证券研究报告·公司点评报告·电池 先导智能（300450） 海内外扩产共振，锂电设备龙头拐点已至 2025 年 05 月 28 日 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 | 13,200 | 17,000 | 20,100 | | 同比（%） | 19.35 | (28.71) | 11.34 | 28.79 | 18.24 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,056.93 | 1,702.00 | 2,227.97 | | 同比（%） | (23.45) | (83.88) | 269.42 | 61.03 | 30.90 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.67 | 1.09 | 1.42 | | P/E（现价&最新摊薄） | 18.31 | 113.59 | 30.75 | 19.09 | ...

Investment Rating - The report does not explicitly state an investment rating for the industry [21]. Core Insights - The solid-state battery industry is advancing, with the China Automotive Engineering Society releasing a group standard for solid-state batteries, clarifying definitions and testing methods, which lays the foundation for technological upgrades and industrial applications. Notable developments include BMW's first solid-state electric vehicles undergoing testing and domestic companies like Jinlongyu signing orders for high-energy density solid-state battery cells [3][4]. - The humanoid robot sector is gaining traction, highlighted by the first humanoid robot combat competition, which is expected to enhance interest in the sector. Recent demonstrations by Tesla and Figure's humanoid robots working in BMW factories contribute to this growing enthusiasm [3][4]. - The photovoltaic sector is experiencing increased demand for inverters, with April 2025 exports from China reaching $810 million, a 17% year-on-year increase. European inverter exports also saw significant growth, driven by demand recovery due to power outages [3][4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices experienced declines of -2.48%, -0.71%, and an increase of +1.24%, respectively, ranking 30th, 16th, and 2nd among 31 Shenwan primary industries [8][10]. Industry News and Key Company Announcements - The humanoid robot combat competition is set to showcase advancements in AI and robotics, promoting technological upgrades and large-scale applications [18]. - Innovations in solar cell materials, particularly perovskite, have achieved stable mass production, marking a significant transition from laboratory to industrial application [18]. - The report highlights the ongoing development of humanoid robots by various companies, including Tesla's advancements in learning and task execution capabilities [18][19].

Investment Rating - The report does not explicitly state an investment rating for the industry [1]. Core Insights - The solid-state battery industry is advancing, with the release of the "Solid-State Battery Determination Method" standard by the China Automotive Engineering Society, which clarifies definitions and testing methods, paving the way for technological upgrades and industrial applications. Notable developments include BMW's first solid-state electric vehicles undergoing testing and domestic companies like Jinlongyu signing orders for high-energy density solid-state battery cells [3][4]. - The humanoid robot sector is gaining traction, highlighted by the first humanoid robot combat competition, which is expected to enhance interest in the sector. Recent demonstrations by Tesla and Figure's humanoid robots working in factories have contributed to this momentum [3][4]. - The photovoltaic inverter market shows positive demand trends, with China's inverter exports reaching $810 million in April 2025, a 17% year-on-year increase, and a 28% month-on-month increase. European inverter exports also saw significant growth, indicating a recovery in demand [3][4]. Summary by Sections Market Overview - In the past week, the mechanical equipment, electric power equipment, and automotive industry indices experienced declines of -2.48%, -0.71%, and an increase of +1.24%, respectively, ranking them 30th, 16th, and 2nd among 31 Shenwan primary industries [8][10]. Industry News and Key Company Announcements - The humanoid robot combat competition is set to showcase advanced robotics technology and promote industrial upgrades [18]. - Innovations in solar cell materials, particularly perovskite technology, have achieved stable mass production, marking a significant advancement from laboratory to industrial application [16]. - The total installed power generation capacity in the country reached 3.49 billion kilowatts by the end of April, with solar power capacity growing by 47.7% year-on-year [16].

