电池行业：阿 里资本开支大超预期，数据中心投资机会 电新汽车行业研究组 分析师：王金帅 受益传统电池扩产和固态电池技术迭 代，锂电设备公司业绩有望复苏 事件： 行业评级：增持（维持） 1 月 25 日，先导智能发布 2025 年度业 ...

Company Overview - Company expects a significant increase in net profit for 2025, projected between 1.5 billion to 1.8 billion yuan, representing a year-on-year growth of 424.29% to 529.15% [2] - The company anticipates a net profit of 314 million to 614 million yuan in Q4, recovering from a loss of 322 million yuan in the same period last year [2] - The company's market capitalization reached 96.9 billion yuan as of January 26, following a stock price increase of over 150% last year [2] Industry Demand and Performance - The core customers include top global battery manufacturers and automotive companies such as BYD, LG Energy, Tesla, and Volkswagen, as well as leading firms in the photovoltaic sector [4] - The company holds a 15.5% global market share and a 19% share in the Chinese market for lithium battery intelligent equipment, making it the largest supplier in this sector [4] - The recovery in demand for power and energy storage batteries is a key driver of the company's performance, with significant profit growth noted in Q4 [4] Financial Performance and Growth Drivers - The overseas market has become a crucial revenue engine, with overseas revenue accounting for 17.46% of total revenue in the first half of 2025, and a gross margin of 40.27% significantly higher than domestic levels [5] - The company has improved its operational cash flow and overall profitability through cost reduction and efficiency enhancement measures [5] Industry Trends and Competitive Landscape - The lithium battery equipment sector is experiencing a recovery, with notable performance differences among equipment manufacturers [6] - The company maintains a gross margin of over 35% in its lithium battery equipment business, while competitors show lower profitability [7] - The company is positioned to benefit from the anticipated acceleration in production expansion by downstream battery manufacturers in 2026, driven by solid-state battery and energy storage demand [7] Strategic Developments - The company has submitted an application for a secondary listing in Hong Kong, marking a significant step in its globalization strategy [8] - If successful, the company will become the first renewable energy equipment manufacturer listed on the Hong Kong stock market, enhancing its global development capabilities [9] - The dual capital platform strategy aims to lower financing costs, improve efficiency, and attract international investors, thereby strengthening the company's competitive position [9]

格隆汇1月26日丨先导智能(300450.SZ)公布，根据本次发行上市的时间安排，公司按照有关规定在香港 联交所网站刊登本次发行聆讯后资料集，该聆讯后资料集为公司根据香港联交所、香港证券及期货事务 监察委员会的要求而刊发，刊发目的仅为提供资讯予香港公众人士和合资格的投资者，除此之外并无任 何其他目的。同时，该聆讯后资料集为草拟版本，其所载资料可能会适时作出更新和变动。 ...