Core Viewpoint - The stock of XianDao Intelligent has reached its daily limit, indicating strong market interest and trading activity [1] Trading Activity - The stock experienced a trading volume with a turnover rate of 9.43% and a total transaction value of 3.366 billion [1] - The stock's price fluctuated with an amplitude of 18.59% during the trading session [1] Institutional Investment - Institutional investors net bought 96.2633 million, while the Shenzhen Stock Connect saw a net purchase of 62.7522 million [1] - The total net selling by brokerage seats amounted to 5.9845 million [1] Market Performance - The stock was listed on the daily limit board due to a closing price increase of 20.00% [1] - The top five trading departments accounted for a total transaction value of 6.91 billion, with a net buying amount of 153 million [1]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company reported a significant decline in revenue and net profit for the first three quarters of 2024, with revenue at 9.112 billion yuan, down 30.90% year-on-year, and net profit at 608 million yuan, down 73.81% year-on-year [4] - The decline in performance is attributed to delayed revenue recognition and a credit impairment loss of 204 million yuan in Q3 2024, which significantly impacted profits [4] - The company is expected to benefit from improving downstream demand and has a relatively sufficient order backlog [5] Summary by Sections Financial Performance - For Q3 2024, the company's revenue was 3.359 billion yuan, down 44.93% year-on-year but up 37.61% quarter-on-quarter, with a net profit of 149 million yuan, down 86.71% year-on-year but up 241.78% quarter-on-quarter [4] - The gross margin and net margin for the first three quarters of 2024 were 36.42% and 6.44%, respectively, showing a year-on-year decline [5] - Operating cash flow improved on a quarter-on-quarter basis, with a net outflow of 2.589 billion yuan for the first three quarters of 2024 [5] Business Segments - The overseas business saw significant growth, with revenue reaching 1.095 billion yuan in H1 2024, up 159.56% year-on-year, and accounting for 19.03% of total revenue [10] - The company is actively expanding its global market presence, including partnerships for sodium-ion battery technology and lithium battery production lines [10] - The company is focusing on innovation in various sectors, including lithium batteries, photovoltaic cells, and smart logistics systems, with expected revenue growth in these segments [11][12][13] Earnings Forecast and Valuation - The company is projected to achieve net profits of 1.374 billion yuan, 1.833 billion yuan, and 2.178 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.88 yuan, 1.17 yuan, and 1.39 yuan [7] - A PE valuation of 24-27 times is applied for 2024, resulting in a reasonable share price range of 21.06-23.69 yuan, with a market cap range of 330-371 billion yuan [7][14]

