2025年9月的A股市场，掀起了固态电池热。 这波搅动行业的浪潮背后，一家来自无锡的上市公司尤为亮眼——先导智能（300450.SZ）在一个月内股价暴涨80%，从8月28日的收盘价29.59 元/股，一路涨至10月10日收盘价54.79元/股，最新市值高达858.1亿元。其间公司市值更一度突破千亿元，并两度公告股票交易异常波动。 按照在上市公司29.31%的持股比例，公司创始人王燕清目前身家已超251亿元。 作为率先实现固态电池整线解决方案交付的设备企业，其亦有望率先受益于固态电池产业化前夜的业绩突破。 不过，面对荣耀和财富，王燕清却非常清醒。 此前他就对员工说："别被股价冲昏头，真正的比赛，2030年才开始。" 20多年前，全球锂电市场份额近乎被日韩等外资企业垄断。但在今天，我国已在全球锂电的核心供应链占据优势地位。中国锂电产业从追赶到 领先的跨越，离不开装备制造的突破，而先导智能的发展史正是这一进程的缩影。 1990年代，王燕清带着8万元启动资金白手起家创业。从不起眼的小作坊开始做起，凭借对技术的执念，打造成国内电容器设备龙头。2008 年，王燕清决定将当时已稳赚不赔的电容器成熟业务砍掉，全身心投入锂电装 ...

（原标题：无锡"草根"工程师，打造千亿新能源"卖铲人"） 21世纪经济报道记者费心懿 2025年9月的A股市场，掀起了固态电池热。 这波搅动行业的浪潮背后，一家来自无锡的上市公司尤为亮眼——先导智能（300450.SZ）在一个月内股价暴涨80%，从8月28日的收盘价29.59元/ 股，一路涨至10月10日收盘价54.79元/股，最新市值高达858.1亿元。其间公司市值更一度突破千亿元，并两度公告股票交易异常波动。 按照在上市公司29.31%的持股比例，公司创始人王燕清目前身价已超251亿元。 作为率先实现固态电池整线解决方案交付的设备企业，其亦有望率先受益于固态电池产业化前夜的业绩突破。 不过，面对荣耀和财富，王燕清却非常清醒。 此前他就对员工说："别被股价冲昏头，真正的比赛，2030年才开始。" 这家新能源设备企业的掌门人王燕清，是从无锡桃农家庭走出的工程师。 他用26年时间，将公司从一间150平方米的"仓库工厂"发展为如今覆盖锂电、光伏、氢能的全球新能源装备的"千亿帝国"。 20多年前，全球锂电市场份额近乎被日韩等外资企业垄断。但在今天，我国已在全球锂电的核心供应链占据优势地位。中国锂电产业从追赶到领 先 ...

从行业前景看，荣利营造新能源业务的 "持续性增长" 具备明确支撑。一方面，香港"碳中和 2050"目标 下，绿色基建投资规模持续扩大，仅北部都会区规划中就涉及超50亿港元的新能源配套项目，而荣利新 能源作为零碳智能联盟核心成员，在绿色交通、智慧能源领域的技术方案已形成先发优势，有望持续获 取大额订单；另一方面，公司与三一集团、宁德时代的战略合作不断深化，核心设备供应效率、技术迭 代速度均领先同业，已成为项目投标中的"核心加分项"，未来将进一步放大订单获取优势。 展望未来，随着香港绿色基建政策红利持续释放、新能源订单加速落地，荣利营造将在双轮驱动战略下 进一步打开增长空间。传统业务将继续依托公营项目优势巩固市场份额，为公司提供稳定现金流；新能 源业务则有望凭借技术优势、联盟资源实现爆发性增长，最终形成传统业务与新兴业务相互赋能、协同 共进的发展格局，为股东创造持续稳定的回报。 此次智能化搅拌站项目，工程范围覆盖搅拌站系统全生命周期服务，全方位考验承建商的综合技术能力 与项目管理水平。而荣利新能源之所以能在竞争中脱颖而出，除自身稳固的综合技术能力与项目管理水 平外，另一核心优势在于新能源方面的资源整合。得益于与三 ...

Core Insights - The company has signed a contract worth over 100 million HKD for the construction of Hong Kong's first fully automated mixing station, marking a significant breakthrough in its renewable energy business [1] - The total order value for the company's renewable energy projects has exceeded 150 million HKD, indicating a transition from the "resource integration phase" to the "revenue realization phase" [1][3] Project Details - The mixing station project will cover the entire lifecycle of the mixing station system, testing the contractor's technical capabilities and project management skills [2] - The project will utilize core machinery from SANY Heavy Industry, aligning with Hong Kong's carbon neutrality goals [2] Business Strategy - The company employs a dual-driven strategy of "traditional construction + renewable energy," providing stable profits from traditional projects while pursuing growth in renewable energy [3] - The traditional construction sector continues to contribute stable revenue, while the renewable energy business has shown rapid progress in securing orders and revenue realization [3] Industry Outlook - The renewable energy business is supported by Hong Kong's "carbon neutrality by 2050" goal, with significant investments in green infrastructure [4] - The company has established strategic partnerships with SANY Heavy Industry and CATL, enhancing its competitive edge in project bidding [4] - Future growth is expected as the company leverages its technological advantages and alliance resources to achieve explosive growth in the renewable energy sector [4]

