Key Data _____________________________________
GS Forecast __________________________________
GS Factor Profile ______________________________
Source: Company data, Goldman Sachs Research estimates.
See disclosures for details.
Market cap: / $
Enterprise value: / $
3m ADTV: / $
China
China Industrial Tech & Machinery
M&A Rank: 3
Leases incl. in net debt & EV?: No
12/25 12/26E 12/27E 12/28E
Revenue (Rmb mn) New 14, 21, 27, 33,
Revenue (Rmb mn) Old 14, 22, 27, 33,
EBITDA (Rmb mn) 1, 3, 3, 5,
EPS (Rmb) New
EPS (Rmb) Old
P/E (X)
P/B (X)
Dividend yield (%)
CROCI (%)
12/25 3/26E 6/26E 9/26E
EPS (Rmb)
relative to Asia ex. Japan Coverage
relative to China Industrial Tech & Machinery
Growth
Financial Returns
Multiple
Integrated
Percentile 20th 40th 60th 80th 100th
We maintain our Neutral rating on Lead Intelligent-A and raise our
12-month target price to from . We also initiate
coverage on Lead Intelligent-H () with a Buy rating and a
12-month target price of HK$. Our A/H-share target prices
imply 17% and 20% upsides, respectively. We forecast a 24%/29%
revenue/net profit CAGR over 2026E-30E, driven by continued
expansion in ESS battery capacity demand and a healthy customer
profile, with profitability recovering as margins normalize to %
by 2030E from NPM troughs of %/% in 2024/2025 (due to
the battery downcycle and AR deterioration).
Despite a diversified product portfolio, Lead Intelligent’s earnings
still rely heavily on lithium-ion battery equipment, which accounted
for % of overall revenue contribution over the past 5 years. We
expect the contribution from battery equipment to continue to
expand to 85% by 2030E, given: 1) ESS acceleration is becoming a
major growth driver, contributing to % of total battery orders
between 2026E and 30E (compared to less than 25% previously),
with an order growth rate surpassing that of EV power batteries; 2)
Lead Intelligent’s increased concentration in Tier 1 battery OEMs
(such as CATL and BYD), which represents a 70-80% order exposure,
provides a solid revenue base through their continued and relatively
larger-scale capacity expansions; and 3) its pioneering FSSB
manufacturing R&D has led to turnkey production line/solution
capabilities, offering high growth potential in the long term despite
the current small base (Rmb1bn orders in 2025, or only 4% of the
total).
In our view, the current recovery in battery capacity, which began in
end-2024, will flow into 2026-2027E earnings, given the lead times
of 9-12 months/12-24 months for domestic/overseas customers.
This supports our valuation rollover for Lead Intelligent-A to a P/E
basis of 30x 2027E earnings (vs. 2026E previously), resulting in a
12m Price Target: Price: Upside: %
12m Price Target: HK$ Price: HK$ Upside: %
Lead Intelligent ()
Battery equipment leader with a solid growth outlook driven by ESS battery capacity
expansion; 2025 results in line; initiate Lead Intelligent-H at Buy
7 April 2026 | 8:03PM HKT
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. For Reg AC
certification and other important disclosures, see the Disclosure Appendix, or go to
Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the .
Jacqueline Du
+852-2978-1783 | @
Goldman Sachs (Asia) .
Equity Research
NEUTRAL
国际资本市场研报资讯+V: quanqiuzixun8
Ratios & Valuation __________________________________________
Growth & Margins (%) ______________________________________
Price Performance __________________________________________
Source: FactSet. Price as of 7 Apr 2026 close.
12/25 12/26E 12/27E 12/28E
P/E (X)
P/B (X)
FCF yield (%) () () ()
EV/EBITDAR (X)
EV/EBITDA (excl. leases) (X)
CROCI (%)
ROE (%)
Net debt/equity (%) () () ()
Net debt/equity (excl. leases) (%) () () ()
Interest cover (X)
Days inventory outst, sales
Receivable days
Days payable outstanding
DuPont ROE (%)
Turnover (X)
Leverage (X)
Gross cash invested (ex cash) (Rmb) 10, 17, 21, 29,
Average capital employed (Rmb) 10, 13, 18, 23,
BVPS (Rmb)
12/25 12/26E 12/27E 12/28E
Total revenue growth
EBITDA growth
EPS growth
DPS growth
EBIT margin
EBITDA margin
Net income margin
(Rmb) Shanghai - Shenzhen 300
Jul-25 Oct-25 Jan-26 Apr-26
0
20
40
60
80
100
3,500
4,000
4,500
5,000
5,500
6,000
3m 6m 12m
Absolute ()% ()% %
Rel. to the Shanghai - Shenzhen 300 ()% ()% %
7 April 2026 2
Goldman Sachs
Income Statement (Rmb mn) ________________________________
Balance Sheet (Rmb mn) ____________________________________
Cash Flow (Rmb mn) ________________________________________
Source: Company data, Goldman Sachs Research estimates.
12/25 12/26E 12/27E 12/28E
Total revenue 14, 21, 27, 33,
Cost of goods sold (9,) (13,) (17,) (21,)
SG&A (1,) (1,) (2,) (3,)
R&D (1,) (2,) (3,) (4,)
Other operating inc./(exp.) () () () ()
EBITDA 1, 3, 3, 5,
Depreciation & amortization () () () ()
EBIT 1, 2, 3, 4,
Net interest inc./(exp.) ()
Income/(loss) from associates () -- -- --
Pre-tax profit 1, 2, 3, 4,
Provision for taxes () () () ()
Minority interest
Preferred dividends -- -- -- --
Net inc. (pre-exceptionals) 1, 2, 3, 4,
Post-tax exceptionals --
Net inc. (post-exceptionals) 1, 2, 3, 4,
EPS (basic, pre-except) (Rmb)
EPS (diluted, pre-except) (Rmb)
EPS (basic, post-except) (Rmb)
EPS (diluted, post-except) (Rmb)
DPS (Rmb)
Div. payout ratio (%)
12/25 12/26E 12/27E 12/28E
Cash & cash equivalents 6, 6, 7, 6,
Accounts receivable 7, 11, 13, 18,
Inventory 14, 21, 26, 31,
Other current assets 4, 3, 2, 1,
Total current assets 33, 42, 49, 57,
Net PP&E 2, 2, 3, 3,
Net intangibles 2, 2, 1, 1,
Total investments
Other long-term assets 1, 1, 1, 1,
Total assets 39, 48, 55, 63,
Accounts payable 4, 7, 9, 11,
Short-term debt 1, 1, 2, 3,
Short-term lease liabilities -- -- -- --
Other current liabilities 17, 17, 17, 18,
Total current liabilities 23, 26, 29, 32,
Long-term debt 1, 2, 4, 5,
Long-term lease liabilities -- -- -- --
Other long-term liabilities 1,
Total long-term liabilities 2, 3, 4, 6,
Total liabilities 25, 29, 34, 39,
Preferred shares -- -- -- --
Total common equity 13, 19, 21, 24,
Minority interest () () () ()
Total liabilities & equity 39, 48, 55, 63,
Net debt, adjusted (2,) (2,) (1,) 2,
12/25 12/26E 12/27E 12/28E
Net income 1, 2, 3, 4,
D&A add-back
Minority interest add-back () () () ()
Net (inc)/dec working capital 2, (8,) (4,) (8,)
Other operating cash flow 1, 1, 1,
Cash flow from operations 4, (3,) (1,)
Capital expenditures () () () ()
Acquisitions -- -- -- --
Divestitures -- -- -- --
Others (1,) -- -- --
Cash flow from investing (1,) () () ()
Repayment of lease liabilities -- -- -- --
Dividends paid (common & pref) () () () ()
Inc/(dec) in debt (1,) 1, 2, 2,
Other financing cash flows () 4,
Cash flow from financing (1,) 5, 1, 1,
Total cash flow 1, (1,)
Free cash flow 4, (4,) () (2,)
Lead Intelligent ()
Rating since Dec 8, 2022NEUTRAL
Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
9WoXhYMBsUoRtMpQ6McM6MtRrRmOqOlOrRnRfQnNxP6MqRnOvPqMuNuOsPqM
target price of , implying 17% upside (vs. average 5% upside for China
Industrial Tech coverage), thus we maintain our Neutral rating. For Lead Intelligent-H, we
apply the same 2027E-based P/E valuation framework but incorporate a 20% H-share
discount to our A-share valuation based on our regression analysis of the average
trading discounts for China Industrial stocks. In this analysis, the strongest explanatory
factors are market capitalization and foreign ownership in the A-share line; this is also in
line with Lead Intelligent-H’s current trading discount of 20%. Our H-share target price
of HK$ implies 20% upside (vs. average 5% upside for China Industrial Tech
coverage), and we rate Lead Intelligent-H as a Buy.
