Investment Rating - The report gives a "Buy" rating for the company [14]. Core Views - The company is a leader in ultrasonic equipment in China, gradually expanding its application fields and is optimistic about its platform-based layout and new business increments [2][8]. - The company has a comprehensive product matrix that covers various industry needs, with battery business as a cornerstone and rapid growth in harness, semiconductor, and consumable businesses [2][8]. Summary by Sections Company Overview - Established in 2007, the company initially focused on ultrasonic cutting for rubber tires and has since expanded into the new energy battery sector, non-woven fabrics, harnesses, and semiconductors [2][8]. - The company has developed a complete ultrasonic technology platform, providing solutions across various industries, including new energy batteries, rubber tires, non-woven fabrics, automotive harnesses, and power semiconductors [25][31]. Financial Performance - The company is expected to achieve revenue of 585 million yuan in 2024, representing a year-on-year increase of 11.30%, with significant growth in harness, semiconductor, and consumable businesses [8][41]. - The gross profit margin for Q1 2025 is reported at 64.91%, an increase of 9.30 percentage points year-on-year [8]. Business Segments - **Battery Segment**: The ultrasonic welding technology is crucial for the ear welding stage in lithium batteries, with increasing demand driven by the growth of new energy vehicle sales [9][52]. - **Semiconductor Segment**: The company has secured bulk orders in the semiconductor field, particularly for advanced packaging and testing ultrasonic equipment, benefiting from the rapid growth of IGBT [10][41]. - **Harness Segment**: The demand for high-voltage harnesses in electric vehicles has opened up the welding market, with the company leading in market share and technology [11][41]. Research and Development - The company invests heavily in R&D, with a research expense ratio exceeding 20%, and has developed six core self-researched technologies that meet international standards [12][41]. - The high-margin consumable business is growing rapidly, providing stable cash flow for the company [12][41]. Market Position - The company is positioned as a market leader with strong customer resources and has established partnerships with major players in the industry [12][41]. - The competitive landscape shows the company gradually increasing its market share against domestic competitors [9][10].

Company Overview - Shenzhen LianDe Automation Equipment Co., Ltd. has over 20 years of experience in the semiconductor display equipment industry, achieving significant technological integration and product quality [2][3] - The company has established long-term partnerships with renowned clients such as Bosch, Apple, and Foxconn, enhancing its reputation in the industry [2] Competitive Advantages - The company possesses advantages in industry experience, R&D innovation, brand recognition, comprehensive service, and customer resources, leading to stable growth in operational scale and performance [3] Product Applications - The company's flexible AMOLED bonding equipment is widely used in the mass production of foldable screens for major smartphone brands, with ongoing collaborations for innovative flexible screen applications [4] - In the solid-state battery sector, the company is increasing R&D investment in various automation equipment, achieving product breakthroughs and generating sales orders [5] Semiconductor Equipment Progress - The company focuses on chip packaging and testing equipment, including advanced devices like COF flip chip machines and high-precision semiconductor equipment, with plans to expand its R&D investment in this area [6] VR/AR/MR Display Sector - The company has developed equipment for the VR/AR/MR display field, gaining recognition from clients in this emerging market and establishing partnerships with leading international manufacturers [7]