Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company is expected to experience rapid growth in 2025, driven by a significant recovery in its traditional lithium battery business and benefits from solid-state battery development [1] - The company achieved a total revenue of 14.44 billion yuan in 2025, representing a year-on-year increase of 21.8%, with lithium battery equipment revenue contributing 9.47 billion yuan, up 23.2% year-on-year [8] - The net profit attributable to the parent company for 2025 is projected to be 1.56 billion yuan, a substantial increase of 446.6% year-on-year [8] - The company is expanding its international and platform strategies, which are expected to further enhance its growth prospects [8] Financial Performance Summary - Revenue projections for the company are as follows: 2024A: 11.86 billion yuan, 2025A: 14.44 billion yuan, 2026E: 19.30 billion yuan, 2027E: 20.60 billion yuan, 2028E: 23.00 billion yuan [1] - The net profit attributable to the parent company is forecasted to be: 2024A: 286.10 million yuan, 2025A: 1.56 billion yuan, 2026E: 2.32 billion yuan, 2027E: 2.98 billion yuan, 2028E: 3.54 billion yuan [1] - The earnings per share (EPS) are expected to be: 2024A: 0.17 yuan, 2025A: 0.93 yuan, 2026E: 1.39 yuan, 2027E: 1.78 yuan, 2028E: 2.11 yuan [1] - The company’s price-to-earnings (P/E) ratios at current market prices are projected to be 289.78 for 2024A, 53.02 for 2025A, 35.73 for 2026E, 27.81 for 2027E, and 23.45 for 2028E [1] Market and Operational Insights - The company has seen a significant improvement in cash flow, with a net cash flow from operating activities of 4.96 billion yuan in 2025, a substantial turnaround from previous periods [8] - The company has a robust order backlog, with inventory valued at 14.96 billion yuan and contract liabilities at 12.87 billion yuan as of Q4 2025 [8] - The solid-state battery equipment segment is gaining traction, with the company receiving repeat orders from leading battery manufacturers in Europe, the US, Japan, and South Korea [8] - The energy storage business is also progressing, with the company capable of providing comprehensive solutions for energy storage battery production lines and systems [8]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of WUXI LEAD INTELLIGENT EQUIPMENT CO., LTD. 無錫先導智能裝備股份有限公司 (A joint stock company incorporated in the People's Republ ...