2025 results in line; 1Q26E orders likely to rise +60% yoy
Post-market close on March 30, 2026, Lead Intelligent (Lead) reported FY2025 results
with revenue/operating profit/net profit of Rmb14,443mn/Rmb1,292mn/Rmb1,564mn,
respectively, +22%/+194%/+447% yoy, -0%/-24%/-3% vs. GSe. The 2025 results were
largely in line with our expectations and the company’s pre-announcement, reflecting an
improving trend in margins and cash collection following the battery industry trough in
2023-2024, as battery OEMs experienced a recovery in UTR (utilization) and capacity
expansion. Lead’s overall new orders reached Rmb24bn (+20% yoy) in 2025, dominated
by a 75% contribution from the battery equipment segment. The company’s OCF also
improved to a Rmb5bn inflow from a outflow, indicating a recovery in cash
collection. Looking ahead, Lead Intelligent sees upside risk to its expectation of >30%
new order growth in 2026E as 1Q26 orders growth is trending towards +60% yoy. The
company also anticipates a higher contribution from energy storage systems (ESS)
equipment orders (50%/50% ESS/power battery contribution in 2026 vs. 30%/70% in
2025) driven by accelerating energy storage demand. For the emerging full solid-state
battery (FSSB) equipment market, Lead believes the company’s solid FSSB equipment
technology will lead to strong potential for market share gains, thus FSSB orders are
expected to exceed the industry’s 60%-80% yoy growth (likely doubling in 2026 for
Lead) despite the small base.
Detailed takeaways
2025 orders recovery plus even stronger growth trend for 2026: Lead saw a solid
rebound in orders in 2025, reaching Rmb24bn (+20% yoy) as battery OEMs
demonstrated UTR and capacity expansion recovery, especially in 2025. The new order
breakdown was still dominated by the battery sector, with contributions of
50%/25%/15%/10% by domestic battery/overseas battery/consumer electronics/PV
solar & hydrogen energy-related equipment, respectively. Looking into 2026E, apart
from the steady growth in non-battery segments, management sees a growth trend
above the company’s initial 2026 outlook (>30% yoy growth), driven by the further
battery capex acceleration from top-tier customers. Specifically, the company’s largest
order contributor, CATL, has already indicated 1X/2X total capacity growth in the next
3/5 years. The expected +60% yoy new order growth in 1Q26 (indicating Rmb9-10bn
orders) also demonstrates the high growth tendency. Starting in 2026E, ESS will become
the major growth driver, supported by accelerating energy storage demand on both the
grid side and potentially artificial intelligence data centers (AIDC). Lead Intelligent
guided to 50%/50% ESS/power battery contribution in 2026 vs. 30%/70% in 2025,
driven by aggressive ESS capacity expansion from CATL, EVE, REPT Battero, and
7 April 2026 3
Goldman Sachs Lead Intelligent ()
CORNEX, etc. For power battery demand, the company still sees solid growth supported
by increased electric vehicle (EV) penetration in construction machinery and heavy-duty
trucks (HDT) (which had only a 10% penetration rate in 2025) plus demand for
full/half-solid-state power battery from electric vertical take-off and landing (eVTOL)
aircraft and humanoid robots.
Improving margins and cash flow: 2025 & 4Q25 GPM/OPM/NPM were 33%/9%/11%
and 35%/12%/9%, respectively, -2pp/+5pp/+9pp yoy and +5pp/+27pp/+21pp yoy.
Furthermore, Lead’s cash flow saw substantial improvement, with 2025 OCF surging to
Rmb 5bn (vs. in 2024). The negative yoy change in the 2025 overall GPM was
affected by the revenue recognition of lower-margin projects from the 2024 trough.
4Q25 margins trended well with a recovering GPM, despite the NPM being constrained
by impairment losses. Looking into 2026, industry capex acceleration may lead to
economies of scale, according to management, lowering the company’s SG&A ratio and
supporting a recovery in NPM to 16%-17%.
High growth potential for the FSSB equipment business and solid exploration in new
end markets with new equipment products: Thanks to Lead Intelligent’s turnkey
solution capacity in FSSB manufacturing, the company sees strong market share gain
potential and a possible 2X yoy growth in 2026 FSSB battery equipment orders (vs.
60-80% yoy growth for FSSB industry). Despite domestic FSSB demand contributing only
30% in 2025, domestic players have been accelerating the expansion of FSSB capacity
since 4Q25. On technology constraints, management identifies the current two major
technical barriers as yield and cost efficiency. For the non-battery segment, the
company’s highlight in 2025 is the +616% yoy revenue growth in auto intelligent
equipment. Lead’s subsidiary, Lead Tech (focusing on consumer electronics equipment),
explored the auto electronics industry and started cooperating with BMW, VW, and
domestic EV brands. Further, the successful cooperation with OPPO in developing brand
new 3D micro printing equipment and hinge manufacturing equipment for foldable
smartphones demonstrates Lead’s ability of entering the high-end consumer electronics
manufacturing equipment market. This new 3D micro printing technology aims at
minimizing the screen crease effect on foldable phones, supporting foldable product
manufacturing for key customers (OPPO, Apple, etc).
Earnings, TP revisions: We revise our 2026E-30E net profit forecasts by -2% to 0%
based on 2025 results and expected end-market mix shifts, but cut our EPS by -8% to
-6% due to the 7% dilution from the H-share issuance. We roll over our valuation to
2027E given higher visibility in 2027E earnings. Our new 12-month target price is
, based on a 2027E P/E (from 2026E previously) of 30x (unchanged).
Exhibit 1: Lead Intelligent: 4Q25 financial summary
Lead Intelligent () 4Q24 1Q25 2Q25 3Q25 4Q25 yoy qoq Prior 4Q25GSe
Diff on
4Q25
Revenue (Rmb mn) 2,743 3,098 3,512 3,828 4,005 46% 5% 4,059 -1%
Gross profit (Rmb mn) 828 1,070 1,161 1,184 1,398 69% 18% 1,374 2%
EBIT (Rmb mn) (401) 282 223 370 483 220% 31% 477 1%
Net profit (Rmb mn) (322) 365 375 446 377 217% -15% 431 -12%
EPS (Rmb) () 217% -15% -12%
Gross profit margin (%) 30% 35% 33% 31% 35% 5pp 4pp 34% 1pp
EBIT margin (%) -15% 9% 6% 10% 12% 27pp 2pp 12% 0pp
Net margin (%) -12% 12% 11% 12% 9% 21pp -2pp 11% -1pp
Source: Company data, Goldman Sachs Global Investment Research
7 April 2026 4
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
uP18qAXxE6+JY1A+WW6bvFA9u+Q2xLs+SoP/2KacSPohwv09bkGV6J53xSo39yo2
Initiate H-share at Buy with strong outlook from ESS battery capacity expansion
We initiate coverage on Lead Intelligent-H with a Buy rating and a 12-month target price
of HK$.
ESS demand acceleration emerging as a major growth driver: Lead Intelligent is a
leading global manufacturer of battery equipment, focusing on the end markets for
lithium-ion batteries, solar photovoltaics, 3C inspection equipment, warehouse &
logistics systems, automobiles, and fuel cells. Despite a diversified product portfolio,
Lead Intelligent’s earnings still rely heavily on lithium-ion battery equipment, which has
accounted for % of overall revenue over the past 5 years. We expect the battery
equipment segment’s contribution to continue to expand to 85% by 2030E, driven by a
new round of capacity expansion stemming from ESS demand acceleration and Lead’s
increased concentration among Tier 1 battery OEMs. Post the EV high-growth cycle, ESS
is showing the potential to become the major growth driver for Lead, supported by solid
demand from the grid side and potentially AIDCs. With a yoy growth in ESS orders
for 2026E, we see a higher contribution of ESS-related orders in Lead’s battery
equipment orders mix, reaching % in 2026E-30E vs. less than 25% before 2025,
largely in line with the company’s expectation of a 50%/50% ESS/power battery
contribution mix going forward, vs. 30%/70% in 2025. Looking ahead, we believe ESS
orders will maintain a higher growth trend than power batteries, sustaining the battery
equipment order growth.
Strong customer profile supports solid revenue recognition: Lead Intelligent has a
strong track record of serving major battery OEMs, including top-tier players such as
CATL, BYD, CALB, EVE, and Gotion. The company benefits significantly from its close ties
with top-tier battery players, with over 50% of order contribution coming from Tier 1
battery OEMs. We believe Lead’s Tier 1 customer order contribution will recover to
% in 2026E and % going forward due to market concentration among leading
battery OEMs. As a result, Lead’s healthy customer structure supports more than 80% of
overall new capacity additions, maintaining a robust revenue base. Furthermore, we look
for Lead’s successful overseas coverage expansion in the Japan/Korean/US markets.
Profitability to recover as ASP and industry UTR normalize in this new upcycle: We
forecast revenue and net profit CAGRs of 24% and 29% over 2026E-30E,
respectively, with profitability recovering as margins normalize from a %/%
NPM trough in 2024-2025 (due to the battery downcycle and AR deterioration) to
% by 2030E. We expect Lead Intelligent to consolidate its market position in the
battery equipment space, thanks to its strong customer structure and broad know-how
derived from a high R&D ratio (averaging over 10% of revenue since 2019). In addition,
the recovering battery cycle implies better UTR and order ASPs, elevating margins and
cash collection.