Investment Rating - The report assigns an "OUTPERFORM" rating to the company with a target price of RMB 23.69 per share [2][6]. Core Insights - The company's performance in Q3 2024 was impacted by delayed revenue recognition and significant credit loss provisions, leading to a 30.90% year-over-year decline in revenue for the first three quarters and a 73.81% drop in net profit attributable to shareholders [3][19]. - The company is focusing on enhancing its overseas business, which saw a 159.56% increase in revenue in H1 2024, now accounting for 19.03% of total revenue, indicating a strong push in its globalization strategy [5][22]. - The company is also innovating in various fields, particularly in solid-state batteries, where it has achieved significant breakthroughs and established partnerships with major global players [5][23]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported revenue of RMB 9.11 billion, down 30.90% year-over-year, and a net profit of RMB 608 million, down 73.81% year-over-year [3][18]. - The Q3 2024 revenue was RMB 3.36 billion, a decrease of 44.93% year-over-year but an increase of 37.61% quarter-over-quarter [3][18]. - The gross profit margin (GPM) and net profit margin (NPM) for the first three quarters were 36.42% and 6.44%, respectively, reflecting a decline compared to the previous year [4][20]. Business Segments - The lithium battery equipment segment is expected to face a revenue decline of 30.00% in 2024, with a gradual recovery projected in subsequent years [12]. - The photovoltaic equipment segment is anticipated to grow by 10.00% annually from 2024 to 2026, supported by favorable government policies [10]. - The 3C smart devices segment is projected to grow by 10.00% in 2024 and 30.00% in the following years, driven by advancements in AI and consumer electronics [11]. Valuation and Forecast - The company is expected to achieve net profits of RMB 1.37 billion, RMB 1.83 billion, and RMB 2.18 billion for 2024, 2025, and 2026, respectively, with corresponding EPS of RMB 0.88, RMB 1.17, and RMB 1.39 [6][24]. - A PE valuation of 27x for 2024 has been assigned, leading to a target price of RMB 23.69 per share, indicating a reasonable market capitalization of RMB 37.10 billion [6][24].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a narrowing of impairment losses in Q3, with profits turning positive. For the first three quarters of 2024, the company achieved revenue of 9.112 billion yuan, down 30.90% year-on-year, and a net profit attributable to shareholders of 608 million yuan, down 73.81% year-on-year. In Q3 alone, revenue was 3.359 billion yuan, down 44.93% year-on-year but up 37.61% quarter-on-quarter, with a net profit of 149 million yuan, down 86.71% year-on-year but turning positive quarter-on-quarter [1] - The company's profitability improved quarter-on-quarter, with significant potential for further enhancement. The gross margin for the first three quarters of 2024 was 36.42%, down 1.61 percentage points year-on-year, while the net profit margin was 6.44%, down 11.14 percentage points year-on-year. In Q3, the gross margin was 36.63%, up 1 percentage point year-on-year and quarter-on-quarter, indicating improved profitability [1] - The company has a sufficient backlog of orders, with contract liabilities growing 15.14% year-on-year to 11.405 billion yuan as of Q3 2024. The net cash flow from operating activities was -797 million yuan, with a narrowing negative cash flow [1] - The company is accelerating overseas lithium battery production, with a focus on rational expansion compared to domestic competitors. The company secured a 20GWh lithium battery equipment order in the U.S. and expects the proportion of overseas orders to increase from 30% in 2023 to 50% in 2024 [1] - The company is expanding into photovoltaic and hydrogen energy sectors, achieving significant breakthroughs in technology and securing over 2 billion yuan in equipment orders in the photovoltaic field [1] Financial Forecasts - The company is projected to achieve net profits of 1.3 billion yuan, 2 billion yuan, and 2.6 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 22, 15, and 11 times based on current stock prices. The report maintains a "Buy" rating considering the valuation levels and growth potential [1]

