$先导智能(SZ300450)$ $宁德时代(SZ300750)$ $先导智能(00470)$
刚听完电话会，随记忆进行记录：
一季度新签订单同比增长60%，90-100亿，二季度预计保持高增长。
固态电池今年增速行业预计60%—80%，公司增速大概率超过行业平均
25四季度期间费用率继续下降，随着订单和营收增加规模效应提升，利于利润率提升。
四季度进行了接近3亿的资产减值和信用减值，非经常性的项目。
公司新签订单按照国内40%毛利要求，海外45%，经营性现金流入大幅上涨，表明回款健康。储能和动力毛利率都为40%左右。
储能设备需求保持高速增长，预计26年储能：锂电设备出货量为1：1。
头部电池企业（宁德时代）保持30%的扩产速度，设备行业集中度在提升，预计先导也大概率保持30%以上增速。
美国某巨头将加大光伏设备采购，公司有相关订单，不方便披露，本人推测为特斯拉。
Notes taken right after the earnings call, based on recollection:
New orders in Q1 increased 60% YoY, reaching RMB 9–10 billion. High growth is expected to continue in Q2.
The solid power battery industry is projected to grow 60%–80% this year, and the company’s growth rate is likely to outpace the industry average.
The company’s expense ratio continued to decline in Q4 2025. Scaling effects from higher order intake and revenue will support margin expansion.
Around RMB 300 million in asset impairment and credit impairment was recognized in Q4, which are non-recurring items.
New orders are priced with a target gross margin of 40% for domestic business and 45% for overseas business. Operating cash inflow rose sharply, indicating healthy cash collection. Both energy storage and power battery segments achieved gross margins of around 40%.
Demand for energy storage equipment remains robust. The company’s 2026 shipment ratio of energy storage equipment to lithium battery equipment is expected to be 1:1.
Leading battery makers (CATL) are expanding capacity at around 30%. Industry concentration is rising, and Xlead’s growth is likely to stay above 30%.
A major U.S. player will increase purchases of photovoltaic equipment, and the company has secured related orders, which are not yet disclosed. Based on my analysis, this is likely Tesla.