7 April 2026 5
Goldman Sachs Lead Intelligent ()
Exhibit 2: Battery equipment continues to act as the major
growth driver for Lead’s topline in 2026E-30E, while
margins steadily recover post the battery downcycle in
2022-24
Lead Intelligent’s revenue breakdown and margins trend
Exhibit 3: Growing ESS capacity additions is a major
growth driver for Lead with % of battery orders
contribution for 2026E-30E vs. <25% before 2025
ESS contribution in Lead’s battery equipment orders
0%
5%
10%
15%
20%
25%
30%
35%
40%
-
10
20
30
40
50
60
2020 2021 2022 2023 2024 2025 2026E2027E2028E2029E2030E
(Rmb bn)
Lit-ion battery equipemnt Solar PV equipment
3C inspection equipment Smart logistics
Others GPM% (RHS)
OPM% (RHS)
40%
0%
20%
40%
60%
80%
100%
0%
20%
40%
60%
80%
100%
ESS for Lead's battery orders %
Power battery for Lead's battery orders %
Source: Company data, Goldman Sachs Global Investment Research
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 4: Therefore, we expect Lead’s overall/ESS order
growthof +42%/+164% yoy in 2026E, with ESS growth
surpassing that of EV batteries
Lead Intelligent’s order trend by segment
Exhibit 5: Lead has a solid customer mix with top-tier
battery OEMs supporting >80% of overall capacity new
additions, maintaining a solid revenue base…
Lead Intelligent’s battery equipment orders customers
breakdown in 2025
-50%
0%
50%
100%
150%
200%
250%
-
10
20
30
40
50
60
70
80
90
2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E
(Rmb bn)
Lead Intelligent order trend by EV/ESS
Non-battery ESS battery equipment
EV battery equipment EV battery equipment yoy (RHS)
ESS battery equipment yoy (RHS)
CATL, 35%
Envision AESC,
18%
BYD, 14%
Gotion, 8%
CORNEX, 6%
EVE, 4%
CALB, 4%
Other domestic
customers, 7%
Other overseas
customers, 4%
Battery equipment orders breakdown by customers
Source: Company data, Goldman Sachs Global Investment Research
Source: Company data, Data compiled by Goldman Sachs Global Investment
Research
7 April 2026 6
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
Full solid-state battery progress the key factor to watch with long-run scaling
potential: We have only partially factored in the growth outlook driven by FSSB due to
the small base (Rmb1bn in new orders for Lead in 2025) and an unclear timeline for
commercialization. However, its product performance advantage ensures broad future
application potential in emerging industries such as eVOTL, humanoid robots, etc. Lead
Intelligent is one of the few battery equipment companies globally can provide full
solid-state battery turnkey production line/solutions. Within a FSSB production line,
front/mid/back-end process content values represent 40%/40%/20% typically. The
front/mid-end are the most valuable and difficult processes for FSSB due to material and
inner structural differences vs. liquid state batteries, requiring multiple
redesigned/re-developed equipment. Isostatic pressing equipment in the mid-end
process is the most technically challenging one, requiring extremely high precision and
high pressure to realize compaction between solid-state electrodes. The FSSB trend is
near its inflection point in 2026E-27E, with pilot testing orders ramping up for yield and
cost efficiency improvement. With Lead’s turnkey solution capability, management sees
strong share gain potential and a possible doubling in yoy growth for 2026E FSSB battery
equipment orders (vs. 60-80% yoy for the FSSB industry). While companies have not yet
committed to a specific mass-production and commercialization timeline, we watch for
signs of technology readiness as catalysts.
Exhibit 6: Tier 1 customer exposure (CATL & BYD) to
recover to 70%-80% going forward vs. 57% in 2025
Lead Intelligent’s battery customer mix trend (Tier 1 vs. Non-tier
1) as a % of domestic orders
Exhibit 7: As an FSSB turnkey production line/solution
manufacturer, Lead sees high revenue growth potential
from FSSB despite the current small base (Rmb1bn orders
in 2025)
Full solid-state battery equipment and technology layout by
players
77%
50%
61%
51% 51%
64%
57%
71%
80% 81%
84% 81%
0%
20%
40%
60%
80%
100%
2019 2020 2021 2022 2023 2024 2025 2026E2027E2028E2029E2030E
Lead Intelligent customer structure
Tier 1 Non-tier 1
Tier 1 is defined here as CATL and BYD.
Source: Company data, Goldman Sachs Global Investment Research
Source: Company data, Goldman Sachs Global Investment Research
7 April 2026 7
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
Financial performance: 24%/29% revenue/NI CAGR in 2026E-30E driven by order/margins recovery
Income statement
Revenue: We forecast 24%/29% revenue/net profit CAGRs for Lead over 2026E-30E,
driven by the accelerating expansion in ESS demand, a healthy customer profile, and
long-run scaling potential from FSSB, alongside a profitability recovery stemming from
margin normalization.
Margins: We expect GPM to improve from % in 2025 to % in 2030E, supported
by ASP and industry UTR normalization in this new upcycle. This should eliminate the AR
deterioration factors observed during the battery downcycle in 2022-24. We also
expect OPM to rise from % in 2025 to % by 2030E, as the company prioritizes
digitalization and employee output per capita to improve overall capacity.
Balance sheet
We forecast ROE to increase from % in 2025 to % in 2030E. Working capital is
expected to continue to expand under stable receivable and inventory days, while Lead’s
growing orders will result in higher receivables and inventory levels to guarantee future
deliveries. We expect the H-share issuance could help lower the company’s net debt
level and bring the net debt-to-equity ratio down to 12% in 2026E, leaving the balance
sheet in a healthier position.
Cash flow statement
Share issuance: Lead’s H-share issuance generated a positive inflow of HK$, or
net of expenses, which we expect to be allocated toward global capacity
expansion, R&D, digitalization and supplementing the operation cash flow.
Capex: We forecast annual capex of Rmb500-700mn over 2026E-30E, mainly for
capacity expansion and the establishment of a global sales/R&D network.
Dividends: On shareholder returns, Lead Intelligent’s dividend payout ratio stabilized at
% during 2023-2025. We expect this stable trend to continue from 2026E onward,
with a payout ratio of 30% for 2026E-30E.
GSe vs Consensus: We are 21%/32% above Wind consensus on revenue for
2026E/2027E, but 1%/2% above consensus on net profit, reflecting our more positive
assumptions on the ESS expansion trend and its contribution to Lead Intelligent’s
topline, balanced against our conservative margin assumptions due to uncertainties in
order execution. Given the current valuation, we believe the company’s implied upside
for its A/H-shares relative to its current trading price is consistent with a Neutral/Buy
rating.
7 April 2026 8
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
Exhibit 8: We forecast 24%/29% revenue/net profit CAGR in 2026E-30E for Lead Intelligent
Lead Intelligent tear sheet
Revenue Breakdown Unit 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 26E-30E CAGR
Product line
Lit-ion battery equipment Rmb mn 6,956 9,944 12,642 7,689 9,471 15,178 20,745 26,882 33,602 42,216 29%
yoy % 115% 43% 27% -39% 23% 60% 37% 30% 25% 26%
Solar PV equipment Rmb mn 600 463 1,028 867 1,123 600 630 725 833 958 12%
yoy % -45% -23% 122% -16% 29% -47% 5% 15% 15% 15%
Film capacitors equipment Rmb mn 40 48 58 69 83 87 92 96 101 106 5%
yoy % 40% 20% 20% 20% 20% 5% 5% 5% 5% 5%
3C inspection equipment Rmb mn 591 606 698 689 607 2,000 2,000 2,000 2,000 2,000 0%
yoy % 5% 3% 15% -1% -12% 230% 0% 0% 0% 0%
Others Rmb mn 794 476 171 549 1,105 400 400 400 500 600 11%
yoy % 14% -40% -64% 220% 102% -64% 0% 0% 25% 20%
Lead Intelligent financial summary Unit 2021 2022 2023 2024 2025 2026E 2027E 2028E 2029E 2030E 26E-30E CAGR
Total revenue Rmb mn 10,037 13,932 16,628 11,855 14,443 21,265 27,366 33,703 40,836 49,680 24%
yoy % 71% 39% 19% -29% 22% 47% 29% 23% 21% 22%
Gross margin % 34% 38% 36% 35% 33% 35% 35% 36% 36% 36%
Operating margin % 16% 18% 13% 4% 9% 13% 12% 14% 15% 15%
Net margin % 16% 17% 11% 2% 11% 11% 11% 13% 13% 13%
EPS Rmb 29%
yoy % 92% 46% -23% -84% 447% 44% 29% 41% 24% 22%
