先导智能-ASSB 与储能业务支撑强劲订单_重申买入，目标价上调至 70 元人民币

Wuxi Lead Intelligent Equipment 300450.SZ 300450 CH We believe Lead's order-wining momentum can sustain into FY26F, driven by demand for all-solid-state battery (ASSB) commercialization as well as capacity expansion demand for energy storage system (ESS) battery cells. We expect incremental orders for ASSB equipment from domestic battery manufacturers in 2H25F and FY26F, supported by efforts to meet the commercialization target in FY27F. On the other hand, we expect solid demand for battery equipment in FY2 ...