Market Performance - On May 22, 2025, the CSI 300 index fell by 0.06%, with the machinery sector declining by 0.98%, ranking 20th among all primary industries [1] - Within the sub-sectors, railway transportation equipment saw the highest increase of 0.57%, while lithium battery equipment experienced the largest drop of 2.21% [1] - Top three gainers included Hongming Co. (+20.00%), Huayan Precision (+19.99%), and Dongbei Group (+10.03%), while the largest decliners were Xinbang Intelligent (-17.76%), Gribot (-8.03%), and Ruihua Technology (-6.72%) [1] Company Announcements - Jindun Co.'s major shareholder reduced its stake from 7.08% to 6.00% through a centralized bidding process, decreasing its holdings by 1.08% [2] - Boying Special Welding's major shareholder plans to reduce its stake from 5.10% to 3.10%, with a total reduction of 2% through centralized bidding and block trading [2] - Boying Special Welding's other major shareholder reduced its stake from 8.10% to 8.00%, with a total reduction of 0.11% [2] - Jindi Co. plans to establish a wholly-owned subsidiary in Germany, Jindi Technology Europe Co., with an initial registered capital of €300,000 to support its overseas market expansion strategy [2] Industry News - The 2025 China (Guangzhou) International Logistics Equipment and Technology Exhibition (LET 2025) and the 2025 Guangzhou International Intelligent Robot Exhibition (IRE2025) opened on May 21, 2025, featuring over 600 brand exhibitors and covering more than 50,000 square meters [5] - The exhibitions focus on themes such as "Smart Factory, Intelligent Logistics, and Robotics," showcasing innovations in logistics systems, mobile robots, and intelligent loading technologies [5] - The event included a special interactive area for robot demonstrations, enhancing audience engagement with innovative products [5] Semiconductor Equipment - Tsinghua University's research team made significant progress in high-frequency supercapacitor research, addressing the challenges of power management chips amid rising demands for computing power and efficiency [6][7] - The team achieved a breakthrough by quantitatively measuring the upper limit of dynamic response frequency for supercapacitors, utilizing micro-nano processing technology to create ideal electrodes [7] - A new concept of "dielectric-electrochemical" asymmetric capacitors was proposed, achieving a characteristic frequency exceeding 1 MHz, significantly higher than commercial supercapacitors [7]

华西证券表示，固态电池具备诸多优势，包括更高的安全性、能量密度、循环寿命、机械强度，更宽的 温度适应性和材料选择性等，其中高安全和高容量为固态电池核心优势。受益标的：1)材料端：宁德时 代（300750）、比亚迪（002594）、亿纬锂能（300014）、鹏辉能源（300438）、天奈科技 （688116）、厦钨新能（688778）、当升科技（300073）、容百科技（688005）、三祥新材 （603663）、东方锆业（002167）、恩捷股份（002812）、星源材质（300568）、元力股份 （300174）、上海洗霸（603200）、天赐材料（002709）、中科电气（300035）、翔丰华、璞泰来 （603659）、金博股份等。2)设备端：纳科诺尔、曼恩斯特等。 国海证券认为，全固态电池产业化进程加速，材料端重点关注硫化物路线，设备端核心增量在 于"干""压""叠"。1)前段：变化最为明显，干法电极设备及固态电解质干法成膜设备有望逐步替代传统 湿法设备，主要包括：纤维化设备、辊压机；2)中段：仅可用叠片机(搭配软包)，且对叠片机的精度和 稳定性要求提升，此外无需注液机，新增等静压机核心致密化设备；3 ...

2025 年 05 月 21 日 行业日报 看好/维持 机械 机械 太平洋机械日报（20250521）：外骨骼机器人加速商业落地 ◼ 走势比较 ◼ 子行业评级 相关研究报告 <<太平洋机械日报（20250520）：2025 年 4 月工程机械行业主要产品销售快 报>>--2025-05-21 证券分析师：崔文娟 电话：021-58502206 E-MAIL：cuiwj@tpyzq.com 分析师登记编号：S1190520020001 证券分析师：刘国清 电话：021-61372597 E-MAIL：liugq@tpyzq.com 分析师登记编号：S1190517040001 证券分析师：张凤琳 电话： E-MAIL：zhangfl@tpyzq.com 分析师登记编号：S1190523100001 [Table_Summary] 报告摘要 市场表现： (20%) (10%) 0% 10% 20% 30% 24/5/21 24/8/2 24/10/14 24/12/26 25/3/9 25/5/21 2025 年 5 月 21 日，沪深 300 上涨 0.47%，机械板块下跌 0.75%， 在所有一级行业中排名 ...