ROE % 21% 23% 15% 2% 13% 15% 15% 19% 21% 22%
Source: Company data, Goldman Sachs Global Investment Research
Exhibit 9: Lead Intelligent H/A financial summary
Income statement (Rmb mn) 2023 2024 2025 2026E 2027E 2028E 2029E 2030E Balance sheet (Rmb mn) 2023 2024 2025 2026E 2027E 2028E 2029E 2030E
Total revenue 16,628 11,855 14,443 21,265 27,366 33,703 40,836 49,680 Cash & equivalents 3,669 4,230 6,057 6,750 7,573 6,165 4,187 2,565
Cost of goods sold (10,709) (7,708) (9,630) (13,848) (17,726) (21,530) (26,013) (31,558) Accounts receivable 10,056 9,063 7,211 11,652 13,496 18,467 20,138 24,500
SG&A (1,456) (1,448) (1,417) (1,934) (2,664) (3,060) (3,487) (4,164) Inventory 13,207 13,580 14,957 21,204 26,250 31,614 40,741 49,281
R&D (1,676) (1,671) (1,671) (2,552) (3,284) (4,044) (4,900) (5,962) Other current assets 3,758 3,698 4,814 3,000 2,000 1,000 1,000 500
Other operating profit/(expense) (587) (588) (433) (213) (274) (337) (408) (497) Total current assets 30,690 30,571 33,039 42,606 49,319 57,246 66,066 76,846
EBITDA 2,479 769 1,666 3,121 3,841 5,173 6,489 7,981 Net PP&E 1,103 1,968 2,461 2,965 3,249 3,513 3,756 3,980
Depreciation & amortization (278) (330) (374) (402) (422) (442) (462) (482) Net intangibles 2,053 2,151 2,255 2,049 1,844 1,638 1,432 1,226
EBIT 2,201 440 1,292 2,719 3,419 4,731 6,027 7,499 Total investments (0) 0 (0) (0) (0) (0) 0 0
Interest income 61 38 46 182 203 227 185 126 Other long-term assets 1,448 1,493 1,318 1,318 1,318 1,318 1,318 1,318
Interest expense (31) (72) (131) (114) (163) (223) (283) (343) Total assets 35,293 36,183 39,073 48,938 55,729 63,714 72,572 83,370
Income/(loss) from uncons. subs. (7) (17) (4) - - - - -
Others (313) (277) 486 (111) (15) 123 94 60 Accounts payable 4,281 4,052 4,752 7,023 9,233 11,509 14,262 17,734
Pretax profits 1,911 112 1,689 2,675 3,444 4,858 6,023 7,342 Short-term loans 315 1,907 1,377 1,705 2,372 3,039 3,705 4,372
Income tax (140) 156 (129) (268) (344) (486) (602) (734) Other current liabilities 18,394 15,705 17,319 17,566 17,774 18,157 18,472 18,829
Minorities 4 18 4 6 8 11 14 17 Total current liabilities 22,990 21,665 23,449 26,294 29,379 32,705 36,440 40,935
Long-term debt - 2,477 1,817 2,715 4,048 5,382 6,715 8,048
Net income pre-preferred dividends 1,775 286 1,564 2,414 3,107 4,383 5,434 6,624 Other long-term liabilities 456 462 688 688 894 1,162 1,162 1,511
Preferred dividends - - - - - - - - Total long-term liabilities 456 2,939 2,504 3,402 4,942 6,544 7,877 9,559
Net income (pre-exceptionals) 1,775 286 1,564 2,414 3,107 4,383 5,434 6,624 Total liabilities 23,446 24,603 25,953 29,697 34,321 39,248 44,316 50,494
Post-tax exceptionals - - - 1 2 3 4 5
Net income 1,775 286 1,564 2,415 3,109 4,386 5,438 6,629 Preferred shares - - - - - - - -
Total common equity 11,848 11,598 13,140 19,267 21,442 24,511 28,315 32,951
EPS (basic, pre-except) (Rmb) Minority interest (1) (18) (20) (26) (34) (45) (59) (75)
EPS (basic, post-except) (Rmb) Total liabilities & equity 35,293 36,183 39,073 48,938 55,729 63,714 72,572 83,370
EPS (diluted, post-except) (Rmb) BVPS
DPS (Rmb)
Dividend payout ratio (%)
Cash flow statement (Rmb mn) 2023 2024 2025 2026E 2027E 2028E 2029E 2030E Ratios 2023 2024 2025 2026E 2027E 2028E 2029E 2030E
Net income pre-preferred dividends 1,775 286 1,564 2,414 3,107 4,383 5,434 6,624 ROE (%)
D&A add-back 278 330 374 402 422 442 462 482 ROA (%)
Minorities interests add-back (4) (18) (4) (6) (8) (11) (14) (17) Cash conversion days
Net (inc)/dec working capital (4,184) (3,224) 2,379 (8,417) (4,680) (8,059) (8,045) (9,429) Inventory days
Other operating cash flow 1,273 1,059 644 1,814 1,206 1,268 - 849 Receivables days
Cash flow from operations (863) (1,567) 4,957 (3,793) 47 (1,977) (2,163) (1,491) Payable days
Net debt/equity (%) () () () ()
Capital expenditures (552) (873) (555) (700) (500) (500) (500) (500) Interest cover - EBIT (X)
Acquisitions - - - - - - - -
Divestitures 0 - - - - - - - Growth & margins (%) 2023 2024 2025 2026E 2027E 2028E 2029E 2030E
Others 340 (347) (1,259) - - - - - Sales growth ()
Cash flow from investments (212) (1,220) (1,813) (700) (500) (500) (500) (500) EBITDA growth () ()
EBIT growth () ()
Dividends paid (common & pref) (841) (565) (195) (477) (724) (932) (1,315) (1,630) Net income growth () ()
Inc/(dec) in debt 189 4,584 (1,130) 1,348 2,000 2,000 2,000 2,000 EPS growth () ()
Common stock issuance (repurchase) 63 - - 4,438 - - - - Gross margin
Other financing cash flows (563) (173) (190) (121) - - - - EBITDA margin
Cash flow from financing (1,152) 3,846 (1,515) 5,187 1,276 1,068 685 370 EBIT margin
Total cash flow (2,186) 1,076 1,633 694 823 (1,409) (1,978) (1,621) Net margin
Source: Company data, Goldman Sachs Global Investment Research
7 April 2026 9
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
Valuation
A-share valuation: We continue to use a P/E valuation methodology to derive our target
price for Lead Intelligent-A. Our new 12-month A-share target price is (from
), based on an unchanged 30x 2027E P/E multiple (previously 2026E). We now
value Lead Intelligent on 2027E earnings due to improved visibility, as the revenue
generated by accelerating ESS demand will be recognized in 2H26E-2027E, considering
the lead times of 9-12 months/12-24 months for domestic/overseas customers.
H-share valuation: We also adopt a P/E-based valuation methodology to derive our
target price for Lead Intelligent-H, consistent with our approach across our China
Industrial Tech coverage. Our 12-month H-share target price of HK$ is based on a
24x 2027E P/E multiple. The 24x target multiple is derived by applying a 20% discount
to our A-share valuation, after considering the key factors that typically drive the
H-share discount, including market capitalization, H-share dividend yield, and foreign
ownership in the A-share line.
We see the strongest correlation between the H-share discount and both market
capitalization and foreign ownership in the A-share line when running a regression
analysis on the 12-month average trading discounts of China Industrial stocks. Based on
this framework, we apply a 20% discount to derive our valuation for Lead Intelligent-H,
which is in line with its current trading discount of around 20%.
Exhibit 10: We see a relatively higher correlation between
the H-share discount and the total market cap
Exhibit 11: We also see a meaningful correlation between
the H-share discount and the A share foreign ownership,
considering which we derived a 20% discount for Lead
Intelligent-H vs A
CATL
BYD
Fuyao
Times Electric
CRRC
SMIC
Sanhua
Lead Intelligent
Estun
R² =
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
- 50 100 150 200 250 300
12
m
a
vg
. H
-s
ha
re
d
is
co
un
t v
s.
A
Total mkt cap (USD bn)
12m avg. H-share discount vs. A
vs. total mkt cap (USD bn)
CATL
BYD
Fuyao
Times Electric
CRRC
SMIC
Sanhua
Lead Intelligent
Estun
R² =
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
0% 5% 10% 15% 20% 25%
12
m
a
vg
. H
-s
ha
re
d
is
co
un
t v
s.
A
Northbound + QFII Ownership (A share)%
12m avg. H-share discount vs. A
vs. Northbound + QFII Ownership
Source: Wind, Data compiled by Goldman Sachs Global Investment Research
Source: Wind, Data compiled by Goldman Sachs Global Investment Research
7 April 2026 10
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
We assign Lead Intelligent-H an M&A rank of 3, similar to Lead Intelligent-A, reflecting
the company’s high growth potential and concentrated ownership structure. Based on
the latest disclosed shareholder information, the chairman and his concert parties
collectively hold 31% of the company, which we believe implies a low willingness to sell
and a relatively low likelihood of a control transaction.
Key risks
Key downside risks to our investment thesis for Lead Intelligent-H/A:
1) A more severe pullback in EV development in China and globally: China EV sales
have recorded a declining trend in 2026ytd. As % of Lead Intelligent’s total orders
are connected to the domestic power battery market, a significant pullback in EV
demand would impact net capacity demand forecasts and thus pose downside risks.
Exhibit 12: Lead Intelligent-H TP-implied 2027E P/E of 24X
is in line with the regression against 2027E-30E EPS CAGR
of 29%.