Financial Performance - The company's operating revenue for Q3 2024 was ¥3,359,410,584.45, a decrease of 44.93% compared to the same period last year[2] - The net profit attributable to shareholders for Q3 2024 was ¥149,227,232.10, down 86.71% year-on-year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥140,452,457.19, a decline of 87.39% compared to the previous year[2] - The basic earnings per share for Q3 2024 was ¥0.0953, reflecting an 86.71% decrease year-on-year[2] - The total revenue for the third quarter of 2024 was ¥9,111,658,095.04, a decrease of approximately 30.5% compared to ¥13,186,076,826.06 in the same period last year[17] - The net profit for Q3 2024 was CNY 586,955,771.75, a significant decrease from CNY 2,318,709,574.17 in the same period last year, representing a decline of approximately 74.7%[18] - The total revenue from operating activities was CNY 9,220,397,251.22, down from CNY 11,100,809,767.70, indicating a decrease of about 17% year-over-year[20] - The basic earnings per share for Q3 2024 was CNY 0.3885, compared to CNY 1.4836 in the previous year, reflecting a decline of approximately 73.8%[19] - The company reported a total comprehensive income attributable to the parent company of CNY 607,667,468.61, down from CNY 2,323,026,980.67 in the previous year, a decrease of about 73.8%[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥34,470,462,930.31, a decrease of 2.33% from the end of the previous year[2] - The company's total assets as of September 30, 2024, amounted to ¥34,470,462,930.31, down from ¥35,293,330,312.84 at the beginning of the year[16] - The total current assets decreased to ¥29,217,076,997.48 from ¥30,689,885,591.44, reflecting a decline of about 4.8%[15] - The total non-current assets increased to ¥5,253,385,932.83 from ¥4,603,444,721.40, representing an increase of approximately 14.1%[15] - The company's total liabilities decreased to ¥22,539,557,283.87 from ¥23,445,864,959.06, indicating a reduction of about 3.9%[16] - The company’s total liabilities increased significantly, with short-term borrowings rising to ¥3,046,859,605.22, an increase of 1554.36%[5] Cash Flow - The company reported a net cash flow from operating activities of -¥2,589,283,289.31, a decline of 76.74% year-to-date[2] - The cash flow from operating activities showed a net outflow of CNY -2,589,283,289.31, worsening from CNY -1,464,988,848.88 in the same quarter last year[20] - Investment activities resulted in a net cash outflow of CNY -434,098,864.37, compared to a net inflow of CNY 35,672,460.67 in the same period last year[21] - The financing activities generated a net cash inflow of CNY 2,643,832,279.52, a significant improvement compared to a net outflow of CNY -1,126,301,444.84 in the previous year[21] - The total cash and cash equivalents at the end of the period were CNY 1,925,678,962.46, slightly down from CNY 1,939,891,603.89 at the end of the previous year[21] - The company experienced a foreign exchange impact on cash and cash equivalents amounting to CNY 20,285,821.08 during the quarter[21] Shareholder Information - The total number of common shareholders at the end of the reporting period was 116,821[10] - The largest shareholder, Lhasa Xindao Venture Capital Co., Ltd., holds 21.46% of the shares, amounting to 336,039,506 shares[10] - The second-largest shareholder, Contemporary Amperex Technology Co., Ltd., holds 7.14% of the shares, totaling 111,856,823 shares[10] - The total number of restricted shares at the beginning of the period was 116,914,744, with 111,924,731 shares released from restrictions during the period[13] - The company has 5,057,921 shares locked up for executives, with 67,908 shares released during the period[13] - The total number of shares held by the top 10 unrestricted shareholders is 111,924,731[11] - The company did not report any participation in margin trading or securities lending by the top shareholders[11] - The report indicates that there were no changes in the number of preferred shareholders or restricted shares during the period[12] - The company’s actual controller is Wang Yanqing, who controls Lhasa Xindao Venture Capital Co., Ltd., Shanghai Zhuoao Enterprise Management Partnership, and Wuxi Yuxi Technology Co., Ltd.[11] Expenses - The operating costs were reported at ¥5,792,874,783.46, down from ¥8,171,539,427.22, showing a significant reduction in costs[17] - Research and development expenses for the quarter were ¥1,266,173,314.95, slightly up from ¥1,259,873,229.75 year-over-year[17] Other Income - The company received government subsidies amounting to ¥2,645,407.03 during the reporting period, contributing to its non-operating income[3] - The company’s investment income showed a loss of ¥16,815,151.72, which is a 246.74% increase in losses compared to the previous period[7] - Cash received from tax refunds was ¥356,367,641.92, an increase of 45.85% compared to the previous year[8] - The cash paid for other financing activities decreased by 76.34% to ¥82,351,833.43 compared to the same period last year, primarily due to share buybacks implemented in the previous year[9] Credit Risk - The company reported a credit impairment loss of CNY -532,562,871.02, compared to CNY -323,337,550.75 in the previous year, indicating an increase in credit risk[18]

证券代码：300450 证券简称：先导智能 公告编号：2024-084 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 无锡先导智能装备股份有限公司（以下简称"公司"或"先导智能"）于 2024 年 10 月 29 日召开第五届董事会第八次会议和第五届监事会第七次会议，审议通 过了《关于 2024 年前三季度计提资产减值准备的议案》，根据相关规定，现将 具体情况公告如下： 一、计提资产减值准备情况 | 类别 | 项目 | 本期发生额（元） | 上期发生额（元） | | --- | --- | --- | --- | | 信用减值损失 | 应收账款坏账损失 | 534,691,581.29 | 320,550,466.50 | | | 其他应收款坏账损失 | -2,128,710.27 | 2,787,084.25 | | | 合计 | 532,562,871.02 | 323,337,550.75 | 无锡先导智能装备股份有限公司 关于 2024 年前三季度计提资产减值准备的公告 （一）本次计提资产减值准备的原因 本次计提资产减值准备是依照《企业会计准则》及 ...