1. Report Industry Investment Rating - Not provided in the document 2. Core Viewpoints of the Report - The new upgrades in lithium battery technology will create demand for new equipment, with significant growth potential in areas such as large cylindrical battery equipment, solid-state battery equipment, sodium-ion battery equipment, and full-tab battery equipment. The global lithium battery equipment market is expected to reach 298.73 billion yuan in 2030 [24][25]. - After experiencing high - speed growth, the lithium battery equipment industry has seen a slowdown in demand in the past two years. However, with the implementation of the company's strategic measures, its operations are showing positive signs, and it aims to turn losses into profits as soon as possible [24][25][30]. 3. Summary by Directory 3.1 Research Basic Situation - The research object is Yuchen Intelligent, and the reception time was on May 20, 2025. The listed company's reception staff included the chairman and manager Zhang Hanhong, director and board secretary Ye Yuling, independent director Zeng Xiaosheng, and financial controller Zhu Shunzhang [17]. 3.2 Detailed Research Institutions - The reception objects were investors and others [20]. 3.3 Research Institution Proportion - Not provided in the document 3.4 Main Content Information Industry Development - According to the "China Lithium - Ion Battery Equipment Industry Development White Paper (2025)", the global lithium - ion battery equipment market size was 133.14 billion yuan in 2024, a year - on - year decrease of 28.8%, the first negative growth in recent years. The market size is expected to reach 298.73 billion yuan in 2030 [24][25]. - The new upgrades in lithium battery technology will bring demand for new equipment, and new growth areas such as large cylindrical battery equipment, solid - state battery equipment, sodium - ion battery equipment, and full - tab battery equipment are worth noting [24][25]. Company Performance and Growth Points - The company's performance growth comes from deepening cooperation with leading customers, expanding overseas markets (with overseas orders contributing over 30% in 2024), and enriching the product system (entering the consumer electronics field through the acquisition of Jiayang Battery last year) [26]. - As of the annual report disclosure date, the company's total outstanding orders exceeded 1.3 billion yuan, a significant year - on - year increase. Revenue is usually recognized after completion of acceptance [29]. Company Projects - In January 2025, the company won the bid for the production line auxiliary equipment procurement project of Xinyuancaineng's Shenzhen base, with a winning bid amount of 29,608,373 yuan. The equipment has started to be delivered [26][27]. - The company's fundraising project, the Zhongshan Yuchen Automation Equipment R & D and Production Base, has been successfully put into operation, which will enhance product supply capacity and production efficiency [29]. Company's Response to Performance Decline - The company's performance decline is mainly due to the temporary slowdown in downstream industry demand. The management has implemented strategic measures, including deepening cooperation with core customers, accelerating global layout, diversifying business, integrating the industrial chain vertically, and continuously reducing costs and increasing efficiency [29][30]. Acquisition of Jiayang Battery - In 2024, Jiayang Battery achieved a net profit attributable to the parent company of 32.2357 million yuan. After deducting non - recurring gains and losses, the net profit attributable to the parent company was 32.0856 million yuan, with a performance commitment completion rate of 97.23% [31].

Group 1 - The core viewpoint of the article revolves around the advancements and challenges in the development of 500Ah+ large energy storage cells, highlighted during a roundtable discussion featuring four companies: Ganfeng Lithium, Kunyu Power, XWANDA, and Chengjie Intelligent [1] - Chengjie Intelligent, established in 2003, is a national high-tech enterprise specializing in the manufacturing of fully automated winding equipment for lithium batteries and supercapacitors, with a registered capital of 88.98 million yuan and over 1,200 employees, including more than 350 R&D personnel [1] - The company has a production area of 95,000 square meters, with a monthly production capacity of over 130 sets of various products, generating an annual output value of approximately 1.35 billion yuan [1] Group 2 - Chengjie Intelligent's core products include four best-selling items: EV square laser cutting and winding integrated machine, high-speed laser cutting and winding integrated machine, large cylindrical full ear winding machine, and four-station cutting and stacking hot pressing integrated machine [2] - The newly launched high-speed laser cutting and winding integrated machine features multi-specification adaptability, efficient production speeds of 20-26 ppm, and a compact design measuring 8000×2350×2800 mm [4] - The machine employs cutting-edge laser technology with an imported IPG laser and a focus spot of 33μm, achieving a cutting melt bead of ≤6μm and a heat-affected zone of ≤100μm, ensuring high-quality cutting [4][5] Group 3 - The second new product, the four-station cutting and stacking hot pressing integrated machine, has dimensions of L650×W220 mm and a thickness range of 10-50 mm, with a production speed of 500 ppm [9] - This machine features high-speed cutting at 300 PPM with a cutting precision of ≤ ±0.15mm and minimal burrs, ensuring efficient and precise production [11] - It also incorporates ultrasonic dust removal technology with a removal rate of up to 99.5%, effectively eliminating 5-micron level dust without contact, minimizing damage to the electrodes [11]