Long-term EPS growth regression vs 2027E T/P-implied PE for
China Industrial Tech coverage
Exhibit 13: Lead Intelligent-A is trading at 26x 12m
forward P/E
Lead Intelligent-A 12-m forward P/E
AVIC Jonhon
Centre Testing
CRRC A
EnvicoolEstun A
Bochu
HangKe
Han's Laser
Hongfa
Inovance
Faratronic
Lead Intelligent A
Leaderdrive
OPT
Raycus
Sanhua ASupcon
Shuanghuan
Times Electric A
Yiheda
Jianghai
Luster
Kehua
Kstar
Baosight
Moons' Electric
BESTSungrow
Nari Tech
Sanhua H
Times Electric H
Techtronic Haitian
CRRC H
Lead Intelligent H
Estun H
R² =
0x
10x
20x
30x
40x
50x
60x
70x
80x
0% 5% 10% 15% 20% 25% 30% 35% 40% 45%
Ta
rg
et
P
ric
e
im
pl
ie
d
20
27
E
P
/E
2027-30E EPS CAGR
China Industrial Tech coverage:
LT EPS growth vs. 2027E TP-implied P/E
0
20
40
60
80
100
120
140
160
Lead Intelligent-A Avg Avg + 1std Avg - 1std
Source: Goldman Sachs Global Investment Research
Source: Wind, Goldman Sachs Global Investment Research
Exhibit 14: Lead Intelligent-A 12m forward EV/EBITDA
trades at 40x
Lead Intelligent-A 12-m forward EV/EBITDA
Exhibit 15: Lead Intelligent-H/A shares are currently
trading at an H/A discount of 20%
0
5
10
15
20
25
30
35
40
45
50
Lead Intelligent-A Avg Avg + 1std Avg - 1std
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
0X
10X
20X
30X
40X
50X
60X
70X
80X
Lead-H/A discount (RHS) Lead Intelligent-H Lead Intelligent-A
Source: Wind, Goldman Sachs Global Investment Research
Source: Wind
7 April 2026 11
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
2) Weaker-than-expected ESS capacity expansion progress: ESS’ contribution to
overall battery equipment orders is projected to be % in 2026E-30E. ESS demand is
critical to offset the potential deceleration in power battery demand. Therefore,
weaker-than-expected ESS demand would pose downside risks to our revenue and net
profit forecasts due to possible disruptions in cash collection, considering weaker ASPs
and UTR in a softer cycle.
3) Slower-than-expected expansion in new business segments (solar PV, consumer
electronics, etc.): Lead Intelligent aims to become a high-end equipment platform
company. As the contribution from non-battery segments becomes more meaningful to
counter the battery equipment segment deceleration, we may see potential downside
risks to our estimates if Lead Intelligent pauses non-battery segment development and
over-concentrates in the battery equipment segment.
Key upside risks to our investment thesis for Lead Intelligent-A:
1) Sustained momentum in EV development in China and globally: Significant
development in EVs would increase demand for batteries and, therefore, battery
equipment, which accounts for % of the company’s total order demand. A
significant surge in EV demand would impact our battery demand forecasts and, thus,
pose upside risks.
2) Stronger-than-expected ESS capacity expansion progress: ESS’ contribution to
overall battery equipment orders is projected to be % over 2026E-30E. ESS demand
is critical to offset the potential deceleration in power battery demand. Therefore,
stronger-than-expected ESS demand would pose upside risks to our revenue and net
profit forecasts due to better ASPs and UTR in a stronger cycle.
3) Earlier-than-expected technology readiness from full solid state batteries to
drive battery equipment upgrade. FSSB demand supports Lead Intelligent’s
longer-term growth potential. Faster-than-expected technology progress and
earlier-than-expected readiness in FSSB would indicate successful profit conversion of
Lead’s R&D in FSSB manufacturing technology, resulting in better topline results and
margins than our estimates.
4) Faster-than-expected expansion in new business segments (solar PV, consumer
electronics, etc.): Lead Intelligent aims to become a high-end equipment platform
company. As the contribution from non-battery segments becomes more meaningful in
countering the battery equipment segment deceleration, we may see potential upside
risks to our estimates if Lead Intelligent accelerates non-battery segment development
and develops new growth drivers.
The author would like to thank Zhou Li, Hao Chen, Zhihan Ye, and Junfang Zhang for their
contribution to this report.
7 April 2026 12
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
Investment Thesis, Price Target Risks and Methodology
Investment Thesis - Lead Intelligent-H
Lead Intelligent is a leading global manufacturer of battery equipment, focusing on the
end markets for lithium-ion batteries, solar photovoltaics, 3C inspection equipment,
warehouse & logistics systems, automobiles, and fuel cells. The company holds a
significant market position, with a % global market share in intelligent lithium-ion
battery equipment. We expect the company to see rising exposure (%) to battery
capex, supported by a healthy customer profile and key trends, including: 1) the
acceleration of energy storage systems (ESS), with their contribution rising to % of
total battery orders between 2026E and 2030E; 2) Lead Intelligent’s further
concentration among Tier 1 battery OEMs; and 3) full solid-state batteries (FSSB)
offering high growth potential over the long term despite the current small base
(Rmb1bn in orders in 2025). We forecast 24/29% revenue/net profit CAGRs over
2026E-30E, with profitability recovering as margins normalize from a %/% NPM
trough in 2024/2025 (due to the battery downcycle and AR deterioration) to % by
2030E. We apply a 2027E P/E multiple of 30X for Lead Intelligent-A, and a 20%
H/A-share discount for Lead Intelligent-H, resulting in a 2027E P/E multiple of 24x,
supported by the correlation of key factors that typically drive the H-share discount. We
see the H-share valuation as attractive based on higher upside vs. our coverage’s
average return and a lower trading P/E multiple vs. the A-share. We are Buy-rated on
Lead Intelligent-H.
Investment Thesis - Lead Intelligent-A
Lead Intelligent is a leading global manufacturer of battery equipment, focusing on the
end markets for lithium-ion batteries, solar photovoltaics, 3C inspection equipment,
warehouse & logistics systems, automobiles, and fuel cells. The company holds a
significant market position, with a % global market share in intelligent lithium-ion
battery equipment. We expect the company to see rising exposure (%) to battery
capex, supported by a healthy customer profile and key trends, including: 1) the
acceleration of energy storage systems (ESS), with their contribution rising to % of
total battery orders between 2026E and 2030E; 2) Lead Intelligent’s further
concentration among Tier 1 battery OEMs; and 3) full solid-state batteries (FSSB)
offering high growth potential over the long term despite the current small base
(Rmb1bn in orders in 2025). We forecast 24%/29% revenue/net profit CAGRs over
2026E-30E, with profitability recovering as margins normalize from a %/% NPM
trough in 2024/2025 (due to the battery downcycle and AR deterioration) to % by
2030E. We apply a 2027E P/E multiple of 30X for Lead Intelligent-A, and view the
A-share valuation as fair as it is trading near its historical average and our target price
suggests fair valuation vs. our coverage. We are Neutral-rated on Lead Intelligent-A.
Price Target Risks and Methodology - Lead Intelligent
Valuation: Our 12-month target prices for Lead Intelligent A/H of
is based on 2027E P/E of 30x/24x. We incorporate a 20% H-share discount to our
A-share valuation based on our regression analysis of the average trading discounts for
China Industrial stocks.
Upside risks of Lead Intelligent-A: (1) Sustained momentum in EV development in
7 April 2026 13
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
China and globally; (2) Stronger-than-expected ESS capacity expansion progress; (3)
Earlier-than-expected technology readiness from full solid state batteries to drive
battery equipment upgrade; (4) Faster-than-expected expansion in new business
segments (solar PV, consumer electronics, etc.).
Downside risks of Lead Intelligent-H/A: (1) A more severe pullback in EV development
in China and globally; (2) Weaker-than-expected ESS capacity expansion progress; (3)
Slower-than-expected expansion in new business segments (solar PV, consumer
electronics, etc.).
7 April 2026 14
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
Disclosure Appendix
Reg AC
I, Jacqueline Du, hereby certify that all of the views expressed in this report accurately reflect my personal views about the subject company or
companies and its or their securities. I also certify that no part of my compensation was, is or will be, directly or indirectly, related to the specific
recommendations or views expressed in this report.
Unless otherwise stated, the individuals listed on the cover page of this report are analysts in Goldman Sachs’ Global Investment Research division.
Contributing Authors: Jacqueline Du Goldman Sachs (Asia) ..
Unless otherwise stated, the individuals listed in the Contributing Authors disclosure of this report are analysts in Goldman Sachs’ Global Investment
Research division.
GS Factor Profile
The Goldman Sachs Factor Profile provides investment context for a stock by comparing key attributes to the market (. our universe of rated stocks)
and its sector peers. The four key attributes depicted are: Growth, Financial Returns, Multiple (. valuation) and Integrated (a composite of Growth,
Financial Returns and Multiple). Growth, Financial Returns and Multiple are calculated by using normalized ranks for specific metrics for each stock. The
normalized ranks for the metrics are then averaged and converted into percentiles for the relevant attribute. The precise calculation of each metric may
vary depending on the fiscal year, industry and region, but the standard approach is as follows:
Growth is based on a stock’s forward-looking sales growth, EBITDA growth and EPS growth (for financial stocks, only EPS and sales growth), with a
higher percentile indicating a higher growth company. Financial Returns is based on a stock’s forward-looking ROE, ROCE and CROCI (for financial
stocks, only ROE), with a higher percentile indicating a company with higher financial returns. Multiple is based on a stock’s forward-looking P/E, P/B,
price/dividend (P/D), EV/EBITDA, EV/FCF and EV/Debt Adjusted Cash Flow (DACF) (for financial stocks, only P/E, P/B and P/D), with a higher percentile
indicating a stock trading at a higher multiple. The Integrated percentile is calculated as the average of the Growth percentile, Financial Returns
percentile and (100% - Multiple percentile).