近年来，随着国内市场竞争加剧和全球化进程加快，越来越多企业将目光投向海外市场，寻求新的增长 空间。在这一背景下，"出海龙头"概念逐渐受到投资者关注。所谓出海龙头，通常指那些在海外业务布 局早、市场份额高、品牌影响力强，并具备持续扩张能力的行业领先企业。 这些企业往往已在国内完成技术积累和规模扩张，具备较强的管理能力与资金实力，能够适应不同国家 和地区的市场环境，在国际竞争中脱颖而出。它们不仅实现产品或服务的出口，更通过设立生产基地、 研发中心或本地化运营团队，深度融入当地经济体系。 物流与供应链服务商同样受益于企业出海浪潮。跨境物流、仓储、外贸综合服务平台等为出海企业提供 基础设施支持，形成协同效应。与此同时，金融、法律、咨询等专业服务机构也在助力企业应对海外合 规、汇率波动和文化差异等挑战。 对投资者而言，关注出海龙头不仅是看好单一企业的成长性，更是把握中国企业在全球价值链中地位提 升的长期趋势。然而，海外经营面临政策、汇率、地缘政治等多重风险，需理性评估企业的真实竞争力 与抗风险能力。建议投资者结合行业前景、公司治理和海外收入占比等指标，进行审慎分析，避免盲目 追逐热点。 从产业链角度看，出海龙头企业覆盖 ...

投资者关系活动记录表 编号：2025008 | |  特定对象调研 |  分析师会议 | | --- | --- | --- | | 投资者关系 | □ 媒体采访 | □ 业绩说明会 | | 活动类别 | □ 新闻发布会 | □ 路演活动 | | |  现场参观 | | | |  其他（电话会议） | | | | 月 日） 美银美林（8 26 | 月 日） 民生证券（9 10 | | | 高盛证券（8 月 26 日） | 银华基金（9 月 11 日） | | | 月 日） 华福证券策略会（8 27 | 月 日） 贝莱德（9 15 | | | 大华继显（8 月 27 日） | 华泰证券（9 月 16 日） | | | 月 日） 摩根士丹利策略会（8 28 | 月 日） 信达证券（9 16 | | | 财通证券（8 月 29 日） | 工银瑞信（9 月 16 日） | | | 西部利得基金（9 月 日） 1 | 国金证券（9 月 日） 17 | | 参与单位名称 | 招商证券策略会（9 月 2 日） | 东北证券（9 月 17 日） | | 及人员姓名 | 申万宏源证券策略会（9 月 日） 3 | 新华资 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company has demonstrated steady growth in performance, with both revenue and profit showing positive growth in the first half of 2025. Revenue reached 7.453 billion yuan, a year-on-year increase of 6.38%, while net profit attributable to shareholders was 312 million yuan, up 13.88% year-on-year [4]. - The company has a robust order backlog of approximately 34.5 billion yuan, with deliveries expected between 2025 and 2027. It has also made strides in international expansion, signing a global framework cooperation agreement with mining giant Rio Tinto [5]. - Profitability has improved, with a net profit margin of 4.19%, an increase of 0.28 percentage points year-on-year, despite a slight decrease in gross margin [5]. Financial Performance Summary - For the first half of 2025, the company reported revenue of 7.453 billion yuan, with various segments contributing positively: material handling equipment revenue was 2.322 billion yuan (+8.51%), new energy equipment revenue was 1.734 billion yuan (+21.45%), metallurgy equipment revenue was 1.948 billion yuan (+21.04%), and core components revenue was 1.014 billion yuan (+25.29%) [4]. - The company forecasts revenue for 2025-2027 to be 14.727 billion yuan, 15.782 billion yuan, and 16.770 billion yuan, respectively, with year-on-year growth rates of 3.12%, 7.17%, and 6.26% [6]. - The projected net profit for the same period is expected to be 649 million yuan, 752 million yuan, and 837 million yuan, reflecting growth rates of 30.35%, 15.87%, and 11.27% respectively [6]. Valuation Metrics - The company is currently trading at a price-to-earnings (P/E) ratio of 23.35, with projected P/E ratios for 2025, 2026, and 2027 at 18.01, 15.54, and 13.96 respectively [3][6]. - The price-to-book (P/B) ratio is projected to decrease from 1.59 in 2024 to 1.27 by 2027 [9].