高端装备：2024&2025Q1 业绩回顾及展望 20250518 摘要 • 部分高端装备制造领域公司业绩超预期，如春风动力、捷昌驱动、隆鑫通 用和宗申动力等，主要受益于去年 11 月开始的抢出口潮流和中美关税谈 判的缓和效应，预计二季度仍可能延续超预期表现。 • 新国标的实施将推动复合集流体产业链发展，因其经济性和易于大规模商 业化落地，头部电池厂已具备稳定供货能力。材料商将在二季度末启动新 一轮资本开支，设备龙头东威科技有望受益。 • 机床链自 2025 年一季度以来营收同比增幅超预期，汽车零部件领域资本 开支踊跃，但国际贸易壁垒加剧扰动。头部企业坚持全球化布局，与 AI 相 关的 AIDC 服务器加工及人工机器人产业拉动了订单需求。 • 国产数控系统及相关滚动元件硬件企业，如华中数控、豪尔达和浩志机电 等，受益于内需市场的开拓，预计 2024 年和 2025 年将实现双高位数增 长。 • 2025 年工业机器人市场前景乐观，汽车和 3C 电子仍是主要拉动领域。尽 管 2024 年价格战导致部分企业财务状况恶化，但今年一季度销售回暖信 号明显，与华为等 AI 大厂的深度合作将备受关注。 Q&A 始反弹，公 ...

Investment Rating - The report maintains a "Strong Buy" rating for the machinery sector [4] Core Insights - Major companies like Huawei and Tencent are actively collaborating with robotics manufacturers, leveraging their capabilities in application scenarios and AI infrastructure to enhance model training and R&D efficiency, which is expected to accelerate the commercialization of humanoid robots [1][11][41] - The China Securities Index Company has launched the Innovation and Entrepreneurship Robotics Index, which includes 34 companies, indicating a potential influx of capital into the robotics sector, supporting continued market momentum [1][11][41] - The report emphasizes a strong outlook for embodied intelligence, including both humanoid and non-humanoid robots, and encourages exploration of investment opportunities in "AI + Robotics" beyond just humanoid robots [1][11][41] Summary by Sections Humanoid Robots - Major tech giants are enhancing robotics manufacturers' capabilities, which is expected to boost the commercialization of humanoid robots [2][11] - The newly launched robotics index includes companies such as Huichuan Technology, Hubei Zhongke, and others, with expectations for increased capital inflow into the sector [2][11] - The report suggests focusing on embodied intelligence and exploring various robotics applications, including exoskeletons and sensors, which do not necessarily depend on humanoid robot proliferation [2][11] Engineering Machinery - Recent rumors about poor domestic sales data for engineering machinery in early May have led to significant stock corrections among leading companies, but the report suggests that this data may not represent the entire month [12][21] - The report anticipates double-digit growth in domestic sales for the year, supported by a low base from the previous year [12][21] - The domestic market is expected to recover, driven by increased investment in infrastructure and construction projects [21][22] Semiconductor Equipment - The report highlights the increasing importance of domestic semiconductor equipment due to export restrictions from the U.S., which is expected to accelerate the domestic production rate [25][26] - The overall outlook for the semiconductor equipment sector remains positive, with anticipated growth in orders for 2025 [26] 3C Equipment - The report notes that domestic manufacturers are well-positioned to benefit from the ongoing adjustments in Apple's production strategy, with expectations for strong demand in 2025 [27] Other Equipment Sectors - The report provides insights into various sectors, including oil service equipment, elevators, rail transit equipment, and mining machinery, with specific recommendations for companies within these sectors [30][31][32][33]