Financial Returns and Multiple use the Goldman Sachs analyst forecasts at the fiscal year-end at least three quarters in the future. Growth uses inputs
for the fiscal year at least seven quarters in the future compared with the year at least three quarters in the future (on a per-share basis for all metrics).
For a more detailed description of how we calculate the GS Factor Profile, please contact your GS representative.
M&A Rank
Across our global coverage, we examine stocks using an M&A framework, considering both qualitative factors and quantitative factors (which may vary
across sectors and regions) to incorporate the potential that certain companies could be acquired. We then assign a M&A rank as a means of scoring
companies under our rated coverage from 1 to 3, with 1 representing high (30%-50%) probability of the company becoming an acquisition target, 2
representing medium (15%-30%) probability and 3 representing low (0%-15%) probability. For companies ranked 1 or 2, in line with our standard
departmental guidelines we incorporate an M&A component into our target price. M&A rank of 3 is considered immaterial and therefore does not
factor into our price target, and may or may not be discussed in research.
Quantum
Quantum is Goldman Sachs’ proprietary database providing access to detailed financial statement histories, forecasts and ratios. It can be used for
in-depth analysis of a single company, or to make comparisons between companies in different sectors and markets.
Disclosures
Other disclosures
Pursuant to Executive Order 13959, as amended, the United States has imposed sanctions restrictions on certain Chinese companies that generally
prohibit . persons from investing in securities issued by such companies. This research report is not, and should not be construed as, an inducement
to transact in any securities in contravention of . sanctions laws.
The rating(s) for Lead Intelligent is/are relative to the other companies in its/their coverage universe: AVIC Jonhon, Best, Bochu, CRRC Corp. (A),
CRRC Corp. (H), Centre Testing Intl Group, Estun Automation Co., Faratronic, Haitian International Holdings, Han’s Laser Technology, HangKe
Technology, Hongfa Technology, Huaming, Kehua Data Co., Lead Intelligent, Leader Harmonious Drive Systems Co., Luster LightTech Co., Megmeet,
Moons’ Electric, NARI Technology, Nantong Jianghai Capacitor Co., OPT Machine Vision Tech Co., Sanhua Intelligent Controls (A), Sanhua Intelligent
Controls (H), Shanghai Baosight Software, Shenzhen Envicool Technology, Shenzhen Inovance Technology Co., Shenzhen Kstar Science & Tech,
Shuanghuan Driveline, Sieyuan Electric, Techtronic Industries, Wuhan Raycus Fiber Laser Tech, Yiheda Automation, Yingliu, Zhejiang Supcon Technology
Co., Zhuzhou CRRC Times Electric Co. (A), Zhuzhou CRRC Times Electric Co. (H)
Company-specific regulatory disclosures
The following disclosures relate to relationships between The Goldman Sachs Group, Inc. (with its affiliates, “Goldman Sachs”) and companies covered
by Goldman Sachs Global Investment Research and referred to in this research.
There are no company-specific disclosures for: Lead Intelligent () and Lead Intelligent (HK$)
Distribution of ratings/investment banking relationships
Goldman Sachs Investment Research global Equity coverage universe
As of January 1, 2026, Goldman Sachs Global Investment Research had investment ratings on 3,055 equity securities. Goldman Sachs assigns stocks as
Buys and Sells on various regional Investment Lists; stocks not so assigned are deemed Neutral. Such assignments equate to Buy, Hold and Sell for the
purposes of the above disclosure required by the FINRA Rules. See ‘Ratings, Coverage universe and related definitions’ below. The Investment Banking
Rating Distribution Investment Banking Relationships
Buy Hold Sell Buy Hold Sell
Global 50% 34% 16% 65% 61% 46%
7 April 2026 15
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
Relationships chart reflects the percentage of subject companies within each rating category for whom Goldman Sachs has provided investment
banking services within the previous twelve months.
Price target and rating history chart(s)
Target price history table(s)
Lead Intelligent ()
Regulatory disclosures
Disclosures required by United States laws and regulations
See company-specific regulatory disclosures above for any of the following disclosures required as to companies referred to in this report: manager or
co-manager in a pending transaction; 1% or other ownership; compensation for certain services; types of client relationships; managed/co-managed
public offerings in prior periods; directorships; for equity securities, market making and/or specialist role. Goldman Sachs trades or may trade as a
principal in debt securities (or in related derivatives) of issuers discussed in this report.
The following are additional required disclosures: Ownership and material conflicts of interest: Goldman Sachs policy prohibits its analysts,
professionals reporting to analysts and members of their households from owning securities of any company in the analyst’s area of coverage. Analyst
compensation: Analysts are paid in part based on the profitability of Goldman Sachs, which includes investment banking revenues. Analyst as officer
or director: Goldman Sachs policy generally prohibits its analysts, persons reporting to analysts or members of their households from serving as an
officer, director or advisor of any company in the analyst’s area of coverage. . Analysts: . analysts may not be associated persons of
Goldman Sachs & Co. LLC and therefore may not be subject to FINRA Rule 2241 or FINRA Rule 2242 restrictions on communications with a subject
company, public appearances and trading in securities covered by the analysts.
Distribution of ratings: See the distribution of ratings disclosure above. Price chart: See the price chart, with changes of ratings and price targets in
prior periods, above, or, if electronic format or if with respect to multiple companies which are the subject of this report, on the Goldman Sachs website
at
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The following disclosures are those required by the jurisdiction indicated, except to the extent already made above pursuant to United States laws and
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it, is intended only for “wholesale clients” within the meaning of the Australian Corporations Act, unless otherwise agreed by Goldman Sachs. In
Date of report Target price (Rmb) Closing price (Rmb)
24-Feb-26
26-Jan-26
03-Nov-25
28-Sep-25
01-Sep-25
06-Aug-25
12-Mar-25
04-Nov-24
05-Sep-24
18-Jul-24
09-May-24
20-Mar-24
08-Jan-24
02-Nov-23
06-Sep-23
27-Apr-23
7 April 2026 16
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
producing research reports, members of Global Investment Research of Goldman Sachs Australia may attend site visits and other meetings hosted by
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Statement are available at: Brazil: Disclosure information in relation
to CVM Resolution n. 20 is available at Where applicable, the Brazil-registered analyst
primarily responsible for the content of this research report, as defined in Article 20 of CVM Resolution n. 20, is the first author named at the beginning
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7 April 2026 17
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
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7 April 2026 18
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
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7 April 2026 19
Goldman Sachs Lead Intelligent ()
国际资本市场研报资讯+V: quanqiuzixun8
Key Data _____________________________________
GS Forecast __________________________________
GS Factor Profile ______________________________
Source: Company data, Goldman Sachs Research estimates.
See disclosures for details.
Market cap: / $
Enterprise value: / $
3m ADTV: / $
China
China Industrial Tech & Machinery
M&A Rank: 3
Leases incl. in net debt & EV?: No
12/25 12/26E 12/27E 12/28E
Revenue (Rmb mn) New 14, 21, 27, 33,
Revenue (Rmb mn) Old 14, 22, 27, 33,
EBITDA (Rmb mn) 1, 3, 3, 5,
EPS (Rmb) New
EPS (Rmb) Old
P/E (X)
P/B (X)
Dividend yield (%)
CROCI (%)
12/25 3/26E 6/26E 9/26E
EPS (Rmb)
relative to Asia ex. Japan Coverage
relative to China Industrial Tech & Machinery
Growth
Financial Returns
Multiple
Integrated
Percentile 20th 40th 60th 80th 100th
We maintain our Neutral rating on Lead Intelligent-A and raise our
12-month target price to from . We also initiate
coverage on Lead Intelligent-H () with a Buy rating and a
12-month target price of HK$. Our A/H-share target prices
imply 17% and 20% upsides, respectively. We forecast a 24%/29%
revenue/net profit CAGR over 2026E-30E, driven by continued
expansion in ESS battery capacity demand and a healthy customer
profile, with profitability recovering as margins normalize to %
by 2030E from NPM troughs of %/% in 2024/2025 (due to
the battery downcycle and AR deterioration).
Despite a diversified product portfolio, Lead Intelligent’s earnings
still rely heavily on lithium-ion battery equipment, which accounted
for % of overall revenue contribution over the past 5 years. We
expect the contribution from battery equipment to continue to
expand to 85% by 2030E, given: 1) ESS acceleration is becoming a
major growth driver, contributing to % of total battery orders
between 2026E and 30E (compared to less than 25% previously),
with an order growth rate surpassing that of EV power batteries; 2)
Lead Intelligent’s increased concentration in Tier 1 battery OEMs
(such as CATL and BYD), which represents a 70-80% order exposure,
provides a solid revenue base through their continued and relatively
larger-scale capacity expansions; and 3) its pioneering FSSB
manufacturing R&D has led to turnkey production line/solution
capabilities, offering high growth potential in the long term despite
the current small base (Rmb1bn orders in 2025, or only 4% of the
total).
In our view, the current recovery in battery capacity, which began in
end-2024, will flow into 2026-2027E earnings, given the lead times
of 9-12 months/12-24 months for domestic/overseas customers.
