中国电池设备：短暂休整China Battery Equipment_ Taking a breather

Equity Research Report | 23 October 2025 China Battery Equipment Equities Taking a breather Downgrade both Lead and Yinghe to Hold (from Buy). The share prices of Lead and Yinghe have risen 70-157% since 15 May, outperforming the benchmark (CSI 300) by 54-142ppt. Lead and Yinghe trade at 2026e PEs of 35x and 28x, close to their respective historical average forward averages, which looks fair, in our view. While the market has high expectations on the demand outlook for solid-state batteries, we believe the ...