Core Viewpoint - The company is increasing its R&D investment in the field of new energy equipment, particularly in lithium battery packaging, solid-state/semi-solid battery ultrasonic welding, integrated cutting and stacking machines, cell assembly, and fully automated equipment for the Pack segment [1] Group 1 - The company is focusing on advanced production processes and high-precision manufacturing methods to achieve product breakthroughs [1] - Standardized management practices are being implemented to enhance operational efficiency [1] - Sales orders have been generated as a result of these advancements in technology and production [1] Group 2 - The ultrasonic welding equipment related to the new solid-state battery technology has already been shipped to customers [1]

Investment Rating - The report maintains a "Buy" rating for the machinery industry [1] Core Views - The demand for construction machinery continues to recover, driven by significant projects such as the Yarlung Zangbo River hydropower project, which is expected to generate substantial new demand for machinery [15][16] - The humanoid robot sector is poised for a breakthrough in 2025, with mass production expected to address data scarcity issues and enhance the practicality of humanoid robots [6] - The liquid cooling technology is becoming a trend due to the increasing power consumption of AI platforms, with significant investments expected in this area [7][8] Summary by Sections Humanoid Robots - Modulus Technology announced a significant funding round to enhance production capabilities and expand into various sectors [3] - Yushun Technology released an open-source architecture for humanoid robots, facilitating autonomous learning and decision-making [3] - The humanoid robot industry is expected to see mass production in 2025, which will drive data collection and training, enhancing the industry's overall development [6] Liquid Cooling - NVIDIA is pushing for the development of new microchannel liquid cooling technology due to high power demands from its latest chips [7] - The industry is transitioning towards liquid cooling solutions as traditional air cooling becomes insufficient [8] - Companies like Invid and Highland are recommended for investment as they are positioned to benefit from this trend [8] Engineering Machinery - The engineering machinery sector is benefiting from the commencement of major projects, such as the Yarlung Zangbo River hydropower project, which has a total investment of approximately 1.2 trillion yuan [15] - Domestic sales of excavators showed a year-on-year increase of 14.8% in August 2025, indicating a recovery in the market [15][16] - Key players in the engineering machinery sector include Zoomlion, Sany Heavy Industry, and XCMG, which are expected to see growth due to ongoing demand [16] Forklifts - Forklift sales in August 2025 reached 118,087 units, a year-on-year increase of 19.4%, with significant growth in both domestic and export markets [17] - The rise of autonomous forklifts is expected to drive further market expansion, with a projected 39.3% increase in sales by 2025 [17] Rail Transit Equipment - The rail transit equipment sector is experiencing growth due to increased investment in rail infrastructure, with a cumulative fixed asset investment of 504.1 billion yuan in the first eight months of 2025 [17] - Companies like CRRC and China Railway Signal & Communication are recommended for investment as they stand to benefit from this trend [17] Semiconductor Equipment - The implementation of reciprocal tariffs is accelerating the domestic substitution of key semiconductor equipment, with a focus on lithography machines [18][19] - The establishment of the third phase of the National Integrated Circuit Industry Investment Fund, with a capital of 344 billion yuan, highlights the government's commitment to the semiconductor industry [19] New Energy Equipment - The development of solid-state batteries is advancing, with companies like Panasonic aiming to produce samples by 2026, which could significantly enhance battery performance [20][21][22] - The equipment sector for solid-state battery production is expected to see rapid growth as new manufacturing processes are introduced [22] Low-altitude Economy and EVTOL - The low-altitude economy is projected to accelerate in 2025, with new regulations and platforms emerging to support the development of UAV services [23][24] - Companies involved in this sector, such as EHang and Yihang, are recommended for investment as the market expands [24]

Investment Rating - The report maintains a "Buy" rating for the mechanical industry [1] Core Viewpoints - The mechanical industry is experiencing a recovery in demand, particularly in the engineering machinery sector, driven by significant projects such as the construction of the Yarlung Tsangpo River hydropower project, which is expected to generate substantial new demand for engineering machinery [14][15] - The humanoid robot sector is poised for a breakthrough in 2025, with mass production expected to drive down costs and enhance data collection capabilities, thus promoting wider adoption [6] - Liquid cooling technology is becoming increasingly important due to the rising power consumption of chips, with a projected increase in the adoption of liquid cooling systems in data centers [7][8] Summary by Relevant Sections Humanoid Robots - Significant investments in humanoid robotics have been made, including a nearly 1 billion yuan A+ round financing for a startup focused on embodied intelligence [4] - The year 2025 is anticipated to be a pivotal year for humanoid robot mass production, with expectations of overcoming data scarcity issues [6] Liquid Cooling - Innovations in liquid cooling technology are being driven by the need for efficient thermal management in high-performance chips, with a notable shift towards liquid cooling systems in new data centers [7][8] Engineering Machinery - The engineering machinery sector is benefiting from the commencement of major infrastructure projects, with domestic sales of excavators showing a year-on-year increase of 14.8% in August 2025 [15] - The report highlights the potential for continued growth in the engineering machinery sector due to policy support and the ongoing internationalization and electrification trends [15] Robotics and Automation - The report notes a significant increase in the sales of various types of forklifts, with a year-on-year growth of 14.4% in July 2025, indicating a robust market for automated solutions [16] - The penetration rate of unmanned forklifts is expected to rise significantly, with a projected 39.3% increase in sales in 2025 [16] Semiconductor Equipment - The report discusses the acceleration of domestic substitution for semiconductor equipment due to geopolitical tensions and trade restrictions, emphasizing the importance of local manufacturers [18][19] New Energy Equipment - The report highlights advancements in battery technology, including the introduction of solid-state batteries, which are expected to revolutionize the energy storage market [21][22]