This supports our valuation rollover for Lead Intelligent-A to a P/E
basis of 30x 2027E earnings (vs. 2026E previously), resulting in a
12m Price Target: Price: Upside: %
12m Price Target: HK$ Price: HK$ Upside: %
Lead Intelligent ()
Battery equipment leader with a solid growth outlook driven by ESS battery capacity
expansion; 2025 results in line; initiate Lead Intelligent-H at Buy
7 April 2026 | 8:03PM HKT
Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision. For Reg AC
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Analysts employed by non-US affiliates are not registered/qualified as research
analysts with FINRA in the .
Jacqueline Du
+852-2978-1783 | @
Goldman Sachs (Asia) .
Equity Research
NEUTRAL
尽管产品种类多样，但Lead Intelligent的营收仍然高度依赖 离子电池相关设备。在
过去的5年里，这类产品的营收占比高达70%左右。我们预计，到2030年， 离子电
池相关设备的营收占比将进一步提升至85%。其原因如下：首先，储能系统的需求正
在快速增长，预计在2026年至2030年间，储能系统相关的订单量将占 电池总订单量
的40%左右，而这一比例此前还不到25%；此外，储能系统相关订单的增长速度也快
于电动汽车用电池的订单增长速度。其次，Lead Intelligent与CATL、比亚迪等一线电
池制造商有着紧密的合作关系，其订单占比达到了70-80%，这些合作伙伴的持续扩
产举措为Lead Intelligent带来了稳定的营收来源。 后，该公司在FSSB制造技术方面
的研发成果使其具备了提供一站式生产解决方案的能力，这为公司的长期发展奠定了
良好基础。不过，目前其业务规模还较小：2025年的订单额仅为10亿元人民币，占总
营收的4%而已。
我们维持对Lead Intelligent-A的“中性”评级，同时将12个月目标价从元人民币上
至元人民币。此外，我们对Lead Intelligent-H（）给出“买入”评级，
其12个月目标价为港元。我们的预测显示，A股和H股的目标价格分别具有17%和
20%的上涨空间。我们预计，在2026年至2030年间，该公司的营收和净利润的复合
增长率将达到24%/29%。这一增长得益于电池产能需求的持续提升，以及稳定的客
户群体。预计到2030年，公司的利润率将回升至%，而2024年和2025年的利润
率则分别仅为%和%（这一低水平是由于电池行业的周期性衰退以及应收账款
质量的恶化所导致的）。
高盛会与那些被其研究报告所涵盖的公司进行业务往来，也致力于与这类公司保持合作关系。因此，投资者应当意识到，高盛可能存在利益冲
突，而这可能影响本报告的客观性。
投资者在做出投资决策时，应将本报告视为众多参考因素之一。如需了解有关注册声明及其他重要信息，请参阅披露附录，或访问网站：
资格。
在我们看来，始于2024年底的电池容量恢复趋势，其带来的积极影响将在2026年至
2027年期间体现为公司的盈利提升。考虑到国内和海外客户的交货周期分别为9-12
个月和12-24个月，这一趋势有望在明年 始显现。因此，我们 整了对Lead
Intelligent-A的估值方式，现在采用2027年的预期每股收益来计算市盈率，预计市盈
率为30倍（之前是2026年的预期数据）。这样一来，……
作为电池领域的领先企业，其在储能电池产能扩张的推动下，
有望实现持续增长。2025年的业绩预期符合预期。建议
将“Lead Intelligent-H”评级上 为“买入”。
市值：796亿元人民币/115亿美元
企业价值：773亿元人民币/112亿美元
过去3个月的广告收入：36亿元人民
币/亿美元
在中国工业技术与机械领域的并购排名
中位列第3位。
净债务中是否包含租赁费用？不包含。
领先智能（）
高盛研究部 股票研究
2026年4月7日 | 香港时间晚8:03
数据来源：公司自身数据，高盛研究部门预估。详情
请参阅相关披露信息。
+852-2978-1783|@
高盛（亚洲）有限公司
GS因子分析结果
杰奎琳·杜
GS预测
关键数据
增长
财务回报
多个
集成式/一体化设计
百分位数
在亚洲地区（不包括日本）的表现如何？
在中国工业技术与机械领域的表现又如何呢？
收入（人民币百万元）新
收入（人民币百万元）旧
12个月目标价：人民币元
12个月目标价：港币元
Ratios & Valuation __________________________________________
Growth & Margins (%) ______________________________________
Price Performance __________________________________________
Source: FactSet. Price as of 7 Apr 2026 close.
12/25 12/26E 12/27E 12/28E
P/E (X)
P/B (X)
FCF yield (%) () () ()
EV/EBITDAR (X)
EV/EBITDA (excl. leases) (X)
CROCI (%)
ROE (%)
Net debt/equity (%) () () ()
Net debt/equity (excl. leases) (%) () () ()
Interest cover (X)
Days inventory outst, sales
Receivable days
Days payable outstanding
DuPont ROE (%)
Turnover (X)
Leverage (X)
Gross cash invested (ex cash) (Rmb) 10, 17, 21, 29,
Average capital employed (Rmb) 10, 13, 18, 23,
BVPS (Rmb)
12/25 12/26E 12/27E 12/28E
Total revenue growth
EBITDA growth
EPS growth
DPS growth
EBIT margin
EBITDA margin
Net income margin
(Rmb) Shanghai - Shenzhen 300
Jul-25 Oct-25 Jan-26 Apr-26
0
20
40
60
80
100
3,500
4,000
4,500
5,000
5,500
6,000
3m 6m 12m
Absolute ()% ()% %
Rel. to the Shanghai - Shenzhen 300 ()% ()% %
7 April 2026 2
Goldman Sachs
Income Statement (Rmb mn) ________________________________
Balance Sheet (Rmb mn) ____________________________________
Cash Flow (Rmb mn) ________________________________________
Source: Company data, Goldman Sachs Research estimates.
12/25 12/26E 12/27E 12/28E
Total revenue 14, 21, 27, 33,
Cost of goods sold (9,) (13,) (17,) (21,)
SG&A (1,) (1,) (2,) (3,)
R&D (1,) (2,) (3,) (4,)
Other operating inc./(exp.) () () () ()
EBITDA 1, 3, 3, 5,
Depreciation & amortization () () () ()
EBIT 1, 2, 3, 4,
Net interest inc./(exp.) ()
Income/(loss) from associates () -- -- --
Pre-tax profit 1, 2, 3, 4,
Provision for taxes () () () ()
Minority interest
Preferred dividends -- -- -- --
Net inc. (pre-exceptionals) 1, 2, 3, 4,
Post-tax exceptionals --
Net inc. (post-exceptionals) 1, 2, 3, 4,
EPS (basic, pre-except) (Rmb)
EPS (diluted, pre-except) (Rmb)
EPS (basic, post-except) (Rmb)
EPS (diluted, post-except) (Rmb)
DPS (Rmb)
Div. payout ratio (%)
12/25 12/26E 12/27E 12/28E
Cash & cash equivalents 6, 6, 7, 6,
Accounts receivable 7, 11, 13, 18,
Inventory 14, 21, 26, 31,
Other current assets 4, 3, 2, 1,
Total current assets 33, 42, 49, 57,
Net PP&E 2, 2, 3, 3,
Net intangibles 2, 2, 1, 1,
Total investments
Other long-term assets 1, 1, 1, 1,
Total assets 39, 48, 55, 63,
Accounts payable 4, 7, 9, 11,
Short-term debt 1, 1, 2, 3,
Short-term lease liabilities -- -- -- --
Other current liabilities 17, 17, 17, 18,
Total current liabilities 23, 26, 29, 32,
Long-term debt 1, 2, 4, 5,
Long-term lease liabilities -- -- -- --
Other long-term liabilities 1,
Total long-term liabilities 2, 3, 4, 6,
Total liabilities 25, 29, 34, 39,
Preferred shares -- -- -- --
Total common equity 13, 19, 21, 24,
Minority interest () () () ()
Total liabilities & equity 39, 48, 55, 63,
Net debt, adjusted (2,) (2,) (1,) 2,
12/25 12/26E 12/27E 12/28E
Net income 1, 2, 3, 4,
D&A add-back
Minority interest add-back () () () ()
Net (inc)/dec working capital 2, (8,) (4,) (8,)
Other operating cash flow 1, 1, 1,
Cash flow from operations 4, (3,) (1,)
Capital expenditures () () () ()
Acquisitions -- -- -- --
Divestitures -- -- -- --
Others (1,) -- -- --
Cash flow from investing (1,) () () ()
Repayment of lease liabilities -- -- -- --
Dividends paid (common & pref) () () () ()
Inc/(dec) in debt (1,) 1, 2, 2,
Other financing cash flows () 4,
Cash flow from financing (1,) 5, 1, 1,
Total cash flow 1, (1,)
Free cash flow 4, (4,) () (2,)
Lead Intelligent ()
Rating since Dec 8, 2022NEUTRAL
Lead Intelligent ()
来源：公司数据，高盛研究部门估算。
领先智能（）高盛
2026年4月7日
领航智能 ()
自2022年12月8日起评级
利润表 (人民币百万元)总收入
售成本
12/26E
21,(13,)
12/27E
27,(17,)
折旧及摊
净利息收入/(支出)
来自联营公司的收入/(亏损)企业价值/息税折旧摊 前利润 (不包括租赁) (X)
税款准备金
少数股东权益净债务/股权比率(%)
优先股股息净债务/权益（不含租赁）（%）
净收入（不包括特殊项目）
税后特殊项目库存天数， 售
净利润（扣除一次性项目后）应收账款天数
每股收益（基本，扣除一次性项目前）（人民币）应付账款天数
摊薄每股收益（稀释后，除权前）（人民币）
基本每股收益（除权后）（人民币）
摊薄每股收益（除权后）（人民币）
总现金投资（不含现金）（人民币）
股利支付率 (%)平均运用资本 (人民币)
资产负债表 (人民币百万元)
现金及现金等价物
应收账款总收入增长
存货
其他流动资产每股收益增长
每股股息增长 总资产
净无形资产
总投资净收入利润率
其他长期资产
总资产价格表现
应付账款上海 - 深圳 300
短期租赁负债 一
其他流动负债
流动负债合计
长期租赁负债
其他长期负债
长期负债合计
负债合计
优先股
普通股股东权益合计
少数股东权益
总负债与权益绝对
净利润
少数股东权益加回
营运资金净增(减)
其他经营现金流量
经营活动产生的现金流量
资本支出
收购 一
资产剥离
其他
投资活动产生的现金流量净额
租赁负债的偿还 一 一
支付的股息（普通股和优先股）
其他融资现金流量
融资活动产生的现金流量
现金总流量
自由现金流量
9WoXhYMBsUoRtMpQ6McM6MtRrRmOqOlOrRnRfQnNxP6MqRnOvPqMuNuOsPqM
target price of , implying 17% upside (vs. average 5% upside for China
Industrial Tech coverage), thus we maintain our Neutral rating. For Lead Intelligent-H, we
apply the same 2027E-based P/E valuation framework but incorporate a 20% H-share
discount to our A-share valuation based on our regression analysis of the average
trading discounts for China Industrial stocks. In this analysis, the strongest explanatory
factors are market capitalization and foreign ownership in the A-share line; this is also in
line with Lead Intelligent-H’s current trading discount of 20%. Our H-share target price
of HK$ implies 20% upside (vs. average 5% upside for China Industrial Tech
coverage), and we rate Lead Intelligent-H as a Buy.
