证券研究报告·公司点评报告·电池 先导智能（300450） 发行限制性股票激励，看好设备龙头强者恒 强 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 | 13,800 | 15,850 | 19,000 | | 同比（%） | 19.35 | (28.71) | 16.41 | 14.86 | 19.87 | | 归母净利润（百万元） | 1,774.57 | 286.10 | 1,533.42 | 2,040.81 | 2,483.70 | | 同比（%） | (23.45) | (83.88) | 435.97 | 33.09 | 21.70 | | EPS-最新摊薄（元/股） | 1.13 | 0.18 | 0.98 | 1.30 | 1.59 | | P/E（现价&最新摊薄） | 54.91 | 340.60 | 63.55 | 47.75 | 39.23 | [Tabl ...

CINE固态电池展背景及简介 " CINE固态电池展及CINE钠电展 "是行业首届新型电池全产业链专业展会，主要聚焦下一代新型动力及储能电池技术，也是专业性最强的新型电池 技术专业展会。主办方是新能源电池行业权威媒体平台起点研究旗下媒体平台--起点固态电池、起点钠电和起点锂电，举办 时间定档为2025年11 月6日-8日，举办地点为：广州 。展商规模200+，参会企业2000+，专业观众20000+，同期举办新型电池技术论坛，包含九大专场，固态电池行 业权威奖项--固态电池金鼎奖颁奖典礼。 展会组委会确认， 华普森 将携最新产品亮相CINE固态电池展及CINE钠电展，展位号是 C01-C02 ，欢迎行业同仁莅临参观、指导。 新型电池技术第一 INE 钠电展 CINE 固态电池展 F 钢电展及固态电影研展 提供高效节能的电池焊接设备 让 清 洁 能 源 更 清 洁 展位号:C01-02 诚 邀 您 莅 临 展 位 参 观、洽 谈! 码上参展 2025.11.06-11.08 ־州南沙国际会展中心(2楼船厅及广州厅) 扫一扫免费领取观展门票 参展企业介绍 深圳市华普森科技有限公司 成立于2010年，主要产品为超声 ...

Group 1 - The company has completed the initial layout of dry and wet dual-line products in the solid-state battery field [1] - The company has shipped multiple devices and received customer recognition for the debugging and validation results [1]

每经AI快讯，9月25日，赢合科技（300457）(300457.SZ)在业绩说明会上表示，公司现已推出覆盖湿法 与干法工艺的固态电池最新解决方案：湿法设备具备高精度涂布、优异工艺控制性与运行稳定性的技术 优势；在干法工艺领域，第三代设备通过集成粉体搅拌、纤维化、干法辊压等七大核心工艺技术，显著 提升了制造效率。目前公司已向多家客户交付了核心固态电池相关设备，产品涵盖湿法全自动制浆、湿 法涂布、辊压、电解质转印和干法搅拌纤维化、多辊连轧成膜复合等设备。 ...

Core Viewpoint - The company, HaiMuxing, has made significant advancements in the solid-state battery equipment sector, leading to a notable increase in its stock price by up to 16.55% on September 24, with a closing price of 45.49 yuan, reflecting a 12.91% rise [1] Group 1: Company Developments - HaiMuxing has successfully established a complete production process for lithium metal solid-state batteries, securing a 2GWh production equipment order valued at 400 million yuan, marking it as the first in the industry to achieve this milestone [1] - The company has also made progress in the sulfide all-solid-state battery route, achieving advancements in the preparation of all-solid-state electrodes and electrolytes, as well as in the assembly of bare battery cells [1] - HaiMuxing is the first company in the industry to pursue dual technology routes, namely "lithium metal anode + oxide electrolyte" and "silicon-carbon anode + sulfide electrolyte," supporting research, testing, mass production, and after-sales service for solid-state battery technologies [1]

南方财经9月24日电，海目星（688559.SH）在2025年9月3日至9月18日的调研中表示，公司已签订4亿 元固态电池量产设备订单，成为全球首家实现氧化物+锂金属固态电池整线量产交付的设备厂商，并向 多家全球领先新能源企业交付硫化物固态电池前中段关键设备。 ...