证券代码：300450 证券简称：先导智能 公告编号：2024-081 无锡先导智能装备股份有限公司 第五届董事会第八次会议决议公告 表决结果：7 票同意；0 票反对；0 票弃权。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、董事会会议召开情况 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）第五 届董事会第八次会议通知于 2024 年 10 月 25 日以专人送达、电子邮件、电话方 式发出，通知了公司全体董事、监事和高级管理人员。公司本次董事会会议于 2024 年 10 月 29 日在公司会议室以现场结合通讯方式召开，由公司董事长王燕 清先生召集和主持，本次会议应出席董事 7 人，实际出席董事 7 人，公司监事、 高级管理人员列席了本次会议。公司本次董事会会议的召集、召开以及参与表决 的董事人数符合《中华人民共和国公司法》等法律、行政法规、规范性文件和《无 锡先导智能装备股份有限公司章程》（以下简称"《公司章程》"）的相关规定。 二、董事会会议审议情况 经与会董事认真审议，通过了以下议案： 1、审议通过了《关于<2024 年三季度报告 ...

证券代码：300450 证券简称：先导智能 公告编号：2024-082 无锡先导智能装备股份有限公司 第五届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、监事会会议召开情况 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）第五 届监事会第七次会议通知于 2024 年 10 月 25 日以专人送达、电子邮件、电话方 式发出，通知了公司全体监事。公司本次监事会会议于 2024 年 10 月 29 日在公 司会议室以现场方式召开，由监事会主席卞粉香女士召集和主持，本次会议应出 席监事 3 人，实际出席监事 3 人，公司董事会秘书列席了本次会议。公司本次监 事会会议的召集、召开以及参与表决的监事人数符合《中华人民共和国公司法》 等法律、行政法规、规范性文件和《无锡先导智能装备股份有限公司章程》的相 关规定。 二、监事会会议审议情况 经与会监事认真审议，通过了以下议案： 1、审议通过了《关于<2024 年三季度报告>的议案》 经审核，监事会认为：董事会编制和审核公司《2024 年三季度报告》的程 序符合法律、行政法规和中国 ...

证券代码：300450 证券简称：先导智能 公告编号：2024-080 无锡先导智能装备股份有限公司 关于调整 2024 年限制性股票激励计划 激励对象名单和授予数量的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或者重大遗漏。 重要内容提示： ● 授予激励对象人数：由 750 人调整为 745 人 ● 授予限制性股票数量：由 935.00 万股调整为 911.03 万股 无锡先导智能装备股份有限公司（以下简称"公司"）《2024 年限制性股票激励计 划（草案）》（以下简称"《激励计划（草案）》"或"本激励计划"）规定的限制性 股票授予条件已经成就，根据公司 2024 年第二次临时股东大会的授权，公司于 2024 年 10 月 22 日召开第五届董事会第七次会议和第五届监事会第六次会议，审议通过了《关 于调整 2024 年限制性股票激励计划激励对象名单和授予数量的议案》。 7、本激励计划的授予日：授予日在本激励计划经公司股东大会审议通过后由董事 会确定，授予日必须为交易日。公司需在股东大会审议通过后 60 日内按照相关规定召 开董事会向激励对象授予限制性股票并完成公 ...

证券代码：300450 证券简称：先导智能 公告编号：2024-076 无锡先导智能装备股份有限公司 关于作废部分已授予尚未归属的限制性股票的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 无锡先导智能装备股份有限公司（以下简称"先导智能"或"公司"）于2024 年10月22日召开第五届董事会第七次会议，审议通过了《关于作废部分已授予尚 未归属的限制性股票的议案》，现将相关事项公告如下： 一、限制性股票激励计划已履行的相关审批程序 （一）2021 年限制性股票激励计划 股东大会授权董事会办理股权激励相关事宜的议案》，并披露了公司《关于 2021 年限制性股票激励计划内幕信息知情人买卖公司股票情况的自查报告》。 1、2021 年 9 月 15 日，公司召开第四届董事会第七次会议，审议并通过了 《关于公司<2021 年限制性股票激励计划（草案）>及其摘要的议案》、《关于 公司<2021 年限制性股票激励计划实施考核管理办法>的议案》、《关于提请股 东大会授权董事会办理股权激励相关事宜的议案》等议案。 2、2021 年 9 月 15 日，公司召开第四届监事会 ...