2025 results in line; 1Q26E orders likely to rise +60% yoy
Post-market close on March 30, 2026, Lead Intelligent (Lead) reported FY2025 results
with revenue/operating profit/net profit of Rmb14,443mn/Rmb1,292mn/Rmb1,564mn,
respectively, +22%/+194%/+447% yoy, -0%/-24%/-3% vs. GSe. The 2025 results were
largely in line with our expectations and the company’s pre-announcement, reflecting an
improving trend in margins and cash collection following the battery industry trough in
2023-2024, as battery OEMs experienced a recovery in UTR (utilization) and capacity
expansion. Lead’s overall new orders reached Rmb24bn (+20% yoy) in 2025, dominated
by a 75% contribution from the battery equipment segment. The company’s OCF also
improved to a Rmb5bn inflow from a outflow, indicating a recovery in cash
collection. Looking ahead, Lead Intelligent sees upside risk to its expectation of >30%
new order growth in 2026E as 1Q26 orders growth is trending towards +60% yoy. The
company also anticipates a higher contribution from energy storage systems (ESS)
equipment orders (50%/50% ESS/power battery contribution in 2026 vs. 30%/70% in
2025) driven by accelerating energy storage demand. For the emerging full solid-state
battery (FSSB) equipment market, Lead believes the company’s solid FSSB equipment
technology will lead to strong potential for market share gains, thus FSSB orders are
expected to exceed the industry’s 60%-80% yoy growth (likely doubling in 2026 for
Lead) despite the small base.
Detailed takeaways
2025 orders recovery plus even stronger growth trend for 2026: Lead saw a solid
rebound in orders in 2025, reaching Rmb24bn (+20% yoy) as battery OEMs
demonstrated UTR and capacity expansion recovery, especially in 2025. The new order
breakdown was still dominated by the battery sector, with contributions of
50%/25%/15%/10% by domestic battery/overseas battery/consumer electronics/PV
solar & hydrogen energy-related equipment, respectively. Looking into 2026E, apart
from the steady growth in non-battery segments, management sees a growth trend
above the company’s initial 2026 outlook (>30% yoy growth), driven by the further
battery capex acceleration from top-tier customers. Specifically, the company’s largest
order contributor, CATL, has already indicated 1X/2X total capacity growth in the next
3/5 years. The expected +60% yoy new order growth in 1Q26 (indicating Rmb9-10bn
orders) also demonstrates the high growth tendency. Starting in 2026E, ESS will become
the major growth driver, supported by accelerating energy storage demand on both the
grid side and potentially artificial intelligence data centers (AIDC). Lead Intelligent
guided to 50%/50% ESS/power battery contribution in 2026 vs. 30%/70% in 2025,
driven by aggressive ESS capacity expansion from CATL, EVE, REPT Battero, and
7 April 2026 3
Goldman Sachs Lead Intelligent ()
2026年3月30日收盘后，Lead Intelligent公布了2025财年的业绩：营收、营业利
润和净利润分别为亿元人民币、亿元人民币和亿元人民币，同
比分别增长了22%、194%和447%；而与市场预期相比，这些指标则分别下降了
0%、-24%和-3%。2025年的业绩基本符合我们的预期以及公司先前的预测。这
表明，在2023-2024年电池行业低迷期过后，公司的利润率及现金回收能力都有
所改善，因为电池制造商的产能利用率有所提升，同时也在扩大生产规模。2025
年，Lead Intelligent的总订单额达到了240亿元人民币，同比增长20%；其中，电
池设备领域的订单占比高达75%。此外，公司的经营现金流也从净流出16亿元人
民币转为净流入5亿元人民币，显示出其现金回收能力的提升。展望未来，Lead
Intelligent预计2026年新订单增长率有望超过30%，因为2026年第一季度的新订
单增长率已经达到了同比60%的水平。公司还预计，储能系统相关设备的订单占
比将在2026年上升到50%，而2025年这一比例为30%。这一趋势得益于日益增长
的储能需求。对于前景广阔的全固 电池设备市场，Lead Intelligent认为，凭借其
在全固 电池设备方面的技术优势，公司有望大幅提升市场份额。预计2026年全
固 电池设备的订单增长率将超过行业的60%-80%，甚至可能实现翻倍的增长。
2025年订单量有所回升，2026年预计还将继续保持强劲的增长势头：2025年，该公
司的订单量实现了强劲反弹，达到了240亿元人民币，同比增长20%。这一增长得益
于电池制造商们对产能的扩大投入，尤其是在2025年。从订单来源来看，电池相关
领域的订单占比 高，分别为50%、25%、15%和10%，分别来自国内电池厂商、
海外电池厂商、消费电子领域以及光伏太阳能和氢能相关设备制造商。展望2026
年，除了非电池领域的稳定发展外，管理层预计公司的增长率将超过 初的预期目标
（同比增长超过30%）。这一增长趋势主要得益于顶级客户在电池领域的进一步投
资。具体而言，该公司 大的客户宁德时代已表示，未来3到5年内其电池产能将实现
1倍到2倍的扩张。预计2026年第一季度的订单量将同比增长60%以上，相当于90亿
至100亿元人民币的订单额，这充分体现了公司强劲的发展势头。从2026年 始，储
能系统将成为推动公司发展的主要动力，因为无论是电网方面还是人工智能数据中心
领域，对储能系统的需求都在不断增加。预计2026年，储能系统和动力电池在总订
单中的占比将分别为50%和50%，而2025年这一比例为30%和70%。这一变化主要
是由于宁德时代、EVE、REPT Battero等公司在储能领域的积极投资所导致的。
目标价为元人民币，这意味着有17%的上涨空间（而中国工业科技板块的平
均上涨空间为5%）。因此，我们维持“中性”评级。对于Lead Intelligent-H而
言，我们同样采用基于2027年预期的市盈率估值方法来进行分析。不过，根据对
中国工业股票平均交易折价的回归分析，我们在A股估值的基础上给予了20%的
折价幅度。在这一分析中，市值和外资持股比例是影响股价的 重要因素；这一
结论也与Lead Intelligent-H目前的20%交易折价率相符。我们给其H股的目标价
为港元，这意味着有20%的上涨空间（而中国工业科技板块的平均上涨空间
为5%）。因此，我们给予Lead Intelligent-H“买入”评级。
2025年的业绩预计会符合预期；2026年第一季
度的订单量同比有望增长60%以上。
领先智能（）
详细要点/总结
高盛
2026年4月7日
CORNEX, etc. For power battery demand, the company still sees solid growth supported
by increased electric vehicle (EV) penetration in construction machinery and heavy-duty
trucks (HDT) (which had only a 10% penetration rate in 2025) plus demand for
full/half-solid-state power battery from electric vertical take-off and landing (eVTOL)
aircraft and humanoid robots.
Improving margins and cash flow: 2025 & 4Q25 GPM/OPM/NPM were 33%/9%/11%
and 35%