Core Viewpoint - Recently, the company has delivered multiple sets of dry mixing coating equipment for solid-state battery production lines to various well-known domestic and international battery manufacturers and automotive OEMs, indicating a significant advancement in solid-state battery technology and production capabilities [1] Group 1: Equipment Delivery and Production Cost Reduction - The GWh-level dry film forming equipment can significantly reduce overall production costs by over 15% [1] - The delivered equipment is a mass production type integrated dry mixing coating system, covering all processes including controlled feeding, film formation, thinning, current collector compounding, and quality inspection [1] - The company has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the rising volume and price of solid-state battery equipment [1] Group 2: Industry Policy and Application Acceleration - On the policy front, the Ministry of Industry and Information Technology issued a standard system for all-solid-state batteries in April 2025, with a prior investment of 6 billion in dedicated R&D funds [1] - On the application front, terminal road tests and pilot trials by leading battery manufacturers are gradually progressing, indicating an acceleration in the industrialization of solid-state batteries [1] Group 3: Profit Forecast and Investment Rating - The company maintains its forecast for net profit attributable to shareholders for 2025-2027 at 1.5 billion, 2 billion, and 2.5 billion respectively [1] - The current stock price corresponds to dynamic P/E ratios of 56, 42, and 35 times for the years 2025, 2026, and 2027 respectively [1] - The company maintains a "buy" rating based on these projections [1]

Core Insights - The event held on September 15 focused on investor communication and the performance of listed companies in Hebei for the first half of 2025 [1] - Naconor announced that its joint venture, Qingyan Nacon, has successfully launched dry film forming equipment with a maximum width of 1200mm and a speed of 100m/min, showcasing leading product performance [1] - The company has received positive market feedback from several well-known battery manufacturers both domestically and internationally [1] - Naconor plans to increase R&D investment, deepen innovation in dry electrode processes, and accelerate market expansion in Southeast Asia, Europe, and North America to enhance global competitiveness [1]

Core Viewpoint - The article highlights the advancements in solid-state battery technology and the strategic positioning of companies like XianDao Intelligent in the lithium battery equipment sector, emphasizing their growth potential and market opportunities. Group 1: Industry Developments - Solid-state batteries are transitioning from laboratory experiments to mass production, with significant milestones achieved by companies like Yiwei Lithium Energy and Enjie Co., which have launched production lines for solid-state electrolytes [1][4]. - The market for solid-state battery intelligent equipment in China is projected to reach 11.7 billion by 2029, indicating rapid growth in this segment [4]. Group 2: Company Positioning - XianDao Intelligent is a leading provider of lithium battery intelligent equipment, with a projected revenue of 4.5 billion in the first half of 2025, accounting for approximately 70% of its total revenue [1][2]. - The company has established itself as the only global provider with complete proprietary intellectual property for lithium battery production solutions, covering all stages of the battery manufacturing process [8]. Group 3: Market Share and Orders - XianDao Intelligent holds a global market share of 15.5% and a domestic market share of 19% in the lithium battery equipment sector, significantly surpassing its competitors [9]. - The company secured new orders worth 12.4 billion in the first half of 2025, marking a year-on-year increase of approximately 70%, indicating strong demand and customer confidence [11][12]. Group 4: Financial Performance - In the first half of 2025, XianDao Intelligent reported revenues of 6.61 billion and a net profit of 740 million, representing year-on-year growth of about 15% and 61%, respectively [14]. - The company's operating cash flow improved significantly, with a notable increase of approximately 72% in the second quarter of 2025, reflecting better collection of receivables [14].

Group 1 - The core point of the article is that XianDao Intelligent (300450) announced a significant stock price increase of 103.21% over the past 10 trading days, attributed to heightened market interest in the solid-state battery sector [1] - The company has conducted a self-examination and noted that the core progress of its solid-state battery equipment business has been detailed in previous regular reports [1] - The company emphasizes that the global solid-state battery industry is still in the stages of technological iteration and industrial preparation, and has not yet entered a large-scale mass production phase, indicating uncertainty in the advancement of its related business [1]